ALROSA announced its revenue in Q4 that amounted to RUB 71 bn, down 8% quarter-on-quarter due to change in the sales mix partially offset by a higher price index of more than 6% q-o-q and a rise in sales volumes amounting to more than 3% q-o-q. A 28% year-on-year drop came as a result of lower rough diamond sales against the high base of Q4 2020 when 17 m ct were sold, including 9.9 m ct from inventories, which was partially offset by a higher price index more than 32% y-o-y and sales mix improvements.
In 12M, revenue grew by 50% to RUB 332 bn on the back of a 42% increase in the total rough diamond sales and the gem diamonds price index gaining 13%.
- Q4 EBITDA was RUB 26 bn, down 25% qoq (-19% yoy) mainly due to lower revenue per carat ($124/ct, down $12/ct qoq). 12M EBITDA rose by 59% to RUB 139 bn supported by higher sales and prices.
- EBITDA margin stood at 37% in Q4, and 42% in 12M.
- Q4 net profit amounted to RUB 12 bn, down 51% qoq primarily due to lower profitability. In 12М, net profit went up 2.8x to RUB 91 bn (12M 2020: RUB 32 bn).
- Q4 free cash flow (FCF) stood at RUB 17 bn (down 32% qoq and 74% yoy) resulting from weaker profitability and higher capex.
- 2H 2021 FCF amounted to RUB 41 bn and in 12M it expanded to RUB 106 bn (12M 2020: RUB 79 bn).
- Capex in Q4 reached RUB 6.7 bn.
- For 12M, capex amounted to RUB 19 bn (12M 2020: RUB 17 bn).
- Net debt / LTM EBITDA as at the end of Q4 was at 0.4x.