Financial Performance - Revenue for the first half of 2022 reached $7,153 million, up from $5,449 million in the same period of 2021, representing a growth of 31.1%[3] - Adjusted EBITDA increased to $1,807 million with an adjusted EBITDA margin of 25.3%, compared to $1,315 million and 24.1% in the previous year[3] - Net profit decreased to $1,680 million, resulting in a net profit margin of 23.5%, down from 37.0% in the prior year[3] - The total assets increased to $25,419 million, up from $20,906 million year-on-year, indicating a growth of 21.5%[3] - Revenue for the first half of 2022 was $7.153 billion, up from $5.449 billion in the same period of 2021, representing a year-on-year increase of 31%[12] - The adjusted EBITDA for the first half of 2022 was $1.807 billion, compared to $1.315 billion in the same period of 2021, reflecting a significant increase[12] - Gross profit for the first half of 2022 was $2,391 million, with a gross margin increase from 29.9% to 33.4%[26] - The company's profit before tax for the first half of 2022 was $2,364 million, up from $2,161 million in the same period of 2021[32] - The net profit for the first half of 2022 was $1,680 million, a decrease of 16.7% from $2,018 million in the same period of 2021[33] - Adjusted net profit for the first half of 2022 was $689 million, slightly up by 1.5% from $679 million in the same period of 2021[34] Market Conditions - The company faced significant challenges due to geopolitical tensions and sanctions, impacting operations and supply chains[4] - Global primary aluminum demand grew by 0.8% to 34.2 million tons in the first half of 2022, while demand in China contracted by 1.3% to 19.7 million tons[8] - Over 1 million tons of aluminum smelting capacity in the EU and the US was partially or completely shut down due to high production costs and negative profit margins[8] - The average aluminum price on the London Metal Exchange fell from a record high of $3,985 per ton in Q1 2022 to below $2,400 per ton in Q2 2022[8] - In the first half of 2022, global aluminum market recorded a supply shortage of 0.5 million tons, with the rest of the world also experiencing a shortage of 0.5 million tons, while China maintained supply-demand balance during the same period[9] - China's exports of unwrought aluminum, alloys, and aluminum products increased by 34.1% year-on-year to 3.51 million tons in the first half of 2022, marking 14 consecutive months of year-on-year growth[9] Production and Costs - The aluminum segment's cost per ton increased to $2,028 in the first half of 2022 from $1,523 in the same period of 2021, indicating rising production costs[11] - Alumina production decreased by 19.56% year-on-year to 3.3 million tons in the first half of 2022, primarily due to the suspension of production at the Nikolaev alumina refinery in Ukraine[14] - Bauxite production fell by 11.75% year-on-year to 6.74 million tons in the first half of 2022, driven by reduced demand due to lower alumina production[15] - The production of aluminum foil and packaging materials increased by 1.7% to 54.7 thousand tons in the first half of 2022 compared to the same period in 2021[16] Financial Position - The company's operating working capital increased by 75.5% to $5,143 million as of June 30, 2022, compared to $2,930 million at the end of 2021[38] - Inventory rose by 23.2% to $4,548 million as of June 30, 2022, from $3,692 million at the end of 2021[38] - Trade receivables increased by 54.5% to $2,543 million as of June 30, 2022, compared to $1,646 million at the end of 2021[39] - The company's debt-to-asset ratio was 28.7% as of June 30, 2022, compared to 32.2% at the end of 2021[49] - The return on equity was 11.3% for the first half of 2022, down from 21.6% in the same period of 2021[49] - The interest coverage ratio improved to 21.0 for the first half of 2022, compared to 14.9 in the same period of 2021[50] Strategic Initiatives - The company aims to adapt to the current market conditions and continue supporting its long-term strategic goals despite the challenges[6] - The company is committed to maintaining its position as a leading low-carbon aluminum producer and stabilizing the global aluminum market[4] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[112] Risks and Challenges - The company identified several business risks, including significant fluctuations in demand for raw materials and alloys due to global market volatility[62] - The company relies on uninterrupted power supply for its competitive position in the global aluminum industry, with rising electricity prices posing a significant risk[62] - Rusal's operations face risks related to labor disputes, labor shortages, and rising labor costs[63] - The company is dependent on third-party suppliers for several materials, including alumina and bauxite, which poses procurement cost risks[63] - The company is subject to sanctions from the U.S. Treasury Department's Office of Foreign Assets Control, impacting its operations[199] Corporate Governance - The company has adopted corporate governance standards to enhance business development and protect shareholder interests[186] - The company has established compliance policies to ensure adherence to regulatory requirements and best business practices[187] - The board held five meetings during the review period, with four instances where executive/non-executive directors may have had significant interests in transactions, and those directors abstained from voting[188] Shareholder Information - Oleg Deripaska holds a total of 8,643,557,087 shares, representing 56.89% of the issued share capital as of June 30, 2022[180] - Access Aluminum Holdings Limited has a controlling interest of 4,967,738,987 shares, which is 32.70% of the issued share capital as of June 30, 2022[180] - The company has not received notification of any other reportable interests exceeding 5% of issued shares as of June 30, 2022[182]
俄铝(00486) - 2022 - 中期财报