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]
俄铝(00486) - 2020 - 年度财报