Financial Performance - Revenue for the six months ended June 30, 2021, was $5,449 million, a 35.6% increase from $4,015 million in 2020[4] - Adjusted EBITDA for the same period was $1,315 million, with an adjusted EBITDA margin of 24.1%, compared to 5.5% in the previous year[4] - Net profit for the first half of 2021 was $2,018 million, resulting in a net profit margin of 37.0%, a significant improvement from a net loss of $124 million in 2020[4] - The adjusted net profit for the first half of 2021 was $679 million, compared to an adjusted net loss of $63 million in the same period of 2020[4] - Gross profit for the first half of 2021 was $1,630 million, up from $495 million in the same period of 2020, with the gross margin increasing from 12.3% to 29.9%[28] - Operating profit reached $942 million, a substantial increase from a loss of $106 million in the previous year[75] - The company reported a total of 7,637 thousand tons of bauxite mined in H1 2021, an increase from 7,469 thousand tons in the previous year[12] - The company reported a pre-tax profit of $2,161 million in the first half of 2021, compared to a pre-tax loss of $204 million in the same period of 2020[35] Production and Sales - Aluminium production remained stable at 1.868 million tons, with global primary aluminium demand increasing by 11.9% to 33.9 million tons in the first half of 2021[7] - The company sold 2,000 thousand tons of primary aluminum and alloys, compared to 1,890 thousand tons in the previous year, reflecting a growth in sales[12] - The average price of aluminum per ton on the London Metal Exchange was $2,245, up from $1,592 in the previous year[12] - The average realized aluminum price increased by 30.2% to $2,287 per ton in the first half of 2021, up from $1,756 per ton in the same period of 2020[22] - Sales of aluminum foil and other aluminum products generated $232 million, a 30.3% increase from $178 million in the first half of 2020[23] Sustainability Initiatives - The company signed a $200 million sustainability-linked pre-export financing loan in January 2021, aimed at supporting its low-carbon agenda[5] - The company aims to achieve carbon neutrality by 2050 through its breakthrough inert anode technology, which significantly reduces greenhouse gas emissions[6] - The company has established partnerships to provide low-carbon aluminium products to major manufacturers, reinforcing its commitment to sustainability[7] - Rusal plans to increase Aluminium Rheinfelden's alloy production capacity to 30,000 tons per year as part of its long-term growth strategy[66] - Rusal is testing a revolutionary inert anode technology that could nearly eliminate greenhouse gas emissions during aluminum production[68] - Rusal has begun construction of an open-pit bauxite mine in the Komi Republic, with reserves exceeding 14 million tons[68] Financial Position and Assets - Total assets as of June 30, 2021, were $20,466 million, up from $17,378 million at the end of 2020[4] - The company's total current assets reached $8,064 million, an increase from $5,877 million at the end of 2020[41] - The company’s debt as of June 30, 2021, amounted to $5,380 million, excluding an additional $2,457 million in bonds[45] - The company’s total equity rose to $9,340 million from $6,543 million, reflecting a stronger financial position[79] - The company reported a significant increase in cash and cash equivalents, reaching $3,766 million compared to $2,229 million in the previous year[79] Operational Efficiency and Cost Management - The company plans to implement a comprehensive reform plan to build new capacities at smelters in Krasnoyarsk, Bratsk, Irkutsk, and Novokuznetsk, aiming to reduce energy consumption by up to 20%[8] - Total sales cost increased from $3,520 million in the first half of 2020 to $3,819 million in the same period of 2021, representing an 8.5% increase, primarily driven by a 5.8% increase in primary aluminum sales volume[25] - Alumina cost rose from $296 million in the first half of 2020 to $356 million in 2021, mainly due to a 29.4% increase in procurement prices[26] - The company incurred $543 million in capital expenditures for property, plant, and equipment during the first half of 2021, compared to $392 million in the same period of 2020[84] Market Trends and Future Outlook - The global aluminum demand and production are expected to show positive trends, supported by increased business activity and government measures[92] - Future guidance indicates a projected increase in production capacity, aiming for a 10% rise in output over the next fiscal year[172] - The overall revenue for the last quarter showed a growth of 12% year-over-year, driven by increased demand in key markets[175] Corporate Governance and Compliance - The company adheres to high-quality corporate governance standards to enhance shareholder value and internal controls[160] - The board has ensured compliance with the Hong Kong Stock Exchange's corporate governance code throughout the review period[162] - The company has adopted a securities trading code that exceeds the standards set by the Hong Kong Stock Exchange's listing rules[164] Employee and Community Engagement - The company offers various employee benefits, including free medical services and subsidized housing programs, to enhance employee satisfaction and retention[58] - The company has implemented a performance-based bonus system for employees, ensuring alignment with individual key performance indicators[59] - The company has established a corporate social responsibility program, providing financial assistance to pensioners and veterans associated with its production facilities[58]
俄铝(00486) - 2021 - 中期财报