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JSC "CEMP": with the shield or on the shield

20 May 2014

Open Joint Stock Company «CEMP» (Chelyabinsk Electric Works) to purchase shares of «Serov Ferroalloy Plant», which is currently owned by ENRC Kazakhstan Holding the commodity, sent a petition to the antimonopoly Federal Service. Negotiations regarding the ferroalloy plant CHEMK conducted in 2013, the company now owns 99.61% ENRC assets.

According to some projections in the case of a successful transaction Chelyabinsk Electric Works will spend about 344 million. USD, which is about 12 billion rubles., However due to the purchase of the assets of the Company share on the Chelyabinsk plant ferroalloy market will eventually 90%. However, too early to talk about the results before the audit will be conducted evaluation. Buying shares of companies Serov does not affect the state and the range of products, as we are assured by the press service of the Chelyabinsk electrometallurgy plant.

In addition, after completion of the transaction the company management planned modernization of plants for the purpose of installation of new equipment for the production of metallurgical processes. However, Serov Ferroalloy Plant it does not fall into the group of industrial enterprises of the Chelyabinsk.

Although the purchase of shares in 2013 is over for the Chelyabinsk electrometallurgy plant is not too positive — the sum of the net loss amounted to 1.024 billion rubles, while in 2012 the net profit amounted to 1.85 billion rubles… Revenues from sales of products at the same time to have decreased by 6% last year, which amounted to 29.247 billion. Rubles, profit decreased by 55% and profitability decreased by 2 times compared to the previous reporting period, which accounted for 3% of the difference. Moreover, in addition to reducing the financial data increased operating costs in the past year to other expenses, the company spent 6.2 bln. Rubles, which is more than the previous data is almost 1.6 times.

Financial results before tax last year tested with a negative sign and amounted to 1.264 billion. Rubles against the positive dynamics of 2012, when net profit amounted to 1.8 bln. Rubles. According to company management, such dramatic changes in the financial performance are the main reason affecting the appearance of the net loss of the reporting period.

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