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Alrosa Stated That There Are No Conditions For Paying Dividends For Q2 2020

Alrosa Stated That There Are No Conditions For Paying Dividends For Q2 2020

ALROSA states that there are no conditions for the payment of interim dividends for the first half of 2020, the company said in a statement.

"As for the dividends for the first half of 2020, taking into account the negative result for the indicator "free cash flow" for 8.3 billion rubles, there are no conditions for the payment of interim dividends, according to the dividend policy," said Alexey Filippovsky, CFO of ALROSA, quoted in the message.

Results of the second quarter

ALROSA's EBITDA in the second quarter fell to 100 million rubles amid a sharp drop in sales, the company said. A year earlier, the figure was 25.1 billion rubles, and in the first quarter - 30 billion rubles.

Consolidated revenue for the quarter decreased by 82% year-on-year, to 10.4 billion rubles, due to a 93% decrease in sales volumes in carats. Interfax's consensus forecast for revenue was 10.29 billion rubles.

Free cash flow for the second quarter was negative at 30 billion rubles, compared with a positive 21.8 billion rubles in January-March.

Net profit under IFRS for the quarter was RUB 300 million, down by RUB 2.8 billion from the previous quarter.

Net debt / EBITDA at the end of the quarter rose to 1.2 x from 0.7 x a quarter earlier.