	alusuisse sees possible break even in schweizerische aluminimum ag aluz z alusuisse may be able to break even this year after cleansing its balance sheet for chief executive hans jucker said the threshold of profitability has returned to the foreseeable future he said we expect already in approximately to break even that presupposes however that our industrial environment does not worsen he said alusuisse would no longer face the burden of past losses alusuisse made a net loss of mln swiss francs in after a restated mln loss in gross sales were billion francs after billion and net turnover billion after billion alusuisse had originally reported a mln francs loss for but jucker and finance director hermann haerri told a news conference the new management installed a year ago had decided to restate the previous five years accounts to eliminate rights on australian bauxite previously in the books as an asset together with other one off charges alusuisse took an gross extraordinary charge in of mln francs up from mln in it also had mln extraordinary income in remaining after provisions from the sale of its maremont corp subsidiary in the united states there were no extraordinary gains in jucker said the losses plus those carried forward from had wiped out the company s remaining reserves and exceeded legally allowed levels forcing alusuisse to adopt a pct capital cut to be approved by shareholders on april jucker said he knew shareholders would find this radical elimination of the mortgages of the past painful but said the foundation had been laid for a successful new company strategy haerri said despite the losses the company s liquidity was strong bank debt had been cut by about one third to billion francs against the end level of billion cash flow improved substantially to mln francs from mln and represented pct of turnover against a mere pct in in addition to reassure other creditors alusuisse had arranged with three major swiss banks union bank of switzerland sbgz z swiss bank corp sbvz z and credit suisse crsz z to convert mln francs of credits into a subordinated loan the main sources of losses in were book losses and not cash losses haerri said existing credit lines were used only to a small extent and the parent company had been granted a new credit line of mln francs from a consortium of swiss banks that would cover most of the loans falling due in haerri said the company had been criticized for maintaining bauxite rights as an asset and so had restated the accounts that left the account with a mln franc loss instead of mln with a mln profit instead of mln with a mln loss instead of mln and with a mln loss instead of mln the new accounts show with shareholders equity of billion francs instead of billion and similar alternations were made for previous years after losses shareholder s equity stood at only mln francs reuter 
