Vimetco announces interim financial results for H1 2015

Vimetco N.V., the global producer of primary and processed aluminium products announced its interim financial results for the six months ended 30 June 2015. Sales stood at USD 855 million while EBITDA improved at USD 129 million compared to USD 90 million during the similar period of 2014.

Gheorghe Dobra, Chief Executive Officer commented: "Although the average aluminium price (cash) for the first half of 2015 stood at 1,783 USD/tonne, slightly above the level registered in the same period of last year (i.e. 1,753 USD/tonne), during the second part of the semester it had a decreasing trend falling below 1,650 USD/tonne by 30 June 2015, one of the lowest levels during the last six years. This determines us to intensify even more our efforts to control costs and to increase the efficiency of our operations. Therefore we continued to invest in innovation, in China succeeding to obtain the status of a certified supplier for automotive plates."

A major step for the Group was achieved by its Romanian segment, where its subsidiaries were exempted from paying 85% of the green certificates quota, as they are regarded as big electricity consumers in their production processes. This exemption is a vital step for Vimetco's operations in Romania as it represents a significant reduction in the electricity related cost, which is a key input for the aluminium production technology. This measure will allow Vimetco's subsidiaries to compete equitably with the other aluminium producers in the European Union.

On the other side in China, despite the poor aluminium environment and stock exchange shocks that strongly affected the interim results, the Group continued to invest in promoting its brand image and expanding its presence on the international market for the products made of high quality aluminium alloys dedicated to the transportation industries.