来源：金融界 经营范围含国内贸易代理；日用品批发；日用品销售；化工产品销售（不含许可类化工产品）；五金产 品零售；五金产品批发；建筑材料销售；汽车零配件批发；汽车零配件零售；机械设备销售；电子产品 销售；仪器仪表销售；针纺织品销售；日用陶瓷制品销售；金属材料销售；高性能有色金属及合金材料 销售；有色金属合金销售；金属制品销售；金属矿石销售；货物进出口；技术进出口；技术服务、技术 开发、技术咨询、技术交流、技术转让、技术推广；社会经济咨询服务；进出口代理；陆路国际货物运 输代理；海上国际货物运输代理；供应链管理服务；国际货物运输代理；离岸贸易经营；工程管理服 务；创业投资（限投资未上市企业）；以自有资金从事投资活动。（除依法须经批准的项目外，凭营业 执照依法自主开展经营活动）许可项目：建设工程设计；建设工程施工。（依法须经批准的项目，经相 关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准） 企业名称哈尔滨俄铝经贸有限公司法定代表人邓刚注册资本500万人民币国标行业批发和零售业>批发 业>其他批发业地址黑龙江省哈尔滨市松北区创新路1616号9号楼303-135室企业类型有限责任公司(非自 ...

Financial Performance - Revenue for 2024 was $12,082 million, a decrease of 1.1% from $12,213 million in 2023[8] - Adjusted EBITDA for 2024 was $1,494 million, significantly up from $786 million in 2023, reflecting an EBITDA margin of 12.4%[8][9] - Adjusted net profit for 2024 was $983 million, with an adjusted net profit margin of 8.1%, compared to $786 million and 0.6% in 2023[8] - The adjusted net profit for 2024 was $1,330 million, compared to $702 million in 2023, showing a strong recovery in profitability[9] - The total sales cost has decreased by 3%[50] Production and Capacity - The company produced 4.0 million tons of aluminum in 2024, an increase from 3.8 million tons in 2023[20] - The total assets of the company reached $22,201 million in 2024, up from $21,464 million in 2023[10] - The total rated capacity of the company's aluminum smelters is 4,205 thousand tons, with an overall utilization rate of 95%[83] - The company operates eight alumina refineries with a total rated capacity of 16,949 thousand tons, achieving a utilization rate of 38%[86] - The company operates seven bauxite mines with a total rated capacity of 22,000 thousand tons and an overall utilization rate of 89%[89] Environmental Initiatives - The company aims to reduce greenhouse gas emissions per ton of metal produced by at least 23% by 2035 and by at least 47% by 2050 compared to 2018 levels[32] - The company is focused on enhancing high-value-added products and maintaining its position as a low-carbon footprint aluminum producer[47] - 100% of Rusal's aluminum production meets low carbon aluminum standards, with a total of 8.7 million verified carbon units from five climate protection projects[51] - The company has committed to sustainable development principles, emphasizing resource efficiency and promoting a circular economy[150] - The company has reported no significant environmental pollution incidents at any of its locations or facilities as of December 31, 2024[159] Strategic Projects and Investments - The BEMO project includes a 3,000 MW hydropower plant and an aluminum smelter with an annual capacity of 292,000 tons, indicating significant expansion plans[30] - The company has completed a strategic investment in Hebei Wenfeng, a Chinese alumina producer, to enhance raw material independence[48] - The company is developing a new inert anode electrolysis design aimed at achieving the lowest carbon footprint globally, with 5,300 tons of aluminum produced using this technology[25] - The company plans to expand primary aluminum production capacity and downstream production, including aluminum wheel production[119] - The company is developing battery materials, specifically through a joint project with Rosatom on the Kolmozerskoye lithium deposit and establishing a battery technology center in St. Petersburg[118] Compliance and Governance - The compliance system has been certified according to ISO 37301:2021 and ISO 37001:2016, with the company rated AAA+ for anti-corruption measures[166] - The company has implemented a new conflict of interest policy in 2024 to mitigate corruption risks[161] - The company has established an internal compliance committee to enhance compliance risk control and ensure adherence to regulatory obligations[163] - The company has trained employees on compliance policies, particularly focusing on sanctions and corruption risks in 2024[162] - The company has received the highest ESG ratings, including an "A-" rating from the China market ESG rating agency[126] Social Responsibility and Community Engagement - In 2024, the company plans to implement significant social investment projects focused on enhancing urban attractiveness and social effects[170] - The company has established priority social investment areas for 2024-2026 based on employee feedback and current social investment needs[171] - A total of 2,119 corporate volunteers participated in environmental activities, planting 3,009 trees and shrubs across 22 cities[173] - The company raised 1,850,120 rubles through various charitable activities involving local communities and businesses[173] - The company signed 20 social and economic cooperation agreements with municipal and regional authorities, totaling 3.1 billion rubles, funding over 90 projects valued at more than 584.5 million rubles[183] Safety and Operational Efficiency - The company achieved a lost time injury rate of approximately 0.15 per 200,000 hours worked in 2024, matching the previous year's rate and remaining below the global aluminum industry average of 0.26[193] - The company emphasizes constructive dialogue with stakeholders to address safety production and industrial safety issues[191] - The company aims for zero fatalities by 2030 as part of its industrial safety strategy adopted in September 2022[193] - The company successfully implemented a new RA-550 electrolyzer at Sayanogorsk aluminum smelter, achieving energy consumption below 12,800 kWh per ton and fluoride emissions below 0.15 kg per ton[198] - The RA-550 electrolyzer design improvements are expected to reduce refractory material costs by 40% to 60% and increase production efficiency by 50%[198]

听音状态在主讲嘉宾发言结束后将留有提问时间下面有请主讲老师沐老师发言谢谢好的 那我们可以看到这里的话呢 美俄的关系是有所缓和了的然后像在上周的时候 其实普京也是在接受记者访谈的时候有说到那可能后面俄罗斯是准备要向美国市场供应200万吨的这个铝那么今天的话呢 我们也是在这里主要是从俄罗斯 然后美国 中国 然后包括欧盟这几个方面来思考分析一下这个问题吧 然后可能还可以有相应数量的铝完全可以接受的市场价格供应到美国的一些国内市场所以从这个描述上来看我觉得可能俄罗斯这边更倾向的是用自身的这种资源条件来吸引美国公司到俄罗斯来进行一些联合投资或者说是去开展业务 那其实在整个这个全球供应链深度调整的一个大背景之下,那像铝这边的话,不管我们讲是绿色铝也好,还是低碳铝也好,都是未来市场竞争的一个关键方向了。那如果说铝可以重新成功地返回美国市场的话呢,并且如果说它们可以合作在这种绿色低碳铝上面取得一些技术上的突破, 但是其实我们如果从往年的一些数据上来看,就是美国从俄罗斯进口这个铝合金的这个进口量,那最高的一个高峰值大概是在1617年的时候差不多是70万吨左右的一个量。 然后可能还是要先来看一下就是我们这个普及语言话题说的哪些内 ...

Financial Performance - Revenue for the year ended December 31, 2024, was $12,082 million, a decrease of 1.1% compared to $12,213 million in 2023[3]. - Adjusted EBITDA increased by 90.1% to $1,494 million from $786 million year-on-year, with an adjusted EBITDA margin of 12.4%[3]. - Net profit for the year was $803 million, representing a significant increase of 184.8% from $282 million in 2023[3]. - The company reported a significant increase in adjusted net profit to $983 million, up 1,246.6% from $73 million in 2023[6]. - The group's profit before tax increased to $858 million in 2024, compared to $244 million in 2023[40]. - The company reported a total comprehensive income for the year ended December 31, 2024, of $858 million, compared to $244 million in 2023, reflecting a significant improvement[109]. - The company reported a net profit of $803 million for the year ended December 31, 2024, compared to $282 million in 2023, marking a significant increase of 184%[66]. Assets and Liabilities - The total assets as of December 31, 2024, amounted to $22,201 million, reflecting a 3.4% increase from $21,464 million in 2023[7]. - Total liabilities rose by $537 million or 5.1% from $10,448 million as of December 31, 2023, to $10,985 million as of December 31, 2024[44]. - Total equity reached $11,216 million in 2024, up from $11,016 million in 2023, indicating a growth of about 1.8%[60]. - Current liabilities surged to $6,759 million in 2024 from $3,719 million in 2023, an increase of approximately 81.7%[62]. - The company’s total liabilities increased to $10,985 million in 2024, compared to $10,448 million in 2023, reflecting a growth of approximately 5.1%[62]. Production and Sales - Aluminum production for the year reached 3,992 thousand tons, a 3.7% increase from 3,848 thousand tons in 2023[4]. - Aluminum sales volume decreased by 7.1% to 3,859 thousand tons in 2024, while the sales of value-added products fell by 8.1% to 1,422 thousand tons, accounting for 37% of total sales[21]. - The average selling price of aluminum increased by 8.6% to $2,590 per ton compared to $2,385 per ton in 2023[4]. - Revenue from external customers in Russia increased to $3,736 million in 2024 from $3,486 million in 2023, a growth of 7.2%[115]. - Revenue from external customers in China rose significantly to $3,706 million in 2024, up 29.9% from $2,855 million in 2023[115]. Costs and Expenses - The total cost of sales decreased by $1,184 million or 11.3% to $9,261 million in 2024, compared to $10,445 million in 2023[28]. - Distribution expenses increased by 12.3% to $848 million in 2024, mainly due to the introduction of new sales channels[30]. - Employee costs increased to $1,091 million from $956 million, reflecting a growth of 14.1%[128]. - The cost of sales for alumina, bauxite, and other materials rose to $5,041 million, an increase of 2.4% from $4,921 million in 2023[120]. Cash Flow - Operating cash flow for the year was $483 million, a decrease of 72.6% from $1,760 million in 2023[8]. - Net cash from operating activities decreased to $483 million in 2024 from $1,760 million in 2023, due to an increase in working capital and provisions to $923 million[45]. - Cash used in investing activities amounted to $1,078 million in 2024, slightly higher than $1,030 million in 2023, indicating a 4.7% increase[69]. - Cash flow from financing activities generated $113 million in 2024, a significant recovery from a cash outflow of $1,747 million in 2023[69]. Geopolitical and Market Conditions - The company is continuously assessing the geopolitical situation and adjusting its supply and sales chains to maintain optimal financial ratios and ensure business continuity[17]. - The geopolitical situation remains unstable, potentially impacting sales channels and supply chain establishment[83]. - Management expects global commodity market prices to rise, improving operational performance[83]. Accounting and Financial Reporting - The financial statements are prepared under the assumption of going concern, with no adjustments made for asset recoverability or liabilities classification[83]. - The company is evaluating the impact of new and revised standards on existing practices, with no significant effects anticipated from recent amendments[89]. - The functional currency of the company is USD, reflecting the economic nature of its operations[94]. - The company is subject to various new accounting standards that will come into effect in the coming years, which may require additional disclosures[90]. Capital Expenditures and Investments - Total capital expenditure for 2024 was $1,366 million, aimed at maintaining existing production facilities[52]. - The company reported a total of $1,121 million in additions to property, plant, and equipment during the year, with significant contributions from construction in progress[186]. - The company recognized a total of $2,624 million in disposals of property, plant, and equipment, indicating a significant reduction in asset base[186]. Impairment and Asset Management - The company reported a significant impairment of non-current assets amounting to $580 million, compared to $321 million in the previous year[122]. - Impairment losses recognized for property, plant, and equipment amounted to $402 million as of December 31, 2024[193]. - The carrying amount of identified assets deemed unrecoverable was $173 million as of December 31, 2024, up from $111 million in 2023[194]. Executive Compensation - The total remuneration for executive directors in the year ending December 31, 2024, amounted to $8,093,000, an increase from $7,818,000 in the previous year[159]. - The highest paid individuals received a total compensation of $20,220,000 in 2024, down from $26,437,000 in 2023, with significant reductions in both salary and retirement plan contributions[164]. - The total remuneration for non-executive directors was $1,671,000 for the chairman and $300,000 for other independent directors in 2024[159].

有色铝：俄铝出口美国影响会议 20250308 摘要 Q&A 近期俄美关系有所缓和，普京提到俄罗斯可能向美国市场供应 200 万吨铝，这 对市场有何影响？ 普京在接受记者采访时表示，如果决定向俄罗斯生产商开放美国市场，俄罗斯 可以在美国销售大约 200 万吨铝。这一举措不会大幅影响价格，但会对价格产 生一定的抑制作用。俄铝年产量约为 400 万吨，其中 80%用于出口。在地缘政 治冲突前，54%的出口量发往欧洲，6%运往美国。普京提到的 200 万吨可能是考 虑到欧盟制裁，将原本运往欧洲的部分转移至美国。 从历史数据来看，美国从 俄罗斯进口铝合金的峰值在 2016-2017 年间达到 70 万吨。如果未来通过企业合 作，如俄铝收购中方企业股权或提供价格优势等方式，美国进口量有望超过这 • 俄铝寻求通过与美国公司合作，以恢复和扩大对美铝出口，潜在年出口量 或可达 70 万吨峰值水平，旨在缓解因欧盟制裁导致的销售困境，并推动绿 色铝发展。此举或将部分改变全球铝贸易流向。 • 俄铝与美国合作可降低生产成本，解决因地缘政治冲突导致的氧化铝供应 短缺问题。恢复乌克兰氧化铝厂生产是关键，但需大量资金支持，短期内 面临经济 ...

Summary of Conference Call Notes Industry Overview - The focus is on the aluminum sector, which is considered to have a clearer logic compared to copper and gold due to its domestic pricing structure in China. The domestic demand policy is expected to benefit aluminum significantly in the current year [1] - The supply-demand dynamics for aluminum are favorable, with supply growth projected at 1% and demand growth at 2%, indicating a potential long-term bull market for aluminum [1] Key Insights and Arguments - The recent easing of U.S.-Russia relations may lead to changes in the trade flow of aluminum, particularly with the potential lifting of sanctions on Russian aluminum [3] - The U.S. has a significant trade deficit in aluminum, prompting protective measures against imports. Currently, only four out of nine U.S. electrolytic aluminum plants are operational, with production capacity declining from 1.09 million tons in 2019 to an expected 770,000 tons by 2024 [5] - Russia's aluminum production is projected at 3.8 million tons for 2024, with a significant portion (around 300,000 tons) intended for export, primarily to China [7][8] - In 2024, China is expected to import 1.13 million tons of aluminum from Russia, which constitutes about 55% of its total aluminum imports [8] - The geopolitical landscape, particularly U.S.-Russia relations, is likely to influence aluminum supply and demand dynamics, potentially leading to a rapid decline in supply in the Chinese market [9] Additional Important Points - The U.S. has a demand for approximately 4 million tons of aluminum, with a gap of 2 million tons that needs to be filled, primarily through imports [10] - Canadian aluminum may shift towards European markets due to U.S. trade policies, which could affect global trade flows and pricing [11] - Historical context shows that previous sanctions on Russian aluminum have led to temporary price fluctuations, but the market has generally stabilized post-sanction [14][15] - The complexity of trade flows and frequent adjustments in policies may increase volatility in aluminum prices globally [18] - Geopolitical uncertainties remain high, and the future of trade policies is unpredictable, which could further impact aluminum pricing and market stability [19]

Financial Performance - Revenue for the first half of 2024 was $5,695 million, a decrease of 4.2% compared to $5,945 million in the same period of 2023[3]. - Adjusted EBITDA increased significantly to $786 million, with an adjusted EBITDA margin of 13.8%, up from 4.9% in the previous year[3]. - Net profit rose to $565 million, representing a net profit margin of 9.9%, compared to 7.1% in the same period last year[3]. - The company achieved a significant increase in adjusted net profit to $446 million, with an adjusted net profit margin of 7.8%, up from 5.3%[3]. - The gross profit for the six months ended June 30, 2024, was $1,310 million, up from $728 million in the same period of 2023, with a gross margin increase from 12.2% to 23.0%[47]. - Operating profit for the period was $440 million, a turnaround from a loss of $33 million in the previous year[122]. - The company reported a total comprehensive income of $947 million, compared to a loss of $1,032 million in the same period last year, indicating a recovery in overall financial health[125]. - The company reported a net profit of $565 million for the six months ended June 30, 2024, compared to $420 million for the same period in 2023, an increase of 35%[136]. - Basic and diluted earnings per share increased to $0.0372 from $0.0276, indicating improved profitability on a per-share basis[122]. Production and Sales - The company's aluminum production increased by 2.3% year-on-year to 1.957 million tons in the first half of 2024, driven by the gradual ramp-up of production at the Taishet smelter[21]. - The company's alumina production surged by 18.94% year-on-year to 2.995 million tons in the first half of 2024, attributed to improved operational efficiency[23]. - The company's sales of downstream aluminum products reached 3.009 million tons in the first half of 2024, marking a 14.8% increase year-on-year[15]. - Revenue from aluminum sales was $4,597 million for the six months ended June 30, 2024, down from $4,839 million in the same period of 2023, a decline of 5.0%[180]. - The delivery volume of exports to China reached record levels, contributing to the recovery of the Russian market to pre-2022 levels[8]. Assets and Liabilities - The total assets as of June 30, 2024, were $22,032 million, an increase from $21,464 million at the end of 2023[3]. - Total liabilities decreased to $10,069 million from $10,448 million, a reduction of 4%[130]. - The company's working capital was $4,805 million, an increase from $3,665 million on December 31, 2023[66]. - Inventory increased by $262 million or 7.3% from $3,599 million on December 31, 2023, to $3,861 million on June 30, 2024[66]. - Non-current assets increased to $14,333 million as of June 30, 2024, compared to $13,522 million at the end of 2023, reflecting a growth of 6%[128]. Investments and Acquisitions - The company acquired equity in Hebei Wenfeng New Materials Co., Ltd. to restore self-sufficiency in alumina production[8]. - Rusal acquired a 30% stake in Hebei Wenfeng New Materials Co., a Chinese alumina production plant, for $264 million, with the rights transferred in April 2024[101]. - The company plans to fully launch the first phase of the Taishet aluminum smelter by the end of 2024[11]. - Rusal signed an agreement with the Khakass government on June 6, 2024, to develop a new aluminum foil production facility with an annual capacity of 46,000 tons[107]. Financial Management - Financial income decreased by $27 million or 10.0% from $269 million in 2023 to $242 million in 2024, primarily due to a decline in foreign exchange gains and dividends from other investments[50]. - Financial expenses decreased by $94 million or 34.8% from $270 million in 2023 to $176 million in 2024, mainly due to reduced interest expenses on loans and bonds[53]. - The company reported a current tax expense of $63 million for the six months ended June 30, 2024, compared to $134 million in the same period of 2023, reflecting a decrease of 53%[192]. - The company’s total borrowings for the six months ended June 30, 2024, amounted to $537 million, a decrease from $2,828 million in the same period of 2023, reflecting a strategic reduction in debt[138]. Employee and Corporate Governance - The total average number of employees as of June 30, 2024, was 56,769, slightly down from 56,828 in 2023[86]. - The company has established a comprehensive employee incentive system, focusing on performance-based compensation linked to individual and collective achievements[89]. - The audit committee held three meetings in the first half of 2024 to review financial statements and ensure compliance with international financial reporting standards[95]. - The company continues to prioritize employee welfare, offering various benefits beyond mandatory compensation, including health services and housing assistance[90]. Market and Economic Conditions - The geopolitical tensions and sanctions may significantly impact the company's operations, investments, and financing activities, highlighting ongoing risks[116]. - The group anticipates a rise in global commodity prices, which is expected to improve operational performance[155]. - The group is facing significant uncertainty regarding its ability to meet financial obligations due to fluctuations in commodity, stock, currency markets, and interest rates[155]. - The company continues to face risks associated with economic sanctions and political instability in its operating environments, which may impact future performance[150].

Financial Performance - Revenue for the six months ended June 30, 2024, was $5,695 million, a decrease of 4.2% compared to $5,945 million in 2023[4] - Adjusted EBITDA increased significantly to $786 million, with an adjusted EBITDA margin of 13.8%, compared to $290 million and 4.9% in the previous year[4] - Net profit for the period was $565 million, representing a net profit margin of 9.9%, up from $420 million and 7.1% in 2023[4] - The gross profit for the six months ended June 30, 2024, was $1,310 million, up from $728 million in the same period of 2023, with a gross margin increase from 12.2% to 23.0%[31] - Total comprehensive income for the period was $947 million, compared to a loss of $1,032 million in the previous year[80] - The company reported a pre-tax profit of $729 million for the six months ended June 30, 2024, compared to $269 million in the same period of 2023[36] - The company reported a net cash outflow from operating activities of $403 million for the six months ended June 30, 2024, compared to a net cash inflow of $236 million in the same period of 2023[51] - The company reported a net profit of $565 million for the six months ended June 30, 2024, compared to $420 million in the same period of 2023, reflecting a 34.5% increase[38] Production and Sales - The company's aluminum production increased by 2.3% to 1.957 million tons in the first half of 2024, compared to 1.913 million tons in the same period of 2023[16] - The company produced 2.995 million tons of alumina in the first half of 2024, an increase of 18.94% from 2.518 million tons in the same period of 2023[17] - The company exported 3.009 million tons of downstream aluminum products in the first half of 2024, a year-on-year increase of 14.8%[11] - The delivery volume of RUSAL's exports to China reached record levels, contributing to the recovery of the Russian market[7] - The production of aluminum wheels increased by 38.3% to 1,513 thousand units, driven by growth in the Russian automotive market[23] - Aluminum foil production increased by 11.3% to 22.7 thousand tons, while total production decreased by 1.0% to 53.6 thousand tons[20] Assets and Liabilities - The total assets increased to $22,032 million from $21,464 million, while total equity rose to $11,963 million from $11,016 million[4] - Total liabilities decreased to $10,069 million from $10,448 million, showing a reduction of about 4%[81] - The company's total loans and borrowings amounted to $4,447 million as of June 30, 2024, excluding an additional $3,447 million in bonds[46] - The debt-to-asset ratio was 34.9% as of June 30, 2024, compared to 36.6% as of December 31, 2023[53] - The company's working capital increased to $4,805 million from $3,665 million as of December 31, 2023, representing a growth of 31.1%[43] Investments and Acquisitions - RUSAL has acquired a stake in Hebei Wenfeng New Materials Co., a bauxite producer, to restore raw material self-sufficiency[7] - The company invested $264 million to acquire a 30% stake in Hebei Wenfeng New Materials Co., a Chinese alumina production plant, with the transfer of rights completed in April 2024[65] - The company is investing 20 billion rubles to replace foreign automation systems in its aluminum and alumina plants by 2031[67] Environmental Initiatives - The company has registered a forest carbon compensation project in Russia, receiving over 1.3 million carbon units[6] - RUSAL issued over 1.3 million initial carbon units for the Forest Climate Project, entering the voluntary carbon market, which accounts for over 85% of the total[67] - The company achieved 100% green aluminum production, verified by TÜV AUSTRIA, meeting low-carbon aluminum standards of less than 4 tons of CO2 equivalent per ton[67] Corporate Governance and Compliance - The company has adopted corporate governance standards to enhance business development and protect shareholder interests[191] - The company has complied with the corporate governance code of the Hong Kong Stock Exchange during the review period[192] - The interim report is prepared in accordance with applicable accounting standards and reflects the company's financial position and performance fairly[196] Market and Economic Conditions - The operating environment in emerging economies like Russia, Jamaica, and Guinea is affected by political instability and economic uncertainty, impacting business operations and increasing risks not typically seen in other markets[93] - The Australian government has prohibited the export of alumina and bauxite to Russia since March 2022, leading to supply chain challenges and increased procurement costs for the group[96] - The group anticipates a rise in global commodity prices, which is expected to improve operational performance, while also adjusting supply and sales chains to maintain optimal asset and liability ratios[96] Employee and Workforce Management - The total average number of employees was 56,769 for the six months ended June 30, 2024, slightly down from 56,828 in the same period of 2023[55] - The company has established a comprehensive employee incentive system, which includes monetary compensation based on skills, complexity, quantity, quality, and regional characteristics[56] - Key performance indicators for employee performance evaluation are designed to be clear, measurable, achievable, relevant, and time-bound[59]

Financial Performance - Revenue for 2023 was $12,213 million, a decrease of 12.6% from $13,974 million in 2022[2]. - Adjusted EBITDA for 2023 was $786 million, with an adjusted EBITDA margin of 6.4%, down from 14.5% in 2022[2]. - Net profit for 2023 was $282 million, resulting in a net profit margin of 2.3%, compared to 12.8% in 2022[2]. - Metal sales revenue for 2023 totaled $13.7 billion, with significant contributions from Asia and Russia, while sales in Europe, North America, and South America decreased[38]. - The company's total sales in Europe decreased from $7.52 billion in 2022 to $3.48 billion in 2023, while sales in Asia increased from $4.97 billion to $7.32 billion[38]. - Adjusted net profit for the year was $702 million, down 67.6% from $2,165 million in 2022[158]. - The group recorded a profit of $282 million for the year ended December 31, 2023, down from $1,793 million in 2022, reflecting an 84.3% decline[157]. - Total revenue for the year ended December 31, 2023, was $12,213 million, down 12.6% from $13,974 million in the previous year[142]. - The average realized aluminum price dropped by 18.0% from $2,976 per ton in 2022 to $2,439 per ton in 2023[142]. - The group recognized a tax credit of $38 million for the year ended December 31, 2023, compared to a tax expense of $373 million in 2022[156]. Production and Capacity - Rusal operates 117 aluminum smelters across three countries, with 94% of its aluminum production in Siberia, Russia[22]. - The Taishet aluminum smelter's first phase, with a capacity of 428,500 tons, began production at the end of 2021[8]. - The company has invested in modernizing production facilities, including the reconstruction of two aluminum smelters in Krasnoyarsk and Bratsk, with government approval obtained[18]. - The company has developed and sold several innovative aluminum products, including high-strength foils for batteries and low-carbon footprint aluminum foils[19]. - The company has diversified its sales regions, delivering aluminum products to major consumption areas including Europe, the CIS, China, and other Asian regions[8]. - The company continues to adapt to changing market conditions by developing new markets and products, demonstrating resilience and adaptability[18]. - The company has a diverse portfolio of mining assets, including 15 mines and mining groups, supporting its alumina production capacity[33]. - The total alumina production for 2022 and 2023 was 5,953 thousand tons and 5,134 thousand tons respectively, representing a decrease of 13.8% due to military control in Ukraine and sanctions affecting supply[113]. - The total bauxite production of Rusal reached 13,376 thousand tons in 2023, an increase of 8.6% compared to 12,320 thousand tons in 2022[122]. Environmental Initiatives - The company aims to reduce greenhouse gas emissions per ton of metal by at least 23% by 2035 and 47% by 2050 compared to 2018 levels[10]. - The company is implementing a sustainable development strategy with 12 priority ESG transformation projects aimed at ensuring sustainable procurement and long-term competitive advantages[16]. - The company is advancing towards a low-carbon economy by adopting inert anode technology, which aims to achieve the lowest carbon footprint in primary aluminum production[16]. - Approximately 80% of the industrial by-products and waste generated by the company's production facilities are recycled or sold to third-party consumers[16]. - The company has reduced its direct greenhouse gas emissions from aluminum production by 53% since 2007[55]. - The company aims to achieve carbon neutrality by 2050, balancing greenhouse gas emissions and absorption, while also restoring disturbed land and assisting in biodiversity conservation[51]. - The company has received high ratings for its sustainability and climate performance, including an A- rating in the CDP climate ranking for the aluminum industry in 2021[49]. - The company is committed to responsible consumption of natural resources and establishing a circular economy to reduce its environmental footprint[52]. - The company has successfully passed audits for the latest version of ASI performance standards and regulatory chain standards at 13 production and office locations as of December 31, 2023[50]. Social Responsibility and Community Engagement - The company is focused on social investment strategies to improve the quality of life and social development in the regions where it operates[17]. - Rusal has invested in social infrastructure development in Siberia, focusing on sports, housing, and support for science, education, and healthcare[20]. - The company raised a total of 1,045,721 rubles for regional charities through various city charity events, including sports festivals and charity runs[65]. - In 2023, 51 volunteer projects were implemented with a total value of 2.7 million rubles, benefiting over 2,000 individuals in need[65]. - The company supported the development of urban infrastructure projects with a total funding of 344.4 million rubles from 2020 to 2023, including design and municipal application preparation[67]. - The company signed 18 social and economic cooperation agreements with municipal and regional authorities, totaling 646.4 million rubles, funding over 90 projects valued at more than 575 million rubles[72]. - The scholarship program expanded to cover 56 higher and vocational education institutions across 21 cities in 11 regions, receiving 700 applications and awarding 177 scholarships in 2023[74]. - The company initiated social investment projects in 2023 as part of its sustainable development strategy, focusing on urban sustainability and community development[62]. Compliance and Governance - The company has implemented a comprehensive compliance control system to manage regulatory compliance and compliance risks, including anti-corruption and conflict of interest policies[57]. - In 2023, the compliance department conducted training sessions focusing on sanctions and anti-corruption risks for all management levels[59]. - The compliance system underwent internal and external audits in 2023, achieving ISO 37301:2021 certification and being rated AAA for anti-corruption measures[60]. - The company updated its human rights policy and adopted an equal opportunity policy on January 9, 2024, and registered its forest climate project with the Russian Federation carbon unit registry[169]. Employee Development and Training - The company has established a comprehensive employee incentive system to enhance productivity and retain skilled workers[184]. - The number of students recruited under the target recruitment plan increased from 139 in 2022 to 372 in 2023, representing a growth of approximately 168%[189]. - A total of 105 apprentices were hired under the "New Generation" apprenticeship program by December 31, 2023, aimed at attracting high-potential young professionals[190]. - The Rusal Leaders talent program expanded from 25 projects in 2022 to 45 projects in 2023, with an expected economic benefit of over 8 billion rubles[194]. - 23,088 employees received career development and vocational training, with 9,576 completing the digital aluminum course[198]. - The company trained 64 students from Guinea in various Russian higher education institutions in 2022, with an additional 50 students starting medical studies in 2023[193].

Financial Performance - Revenue for the year ended December 31, 2023, was $12,213 million, a decrease of 12.6% compared to $13,974 million in 2022[4] - Adjusted EBITDA for the year was $786 million, down 61.2% from $2,028 million in the previous year, resulting in an adjusted EBITDA margin of 6.4%[4] - Net profit for the year was $282 million, reflecting an 84.3% decline from $1,793 million in 2022, with a net profit margin of 2.3%[4] - The company’s adjusted net profit for the year was $73 million, down 89.9% from $725 million in 2022[9] - The group reported a profit before tax for the year ended December 31, 2023, of $244 million, down from $2,166 million in 2022[42] - The group recorded a net profit of $282 million for the year ended December 31, 2023, compared to $1,793 million in 2022, reflecting an 84.3% decrease[44] - Earnings per share for the year ended December 31, 2023, was $0.019, a decrease from $0.118 for the previous year, with net profit of $282 million compared to $1,793 million in 2022[165] Assets and Liabilities - Total assets decreased by 12.9% to $21,464 million from $24,631 million year-over-year[10] - The company reported a net debt of $5,779 million, down 7.7% from $6,261 million in the previous year[10] - Total liabilities decreased by $1,876 million or 15.2% to $10,448 million as of December 31, 2023, primarily due to a reduction in outstanding financial debts[46] - The company's equity decreased to $11,016 million in 2023 from $12,307 million in 2022, reflecting a decline in retained earnings and currency translation reserves[62] - Total current liabilities decreased to $3,719 million in 2023 from $4,591 million in 2022, a reduction of approximately 19.0%[64] Cash Flow - Operating cash flow for the year was $1,760 million, a significant improvement from a cash outflow of $412 million in 2022[11] - Net cash generated from operating activities was $1,760 million for the year ended December 31, 2023, compared to a net cash used of $412 million in the previous year[47] - Cash used in investing activities was $1,030 million for the year ended December 31, 2023, compared to cash generated of $472 million in 2022[47] - Cash used in financing activities was $1,747 million for the year ended December 31, 2023, compared to cash generated of $1,415 million in the previous year[47] Production and Sales - Aluminum production for the year was 3,848 thousand tons, a slight increase of 0.3% compared to 3,835 thousand tons in 2022[5] - The average selling price of aluminum decreased by 10.1% to $2,385 per ton from $2,654 per ton in the previous year[5] - The company’s aluminum sales increased by 6.6% year-on-year to 4.153 million tons, while sales of value-added products dropped by 9.1% to 1.547 million tons[24] - Sales of primary aluminum and alloys fell by $1,464 million or 12.6% to $10,129 million, primarily due to a decline in average aluminum prices from $2,976 per ton in 2022 to $2,439 per ton in 2023, representing an 18.0% decrease[28] - Alumina sales revenue decreased by 38.2% from $550 million in 2022 to $340 million in 2023, driven by a 35.1% drop in sales volume and a 4.7% decrease in average price[28] Market Conditions - In 2023, global aluminum demand increased by 1.7% year-on-year to 70.2 million tons, with China's demand rising by 4.9% to 42.8 million tons[13] - The automotive sector accounted for approximately 25.5% of global aluminum usage in 2023, with global sales of electric vehicles (EVs) growing by 31% year-on-year, totaling 13.6 million units[14] - The construction industry, which represents 21.4% of global aluminum usage, experienced negative growth in sales and construction rates due to high borrowing costs and economic uncertainty[14] - Global aluminum supply increased by 3.5% year-on-year to 70.5 million tons, with China's production rising by 3.4% to 41.5 million tons[17] Expenses and Costs - Total sales cost decreased by $325 million or 3.0% from $10,770 million in 2022 to $10,445 million in 2023[31] - Gross profit for the year ended December 31, 2023, was $1,768 million, down from $3,204 million in 2022, with gross margin decreasing from 22.9% to 14.5%[33] - Distribution expenses increased by 8.3% to $755 million in 2023, primarily due to newly imposed export tariffs[34] - Administrative expenses decreased from $769 million in 2022 to $603 million in 2023, mainly due to reduced labor costs[34] - Employee costs decreased to $956 million in 2023 from $1,185 million in 2022, reflecting a reduction of 19.3%[128] Impairments and Non-Current Assets - Non-current asset impairment for the year was $321 million, compared to $196 million in 2022, indicating an increase of approximately 64%[109] - The company identified specific items of property, plant, and equipment with a carrying amount of $111 million as impaired, up from $99 million in the previous year[190] Taxation - The actual tax expense for 2023 was $(38) million, compared to $373 million in 2022, indicating a substantial reduction in tax liabilities[141] - The effective tax rate for the company remained at 20% for the year ended December 31, 2023, consistent with the previous year, except for subsidiaries in Switzerland where the rates were 9.06% and 11.8% respectively[141] - The company recognized deferred tax assets of $1,595 million as of December 31, 2023, up from $1,444 million in 2022, reflecting an increase in potential tax benefits[148] Geopolitical and Operational Risks - The geopolitical situation in Russia, Jamaica, and Guinea has led to significant operational risks, including potential changes in privatization terms following regime changes[81] - The company has faced economic sanctions from the EU, US, Japan, Canada, and Australia, which have increased market volatility and uncertainty regarding its operations[81] - In March 2022, the Australian government banned the export of alumina and bauxite to Russia, impacting supply and procurement costs for the group[85] Future Outlook and Strategies - The management anticipates a rise in global commodity prices, which is expected to improve operational performance[86] - The company plans to continue focusing on operational efficiency and cost management strategies moving forward[129]