Chinalco has a huge loss of 8.2 billion 20 subsidiaries and only one profit

Abstract On the evening of March 27th, Chinalco released its 2012 annual report. The company's operating income last year was 149.5 billion yuan, a year-on-year increase of 2.47%, but the loss was 8.234 billion yuan. Although the overcapacity of alumina and electrolytic aluminum is an indisputable fact, the aluminum industry in China...
On the evening of March 27, Chinalco released its 2012 annual report, which showed that the company's operating income last year was 149.5 billion yuan, a year-on-year increase of 2.47%, but the loss was 8.234 billion yuan.

Despite the fact that overcapacity of alumina and electrolytic aluminum is an indisputable fact, Chinalco's huge losses have already challenged the market.

In the 20 major subsidiaries and shareholding companies of Chinalco, only Chinalco International Trading Co., Ltd. was profitable in 2012, and 10 of the losses exceeded 100 million.

Among them, Chinalco Henan Aluminum Company (hereinafter referred to as “Chinalco Henan”) suffered the most losses last year, up to 520 million yuan, followed by Baotou Aluminum Company and Chinalco Ruiqi Aluminum Sheet Company, which lost 394 million yuan and 225 million last year respectively. yuan. In addition, the net assets of Chinalco Henan have been negative for two consecutive years. In 2012, Chinalco's net assets were -1.47 billion yuan, and its net assets in 2011 were -954 million yuan.

In the annual report, Chinalco has a special explanation on the salary situation: the total compensation payable by the chairman in 2012 was 577,800 yuan, down 39.46% compared with last year. The president, senior vice president and vice president all have different degrees of decline.

But this is only a "face project". In fact, the salary of employees in Chinalco has not dropped much. The annual report shows that its employee compensation in 2012 was only 0.99% lower than in 2011, reaching 5.143 billion.

The loss was originally over the same

The fall in aluminum prices and the export restrictions of Indonesian bauxites are an explanation for Chinalco's own losses.

Domestic aluminum companies have long relied on Indonesian aluminum ore. Xu Ping, an analyst at Fubao Information Aluminium, said that 90% of China's bauxite mines are imported into Indonesia. Last year, Indonesia restricted bauxite exports, which had a significant impact on the cost of aluminum companies. This phenomenon is faced by most domestic mining companies, but they are not as exaggerated as Chinalco.

Nanshan Aluminum (600219.SH), which is mainly engaged in aluminum processing, had revenue of 14.87 billion yuan last year, up 11.57% year-on-year, net profit was 690 million yuan, down 32.39% year-on-year; cloud aluminum stock (000807.SZ) main product is aluminum Ingot and aluminum processing products, its release performance forecast that the company's net profit forecast is 10 million to 20 million yuan, down 80%-90%.

"After Indonesia's restrictions on bauxite exports, it not only raises export tariffs, but also implements a quota system. Now, how much we have to process bauxite in Indonesia is not enough." A middle-level leader of Chinalco Shandong Branch said helplessly. More than 80% of the company's bauxite supply comes from Indonesia and is very passive.

“After Indonesia’s restrictions on exports, the ore was very tight, with the result of high prices and low output.” The above-mentioned middle-level person said that the company is currently producing elastically, the output is not high, the alumina is not effective, and it is also oxidizing chemicals. Transfer in the direction of aluminum.

Chinalco's annual report shows that Indonesia's bauxite export restrictions have caused the Group to reduce its production capacity by about 1.7 million tons, making the alumina cost in 2012 up about 4% year-on-year.

And an analyst who studied the most loss-making subsidiary last year, Chinalco Henan, told reporters that the company's efficiency is not good, mainly made of aluminum foil and aluminum ingots, the varieties are relatively thin, and the equipment looks very simple and very general. The operating rate has not been very high.

“The aluminum ingots of Chinalco Henan are originally from Chinalco and some are from the local. But the price of Chinalco is relatively high, and the transportation is time-consuming and costly, so it is basically dependent on the local.” The above analyst said that according to a manager at the time Said that Chinalco Henan is preparing for the development of aluminum sheet business.

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