RUSAL-俄铝(00486) - 2024 - 中期财报

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].