Financial Performance - Revenue for the six months ended June 30, 2024, was $5,695 million, a decrease of 4.2% compared to $5,945 million in 2023[4] - Adjusted EBITDA increased significantly to $786 million, with an adjusted EBITDA margin of 13.8%, compared to $290 million and 4.9% in the previous year[4] - Net profit for the period was $565 million, representing a net profit margin of 9.9%, up from $420 million and 7.1% in 2023[4] - 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%[31] - Total comprehensive income for the period was $947 million, compared to a loss of $1,032 million in the previous year[80] - The company reported a pre-tax profit of $729 million for the six months ended June 30, 2024, compared to $269 million in the same period of 2023[36] - The company reported a net cash outflow from operating activities of $403 million for the six months ended June 30, 2024, compared to a net cash inflow of $236 million in the same period of 2023[51] - The company reported a net profit of $565 million for the six months ended June 30, 2024, compared to $420 million in the same period of 2023, reflecting a 34.5% increase[38] Production and Sales - The company's aluminum production increased by 2.3% to 1.957 million tons in the first half of 2024, compared to 1.913 million tons in the same period of 2023[16] - The company produced 2.995 million tons of alumina in the first half of 2024, an increase of 18.94% from 2.518 million tons in the same period of 2023[17] - The company exported 3.009 million tons of downstream aluminum products in the first half of 2024, a year-on-year increase of 14.8%[11] - The delivery volume of RUSAL's exports to China reached record levels, contributing to the recovery of the Russian market[7] - The production of aluminum wheels increased by 38.3% to 1,513 thousand units, driven by growth in the Russian automotive market[23] - Aluminum foil production increased by 11.3% to 22.7 thousand tons, while total production decreased by 1.0% to 53.6 thousand tons[20] Assets and Liabilities - The total assets increased to $22,032 million from $21,464 million, while total equity rose to $11,963 million from $11,016 million[4] - Total liabilities decreased to $10,069 million from $10,448 million, showing a reduction of about 4%[81] - The company's total loans and borrowings amounted to $4,447 million as of June 30, 2024, excluding an additional $3,447 million in bonds[46] - The debt-to-asset ratio was 34.9% as of June 30, 2024, compared to 36.6% as of December 31, 2023[53] - The company's working capital increased to $4,805 million from $3,665 million as of December 31, 2023, representing a growth of 31.1%[43] Investments and Acquisitions - RUSAL has acquired a stake in Hebei Wenfeng New Materials Co., a bauxite producer, to restore raw material self-sufficiency[7] - The company invested $264 million to acquire a 30% stake in Hebei Wenfeng New Materials Co., a Chinese alumina production plant, with the transfer of rights completed in April 2024[65] - The company is investing 20 billion rubles to replace foreign automation systems in its aluminum and alumina plants by 2031[67] Environmental Initiatives - The company has registered a forest carbon compensation project in Russia, receiving over 1.3 million carbon units[6] - RUSAL issued over 1.3 million initial carbon units for the Forest Climate Project, entering the voluntary carbon market, which accounts for over 85% of the total[67] - The company achieved 100% green aluminum production, verified by TÜV AUSTRIA, meeting low-carbon aluminum standards of less than 4 tons of CO2 equivalent per ton[67] Corporate Governance and Compliance - The company has adopted corporate governance standards to enhance business development and protect shareholder interests[191] - The company has complied with the corporate governance code of the Hong Kong Stock Exchange during the review period[192] - The interim report is prepared in accordance with applicable accounting standards and reflects the company's financial position and performance fairly[196] Market and Economic Conditions - The operating environment in emerging economies like Russia, Jamaica, and Guinea is affected by political instability and economic uncertainty, impacting business operations and increasing risks not typically seen in other markets[93] - The Australian government has prohibited the export of alumina and bauxite to Russia since March 2022, leading to supply chain challenges and increased procurement costs for the group[96] - The group anticipates a rise in global commodity prices, which is expected to improve operational performance, while also adjusting supply and sales chains to maintain optimal asset and liability ratios[96] Employee and Workforce Management - The total average number of employees was 56,769 for the six months ended June 30, 2024, slightly down from 56,828 in the same period of 2023[55] - The company has established a comprehensive employee incentive system, which includes monetary compensation based on skills, complexity, quantity, quality, and regional characteristics[56] - Key performance indicators for employee performance evaluation are designed to be clear, measurable, achievable, relevant, and time-bound[59]
俄铝(00486) - 2024 - 中期业绩