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Business Description: Alumina Limited (AWC) is involved in investment in the alumina/aluminium business through its 40% interest in the series of operating entities forming Alcoa World Alumina & Chemicals (AWAC). AWAC has interests in bauxite mining, alumina refining, and aluminium smelting businesses. AWAC’s assets are located in Australia and Atlantic region mainly in Brazil.
Strategy Analysis: AWAC's growth policy focuses on the alumina business via low-cost and low-risk brownfield expansion. AWC's strategy is to maintain and manage its 40% equity stake in AWAC for the benefit of its shareholders.
Alumina reported a net loss of US$62.1m for the year ended 31 December 2012. Revenues from ordinary activities were US$0.1m. Diluted EPS was 2.5 cents compared to 5.2 cents last year. Net operating cash flow was US$48.6m compared to US$196.1m last year. No dividend was declared. Given the decline in cash flows received from the AWAC JV during 2012 and the continued uncertain outlook, the Board determined that no final dividend will be paid for the year. As at the end of 2012, 40% of AWAC's third party smelter grade alumina shipments were priced on spot or alumina indexed basis. Revenue per tonne from alumina sales priced by reference to indices and spot continued to be higher than that from the existing LME-linked contracts.
The Age 18/05/2013 |
As Australia's major retailers increase their online sales channels, pouring millions into their websites, they could face new competition from China's booming e-commerce industry.
The Age 18/05/2013 |
Most of those who take a political approach to the budget assume that if it's in deficit, the way you get it back to surplus is to cut government spending or, if you're a really bad person, increase taxes. They forget it's the budget itself that's supposed to do the heavy lifting.
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