Vimetco N V : REPORTS FULL YEAR FINANCIAL RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2015

Amsterdam, 29 April 2016 - Vimetco NV (LSE: VICO), the global producer of primary and processed aluminium products, today announces its financial results for the 12 months ended 31 December 2015.

Financial highlights

• Sales of USD 1.8 billion, down from USD 1.9 billion in 2014
• EBITDA of USD 181 million, compared to USD 204 million, in 2014
• Net loss of USD 437 million, from USD 266 million in 2014
• Total assets of USD 4.9 billion, from USD 5.3 billion in 2014

Operational highlights

• Total production of electrolytic aluminium increased to 889,000 tonnes, from 822,000 tonnes in 2014,
• Total production of processed products decreased to 137,000 tonnes, from 159,000 tonnes in 2014

Vitaliy Machitski, Chairman of the Board, said:

'In 2015, the international aluminium environment proved that it continues to be a challenging one from a demand and price perspective. However, we continue to believe in our strategy of vertical integration and we sustain our efforts to remain competitive.

Our results continue to be significantly affected by external factors, such as eco-taxes in Romania or slow growth in China and this is why we are planning to implement an even more disciplined approach to cash management and costs reduction. The tight cost control and austerity measures implemented in the prior years have to be continued and even though we are operating effectively, the main objectives remain the significant improvement of the cost structure and liquidity.

We will also focus on monitoring and mitigating the effects of the risks related to weak economic environment and unfavorable market developments by a permanent improvement of our business in terms of operational efficiency and enhanced commercial strategies. Moreover, maintaining a strong balance sheet with a secure level of liquidity and keeping an eye on our working capital represent the top priorities for us in the next period'.

Gheorghe Dobra, Chief Executive Officer, said:

'We are confident that Vimetco is on the right path and our permanent efforts and investments in our business will start to show the expected results in this challenging industry in which we operate. Even though 2015 was a difficult year in terms of prices and demand, both our segments showed improvements and positive developments in the operational area. In Romania, Alro received the confirmation of qualification for the 85% exemption of green certificate quota, due to their energy-intensive technologies. Positive results are expected to occur in the future results as this measure will allow Alro Group to compete in an equitable manner with all the other aluminium producers in the European Union, where similar measures were already implemented starting several years ago.

The end of 2015 was also an important moment for Alro, as it successfully completed the negotiations with Black Sea Trade and Development Bank (BSTDB) for signing a contract for a CAPEX facility of USD 60 million, out of which an important part will be used during 2016 for capital expenditures.

On the other side, in China, despite the poor aluminium environment that strongly affected our results, we continued to invest in expanding our presence on the international market for the products made of aluminium alloys dedicated to the transportation industries. As a result, Zhongfu Industry obtained the Quality Management System Certificate for production of parts and provision of respective services in the automotive industry, issued by the National Quality Assurance (NQA), Great Britain. This certificate provides our subsidiary the status of a certified supplier for automotive plates. In addition, we commissioned the deep processing plant, at the end of 2015. The investments done so far by Zhongfu Industry in this project amounted to more than USD 800 million and have state-of the art technology and facilities.'

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About Vimetco

Vimetco N.V. is a global, vertically integrated producer of primary and processed aluminium products with production assets in China, Romania and Sierra Leone, and a holding company in The Netherlands. Vimetco N.V. controls annual production capacities of up to one million tonnes of electrolytic aluminium, 340,000 tonnes of processed aluminium products, 600,000 tonnes of alumina, 1.7 million tonnes of bauxite, 2.25 million tonnes of coal, 3 x 300 MW of electricity and 318,000 tonnes of baked anodes per year. Vimetco's global depositary receipts are listed on the London Stock Exchange (LSE: VICO).

www.vimetco.com

Vimetco NV issued this content on 29 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 April 2016 14:19:45 UTC

Original Document: http://www.vimetco.com/article/vimetco-reports-full-year-financial-results-12-months-ended-31-december-2015