Solway Investment Group Announces Full Year 2015 Financial Results
29 Jun, 2016, 14:00 BST
ZUG, Switzerland, June 29, 2016 /PRNewswire/ --
The Solway Investment Group, GmbH, delivered strong financial results relative to 2014, despite challenging market conditions in 2015:
- Sales revenue were comparable to 2014 numbers, stabilizing at USD 523 million with only a slight 1,7% decrease year-over-year.
- Production costs increased to USD 418 million in 2015 from USD 362 million in 2014 due to the successful ramp-up of Fenix and Kurilgeo.
- EBITDA increased 75% relative to the previous year to USD 210 million.
- Due to the resulting low leverage (Net Debt/EBITDA 0,01x as of year end in 2015), Solway is well positioned to compete in the low-price environment.
- The group's total assets decreased to USD 1,314 billion as a result of the disposal of SASA, zinc and lead segment, as well as disposal of investment property segment.
- In November 2015, Solway fully prepaid its USD 130,5 million syndicated PXF facility.
2015 was a year of further deterioration of the commodity markets, with prices for some of Solway's products reaching multi-year lows. Solway benefits from a focus diversified commodity portfolio and low cash cost, capital investment discipline, and strong cost control, which enabled us to remain profitable in challenging commodity markets.
Highlights
Considerable management and shareholder effort was invested in the Group's assets in 2015 resulting in a stabilized production, cost reductions and productivity gains. The Group also continues investing in effective use of natural resources and energy saving projects. It remains absolutely committed to the highest standards of health and safety, environmental protection, sustainability, and local community development.
Dan Bronstein, Chairman of the Board of Solway Investment Group: «In Solway Investment Group we believe that human capital, sustainable development, heritage, transparency are the main pillars of a successful business. With the goal to become one of the leaders in the industry, the Group utilises previously acquired knowledge and professional expertise in order to overcome the challenges it faces while transforming depressive projects into fully operational businesses. The latest technologies are embraced as is the heritage brought by the local communities. We aspire to carefully develop the regions we operate in into modern habitable areas while preserving their natural diversity. We always strive to use the best management practices in order to deliver the best possible results to the stakeholders and communities we serve.»
Solway Investment Group
The Solway Investment Group is a private international mining and metals group located in Switzerland.The Group's main areas of expertise are industrial project development, relaunching production assets, and developing new projects. Solway operates mines and smelting plants in Guatemala, Ukraine, Indonesia, and Macedonia, with a focus on nickel production, and has a strong portfolio of mineral projects in various stages of development, which increases both mineral reserves and production capacity, in particular in the Group's nickel segment.
Contact: bd@solwaygroup.com, +972-52-6094477
SOURCE The Solway Investment Group