Rusal became profitable in 2014

In August 2014 the Company successful ly completed refinancing of its debt portfolio including PXF and bilateral facilities. Terms of the refinancing allow the Company to postpone the scheduled repayments of principal until January 2016. However, in December 2014, the Company made an early repayment of $300 million of the outstanding debt in addition to $53 million repaid in 2014 through the cash sweep mechanism. As a result of these efforts supported by the strong financial results, the Company achieved a leverage ratio below 5:1 as at 31 December 2014 that will decrease interest rate margin starting from March 2015.

Focus on strict production discipline, procurement optimization and product mix improvement resulted in adjusted net profit of $387 million for the fourth quarter of 2014.
Recurring net profit for the year ended 31 December 2014 comprised $870 million as compared to recurring net oss of $598 million for the preceding year.
Primary aluminium production decreased by 6.6% or by 256 thousand tonnes to 3,601 thousand tonnes for the year ended 31 December 2014 as compared to 3,857 thousand tonnes for the preceding year as a result of successful completion of the inefficient capacity curtailment programme.

Aluminium segment cash cost per tonne reduced to $1,729 per tonne (by 9.3%) in 2014 as compared to $1,907 in 2013 resulting from efficiency initiatives supported by depreciation of the ruble. Aluminium segment cash cost per tonne in the fourth quarter of 2014 a chieved record low of $1,671 per tonne as compared to $1,864 for the last quarter of the preceding year.

Share of value-added products continued to grow and reached a record high 45% of total aluminium production in 2014 in comparison with 42% for the previous year.
All these factors resulted in the increase of adjusted EBITDA by $863 million or by 132.6% to $1,514 for the year ended 31 December 2014 as compared to $651 million for the preceding year.