Financial Performance - In 2018, RUSAL reported revenues of $10,280 million, an increase from $9,969 million in 2017, representing a growth of approximately 3.1%[6] - Adjusted EBITDA for 2018 was $2,163 million, with an adjusted EBITDA margin of 21.0%, slightly down from 21.3% in 2017[6] - The net profit attributable to shareholders was $1,698 million, resulting in a profit margin of 16.5%, up from 12.3% in the previous year[6] - Rusal's revenue increased by 3.1% to $10,280 million, with a net profit of $1,698 million, representing a 39.0% year-over-year increase[36] - The average aluminum price rose by 7.3% to $2,259 per ton, while the average premium decreased by 6.7% to $152 per ton[36] - Rusal's total assets stood at $15,777 million in 2018, with net debt of $7,442 million, reflecting a stable financial position[6] - The company’s total debt slightly decreased by $193 million during the fiscal year due to scheduled payments[36] - The successful issuance of new euro-denominated bonds raised over $1.5 billion, indicating strong investment potential and support from global investors[36] Production and Capacity - RUSAL accounted for approximately 5.8% of global aluminum production and about 6.2% of global alumina production in 2018[25] - In 2018, aluminum production totaled 3,753 thousand tons, an increase of 1.2% year-on-year, with a capacity utilization rate of 96%[42] - The sales volume of value-added products (VAP) reached 1,664 thousand tons, accounting for 45% of total sales[42] - The production cost per ton of aluminum in 2018 was $1,646, a 9.2% increase compared to 2017, primarily due to significant rises in aluminum and other raw material prices[42] - The total rated capacity of alumina refineries was 13,584 thousand tons, with a utilization rate of 79%[58] - RUSAL's bauxite production increased by 18.9% in 2018, reaching 13,847 thousand wet tons, compared to 11,645 thousand wet tons in 2017, driven by the restart of Friguia and the new Dian-Dian mine[177] - The production of nepheline syenite in 2018 was 4,294 thousand wet tons, a decrease of 0.9% from 4,332 thousand wet tons in 2017, primarily due to mining schedule issues[180] - RUSAL's aluminum foil production dropped by 12% in 2018 to 88.95 thousand tons, down from 101.06 thousand tons in 2017, attributed to sanctions-related restrictions[181] Environmental Initiatives - RUSAL launched a new low-carbon aluminum brand, ALLOW, which significantly reduces carbon footprint compared to industry averages, with 77% of its production in 2017 attributed to this brand[23] - The company has established long-term agreements with hydropower suppliers, meeting approximately 93% of its total electricity needs with renewable energy[14] - The company achieved a 7.5% reduction in direct greenhouse gas emissions per million tons of aluminum produced, with emissions levels at 2.11 million tons CO2 equivalent per million tons in 2018, down from 2.28 million tons in 2014[44] - RUSAL's aluminum smelting plants achieved a greenhouse gas (GHG) emission level of 2.8 tons of CO2 equivalent per ton of aluminum in 2017, significantly lower than the global average of 12.314 tons[129] - The company aims to reduce specified direct GHG emissions by 15% in aluminum smelting and 10% in alumina refining by 2025 compared to 2014 levels[130] - RUSAL's environmental strategy focuses on reducing emissions, including greenhouse gases, and improving environmental performance while considering community and economic factors[121] - RUSAL's internal carbon pricing strategy, implemented since 2017, is set at $20 per ton of CO2 equivalent for new projects[130] Strategic Projects and Innovations - The company is actively developing new energy-efficient smelting technologies, aiming to reduce operational costs by 10% and capital expenditures by over 30%[17] - The BEMO project, a joint venture with Rushydro, includes a hydropower plant with a capacity of 3,000 MW and an aluminum smelter in Krasnoyarsk, with a total capacity of nearly 300,000 tons per year[22] - The Taishet aluminum smelter, with a production line capacity of 428.5 thousand tons, is being constructed using internal funds[37] - RUSAL is committed to producing "green aluminum" and aims to capture a 25% market share with its ALLOW brand by 2022[37] - The company has developed a new zirconium-aluminum alloy for wire manufacturing, which has been approved as a substitute for copper in cable sheathing[91] - RUSAL's new reduction electrolyzer design is expected to reduce power consumption by 200-400 kWh per ton of output, enhancing energy efficiency in aluminum production[90] - The new Green Soederberg process has demonstrated a capital expenditure reduction of over 30% and achieved fluoride and sulfur dioxide removal efficiencies of 99% and 96.5%, respectively[88] Community and Social Responsibility - The company invested 748 million rubles in the "Rusal Land" program, supporting 636 social and infrastructure projects across 22 towns since its launch in 2011[136] - The company reported that over 500,000 local residents benefited from improved social infrastructure through its initiatives[136] - RUSAL's social investment strategy prioritizes community development and includes various sectors such as education, culture, and health[135] - The "Easy to Help" program has seen participation from over 5,000 partner organizations, with 3,000 employees supporting volunteer projects annually[140] - RUSAL's environmental initiative "Yenisei Day" involved 75,000 volunteers who collected 10 tons of riverbank waste, establishing a regional tradition[141] Market Trends and Demand - In 2018, global aluminum demand is expected to grow by 3.7% to 68 million tons, compared to a 3.6% increase to 65.6 million tons in 2017[152] - In Russia and the CIS, primary aluminum demand increased by 9.9% to 1.1 million tons in 2018, with expectations to grow to 1.2 to 1.25 million tons in 2019[152] - North America recorded a strong economic growth with GDP estimated to increase by 2.8% in 2018, while primary aluminum demand expanded by 1.6% to 6.9 million tons[154] - China's aluminum demand rose by 4.6% to 35.8 million tons in 2018, with an expected growth of 5.1% to 37.6 million tons in 2019[158] - The aluminum premium increased by 9% to 10% in 2018, despite significant market challenges including U.S. import tariffs and sanctions on RUSAL[156]
俄铝(00486) - 2018 - 年度财报