Q1 2014 revenue increased by 43% compared to Q1 2013 and amounted to RUB56.3 bn mainly due to increased rough diamond sales volume and the ruble weakening. EBITDA grew 1.6 times in Q1 2014 y-o-y and reached RUB26.1 bn. EBITDA margin increased to 46%.
Q1 2014 net profit amounted to RUB6.1 bn, reflecting a 3% decrease compared to Q1 2013, mainly due to increased exchange loss as the result of revaluation of the dollar denominated part of the Group's credit portfolio following the ruble weakening in Q1 2014.
Free cash flow in Q1 2014 increased 2.5 times vs. the same period of the previous year and amounted to RUB20.1 bn as the result of increased operating profit and sell-down of inventories.
Fyodor Andreev, ALROSA CEO, commented: “Positive market dynamics in Q1 2014 allowed ALROSA to deliver record-high financial results, that have enabled ALROSA capitalization growth of 20% since the SPO on MICEX in 2013.”