Financial Performance - Revenue for the first half of 2023 was $5,945 million, a decrease of 17% compared to $7,153 million in the same period of 2022[3]. - Adjusted EBITDA for the first half of 2023 was $290 million, down 84% from $1,807 million in the first half of 2022, resulting in an adjusted EBITDA margin of 4.9% compared to 25.3%[3]. - Net profit for the first half of 2023 was $420 million, a decline of 75% from $1,680 million in the same period of 2022, leading to a net profit margin of 7.1% compared to 23.5%[3]. - The gross profit for the six months ended June 30, 2023, was $728 million, down from $2,391 million in the same period of 2022, resulting in a gross margin decrease from 33.4% to 12.2%[47]. - The company's profit before tax for the first half of 2023 was $269 million, down from $2,364 million in the same period of 2022[56]. - The total comprehensive income for the six months ended June 30, 2023, was a loss of $1,032 million, compared to a gain of $4,330 million in the same period of 2022[136]. - The company reported a significant increase in financial income to $269 million, compared to $206 million in the same period last year[123]. - The company incurred a net cash outflow from investing activities of $398 million for the six months ended June 30, 2023, compared to a cash inflow of $1,244 million in the same period of 2022[138]. Production and Sales - The production of alumina decreased by 23.7% year-on-year to 2.518 million tons in the first half of 2023, compared to 3.300 million tons in the same period of 2022[26]. - The company's aluminum production increased by 1.2% year-on-year to 1.913 million tons in the first half of 2023, up from 1.891 million tons in the same period of 2022[24]. - Total production of aluminum foil and packaging materials decreased by 1.1% to 54.1 thousand tons for the six months ended June 30, 2023, compared to 54.7 thousand tons in the same period of 2022[29]. - Sales revenue from primary aluminum and alloys dropped by 18.4% to $4,839 million for the six months ended June 30, 2023, primarily due to a 25.7% decrease in average realized aluminum price[40]. - The company experienced a decrease in sales of aluminum and alloys, generating $4,839 million in revenue, down 18.5% from $5,932 million in the same period of 2022[179]. Assets and Liabilities - The total assets as of June 30, 2023, were $21,425 million, down from $24,631 million as of December 31, 2022[3]. - Current assets totaled $7,890 million as of June 30, 2023, down from $10,115 million as of December 31, 2022[66]. - The company's total equity decreased to $11,277 million from $12,307 million at the end of 2022, reflecting the impact of reduced profitability[130]. - Total liabilities as of June 30, 2023, were $10,148 million, down 17.7% from $12,324 million as of December 31, 2022[177]. - The group's debt-to-asset ratio was 36.3% as of June 30, 2023, compared to 38.4% on December 31, 2022[84]. Market Conditions - In the first half of 2023, global primary aluminum demand decreased by 1.5% year-on-year to 33.7 million tons, with demand outside of China dropping by 5.5% to 13.7 million tons, while China's demand grew by 1.5% to 20.0 million tons[16]. - The average price of aluminum on the London Metal Exchange (LME) fell to $2,331 per ton in the first half of 2023, down from $3,075 per ton in the same period of 2022, reflecting a significant decline in market conditions[20]. - The average premium over LME prices decreased to $200 per ton in the first half of 2023, down from $342 per ton in the same period of 2022, reflecting changing market dynamics[20]. - The company experienced a supply surplus of 0.7 million tons in the global aluminum market during the first half of 2023, with a surplus of 0.6 million tons in regions outside of China[18]. Strategic Initiatives - The company is focusing on completing the construction of the Taishet aluminum smelter and anode plant, as well as the ecological modernization of the Siberian aluminum plant[12]. - A new alumina refining plant project in Leningrad region is expected to become one of Russia's largest investment projects[12]. - The company has successfully redirected commodity exports to Asian countries and is committed to developing the domestic market and the Commonwealth of Independent States (CIS) countries[12]. - The company launched new products, including casting alloys made from recycled aluminum, reducing the carbon footprint by nearly 20%[14]. - The company is implementing a sustainable business development strategy through 2035, focusing on 12 key environmental, social, and governance transformation projects[6]. Employee and Governance - The company is focused on improving labor productivity and product quality as part of its employee incentive system[94]. - The audit committee held four meetings in the first half of 2023 to review financial statements and ensure compliance with applicable accounting standards[100][101]. - The company is committed to providing various employee benefits beyond mandatory compensation, including health services and housing assistance[96][95]. - The group did not declare any dividends for the fiscal year 2022, as decided in the 2023 annual general meeting[76]. Risks and Challenges - The company faces significant business risks, including fluctuations in commodity and currency markets, which may lead to unpredictable changes in demand for raw materials[104]. - Rusal's operations are heavily reliant on uninterrupted power supply, and rising electricity prices could adversely affect its financial performance[104]. - The geopolitical situation in Russia, Jamaica, and Guinea has led to significant operational risks, including potential changes in privatization terms following regime changes[151]. - The company has faced supply chain disruptions due to sanctions and geopolitical tensions, impacting the procurement prices of alumina and bauxite[155].
俄铝(00486) - 2023 - 中期财报