Deripaska's En+ Group increases sales revenue 12% to $15.3 bln in 2011
MOSCOW. June 7 (Interfax) - En+ Group, which is controlled by businessman Oleg Deripaska, increased its consolidated sales revenue (excluding inter-group turnover) by 12% to $15.3 billion in 2011, the group said in a statement.
The growth in sales revenue was driven by an increase in production of non-ferrous metals and mining output on the part of the group's enterprises, as well as improving trends on main markets last year, the statement said.
The group has yet to release is profit and debt results for 2011.
The bulk of the group's sales revenue was generated by UC RusAl. RusAl's sales revenue increased by 12% to $12.9 billion in 2011. Deripaska owns a 47.4% stake in RusAl.
En+ Downstream, which unites the Krasnoyarsk Metal Works and the Dmitrov Aluminum Can Tape Test Plant, reduced output by 8% to 131,000 tonnes but increased sales revenue by 19% to $500 million.
En+ Group's coal enterprises (Vostsibugol, Tuva Mining Company, Erchim-Tkhan) increased coal production by 8% to 16.6 million tonnes. Sales revenue grew 25% to $526 million.
Soyuzmetallresurs (SMR) increased production of ferromolybdenum by 6.6% to 6,900 tonnes and boosted copper concentrate output by 7.4% to 14,290 tonnes. The company' sales revenue increased by 9% to $195.1 million.
Eurosibenergo reduced electricity output by 7% but increased sales revenue by 17% to $3.37 billion.
Sales revenue from En+ Logistics, which was formed in 2011, came to $20.55 million.
VTB Capital became a minority shareholder in E+ last year. The investment bank acquired 4.35% in the holding from BasEl for $500 million. These funds were transferred by the buyer to pay off debt owed to VTB .
For the VTB deal, En+ was valued at $11.5 billion. The company's head, Artem Volynets, earlier said that En+ might get a value two to three times higher during a future IPO.
