Financial Performance - Revenue for the year ended December 31, 2023, was $12,213 million, a decrease of 12.6% compared to $13,974 million in 2022[4] - Adjusted EBITDA for the year was $786 million, down 61.2% from $2,028 million in the previous year, resulting in an adjusted EBITDA margin of 6.4%[4] - Net profit for the year was $282 million, reflecting an 84.3% decline from $1,793 million in 2022, with a net profit margin of 2.3%[4] - The company’s adjusted net profit for the year was $73 million, down 89.9% from $725 million in 2022[9] - The group reported a profit before tax for the year ended December 31, 2023, of $244 million, down from $2,166 million in 2022[42] - The group recorded a net profit of $282 million for the year ended December 31, 2023, compared to $1,793 million in 2022, reflecting an 84.3% decrease[44] - Earnings per share for the year ended December 31, 2023, was $0.019, a decrease from $0.118 for the previous year, with net profit of $282 million compared to $1,793 million in 2022[165] Assets and Liabilities - Total assets decreased by 12.9% to $21,464 million from $24,631 million year-over-year[10] - The company reported a net debt of $5,779 million, down 7.7% from $6,261 million in the previous year[10] - Total liabilities decreased by $1,876 million or 15.2% to $10,448 million as of December 31, 2023, primarily due to a reduction in outstanding financial debts[46] - The company's equity decreased to $11,016 million in 2023 from $12,307 million in 2022, reflecting a decline in retained earnings and currency translation reserves[62] - Total current liabilities decreased to $3,719 million in 2023 from $4,591 million in 2022, a reduction of approximately 19.0%[64] Cash Flow - Operating cash flow for the year was $1,760 million, a significant improvement from a cash outflow of $412 million in 2022[11] - Net cash generated from operating activities was $1,760 million for the year ended December 31, 2023, compared to a net cash used of $412 million in the previous year[47] - Cash used in investing activities was $1,030 million for the year ended December 31, 2023, compared to cash generated of $472 million in 2022[47] - Cash used in financing activities was $1,747 million for the year ended December 31, 2023, compared to cash generated of $1,415 million in the previous year[47] Production and Sales - Aluminum production for the year was 3,848 thousand tons, a slight increase of 0.3% compared to 3,835 thousand tons in 2022[5] - The average selling price of aluminum decreased by 10.1% to $2,385 per ton from $2,654 per ton in the previous year[5] - The company’s aluminum sales increased by 6.6% year-on-year to 4.153 million tons, while sales of value-added products dropped by 9.1% to 1.547 million tons[24] - Sales of primary aluminum and alloys fell by $1,464 million or 12.6% to $10,129 million, primarily due to a decline in average aluminum prices from $2,976 per ton in 2022 to $2,439 per ton in 2023, representing an 18.0% decrease[28] - Alumina sales revenue decreased by 38.2% from $550 million in 2022 to $340 million in 2023, driven by a 35.1% drop in sales volume and a 4.7% decrease in average price[28] Market Conditions - In 2023, global aluminum demand increased by 1.7% year-on-year to 70.2 million tons, with China's demand rising by 4.9% to 42.8 million tons[13] - The automotive sector accounted for approximately 25.5% of global aluminum usage in 2023, with global sales of electric vehicles (EVs) growing by 31% year-on-year, totaling 13.6 million units[14] - The construction industry, which represents 21.4% of global aluminum usage, experienced negative growth in sales and construction rates due to high borrowing costs and economic uncertainty[14] - Global aluminum supply increased by 3.5% year-on-year to 70.5 million tons, with China's production rising by 3.4% to 41.5 million tons[17] Expenses and Costs - Total sales cost decreased by $325 million or 3.0% from $10,770 million in 2022 to $10,445 million in 2023[31] - Gross profit for the year ended December 31, 2023, was $1,768 million, down from $3,204 million in 2022, with gross margin decreasing from 22.9% to 14.5%[33] - Distribution expenses increased by 8.3% to $755 million in 2023, primarily due to newly imposed export tariffs[34] - Administrative expenses decreased from $769 million in 2022 to $603 million in 2023, mainly due to reduced labor costs[34] - Employee costs decreased to $956 million in 2023 from $1,185 million in 2022, reflecting a reduction of 19.3%[128] Impairments and Non-Current Assets - Non-current asset impairment for the year was $321 million, compared to $196 million in 2022, indicating an increase of approximately 64%[109] - The company identified specific items of property, plant, and equipment with a carrying amount of $111 million as impaired, up from $99 million in the previous year[190] Taxation - The actual tax expense for 2023 was $(38) million, compared to $373 million in 2022, indicating a substantial reduction in tax liabilities[141] - The effective tax rate for the company remained at 20% for the year ended December 31, 2023, consistent with the previous year, except for subsidiaries in Switzerland where the rates were 9.06% and 11.8% respectively[141] - The company recognized deferred tax assets of $1,595 million as of December 31, 2023, up from $1,444 million in 2022, reflecting an increase in potential tax benefits[148] Geopolitical and Operational Risks - The geopolitical situation in Russia, Jamaica, and Guinea has led to significant operational risks, including potential changes in privatization terms following regime changes[81] - The company has faced economic sanctions from the EU, US, Japan, Canada, and Australia, which have increased market volatility and uncertainty regarding its operations[81] - In March 2022, the Australian government banned the export of alumina and bauxite to Russia, impacting supply and procurement costs for the group[85] Future Outlook and Strategies - The management anticipates a rise in global commodity prices, which is expected to improve operational performance[86] - The company plans to continue focusing on operational efficiency and cost management strategies moving forward[129]
俄铝(00486) - 2023 - 年度业绩