Financial Performance - Revenue for the first half of 2019 was $4,736 million, a decrease of 5.2% compared to $4,997 million in the same period of 2018[4] - Adjusted EBITDA for the first half of 2019 was $528 million, with an adjusted EBITDA margin of 11.1%, down from $1,124 million and 22.5% in the same period of 2018[4] - Net profit for the first half of 2019 was $625 million, representing a net profit margin of 13.2%, compared to $952 million and 19.1% in the same period of 2018[4] - The company reported revenue of $2,566 million for the three months ended June 30, 2019, an increase from $2,253 million in the same period of 2018[18] - The adjusted EBITDA for the same period was $302 million, compared to $552 million in the previous year, reflecting a decrease in profitability[18] - The company reported a gross profit of $805 million for the six months ended June 30, 2019, down from $1,393 million in the same period of 2018[91] - Total comprehensive income for the six months ended June 30, 2019, was $1,062 million, down from $1,484 million in the same period of 2018, reflecting a decrease of 28.4%[94] - The company reported a profit of $352 million for the three months ended June 30, 2019, down from $408 million in the same period of 2018, a decline of 13.7%[153] Production and Sales - The production of aluminum increased by 1% in Q2 2019, while bauxite production rose by 10.7% during the same period[8] - Aluminum production for the six months ended June 30, 2019, was 1.867 million tons, a slight decrease of 0.2% from 1.870 million tons in the same period of 2018[19] - Alumina production increased by 0.9% to 3.850 million tons for the six months ended June 30, 2019, compared to 3.816 million tons in the same period of 2018[20] - Bauxite production rose significantly by 28.6% to 8.073 million tons for the six months ended June 30, 2019, from 6.280 million tons in the same period of 2018[21] - The sales volume of aluminum increased by 13.2%, contributing to revenue growth despite price declines[34] - Revenue from primary aluminum and alloys decreased by $182 million or 4.5% to $3,877 million, primarily due to a 15.6% decline in average realized aluminum price from $2,322 per ton to $1,960 per ton[30] - Revenue from alumina sales decreased by 23.9% to $340 million, driven by a 17.0% drop in sales volume and an 8.3% decline in average price[30] - Revenue from foil and other aluminum products increased by $35 million or 20.6% to $205 million, mainly due to a $40 million increase in aluminum wheel sales[30] Market Trends - Global primary aluminum demand increased by 1% year-on-year to 33 million tons in the first half of 2019, with demand in China growing by 1.4% to 18 million tons[10] - In Europe, primary aluminum demand slightly increased to 4.8 million tons in the first half of 2019, despite a decline in the manufacturing PMI to 47.6 in June[11] - North American primary aluminum demand decreased by 0.6% to 3.4 million tons in the first half of 2019, with light vehicle production showing initial signs of growth starting in May[10] - Global aluminum production grew by 1% to 31.9 million tons in the first half of 2019, resulting in a market deficit of 1.1 million tons[12] - The global primary aluminum demand is expected to increase by approximately 2% year-on-year to 67.5 million tons in 2019, with an anticipated market deficit of about 0.7-0.8 million tons[14] Environmental Initiatives - The company aims to achieve at least 95% of its energy from renewable hydropower or other non-carbon sources by 2025[6] - The company has initiated a large-scale project called Green Million, involving the planting of over 1 million trees in various regions of Russia[6] - The company’s carbon emissions decreased by 53% from 1990 to 2015, making it one of the cleanest aluminum producers globally according to Bloomberg Intelligence[6] - The company plans to monitor 500,000 hectares of reserve forests along the Yenisei River as part of its environmental initiatives[83] - The company plans to plant over 1 million trees in 2019 as part of its climate strategy to reduce its carbon footprint, contributing to the UN's goal of restoring 350 million hectares of forest by 2030[79] Financial Position and Capital Expenditures - As of June 30, 2019, the company's working capital was $2,569 million, a decrease of 9.4% from $2,834 million on December 31, 2018[48] - Capital expenditures for the aluminum segment were $202 million in the first half of 2019, compared to $116 million in the same period of 2018[47] - Capital expenditures for the first half of 2019 amounted to $353 million, including $61 million for electrolytic cell upgrades, primarily for maintaining existing production facilities[50] - The company reported a total borrowing of $695 million in the first half of 2019, down from $1.799 billion in the same period of 2018, showing a reduction in reliance on debt financing[101] - The company’s total assets reached $17,354 million as of June 30, 2019, compared to $15,777 million at the end of 2018, marking a growth of 10%[97] Debt and Liquidity - As of June 30, 2019, the company's loans and borrowings amounted to $6,532 million, excluding an additional $1,944 million in bonds[52] - The average maturity of the company's debt as of June 30, 2019, was 3.1 years[54] - The debt-to-asset ratio decreased from 52.5% at the end of December 2018 to 48.9% at the end of June 2019[62] - Cash and cash equivalents at the end of June 2019 were $926 million, up from $625 million at the end of December 2018[61] - The company’s cash and cash equivalents at the end of June 2019 stood at $926 million, up from $625 million at the end of December 2018, reflecting a strong liquidity position[101] Corporate Governance and Management - The audit committee held five meetings in the first half of 2019, reviewing financial statements and ensuring compliance with applicable accounting standards and regulations[73] - Rusal's board of directors underwent changes, with several appointments and resignations, including the appointment of Evgeny Kuryanov as an executive director[76] - The company launched the "New Generation" internship program, attracting 64 participants in the past six months[71] Legal and Regulatory Matters - The group has ongoing litigation with potential claims amounting to 2.8 billion USD from BFIG Group regarding a bidding process in Nigeria[191] - The group has recognized environmental liabilities but believes they will not have a significant adverse effect on its financial condition or operating results[190] - The company has not identified any new business risks or uncertainties for the first half of 2019 beyond those disclosed in the 2018 annual report[75]
俄铝(00486) - 2019 - 中期财报