RUSAL had negative $144 mln EBITDA in H1
MOSCOW. Dec 29 (Interfax) - United Company RUSAL (UC RUSAL) had negative earnings before taxes, depreciation and amortization (EBITDA) of $144 million in the first half of 2009, one of the banks that is organizing the Russian aluminum giant's forthcoming IPO said in materials.
This is an audited figure. The unaudited figure was $160 million.
RUSAL itself is not commenting.
The bank did not give any other financial results for H1 2009. The company had sales revenue of $15.685 billion, EBITDA - $3.5 billion, EBITDA margin - 22.5% and net loss of $5.98 billion in 2008.
The bank's materials do disclose some details about the restructuring of RUSAL's debt to Mikhail Prokhorov's Onexim Group, which sold the aluminum company a blocking stake in MMC Norilsk Nickel in 2008. Reports say RUSAL has signed an agreement with Onexim to covert $1.82 billion of its $2.7 billion debt into a 6% shareholding in RUSAL. The remaining $880 million of debt will be restructured on the same terms as applicable to the international lenders, with the accumulated interest thereon to be paid in cash. The IPO bank said the sum of $275 million was at issue, and that RUSAL planned to cover $115 million of this with the IPO proceeds.
RUSAL intends to list 10% of its shares in Hong Kong and on the Euronext exchange in Paris. A road show is expected to start in January 12. Credit Suisse, BNP Paribas, Bank of America, Bank of China, Nomura, Renaissance Capital, Sberbank , VTB and Troika Dialog are the expected organizers of the IPO.
Russia's Vnesheconombank (VEB) plans to acquire up to 3% in RUSAL and could spend $600 million in the process. The state-owned VTB and Sberbank are also planning to buy smaller stakes.
Foreign investors thought to be planning to buy large stakes include a firm owned by Nathaniel Rothschild, a hedge fund controlled by U.S. billionaire John Paulson, and a firm controlled by Malaysian businessman Robert Kuok.
Oleg Deripaska owns about 57% of RUSAL shares via En+ Group. His stake will be diluted to 53.4% in a debt restructuring deal that will see the stake held by Mikhail Prokhorov's Onexim rise to about 19%. Other RUSAL shareholders include Sual Partners, led by Vekselberg and Swiss metals trader Glencore (9.7%).