fcfs(夫唱妇随的唯美句子)

　　查看PDF原文公告日期fcfs：2015-11-16

　　Underlying cost performance in-line with DBe UC Rusal has released 3Q15 financial results, which exceeded DB/Consensus forecasts on lower costs; however, note the quality of the beat. At $2.07b revenues fell by 9%/16% QoQ/YoY, on weaker Al prices and premiums, or bang in-line with forecasts. FX tailwinds only partly off-set cost inflation; hence, margins fell under pressure, with EBITDA margin contracting to 20% (-5pp/+1pp QoQ/YoY). EBITDA dropped by 26%/11% QoQ/YoY to $420m, which was ahead of forecasts with the key difference relative to our numbers related to other operating costs line (turned out to be +$9m vs DBe = - $20m); otherwise, underlying cost performance was broadly in-line. Net income came stronger than anticipated, driven by lower than expected effective tax rate. FCFs used to settle cash derivatives’ losses CF generation was ok, but immaterial, with FCFs for the period at $116m, which were mostly spent on derivatives’ losses settlement (-$103m related to FX swaps). Net debt declined by 1% to $7.9b (or 3.3x LTM EBITDA), which was somewhat weaker than DBe ($200m 6M15 interim dividend from Norilsk is yet to be received). Conference call highlights BEMO: the launch of the smelter has been shifted again, and management expects first metal to pour by end-2015. The company is in talks with VEB to restructure project financing terms, given the delays. More details on the new maturity schedule are expected in December, 2015. Capex: UC Rusal plans to spend ~$500-$550m in FY16, out of which ~$400m is maintenance. Hold As Al-related business continues to deteriorate, the company’s de-leveraging profile is increasingly reliable on the dividend stream from Norilsk Nickel, which is not risk free, in our view, capping potential for equity expansion. Hold

　　[点击查看PDF原文]