REG - EN+ Group Intnl PJSC - EN+ 1H 2024 FINANCIAL RESULTS
29/08/2024 08:45
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RNS Number : 1521C EN+ Group Intnl PJSC 29 August 2024
Link to reporting statements
(https://enplusgroup.com/en/investors/results-and-disclosure/ifrs/)
EN+ 1H 2024 FINANCIAL AND OPERATIONAL RESULTS
29 August 2024 - EN+ GROUP IPJSC (the "Company", "En+" or the "Group")
announces its financial and operational results for the six-month period ended
30 June 2024 (1H 2024).
· During 1H 2024, global economic uncertainty caused by geopolitical
tensions elevated. Weak demand amid rising inflation, a high key interest
rate, reduced access to borrowing, and restrictions imposed on Russian
aluminium supply and trade negatively affected the Group's financial results.
· Higher cost of equipment and its longer delivery lead times, as well as
a shortage of personnel in most sectors of the economy, also had a significant
effect on the activities of En+.
· At the same time, the Company demonstrates flexibility and resilience,
relying on the strengthening of raw material independence, the development of
new supply routes, the expansion of the domestic market and the growth of the
domestic industry.
· The Group's hydro power output increased by 24.1% y-o-y to 37.1 TWh in
1H 2024. The Group's total electricity output was up by 17.0% y-o-y to
46.2 TWh. An increase in electricity sales volumes was partially offset by
lower electricity prices.
· In 1H 2024, aluminium production increased by 2.3% y-o-y to 1,957 kt as
Taishet Aluminium Smelter has been gradually increasing output. Aluminium
sales decreased by 2.9% to 1,879 kt. Alumina production increased by 18.9% to
2,995 kt due to the acquisition of a 30% stake in China's Hebei Wenfeng New
Materials and other factors.
· As a result, the Group's revenue for 1H 2024 decreased by 3.6% y-o-y to
USD 7,021 million. The Power segment's revenue in dollar terms decreased by
6.6% y-o-y to USD 1,868 million primarily caused by the significant
depreciation of the rouble against the US dollar during the reporting period
(down 17.9%). At the same time, the Metals segment's revenue was down by 4.2%
y-o-y to USD 5,695 million primarily due to lower aluminium sales, a drop in
value-added products (VAPs) volumes as well as a 20.5% decrease in the
weighted average premium to the aluminium price on the London Metal Exchange
(LME).
· Over 1H 2024, total cash cost of products sold dropped by 13.7% to USD
4,939 million (vs USD 5,720 million for the same period in 2023)
predominantly driven by the decrease in cost of raw materials and other costs
between the periods as well as decrease in average transportation tariffs.
· The Power segment's adjusted EBITDA(( 1 (#_ftn1) )) in dollar terms
decreased by 2.5% to USD 713 million in 1H 2024 compared to USD 731 million
in 1H 2023. At the same time, the Metals segment's adjusted EBITDA for the
reporting period increased by 171.0% to USD 786 million compared to USD 290
million in 1H 2023. As a result, the Group's adjusted EBITDA increased by
43.8% y-o-y to USD 1,504 million in 1H 2024.
· The Group's net profit in 1H 2024 increased by 44.6% to USD 957 million
compared to USD 662 million for 1H 2023.
· The Group's capital expenditure increased by 17.7% y-o-y to USD 686
million in 1H 2024 compared to USD 583 million in 1H 2023.
· The Group's net debt(( 2 (#_ftn2) )) was up by 4.7% as of 30 June 2024
and amounted to USD 9,129 million, compared to USD 8,717 million as of 31
December 2023 primarily due to a decrease in cash and cash equivalents.
Consolidated financial indicators
USD million (except %) 1H 2024 1H 2023 chg, %
Revenue 7,021 7,283 (3.6%)
Primary aluminium and alloys sales 3 (#_ftn3) 4,502 4,740 (5.0%)
Alumina sales 191 181 5.5%
Electricity sales 915 898 1.9%
Heat sales 241 286 (15.7%)
Other 1,172 1,178 (0.5%)
Adjusted EBITDA 1,504 1,046 43.8%
Adjusted EBITDA margin 21.4% 14.4% 7.0pp
Net profit 957 662 44.6%
Net profit margin 13.6% 9.1% 4.5pp
Aluminium price per tonne quoted on the LME 4 (#_ftn4) 2,360 2,331 1.2%
Average USD/RUB rate for the reporting period 90.68 76.90 17.9%
30 June 2024 31 December 2023 chg, %
Net debt 9,129 8,717 4.7%
USD/RUB rate as at the reporting date 85.75 89.69 (4.4%)
Working capital 4,560 3,417 33.5%
Vladimir Kolmogorov, CEO of En+, noted:
"En+ is adapting to the changes caused by an unfavourable external
environment. Sanctions pressure, rising exchange rates, restrictions on the
supply and trade of aluminium abroad have led to lower performance on certain
financial metrics. Despite this, the Сompany remains resilient due to its
robust corporate governance and the development of the Russian market, the
domestic economy, and new logistics chains. This allows us to be optimistic
about the future of the Сompany.
The En+ Power segment is continuing to implement major investment projects. We
are building two power units at CHP-11 in the Irkutsk Region, with a total
capacity of 460 MW, to cover the shortage of energy capacity in the Southeast
Siberia. At the same time, the Company is upgrading its HPPs as a part of the
New Energy programme and thermal power plants under the state capacity
modernisation programme. We are working on the construction of a wind farm in
the Amur Region, which has the potential to become the largest of its kind in
Russia, developing the Zashulan coal deposit together with our partners,
considering new large HPPs, and exploring solar energy opportunities. These
projects will help meet the growing energy needs of Siberia and provide an
impetus for the economic growth of this vital region.
Our Сompany takes responsibility for the tens of thousands of its employees,
their family members, and the regions hosting our operations. We maintain all
our commitments in terms of employee support, make regular cost-of-living
adjustments, and expand the list of our social programmes. Moreover, we
continue to improve the quality of life in our regions by building
educational, medical, and sports facilities, and supporting volunteering
initiatives. At the same time, En+ remains committed to sustainable
development, protecting the environment and, Lake Baikal and aiming for carbon
neutrality.
The strategic priorities of En+ remain unchanged, and I am confident that the
Company's team will be able to achieve all the goals set."
Revenue
In 1H 2024, revenue declined by 3.6% y-o-y to USD 7,021 million primarily due
to a 2.2% decrease in the weighted-average realised aluminium price per tonne
(to an average of USD 2,447 per tonne in 1H 2024 from USD 2,501 per tonne in
1H 2023) driven by a significant 20.5% decrease in the weighted average
premium to the aluminium price on the LME (to an average of USD 159 per tonne
in 1H 2024 compared to USD 200 per tonne in 1H 2023), a 7.0% decrease in VAP
production as well as a 2.9% aluminium sales drop compared to 1H 2023.
Despite a 24.1% y-o-y growth in hydro power output, the significant weakening
of the average rouble to US dollar exchange rate on a y-o-y basis harmed the
financial results of the Power segment.
EBITDA
The Group's adjusted EBITDA increased by 43.8% y-o-y to USD 1,504 million in
1H 2024. The Group's adjusted EBITDA margin amounted to 21.4% (up by 7.0
percentage points).
Total cost of sales in 1H 2024 decreased to USD 4,939 million, or by 13.7%
y-o-y, as compared to USD 5,720 million for 1H 2023. This decline was
primarily driven by the decrease in cost of raw materials and other costs
between the periods, as well as a decrease in average transport tariffs.
Net profit
In 1H 2024, net profit increased by 44.6% to USD 957 million (USD 662 million
in 1H 2023). The changes were driven mostly by the same key factors as the
increase in adjusted EBITDA.
Capital expenditure
The Group's capital expenditure amounted to USD 686 million in 1H 2024
compared to USD 583 million in 1H 2023 (up 17.7% y-o-y).
In 1H 2024, the Metals segment's capital expenditure amounted to USD 516
million compared to USD 417 million in 1H 2023, up 23.7% y-o-y and was
primarily aimed at maintaining existing production facilities. Capital
expenditure of the Power segment was USD 170 million in 1H 2024 compared to
USD 167 million in 1H 2023 (up 1.8% y-o-y).
Debt position
The Group's net debt increased by 4.7% as at 30 June 2024 and amounted to
USD 9,129 million, as compared to USD 8,717 million as at 31 December 2023
primarily due to a decrease in cash and cash equivalents.
The net debt of the Metals segment as at 30 June 2024 increased by 10.1% to
USD 6,365 million. The net debt of the Power segment as at 30 June 2024
decreased by 5.9% compared to the level as at 31 December 2023 and amounted to
USD 2,764 million.
Power segment 1H 2024 performance
Power segment financial results
USD million (except %) 1H 2024 1H 2023 chg, %
Revenue 1,868 2,000 (6.6%)
Sales of electricity 920 990 (7.1%)
Sales of capacity 303 300 1.0%
Sales of heat 215 256 (16.0%)
Other 430 454 (5.3%)
Adjusted EBITDA 713 731 (2.5%)
Adjusted EBITDA margin 38.2% 36.6% 1.6pp
Net profit 386 217 77.9%
Net profit margin 20.7% 10.9% 9.8pp
Average USD/RUB rate for the reporting period 90.68 76.90 17.9%
30 June 2024 31 December 2023 chg, %
Net debt 2,764 2,938 (5.9%)
USD/RUB rate as at the reporting date 85.75 89.69 (4.4%)
Working capital (91) (138) -
In 1H 2024, the Power segment's revenue decreased by 6.6% to
USD 1,868 million compared to USD 2,000 million in 1H 2023. The revenue
change in dollar terms was mostly driven by the significant depreciation of
the rouble against the US dollar during the reporting period (the average
USD/RUB exchange rate for the reporting period increased by 17.9%), while the
Power segment's revenue in rouble equivalent increased on the back of higher
electricity sales volumes.
Revenue from electricity sales decreased by 7.1% y-o-y to USD 920 million in
1H 2024, which was influenced by the depreciation of the rouble against the US
dollar as well as a slight decrease in electricity prices resulting from
electricity generation increases. In 1H 2024, the average electricity spot
price on the day-ahead market in the second price zone decreased 0.7% y-o-y to
1,340 RUB/MWh, compared to 1,350 RUB/MWh in the same period last year.
Revenue from capacity sales increased slightly (up 1.0%) to USD 303 million
driven by the capacity price growth.
Adjusted EBITDA of the Power segment decreased by 2.5% to USD 713 million in
1H 2024 compared to USD 731 million in 1H 2023, while in rouble equivalent it
increased on the back of higher electricity sales volumes. Adjusted EBITDA
margin increased by 1.6 percentage points to 38.2%.
In 1H 2024, the Power segment's net profit increased by 77.9% to USD 386
million, as compared to USD 217 million in 1H 2023. The dynamics were largely
impacted by the change in finance income and costs on a y-o-y basis.
Power segment operating results
1H 2024 1H 2023 chg,%
Production volumes 5 (#_ftn5)
Total electricity production TWh 46.2 39.5 17.0%
HPPs, incl. TWh 37.1 29.9 24.1%
Angara cascade 6 (#_ftn6) TWh 28.5 23.0 23.9%
Yenisei cascade 7 (#_ftn7) TWh 8.7 7.0 24.3%
CHPs TWh 9.1 9.5 (4.2%)
Abakan SPP GWh 3.3 3.3 -
Heat mn Gcal 14.9 15.4 (3.2%)
Market prices
Average electricity spot prices(( 8 (#_ftn8) )):
1(st) price zone RUB/MWh 1,621 1,561 3.8%
2(nd) price zone RUB/MWh 1,340 1,350 (0.7%)
Irkutsk Region RUB/MWh 1,259 1,330 (5.3%)
RUB/MWh
Krasnoyarsk Region 1,282 1,321 (3.0%)
En+'s power plants(5) generated 46.2 TWh of electricity in 1H 2024 (up 17.0%
y-o-y). The Group's hydro power output totalled 37.1 TWh in 1H 2024 (up 24.1%
y-o-y).
The Group's Angara cascade hydropower plants (HPPs) (Irkutsk, Bratsk and
Ust-Ilimsk HPPs) increased power generation by 23.9% y-o-y to 28.5 TWh in 1H
2024. The increase was driven by the water reserves in Lake Baikal and the
Bratsk Reservoir as well as high water levels in the reservoirs. Water levels
in Lake Baikal reached 456.51 metres as of 1 July 2024 compared to the
long-term average of 456.41 metres, and water levels in the Bratsk Reservoir
hit 399.71 metres as of 1 July 2024 compared to the long-term average of
397.73 metres.
In 1H 2024, the Group's Krasnoyarsk HPP's total power generation increased by
24.3% y-o- y to 8.7 TWh. The increase was driven by a more intensive
state-regulated drawdown in the Krasnoyarsk Reservoir compared to 2023 due to
an increase in water reserves. Water levels in the Krasnoyarsk Reservoir were
239.26 metres as of 1 July 2024, which is 0.88 metres higher than the
long-term average.
In 1H 2024, the Abakan Solar Power Plant generation remained flat y-o-y at
3.3 GWh.
Power generation at the Group's combined heat and power plants (CHPs)
decreased by 4.2% y-o-y to 9.1 TWh in 1H 2024. The decrease in CHP power
output was driven by an increase in generation volumes by the Angara cascade
HPPs in 1H 2024.
Heat generation at the Group's CHPs in 1H 2024 amounted to 14.9 million Gcal,
a 3.2% decrease y- o-y, reflecting weather conditions - the average
temperature during 1H 2024 was 1.0 °С higher than during 1H 2023.
New Energy HPP modernisation programme
Equipment upgrades at the Group's Bratsk, Ust-Ilimsk, Irkutsk, and Krasnoyarsk
HPPs have supported an increase in hydropower production of 1,246.9 GWh in 1H
2024, helping to prevent greenhouse gas emissions by approximately 1,445 kt of
CO(2)e, due to the partial replacement of prior thermal power generation
volumes.
Russian energy market update 9 (#_ftn9)
· Electricity consumption in the integrated energy system in the first
price zone(( 10 (#_ftn10) )) in 1H 2024 amounted to 425 TWh (up 4.2% y-o-y).
Electricity consumption in the Siberian integrated energy system totalled 122
TWh in 1H 2024 (up 6.2% y-o-y).
· In 1H 2024, the average electricity spot price on the day-ahead
market in the second price zone decreased by 0.7% y-o-y to 1,340 RUB/MWh. The
price decrease driven by higher HPP generation volumes primarily between April
and June was offset by an increase in the CHP price bids levels and a shift in
bids breakdown.
· The average spot prices in the Irkutsk Region and the Krasnoyarsk
Region stood at 1,259 RUB/MWh and 1,282 RUB/MWh, respectively, in 1H 2024
(down 5.3% y-o-y and 3.0%y-o-y, respectively). The decline was driven by
higher generation volumes from the Angara cascade HPPs along with ongoing
transmission constraints in the Irkutsk Region and on the transit between East
and West Siberia.
Projected water inflows into reservoirs
The Hydrometeorological Centre of Russia forecasts water inflows into the main
reservoirs of En+ Group's generating assets in 3Q 2024 as follows:
· Useful water inflows into Lake Baikal are expected to be 3,350-4,350
cubic metres per second or 83%-108% of normal levels. In 2Q 2024, the water
inflow was 3,160 cubic metres per second, or 106% of normal levels, compared
to 2,870 cubic metres per second (96% of normal levels) in 2Q 2023 (up 10%
y-o-y).
· Lateral inflows into the Bratsk Reservoir are expected to be
1,600-2,000 cubic metres per second, or 78%-98% of normal levels. In 2Q 2024,
the water inflow to the reservoir was 1,050 cubic metres per second, or 73%
of normal levels, compared to 1,510 cubic metres per second, or 105% of normal
levels in 2Q 2023 (down 30% y-o-y).
· Lateral inflows into the Krasnoyarsk Reservoir are expected to be
1,000-1,500 cubic metres per second or 63%-95% of normal levels. In 2Q 2024,
the water inflow to the reservoir was 3,463 cubic metres per second, or 118%
of normal levels, compared to 3,039 cubic metres per second, or 103% of
normal levels in 2Q 2023 (up 14% y-o-y).
Metals segment 1H 2024 performance
Metals segment financial results
USD million (except %) 1H 2024 1H 2023 chg, %
Revenue 5,695 5,945 (4.2%)
Sales of primary aluminium and alloys 4,597 4,839 (5.0%)
Sales of alumina 191 181 5.5%
Sales of foil and other aluminium products 285 279 2.2%
Other 622 646 (3.7%)
Adjusted EBITDA 786 290 171.0%
Adjusted EBITDA margin 13.8% 4.9% 8.9pp
Net profit 565 420 34.5%
Net profit margin 9.9% 7.1% 2.8pp
30 June 2024 31 December 2022 chg, %
Net debt 6,365 5,779 10.1%
Working capital 4,805 3,665 31.1%
The Metals segment's revenue decreased by 4.2% to USD 5,695 million in 1H 2024
from USD 5,945 million in 1H 2023.
Revenue from sales of primary aluminium and alloys in 1H 2024 decreased by
USD 242 million, or by 5.0%, to USD 4,597 million, as compared to USD 4,839
million for 1H 2023. The decline was primarily driven by a 2.9% drop in
aluminium sales volumes, a 7.0% decrease in the production of VAPs as well as
a 2.2% decrease in the weighted-average realised aluminium price per tonne (to
an average of USD 2,447 per tonne in 1H 2024 from USD 2,501 per tonne in 1H
2023) caused by a 20.5% decrease in the weighted average premium over the
price of aluminium on the LME (USD 159 per tonne in 1H 2024 compared to USD
200 per tonne in 1H 2023).
Revenue from sales of alumina in 1H 2024 increased by 5.5% to USD 191 million
from USD 181 million for 1H 2023 primarily due to an increase in sales
volumes by 6.4%.
Revenue from sales of foil and other aluminium products as well as revenue
from other sales, including sales of other products, bauxite, and electricity,
remained flat y-o-y in 1H 2024.
Total cost of sales decreased by 15.9%, to USD 4,385 million for 1H 2024, as
compared to USD 5,217 million for 1H 2023. The decline was primarily driven
by the decrease in the cost of raw materials and other costs between the
periods as well as decrease in average electricity and transportation tariffs.
Cost of raw materials (other than alumina and bauxite) and other costs
decreased by 22.2% for 1H 2024 compared to the same period of 2023 due to a
decrease in raw materials purchase prices (prices for the anode blocks by
29.8%, raw petroleum coke by 34.7%, pitch by 18.4%, and caustic soda by
30.6%).
The finished goods mainly consist of primary aluminium and alloys
(approximately 96% of the total volume).
Adjusted EBITDA increased to USD 786 million in 1H 2024, as compared to
USD 290 million for 1H 2023 (up 171.0%). Adjusted EBITDA margin was up by
8.9 percentage points. The factors that contributed to these changes were the
same that influenced the operating results of the Metals segment. The Metals
segment recorded a net profit of USD 565 million in 1H 2024, as compared to
USD 420 million in 1H 2023.
Metals segment operating results
1H 2024 1H 2023 chg, %
Production volumes
Aluminium kt 1,957 1,913 2.3%
Alumina kt 2,995 2,518 18.9%
Bauxite kt 7,940 6,754 17.6%
Sales volumes
Aluminium kt 1,879 1,935 (2.9%)
Average prices
Aluminium price per tonne quoted on the LME USD/t 2,360 2,331 1.2%
Average premiums over LME price 11 (#_ftn11) USD/t 159 200 (20.5%)
Average aluminium sales price USD/t 2,447 2,501 (2.2%)
Aluminium
In 1H 2024, aluminium production increased by 2.3% y-o-y to 1,957 kt (1,913 kt
in 1H 2023) as the Taishet Aluminium Smelter has been gradually ramping up
production.
The VAP 12 (#_ftn12) volumes for 1H 2024 decreased by 7.0% to 740 kt from
796 kt for the same period of 2023 due to a deterioration of market
conditions and weaker demand.
In 1H 2024, aluminium sales decreased by 2.9% y-o-y to 1,879 kt.
Alumina
Alumina output in 1H 2024 increased by 18.9% y-o-y to 2,995 kt compared to
2,518 kt for the same period in 2023. The increase was driven by purchasing a
30% share of the Chinese facility, Hebei Wenfeng New Materials Co., Ltd.;
increased bauxite supplies to the Aughinish alumina facility; and carrying out
measures aimed at operations optimisation of Friguia and Windalco facilities.
Bauxites and nepheline ore
Bauxite output in 1H 2024 increased by 17.6% y-o-y to 7,940 kt compared to
6,754 kt in 1H 2023. The Metals segment managed to expand the bauxite output
by arranging the sale of part of CBK and Dian Dian bauxite supplies to
third-party consumers.
Nepheline output in 1H 2024 decreased by 17.0% y-o-y to 1,898 kt compared to
2,285 kt in 1H 2023. A reduction in the output is related to a reduction in
volumes of ore consumption by the Achinsk Alumina Refinery.
Aluminium market overview 13 (#_ftn13)
· In 1H 2024, global economic uncertainty continued to put pressure on
healthy global recovery, with production activity remained in contraction in
major regions outside of China. At the same time, prices of major base metals
rallied during 1H 2024 on expectations of ECB and FED rate cuts and China's
stimulus policies.
· In 1H 2024, the LME aluminium price rose by USD 29 per tonne to USD
2,360 per tonne, reaching USD 2,677 per tonne at the end of May 2024, its
highest point since June 2022.
· In 1H 2024, global primary aluminium demand grew by 4.7% y-o-y to 35.6
million tonnes. In the rest of the world (excluding China) (RoW Ex-China),
demand declined by 0.7% y- o-y to
13.6 mt, while demand in China grew by 8.2% y-o-y to 22.0 mt. The power sector
and automobile industries supported consumption growth. Demand in China
boosted after the Chinese Government introduced stimulation measures and
programmes, but at the same time, demand in the RoW Ex-China was weak due to
global geopolitical tensions, pulling back economic recovery.
· The worldwide supply of primary aluminium increased by 4.1% to 35.7 mt
in 1H 2024. The RoW Ex-China production increased by 1.8% comparing to 1H 2023
and comprised 14.6 mt. Aluminium production in China grew by 5.7% y-o-y to
21.2 mt in 1H 2024. China has restarted most of its previously closed
aluminium smelting capacity in Yunnan since April this year once the dry
season was over and power supply stabilised.
· The global aluminium market was balanced during 1H 2024, with 0.9 mt of
surplus in the RoW Ex-China and a 0.8 mt deficit in China.
· Chinese exports of downstream aluminium products totalled 3.009 mt
during 1H 2024, a 14.8% increase y-o-y. The largest growth in export orders
was attributable to Flat Rolled Products, which recorded a 2.392 mt, around
80% of total semis exports, up 15.9% y-o-y. The positive export arbitrage and
uncertainty with Russian metal supply in the RoW Ex-China has been increasing
the potential of semis export from China.
· During 1H 2024, aluminium inventories at the LME were trending mostly
down until the end of April but jumped in May and declined modestly in June
ending at 1,021 kt. Metal held outside of LME warehouses (off-warrant reported
stocks) recorded 200 kt by the end of May 2024, being a reduction from 436 kt
at the end of December 2023.
· The regional aluminium premiums have started rebounding in 2024 amid an
expectation of demand recovery, uncertainty over Russian metal supply and high
contango in nearby LME spreads. By the end of June 2024, European Duty Unpaid
premium increased to USD270 per tonne, European Duty Paid increased to USD
337.5 per tonne, and US Midwest premium increased to 19.45 US cents per lb.
Taking into account costs of metal replacement and demand increase, it is
likely that premiums might continue growing in 2H 2024.
For further information, please contact:
For media: For investors:
Tel: +7 495 642 79 37 Tel: +7 (495) 642 79 37
Email: press-center@enplus.ru Email: ir@enplus.ru
About EN+ GROUP IPJSC
En+ is a leading international vertically integrated aluminium and hydropower
producer. The Company combines power plants with a total installed capacity of
19.5 GW (including 15.2 GW of hydro power assets) and 4.2 mt of annual
aluminium production capacity (through a controlling stake in UC RUSAL, the
world's largest aluminium producer outside of China in 2023), which is the
major consumer of En+'s hydroelectricity.
***
The information presented in this announcement only reflects the position of
the Company during the review period from 1 January to 30 June 2024, unless
otherwise specified.
This announcement may include statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements may be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "projects", "anticipates", "expects",
"intends", "may", "will" or "should" or, in each case, their negative or other
variations or comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. Forward-looking statements may
and often do differ materially from actual results. Any forward-looking
statements reflect the Company's current view with respect to future events
and are subject to risks relating to future events and other risks,
uncertainties and assumptions relating to the Group's business, results of
operations, financial position, liquidity, prospects, growth or strategies.
Forward-looking statements speak only as of the date they are made.
1 (#_ftnref1) Adjusted EBITDA for any period represents the results from
operating activities adjusted for amortisation and depreciation, impairment
charges and loss on disposal of property, plant and equipment for the relevant
period.
2 (#_ftnref2) Net debt is the sum of loans and borrowings and bonds
outstanding less total cash and cash equivalents.
3 (#_ftnref3) Consolidated data.
4 (#_ftnref4) Aluminium price per tonne quoted on the LME represents the
average of the daily closing official London Metals Exchange prices for each
period.
5 (#_ftnref5) Excluding Onda HPP (installed capacity 0.08 GW), located in
the European part of the Russian Federation, leased to RUSAL in October 2014.
6 (#_ftnref6) Includes Irkutsk, Bratsk, and Ust-Ilimsk HPPs.
(( 7 (#_ftnref7) )) Krasnoyarsk HPP.
8 (#_ftnref8) Market prices are calculated as an average of the prices
reported in the Monthly Day Ahead Prices Overview by NP Market Council
Association.
9 (#_ftnref9) According to the Monthly Day Ahead Prices Overview by NP
Market Council Association: https://www.np-sr.ru/
10 (#_ftnref10) Comprises the Central, Central Volga, Urals, North-West and
South energy systems.
11 (#_ftnref11) Average premiums over the LME price realised by the Company
based on management accounts.
12 (#_ftnref12) VAP includes alloyed ingots, slabs, billets, wire rod,
wheels, high and special purity aluminium.
13 (#_ftnref13) Unless otherwise stated, data for the "Aluminium market
overview" section is sourced from Bloomberg, CRU, CNIA, IAI and Antaike.
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