Financial Performance - In 2022, the company reported revenues of $13,974 million, an increase from $11,994 million in 2021, representing a growth of approximately 16.5%[3] - Adjusted EBITDA for 2022 was $2,028 million, with an adjusted EBITDA margin of 14.5%, down from 24.1% in 2021[3] - The net profit attributable to shareholders was $1,793 million, resulting in a net profit margin of 12.8%, compared to 26.9% in the previous year[3] - Total assets increased to $24,631 million in 2022, up from $20,906 million in 2021, reflecting a growth of approximately 17.0%[3] - The company has a net debt of $6,261 million, which increased from $4,749 million in 2021[3] - The company successfully repaid $3.6 billion in loans and raised over $6 billion in long-term financing from overseas markets during the review period[36] - The company recorded a profit of $1,793 million for the year ended December 31, 2022, down 44.4% from $3,225 million in 2021[147] - The adjusted net profit for the year was $725 million, a decrease of 52.8% compared to $1,536 million in the previous year[149] - Gross profit for the year ended December 31, 2022, was $3,204 million, down from $3,721 million in the previous year, with gross margins of 22.9% and 31.0% respectively[138] - Adjusted EBITDA decreased by 29.9% from $2,893 million in 2021 to $2,028 million in 2022[140] Production and Operations - The company operates 10 aluminum smelters and 8 alumina refineries, with production facilities located in Russia, Sweden, and Nigeria[4] - Rusal's aluminum production capacity is supported by its own bauxite resources, ensuring over 75% of its alumina needs are met internally, with sufficient bauxite reserves to sustain operations for over 100 years[23] - In 2022, Rusal's total sales volume was 3,896,000 tons, with value-added products accounting for 1,702,000 tons, indicating a focus on higher-margin downstream businesses[26] - The total rated capacity of the aluminum smelters is 4,205 thousand tons with an average utilization rate of 90%[40] - The total rated capacity of alumina refineries is 13,908 thousand tons, with an average utilization rate of 43%[46] - The company operates seven bauxite mines with a total rated capacity of 20,600 thousand tons and an average utilization rate of 60%[47] - The Achinsk alumina refinery has a rated capacity of 1,069 thousand tons with a utilization rate of 85%[46] - The Ural alumina refinery has a rated capacity of 900 thousand tons with a utilization rate of 102%[46] - The total production of nepheline syenite was 4,363 thousand tons in 2022, slightly down by 0.6% from 4,390 thousand tons in 2021[119] - The downstream segment produced 111.3 thousand tons of aluminum foil, an increase of 2.3% from 108.83 thousand tons in 2021[120] Environmental Sustainability - The company aims to reduce greenhouse gas emissions per ton of metal by at least 25% by 2032 and by at least 47% by 2050 compared to 2018 levels[30] - The company has approved a waste management strategy aiming for zero waste to landfill by 2030, with a goal of ensuring at least 95% of aluminum-silicon production waste and at least 65% of alumina sector waste achieves economic recycling[36] - The company’s low-carbon aluminum supply under the ALLOW brand is recognized as one of the lowest carbon footprints globally[34] - The company has achieved a 53% reduction in direct greenhouse gas emissions from aluminum production since 2007[69] - The company has set a goal to achieve carbon neutrality by 2050, balancing greenhouse gas emissions and absorption[67] - The company has implemented an internal carbon price of $20 per ton of CO2 equivalent for all new projects since 2017[70] - The company has successfully developed a technology to reduce the residual alkali content of red mud to 0.5%, suitable for various industrial applications[69] - The company has committed to eliminating all PCB-containing equipment and waste by 2025 as part of its waste management strategy[69] Market Strategy and Growth - The company plans to expand its market presence and invest in new technologies to enhance production efficiency and sustainability[20] - The company is focusing on vertical integration in aluminum production to maintain its position as one of the largest producers globally[20] - The company is exploring strategic partnerships and potential acquisitions to strengthen its market position and expand its product offerings[20] - Rusal holds a 26.39% stake in Norilsk Nickel, one of the largest palladium producers globally, diversifying its investment portfolio[32] - The company aims to capture a significant market share in the battery sector through supply agreements and deeper integration into the European battery value chain[58] Compliance and Governance - The company has established a corporate governance code based on the Hong Kong Stock Exchange's guidelines, ensuring compliance with governance standards[160] - The compliance committee held four meetings in 2022 to review the development of the compliance system and the achievements of the compliance team[74] - The company has implemented a risk management system that includes quarterly reviews of significant risks by the audit committee[198] - The company has established a hotline for confidential reporting of potential violations, ensuring all reports are investigated and actions are taken to prevent recurrence[71] - The company updated its code of ethics to align with current strategies and operational principles in 2022[72] Employee Welfare and Development - The company has a strong commitment to employee welfare, providing salary increases, social benefits, and training programs despite external challenges[36] - The total number of employees increased from 57,933 as of December 31, 2021, to 59,463 as of December 31, 2022[174] - In 2022, a total of 26,641 employees received training, including 79 senior management, 8,790 middle management and specialists, and 17,772 blue-collar workers[184] - The company offers various benefits beyond mandatory compensation, including free medical services and subsidized housing programs[179] - Employee bonuses are based on individual and collective performance, with specific key performance indicators set for white-collar employees[179] Challenges and Risks - The company identified significant risks including price and demand volatility due to macroeconomic factors, which could adversely affect efficiency and financial performance[198] - The company faces stricter environmental regulations and public scrutiny regarding emissions and waste management, which may impact operations[198] - The company relies on uninterrupted power supply for its operations, and any increase in electricity prices or supply disruptions could have a significant negative impact[199] - The company is exposed to risks related to credit financing terms that may restrict dividend payments, potentially affecting shareholders[199] - The company is affected by currency fluctuations, which may impact financial performance[199]
俄铝(00486) - 2022 - 年度财报