二零二三年中期報告 | 財務及營運摘要 3 | | --- | | 主席函 4 | | 總經理函 6 | | 管理層討論及分析 8 | | 獨立核數師報告 38 | | 中期簡明綜合財務報表 41 | | 根據香港聯交所上市規則提供的資料 87 | | 責任說明 94 | | 前瞻性陳述 95 | | 詞彙 96 | | 公司資料 104 | 財務及營運摘要 二零二三年上半年，新的外圍隱患不斷出現。美國對從俄羅斯聯邦進口的鋁及鋁產品徵收 200%關稅、烏克蘭反腐敗高等法院更裁定扣押本公司位於Nikolaev的氧化鋁精煉廠。而最重 要的是我們仍然受到歐盟制裁的威脅。然而，憑藉領導有方的管理層和我們的專業團隊，俄 鋁成功克服所有障礙，維持與全球領先企業看齊的盈利能力，並持續得到金融業界的信任。 目前，我們專注於確保原材料供應穩定及業務的韌性。本公司成立伊始，我們便致力實現原 材料自給自足。然而，近期的事態發展很大程度上削弱了我們的努力，迫使我們尋找新的替 代方案。我們堅持以未來為導向的方針，格外重視戰略規劃，但外圍環境變幻莫測，規劃絕 非易事。 二零二三年五月，我們通過了一項至二零三五年的可持續業務發展策略。該重 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不會對因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 UNITED COMPANY RUSAL, INTERNATIONAL PUBLIC JOINT-STOCK COMPANY （根據澤西法律註冊成立的有限公司並在俄羅斯聯邦存續的國際公司） （股份代號：486） 截至二零二三年六月三十日止六個月的中期業績公告 United Company RUSAL, international public joint-stock company（「本公司」）董事 會（「董事會」）欣然宣佈本公司及其附屬公司（「本集團」）截至二零二三年六月三 十日止六個月的未經審核中期業績。 本公告列載本公司二零二三年中期報告全文，並符合香港聯合交易所有限公司證 券上市規則中有關中期業績初步公告附載的資料的要求。 本公司刊發的所有公告分別可於下列網站連結查閱： http://www.rusal.ru/cn/ investors/info.aspx及 http://rusal.ru/i ...

綠色之鋁 創造無限可能 年度報告 2022 目錄 財務及生產指標 5 本公司一般資料 12 主席報告書 16 總經理回顧 20 業務概覽 24 可持續發展 34 創新及科研項目 44 管理層討論及分析 52 僱員 76 董事會成員、總經理及高級管理層簡介 88 董事會報告 104 企業管治報告 140 財務報表 158 詞彙 252 附錄A－與本公司訂立的股東協議的主要條款 266 附錄B－僅大股東間訂立的股東協議的主要條款 270 附錄C－遵守俄羅斯企業管治守則報告 276 本公司資料 299 1 擔當 誠信對待合作夥伴、 客戶及本公司 二零二二年年報 4 財務及生產指標 財務及生產指標 | --- | --- | --- | --- | --- | --- | |-----------------------------------------|-------------|-------------|------------------------------------|-------------|-------------| | 百萬美元（除另有訂明者外） | 二零二二 年 | 二零二一 年 | 二零 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 UNITED COMPANY RUSAL, INTERNATIONAL PUBLIC JOINT-STOCK COMPANY （根據澤西法律註冊成立的有限公司並在俄羅斯聯邦存續的國際公司） （股份代號：486） 有關截至二零二二年十二月三十一日止年度的 年度業績公告 的澄清公告 茲提述United Company RUSAL, international public joint-stock company（「本公 司」）日期為二零二三年三月十七日，內容有關公佈截至二零二二年十二月三十一日 止年度的年度業績之公告（「業績公告」）。 本公司留意到，業績公告第2頁存在無意排字錯誤，並謹此澄清：截至二零二二年 六月三十日止六個月的平均售價（未經審核）應為 3,365，而非2,287，以及半年同比 變動百分比（下半年與上半年比較）應為(21.1%)，而非16.0%。 上述澄清內容不影響業績公告所載的任何其他資料， ...

Financial Performance - Revenue for the year ended December 31, 2022, was $13,974 million, representing a 16.5% increase compared to $11,994 million in 2021[2] - Adjusted EBITDA decreased by 29.9% to $2,028 million from $2,893 million year-over-year[2] - Net profit for the year was $1,555 million, down 13.9% from $1,807 million in the previous year[2] - Total revenue increased by $1,980 million or 16.5% from $11,994 million in 2021 to $13,974 million in 2022[13] - The company reported a net profit of $1,793 million for the year, contributing to the overall increase in equity[43] - The company’s net profit for the year ended December 31, 2022, was $1,793 million, a decrease of 44% compared to $3,225 million in 2021[44] - The company’s share of profits from associates and joint ventures was $1,555 million in 2022, compared to $1,807 million in 2021, indicating a decrease of 13.9%[79] Assets and Liabilities - Total assets increased by 17.8% to $24,631 million from $20,906 million year-over-year[6] - Total liabilities rose by $1,942 million or 18.7% from $10,382 million in 2021 to $12,324 million in 2022[27] - Total equity reached $12,307 million in 2022, up from $10,524 million in 2021, indicating a growth of 16.9%[40] - The company’s non-current liabilities rose to $7,733 million in 2022, up from $5,790 million in 2021, reflecting a growth of 33.5%[40] - The total current liabilities for PJSC MMC Norilsk Nickel were $2,029 million in 2022, a decrease from $2,133 million in 2021, indicating a reduction of about 4.9%[179] Cash Flow - Operating cash flow for the year was negative at $(412) million, compared to a positive $1,146 million in 2021[7] - The net cash used in operating activities for the year ended December 31, 2022, was $412 million, down from $1,146 million in the previous year[28] - The net cash generated from investing activities for the year ended December 31, 2022, was $472 million, compared to $490 million in the previous year[28] - The net cash generated from financing activities for the year ended December 31, 2022, was $1,415 million, down from $1,891 million in the previous year[28] Production and Sales - Aluminum production for the year was 3,835 thousand tons, a 1.9% increase from 3,764 thousand tons in 2021[3] - The average selling price of aluminum decreased by 6.3% to $2,654 per ton from $2,832 per ton in the previous year[3] - Revenue from primary aluminum and alloys rose by $1,627 million or 16.3% to $11,593 million, driven by a 16.6% increase in average realized aluminum price from $2,553 per ton in 2021 to $2,976 per ton in 2022[15] - The aluminum segment reported revenues of $10,962 million for the year ended December 31, 2022, compared to $9,102 million in the previous year, reflecting an increase of approximately 20.4%[30] Costs and Expenses - Total sales cost increased by $2,497 million or 30.2% from $8,273 million in 2021 to $10,770 million in 2022[16] - Energy costs rose by $588 million or 28.4% to $2,658 million, attributed to a 14.7% increase in electricity prices during the reporting period[17] - Distribution expenses increased by 13.0% to $697 million, primarily due to rising transportation costs[19] - Administrative expenses rose to $769 million from $603 million in 2021, mainly due to increased labor costs[19] Dividends and Financial Income - The company reported a significant increase in dividends from Norilsk Nickel, rising 164.4% to $1,639 million from $618 million[7] - Financial income increased by $70 million or 111.1% from $63 million in 2021 to $133 million in 2022, primarily due to higher dividends from other investments[21] Market and Industry Trends - Global aluminum demand in 2022 increased by 0.3% year-on-year to 69 million tons, with China's demand also growing by 0.3% to 40.6 million tons[8] - The automotive sector accounted for 24% of global aluminum demand, growing by 2.7% due to increased production of electric vehicles and SUVs[8] - The global packaging industry saw a demand increase of 4.6% in 2022, driven by a shift from plastic and glass to aluminum[8] - Aluminum demand in the power sector grew by 9.4% year-on-year, primarily due to the expansion of renewable energy capacity[8] Impairments and Losses - The company reported a significant increase in impairment of trade receivables, which rose to $163 million from $60 million in 2021, indicating a 171% increase[44] - The impairment loss recognized for the Sayanal and PGLZ assets was $85 million, while a reversal of previously recognized impairment losses for KAZ, VgAZ, Kubal, and Taishet aluminum smelters totaled $699 million[148] Taxation - The company recognized a tax expense of $373 million in 2022, compared to a tax credit of $416 million in 2021[25] - The effective tax rate for the company remained at 20% for both 2021 and 2022[104] Shareholder Information - The earnings per share (EPS) for the fiscal year ending December 31, 2022, was $0.118, down from $0.212 in the previous year, indicating a decline of approximately 44.3%[128][129] - The total remuneration for executive directors in the fiscal year ending December 31, 2022, was $7,817 thousand, compared to $7,629 thousand in the previous year, reflecting an increase of approximately 2.5%[114][115]

Financial Performance - Revenue for the first half of 2022 reached $7,153 million, up from $5,449 million in the same period of 2021, representing a growth of 31.1%[3] - Adjusted EBITDA increased to $1,807 million with an adjusted EBITDA margin of 25.3%, compared to $1,315 million and 24.1% in the previous year[3] - Net profit decreased to $1,680 million, resulting in a net profit margin of 23.5%, down from 37.0% in the prior year[3] - The total assets increased to $25,419 million, up from $20,906 million year-on-year, indicating a growth of 21.5%[3] - Revenue for the first half of 2022 was $7.153 billion, up from $5.449 billion in the same period of 2021, representing a year-on-year increase of 31%[12] - The adjusted EBITDA for the first half of 2022 was $1.807 billion, compared to $1.315 billion in the same period of 2021, reflecting a significant increase[12] - Gross profit for the first half of 2022 was $2,391 million, with a gross margin increase from 29.9% to 33.4%[26] - The company's profit before tax for the first half of 2022 was $2,364 million, up from $2,161 million in the same period of 2021[32] - The net profit for the first half of 2022 was $1,680 million, a decrease of 16.7% from $2,018 million in the same period of 2021[33] - Adjusted net profit for the first half of 2022 was $689 million, slightly up by 1.5% from $679 million in the same period of 2021[34] Market Conditions - The company faced significant challenges due to geopolitical tensions and sanctions, impacting operations and supply chains[4] - Global primary aluminum demand grew by 0.8% to 34.2 million tons in the first half of 2022, while demand in China contracted by 1.3% to 19.7 million tons[8] - Over 1 million tons of aluminum smelting capacity in the EU and the US was partially or completely shut down due to high production costs and negative profit margins[8] - The average aluminum price on the London Metal Exchange fell from a record high of $3,985 per ton in Q1 2022 to below $2,400 per ton in Q2 2022[8] - In the first half of 2022, global aluminum market recorded a supply shortage of 0.5 million tons, with the rest of the world also experiencing a shortage of 0.5 million tons, while China maintained supply-demand balance during the same period[9] - China's exports of unwrought aluminum, alloys, and aluminum products increased by 34.1% year-on-year to 3.51 million tons in the first half of 2022, marking 14 consecutive months of year-on-year growth[9] Production and Costs - The aluminum segment's cost per ton increased to $2,028 in the first half of 2022 from $1,523 in the same period of 2021, indicating rising production costs[11] - Alumina production decreased by 19.56% year-on-year to 3.3 million tons in the first half of 2022, primarily due to the suspension of production at the Nikolaev alumina refinery in Ukraine[14] - Bauxite production fell by 11.75% year-on-year to 6.74 million tons in the first half of 2022, driven by reduced demand due to lower alumina production[15] - The production of aluminum foil and packaging materials increased by 1.7% to 54.7 thousand tons in the first half of 2022 compared to the same period in 2021[16] Financial Position - The company's operating working capital increased by 75.5% to $5,143 million as of June 30, 2022, compared to $2,930 million at the end of 2021[38] - Inventory rose by 23.2% to $4,548 million as of June 30, 2022, from $3,692 million at the end of 2021[38] - Trade receivables increased by 54.5% to $2,543 million as of June 30, 2022, compared to $1,646 million at the end of 2021[39] - The company's debt-to-asset ratio was 28.7% as of June 30, 2022, compared to 32.2% at the end of 2021[49] - The return on equity was 11.3% for the first half of 2022, down from 21.6% in the same period of 2021[49] - The interest coverage ratio improved to 21.0 for the first half of 2022, compared to 14.9 in the same period of 2021[50] Strategic Initiatives - The company aims to adapt to the current market conditions and continue supporting its long-term strategic goals despite the challenges[6] - The company is committed to maintaining its position as a leading low-carbon aluminum producer and stabilizing the global aluminum market[4] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[112] Risks and Challenges - The company identified several business risks, including significant fluctuations in demand for raw materials and alloys due to global market volatility[62] - The company relies on uninterrupted power supply for its competitive position in the global aluminum industry, with rising electricity prices posing a significant risk[62] - Rusal's operations face risks related to labor disputes, labor shortages, and rising labor costs[63] - The company is dependent on third-party suppliers for several materials, including alumina and bauxite, which poses procurement cost risks[63] - The company is subject to sanctions from the U.S. Treasury Department's Office of Foreign Assets Control, impacting its operations[199] Corporate Governance - The company has adopted corporate governance standards to enhance business development and protect shareholder interests[186] - The company has established compliance policies to ensure adherence to regulatory requirements and best business practices[187] - The board held five meetings during the review period, with four instances where executive/non-executive directors may have had significant interests in transactions, and those directors abstained from voting[188] Shareholder Information - Oleg Deripaska holds a total of 8,643,557,087 shares, representing 56.89% of the issued share capital as of June 30, 2022[180] - Access Aluminum Holdings Limited has a controlling interest of 4,967,738,987 shares, which is 32.70% of the issued share capital as of June 30, 2022[180] - The company has not received notification of any other reportable interests exceeding 5% of issued shares as of June 30, 2022[182]

Financial Performance - The company's revenue for 2021 was $11,994 million, a significant increase from $8,566 million in 2020, representing a growth of 40.5%[9] - Adjusted EBITDA for 2021 reached $2,893 million, with an adjusted EBITDA margin of 24.1%, compared to 10.2% in 2020[9] - Net profit for 2021 was $3,225 million, resulting in a net profit margin of 26.9%, up from 8.9% in the previous year[9] - The total assets of the company increased to $20,906 million in 2021, up from $17,378 million in 2020[9] - The company’s net debt decreased to $4,749 million in 2021 from $5,563 million in 2020, indicating improved financial health[9] - The company reported total revenue of $1,421 million, with an increase in capital expenditures of $295 million and a decrease in dividends from associates and joint ventures by $550 million compared to the previous period[151] - The aluminum segment generated revenue of $9,102 million with a production volume of 3,590 thousand tons, while the alumina segment generated $2,649 million with a production volume of 7,554 thousand tons for the year ended December 31, 2021[153] - The aluminum segment's EBITDA was $3,139 million, reflecting an EBITDA margin of 34.5%, while the alumina segment reported an EBITDA of $113 million with a margin of 4.3%[153] Production and Operations - The company produced 1.8 million tons of alumina in 2021, but production was temporarily halted in March 2022 due to logistical challenges in Ukraine[4] - The company’s core smelting operations are strategically located near hydropower plants, meeting approximately 93% of its total electricity needs with renewable energy[14] - The company’s bauxite and nepheline syenite mining operations supply 77% of its alumina refining needs, ensuring a stable raw material supply[15] - The company operates 11 aluminum smelters, with 9 located in Russia, indicating a strong operational presence in the region[23] - The total aluminum production capacity across the company's smelters is 4,205 thousand tons, with an average capacity utilization rate of 90%[44] - The company operates nine alumina refineries with a total rated capacity of 13,908 thousand tons and an average utilization rate of 81%[50] - The company manages seven bauxite mines with a total rated capacity of 20,600 million tons and an average utilization rate of 73%[52] - The company has a diversified sales network, delivering aluminum products to key markets including Europe, the USA, and Southeast Asia[18] Environmental Sustainability - In 2021, the company maintained its position as a leading low-carbon aluminum producer, with a commitment to reduce greenhouse gas emissions by at least 35% by 2030 and achieve net-zero emissions by 2050[33] - The company is committed to environmental management and regularly reviews its policies to improve sustainability practices across all production facilities[19] - The company has reduced its corporate emissions by nearly 35%, industrial wastewater discharges by 60%, and freshwater consumption by over one-third due to implemented environmental measures[38] - The company emphasizes its commitment to sustainability and reliable low-carbon aluminum supply, aiming to lead the industry towards a greener future[33] - The company has established several strategic partnerships with organizations aiming to use low-carbon aluminum in their supply chains, successfully integrating ALLOW low-carbon aluminum into their operations[33] - The company has received high sustainability ratings, including an A- rating in the CDP climate ranking for the aluminum industry in 2021[78] - The company is focused on achieving the lowest carbon footprint, successfully producing aluminum with the lowest carbon footprint globally using inert anodes[82] Technological Advancements - The company has developed new energy-efficient smelting technologies RA-500 and RA-550, aiming to become the most energy-efficient technology in the industry[16] - The company achieved a significant reduction in operational costs by 10% through the introduction of inert anode technology, which also reduces greenfield project costs by over 30%[16] - The RA-550 electrolytic cell has been successfully piloted, achieving energy efficiency below 12,800 kWh/ton and a current efficiency of 96%[79] - The new RA-550 electrolytic cell design reduces the amount of used lining material by 80% and the number of linings and costs by 10-15%[79] - The company is developing the RA-800+ electrolytic cell, which aims to have the highest performance globally[79] - The company has successfully certified 13 production facilities under the ASI performance standards, enhancing its commitment to sustainable practices[78] Market Trends and Demand - Global aluminum demand increased by 8.8% year-on-year to 69.0 million tons in 2021, with demand in other regions rising by 12.8% to 28.6 million tons and China's demand increasing by 6.1% to 40.4 million tons[99] - The construction sector accounted for the largest portion of global aluminum demand, growing by 5% in 2021 compared to the previous year, and 3% compared to pre-pandemic levels in 2019[99] - The packaging industry saw a 9% growth in aluminum demand in 2021, continuing from a stable demand in 2020[99] - The global sales of pure electric and plug-in hybrid vehicles surged over 70% in 2021, with China's electric vehicle sales skyrocketing by 154%[99] Social Responsibility and Community Engagement - The company allocated over 45 million USD for social investment and charitable projects in 2021[95] - The "Easy Help" volunteer program allocated over 5.1 million rubles in funding, with an additional 4 million rubles from partners, supporting 60 projects across 14 cities[95] - The "Green Wave" environmental volunteer project provided over 3.9 million rubles in funding, benefiting 44 projects in 22 regions[95] - The company aims to invest 826 million rubles in social projects, focusing on the construction and modernization of social infrastructure and public recreational spaces[93] Employee Development and Safety - The total number of employees increased from 53,976 in 2020 to 57,933 in 2021, representing a growth of approximately 7.3%[170] - The company continued to develop its "New Generation" apprenticeship program, employing 213 apprentices in 2021[176] - The company has established a comprehensive employee incentive system, focusing on monetary compensation based on skills, complexity, and performance[171] - The lost time injury rate for 2021 was 0.18, a decrease from 0.20 in 2020, but still above the global average for the aluminum industry[169] Governance and Management - The company has adopted a corporate governance code based on the Hong Kong Stock Exchange Listing Rules, ensuring compliance and transparency in its operations[155] - The management team has no direct or indirect shareholding in the company as of the end of the fiscal year 2021[195][196] - The board is committed to implementing best practices in financial disclosure and governance, as evidenced by Burnham's initiatives at the United Nations[198] - The leadership team emphasizes collaboration and knowledge sharing to drive operational improvements and strategic initiatives[195][196]

Financial Performance - Revenue for the six months ended June 30, 2021, was $5,449 million, a 35.6% increase from $4,015 million in 2020[4] - Adjusted EBITDA for the same period was $1,315 million, with an adjusted EBITDA margin of 24.1%, compared to 5.5% in the previous year[4] - Net profit for the first half of 2021 was $2,018 million, resulting in a net profit margin of 37.0%, a significant improvement from a net loss of $124 million in 2020[4] - The adjusted net profit for the first half of 2021 was $679 million, compared to an adjusted net loss of $63 million in the same period of 2020[4] - Gross profit for the first half of 2021 was $1,630 million, up from $495 million in the same period of 2020, with the gross margin increasing from 12.3% to 29.9%[28] - Operating profit reached $942 million, a substantial increase from a loss of $106 million in the previous year[75] - The company reported a total of 7,637 thousand tons of bauxite mined in H1 2021, an increase from 7,469 thousand tons in the previous year[12] - The company reported a pre-tax profit of $2,161 million in the first half of 2021, compared to a pre-tax loss of $204 million in the same period of 2020[35] Production and Sales - Aluminium production remained stable at 1.868 million tons, with global primary aluminium demand increasing by 11.9% to 33.9 million tons in the first half of 2021[7] - The company sold 2,000 thousand tons of primary aluminum and alloys, compared to 1,890 thousand tons in the previous year, reflecting a growth in sales[12] - The average price of aluminum per ton on the London Metal Exchange was $2,245, up from $1,592 in the previous year[12] - The average realized aluminum price increased by 30.2% to $2,287 per ton in the first half of 2021, up from $1,756 per ton in the same period of 2020[22] - Sales of aluminum foil and other aluminum products generated $232 million, a 30.3% increase from $178 million in the first half of 2020[23] Sustainability Initiatives - The company signed a $200 million sustainability-linked pre-export financing loan in January 2021, aimed at supporting its low-carbon agenda[5] - The company aims to achieve carbon neutrality by 2050 through its breakthrough inert anode technology, which significantly reduces greenhouse gas emissions[6] - The company has established partnerships to provide low-carbon aluminium products to major manufacturers, reinforcing its commitment to sustainability[7] - Rusal plans to increase Aluminium Rheinfelden's alloy production capacity to 30,000 tons per year as part of its long-term growth strategy[66] - Rusal is testing a revolutionary inert anode technology that could nearly eliminate greenhouse gas emissions during aluminum production[68] - Rusal has begun construction of an open-pit bauxite mine in the Komi Republic, with reserves exceeding 14 million tons[68] Financial Position and Assets - Total assets as of June 30, 2021, were $20,466 million, up from $17,378 million at the end of 2020[4] - The company's total current assets reached $8,064 million, an increase from $5,877 million at the end of 2020[41] - The company’s debt as of June 30, 2021, amounted to $5,380 million, excluding an additional $2,457 million in bonds[45] - The company’s total equity rose to $9,340 million from $6,543 million, reflecting a stronger financial position[79] - The company reported a significant increase in cash and cash equivalents, reaching $3,766 million compared to $2,229 million in the previous year[79] Operational Efficiency and Cost Management - The company plans to implement a comprehensive reform plan to build new capacities at smelters in Krasnoyarsk, Bratsk, Irkutsk, and Novokuznetsk, aiming to reduce energy consumption by up to 20%[8] - Total sales cost increased from $3,520 million in the first half of 2020 to $3,819 million in the same period of 2021, representing an 8.5% increase, primarily driven by a 5.8% increase in primary aluminum sales volume[25] - Alumina cost rose from $296 million in the first half of 2020 to $356 million in 2021, mainly due to a 29.4% increase in procurement prices[26] - The company incurred $543 million in capital expenditures for property, plant, and equipment during the first half of 2021, compared to $392 million in the same period of 2020[84] Market Trends and Future Outlook - The global aluminum demand and production are expected to show positive trends, supported by increased business activity and government measures[92] - Future guidance indicates a projected increase in production capacity, aiming for a 10% rise in output over the next fiscal year[172] - The overall revenue for the last quarter showed a growth of 12% year-over-year, driven by increased demand in key markets[175] Corporate Governance and Compliance - The company adheres to high-quality corporate governance standards to enhance shareholder value and internal controls[160] - The board has ensured compliance with the Hong Kong Stock Exchange's corporate governance code throughout the review period[162] - The company has adopted a securities trading code that exceeds the standards set by the Hong Kong Stock Exchange's listing rules[164] Employee and Community Engagement - The company offers various employee benefits, including free medical services and subsidized housing programs, to enhance employee satisfaction and retention[58] - The company has implemented a performance-based bonus system for employees, ensuring alignment with individual key performance indicators[59] - The company has established a corporate social responsibility program, providing financial assistance to pensioners and veterans associated with its production facilities[58]

Financial Performance - In 2020, the company reported revenue of $8,566 million, a decrease of 11.7% from $9,711 million in 2019[7] - Adjusted EBITDA for 2020 was $871 million, with an adjusted EBITDA margin of 10.2%, compared to 9.9% in 2019[7] - The net profit for 2020 was $759 million, resulting in a net profit margin of 8.9%, down from 9.9% in 2019[7] - The company achieved a total asset value of $17,378 million, slightly down from $17,814 million in 2019[7] - The company’s debt net amount decreased to $5,563 million from $6,466 million in 2019, indicating improved financial stability[7] - Total revenue decreased by $1,145 million or 11.8% from $9,711 million in 2019 to $8,566 million in 2020[144] - Revenue from primary aluminum and alloys decreased by $931 million or 11.6% to $7,088 million in 2020 compared to $8,019 million in 2019, primarily due to a decline in aluminum prices and a 6.0% decrease in sales volume[146] - Revenue from alumina sales fell by 19.7% to $533 million in 2020 from $664 million in 2019, driven by an 18.7% drop in average selling price[146] - The company recorded a profit before tax of $716 million for the year ended December 31, 2020, down from $1,054 million in 2019[158] - Net profit for the year was $759 million in 2020, compared to $960 million in 2019, reflecting a decrease of 20.9%[161] Production and Capacity - The company produced 290,046 tons of aluminum and alloys at the BEMO smelter in 2020, an increase of 32,333 tons compared to 2019, with a total production since commissioning of 1,017,141 tons[55] - The company operates 92 aluminum smelters, with a total rated capacity of 3,801 thousand tons and an average capacity utilization rate of 98%[54] - The company’s alumina production capacity is 8.18 million tons, making it a significant player in the global alumina market[26] - The total production of aluminum foil increased by 5.6% to 103.44 thousand tons, with exports rising by 14.9% to 56.79 thousand tons[131] - The total aluminum production in Russia was 3,755 thousand tons, a slight decrease of 0.1% compared to 2019[118] - The production capacity of the Achinsk alumina refinery increased by 9.4% to 900 thousand tons in 2020, while Bogoslovsk's output decreased by 2.7% to 990 thousand tons[123] Environmental Initiatives - The company achieved an "A-" rating from the Carbon Disclosure Project, becoming the first in the global aluminum industry to receive this recognition[43] - The company plans to reduce benzene and polycyclic aromatic hydrocarbon emissions by 60% by 2024 through the use of environmentally friendly asphalt in its smelting plants[49] - The company has committed over $500,000 to support vulnerable retired employees during the COVID-19 pandemic, providing over 21,000 food packages and nearly 49,000 personal protective equipment sets[48] - The company has successfully introduced inert anode technology into its production process, aiming for a more sustainable green economy[49] - The company aims to reduce direct greenhouse gas emissions from its aluminum smelting plants by 15% by 2025 compared to 2014 levels[96] - The company has implemented an internal carbon pricing strategy of $20 per ton of CO2 equivalent since 2017 for new project developments[95] Community Support and Social Responsibility - The company allocated nearly $80 million to establish and equip medical emergency and rescue centers in response to the COVID-19 pandemic, benefiting thousands in Siberia, Ural, Ukraine, and Guinea[42] - The company provided over 42 million rubles to support the "Time to Help" project, which assisted 11,178 production workers and retirees during the pandemic[100] - The company engaged in public-private partnerships to promote socio-economic development through various projects and initiatives[99] - The company organized a volunteer project aimed at providing targeted assistance to retirees aged 65 and above, with 568 volunteers participating in packaging and delivery[100] - The company implemented a comprehensive social investment strategy across 12 regions in Russia, focusing on social infrastructure, public health, and support for vulnerable groups[99] Market and Sales Performance - The sales volume of value-added products increased by 11.3% to 1,722 thousand tons, representing 44% of total sales, compared to 37% in 2019[111] - The company successfully adjusted its geographical sales regions, with sales in Asia increasing to 25%, an 8 percentage point year-on-year growth, becoming the largest alloy supplier in Japan and South Korea[49] - The average aluminum price on the London Metal Exchange fell to $1,702 per ton in 2020, compared to $1,792 per ton in 2019[111] - Global aluminum demand decreased by 1.7% in 2020 to 63.9 million tons, with a notable recovery in the last quarter[112] - The aluminum price remained above $2,000 per ton in December 2020, supported by strong manufacturing data and economic stimulus expectations[112] Debt and Financing - The company extended the maturity date of its bilateral agreement with Norilsk Nickel and Sberbank from 2024 to 2027, with a reduction in interest rates[111] - Rusal secured a syndicated loan agreement of up to 45 billion rubles with VTB and Gazprombank, with a financing term of up to 15 years[175] - As of December 31, 2020, Rusal's total loans and borrowings amounted to $5.298 billion, excluding an additional $2.438 billion in bonds[175] - The group’s debt-to-asset ratio as of December 31, 2020, was 44.8%, down from 46.3% in 2019[180] Technological Advancements - The company is actively developing new energy-efficient smelting technologies, aiming to reduce operational costs by 10% and capital expenditures by over 30%[18] - The company has successfully transformed its green Söderberg technology, with over 25% of other smelters also undergoing transformation, resulting in lower total emissions and improved environmental indicators[79] - The introduction of a new alkaline thickener feeder at RUSAL Krasnoturyinsk reduced solid waste emissions by 25%, leading to decreased steam consumption in evaporators[84] - The company aims to continuously improve its environmental performance while balancing feasibility with social and economic factors[91] Employee Development and Training - The company continues to develop a talent pool through the "New Generation" apprenticeship program, which started in 2017, focusing on hiring high-potential young professionals[188] - The company organized a competition for the future metallurgy students, with participation from 3,300 students across 71 regions of the Russian Federation[191] - The management team focused on developing a new model for management and corporate capabilities to achieve strategic goals[192] - The company has established professional centers in various fields to accumulate and develop expertise systematically[193]

Financial Performance - Revenue for the first half of 2020 was $4,015 million, a decrease of 15.2% compared to $4,736 million in 2019[3] - Adjusted EBITDA was $219 million, with an adjusted EBITDA margin of 5.5%, down from 11.1% in the previous year[3] - Total revenue decreased by 15.2% from $4,736 million in the first half of 2019 to $4,015 million in the same period of 2020[23] - Adjusted EBITDA fell to $219 million, with a profit margin of 5.5%, down from $528 million and 11.1% in the previous year[15] - The gross profit for the first half of 2020 was $495 million, down from $805 million in the same period of 2019, with the gross margin decreasing from 17.0% to 12.3%[30] - The company's pre-tax loss for the first half of 2020 was $204 million, a significant decline from a profit of $715 million in the first half of 2019[37] - The net loss for the period was $124 million in the first half of 2020, compared to a profit of $625 million in the same period of 2019, mainly due to an environmental provision of $2,134 million recognized by Norilsk Nickel[38] - The adjusted net loss for the first half of 2020 was $63 million, compared to an adjusted net profit of $98 million in the first half of 2019, reflecting a decrease of 35.7%[39] - The aluminum segment's profit margin decreased from 10.5% in the first half of 2019 to 5.7% in the first half of 2020, while the alumina segment's margin shifted from positive 0.5% to negative 3.8%[41] Production and Sales - Aluminum production totaled 1,867 thousand tons, maintaining a stable level compared to the same period last year[6] - Sales of value-added products increased by 16.5% year-on-year, with their share in the product mix rising from 34% to 42%[6] - Aluminum production remained stable at 1.867 million tons, while value-added production decreased from 803,000 tons to 730,000 tons due to the COVID-19 pandemic[16] - Alumina production increased by 4.5% to 4.022 million tons, compared to 3.850 million tons in the same period last year[17] - Bauxite production decreased by 7.5% to 7.469 million tons, down from 8.073 million tons, primarily due to the suspension of operations in Guyana[18] - Revenue from primary aluminum and alloys decreased by $559 million or 14.4% to $3,318 million in the first half of 2020, primarily due to a decline in average aluminum prices and a 4.4% decrease in sales volume[24] - Alumina sales revenue fell by 28.8% to $242 million, driven by a 27.4% drop in average selling price and a 1.9% decrease in sales volume[25] - Sales revenue from foil and other aluminum products decreased by $27 million or 13.2% to $178 million, mainly due to reduced sales of aluminum wheels[25] Market Conditions - Global aluminum demand decreased by 6.6% year-on-year to 30.3 million tons in the first half of 2020, with demand outside of China dropping by 15.4% to 12.3 million tons[8] - In Europe, aluminum demand fell by 16.1% to 4 million tons in the first half of 2020 due to the impact of COVID-19 on automotive manufacturing and construction[9] - North American aluminum demand declined by 18.2% to 2.8 million tons in the first half of 2020, with manufacturing indices showing signs of recovery starting in May[9] - In South America, aluminum demand decreased by 10.5% to 0.5 million tons, primarily due to the COVID-19 outbreak in Brazil and ongoing financial issues in Argentina[9] - China's aluminum demand remained stable at 18 million tons in the first half of 2020, with a significant recovery in the second quarter[10] - The global aluminum market recorded a surplus of 1.8 million tons in the first half of 2020, with approximately 12% of smelters in other regions operating at a loss[11] Assets and Liabilities - Total assets decreased to $16,722 million from $17,814 million year-on-year[3] - Net debt reduced to $5,964 million from $6,466 million in the previous year[3] - The company's equity total decreased to $5.978 billion from $6.747 billion during the same period[75] - Total liabilities decreased to $10.744 billion from $11.067 billion[77] - The debt-to-assets ratio as of June 30, 2020, was 48.2%, up from 46.3% at the end of 2019[54] COVID-19 Impact - The company identified the COVID-19 pandemic as a significant risk factor affecting production and demand, particularly for value-added products related to the automotive market[62] - The company has implemented extensive preventive measures against COVID-19, including remote work and temperature monitoring[62] - The company is currently assessing the impact of the COVID-19 pandemic on its financial condition and future cash flows, with management implementing cost optimization measures[87] - The company has been affected by a decline in aluminum prices due to the COVID-19 pandemic, which has negatively impacted its revenue and profitability[87] Investments and Modernization - The company committed to invest approximately $190 million in modernizing the electrode production at the Sayanogorsk aluminum smelter from 2020 to 2023[7] - A new casting plant is being constructed at the Boguchansk aluminum smelter, enhancing the company's position as a leading producer of value-added products for the automotive industry[7] - The company announced an investment of approximately 600 million rubles for environmental modernization at the Volgograd aluminum smelter[65] - The company plans to invest 5.2 billion rubles in the modernization of the Sayanogorsk and Khakas aluminum smelters in 2020[65] Corporate Governance - The company has adopted international corporate governance standards to enhance business development and shareholder protection[166] - The company has committed to maintaining high-quality corporate governance to ensure transparency and accountability[166] - The board held five meetings during the six months ending June 30, 2020, with all independent non-executive directors present for matters involving significant interests disclosed by one or more directors[168] - The company has adopted a securities trading code that exceeds the standards set out in Appendix 10 of the Listing Rules, with all directors confirming compliance throughout the accounting period covered by the interim report[170] Employee and Labor Relations - The average number of employees decreased from 57,326 in H1 2019 to 52,611 in H1 2020, reflecting a reduction of approximately 8.5%[57] - Approximately 60% of the company's employees are union members, and 95% have signed collective agreements[59] - The company’s employee compensation is reviewed annually, considering performance evaluations and local labor market conditions[58]