Glencore, Norilsk Nickel

UC Rusal made a loss taking into account the assets of Norilsk Nickel

​Rusal has announced of its loss of $91 mln on the results of correction of 2014 taking into account the recently published report of GMK.
In February 2015 Rusal published its report under IAS for 2014 according to which for the first time it made a net profit of $293 mln against the loss of $3.3 bln in 2013.
Rusal expected a $899 mln profit from a 27.8% package in Norilsk Nickel but as a result the stake of Rusal in Norilsk Nickel’s profit turned out to be by 435 less - $515 mln.
Finally Rusal reported of a net loss of $91 mln in 2014 instead of the previously announced net profit of $293 mln. Norilsk Nickel previously announced of a record high profit and dividends for 2014.
On April 10th the Board of Norilsk Nickel announced of its recommendation to the annual meeting of shareholders to approve the final dividends-2014 at the volume of 670.04 roubles/ share additionally to the dividends over 9 months at the amount of 762.34 roubles.

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Oleg Deripaska may leave position of UC Rusal’s general director

UC Rusal, which completed the refinancing of its debt in the amount of $11 billion at the end of August, may begin a corporate transformation. According to unofficial information, Oleg Deripaska intends to transfer the post of general director to his first deputy, Vladislav Soloviev. Besides, the holding company En + of Mr Deripaska, which owns 48.13% of UC Rusal’s shares, announced the possibility of the release of Norilsk Nickel’s shares from the balance of the company. This, according to En +, may hasten the start of dividend payments by UC Rusal. But this issue hasn’t yet been discussed with shareholders.
Oleg Deripaska could leave the post of general director of UC Rusal and become president of the company (there is no such position now), and the company will be leaded by the first deputy CEO Vladislav Soloviev, Interfax reported yesterday, citing its sources. Sources of the Kommersant confirmed this information. According to the two of them, "the topic is being discussed, but hasn’t yet been resolved," one of the Kommersant’s interlocutors is inclined to consider this "a closed subject".

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