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 ...

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） United Company RUSAL, international public joint-stock company（「本公司」）宣佈 將於二零二五年三月十三日（星期四）召開董事會會議，以（其中包括）批准本公司截 至二零二四年十二月三十一日止年度之全年財務業績公告。 為及代表 United Company RUSAL, international public joint-stock company 總經理、執行董事 Evgenii Nikitin 二零二五年三月三日 於本公告之日期，董事會成員如下：執行董事為Evgenii Nikitin先生、Natalia Albrekht女士及Elena Ivanov ...

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]

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） 持續關連交易 熱能供應合約 茲提述本公司日期為二零二三年十二月二十日、二零二三年十二月二十七日、二 零二四年十二月二十七日、二零二五年一月十日及二零二五年一月十七日有關先 前披露的熱能供應合約的公告。 本公司宣佈，本集團成員公司已與En+的聯繫人訂立合約，據此，En+的聯繫人 同意向本集團成員公司供應熱能（「新熱能供應合約」）。 新熱能供應合約 根據上市規則第14A.81條，新熱能供應合約及先前披露的熱能供應合約項下擬進行 的持續關連交易應合併計算，原因為該等合約乃由本集團成員公司與En+的聯繫人 訂立，且各合約的標的事項均與En+的聯繫人向本集團供應的熱能有關。 – 2 – 根據上市規則第14A ...

茲提述本公司日期為二零二三年十二月二十日、二零二三年十二月二十七日、二 零二四年十二月二十七日及二零二五年一月十日有關先前披露的熱能供應合約的 公告。 本公司宣佈，本集團成員公司已與En+的聯繫人訂立合約，據此，En+的聯繫人 同意向本集團成員公司供應熱能（「新熱能供應合約」）。 新熱能供應合約 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） 持續關連交易 熱能供應合約 茲提述本公司日期為二零二三年十二月二十日、二零二三年十二月二十七日、二零 二四年十二月二十七日及二零二五年一月十日有關先前披露的熱能供應合約的公 告。 – 1 – 本公司宣佈本集團成員公司已訂立新熱能供應合約，詳情如下： | | | | | | | | 截至二零二五年 | | ...

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） 持續關連交易 熱能供應合約 茲提述本公司日期為二零二三年十二月二十日、二零二三年十二月二十七日及二 零二四年十二月二十七日有關先前披露的熱能供應合約的公告。 本公司宣佈，本集團成員公司已與En+的聯繫人訂立合約，據此，En+的聯繫人 同意向本集團成員公司供應熱能（「新熱能供應合約」）。 新熱能供應合約 茲提述本公司日期為二零二三年十二月二十日、二零二三年十二月二十七日及二零 二四年十二月二十七日有關先前披露的熱能供應合約的公告。 – 1 – 本公司宣佈本集團成員公司已訂立新熱能供應合約，詳情如下： | | | | | | | | 截至二零二五年 | | | --- | --- | --- | -- ...

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） 持續關連交易 鋁銷售合約 本公司宣佈本集團一間成員公司已與 En+的聯繫人訂立一份合約，據此，En+的 聯繫人同意向本集團成員公司購買鋁材（「新鋁銷售合約」）。 新鋁銷售合約 本公司宣佈本集團一間成員公司與En+的聯繫人訂立一份合約，據此，En+的聯繫 人同意向本集團成員公司購買鋁材（「新鋁銷售合約」），詳情載列如下。 – 1 – | | | | | | | 截至 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 二零二五年 | | | | | | | | | 十二月三十一日 | | | | | | | | 年度 ...

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） 持續關連交易 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。 熱能供應合約 茲提述本公司日期為二零二三年十二月二十日及二零二三年十二月二十七日有關 先前披露的熱能供應合約的公告。 本公司宣佈，本集團成員公司已與En+的聯繫人訂立合約，據此，En+的聯繫人 同意向本集團成員公司供應熱能（「新熱能供應合約」）。 新熱能供應合約 茲提述本公司日期為二零二三年十二月二十日及二零二三年十二月二十七日有關先 前披露的熱能供應合約的公告。 – 1 – 本公司宣佈本集團成員公司已訂立新熱能供應合約，詳情如下： | 截至二零二五年 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- ...

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]