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2020 Annual R Eport

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2020 Annual R Eport 2020 Annual Report Contents Directors consolidated report 3 ALRO Group – Overview 3 Financial and operational highlights for the year 2020 3 Letter to Shareholders 5 Significant events in the financial year 2020 7 General Information 14 Overview 15 ALRO Group - figures 26 Financial and economic review 26 Operational analysis 29 Other information in accordance with the FSA Regulation no. 37 5/2019 - Financial Instruments and Investments Sector Analysis of the trends or events that might have an impact 37 over the Group and/or Company’s current activity Changes with impact on share capital and of the Group's 40 management Significant transactions 40 Other information 41 Corporate governance statement 42 Code compliance statement 43 Responsibilities of the Board of Directors 47 Risk management and internal control system 54 Management fair reward and motivation 58 Shareholders 59 Adding value through investor relations 62 Report on payments to Governments for the financial year 64 2020 for mining activities Sustainable development and Corporate Social 65 Responsibility Sustainable development 65 Environmental responsibility 66 Corporate social responsibility 68 Human Resources development 70 Subsequent events 73 Outlook for 2021 74 Abbreviations and definitions used in this report 76 Consolidated and separate financial statements for 77 the year ended 31 December 2020 Statement of Persons in Charge 160 2 2020 Annual Report Financial and operational highlights for the year 2020 ALRO Group Indicator 2020 2019 Primary aluminium production (tonnes) 271,307 280,326 Processed aluminium production (tonnes) 98,020 104,614 Alumina production (tonnes) 426,393 460,911 Bauxite production (tonnes) 1,342,139 1,883,863 Sales (thousand RON) 2,514,716 2,777,801 EBITDA¹ (thousand RON) 566,502 247,206 EBITDA margin (%) 23% 9% Net result (thousand RON) 334,773 (67,237) Adjusted net result2 (thousand RON) 323,801 (53,336) ALRO S.A. Indicator 2020 2019 Primary aluminium production (tonnes) 271,307 280,326 Processed aluminium production (tonnes) 72,387 83,144 Primary aluminium sales (tonnes) 159,478 152,464 Processed aluminium sales (tonnes) 75,225 80,683 Sales (thousand RON) 2,307,360 2,492,611 EBITDA¹ (thousand RON) 402,220 57,433 EBITDA margin (%) 17% 2% Net result (thousand RON) 295,206 (152,901) Adjusted net result2 (thousand RON) 237,044 (110,822) Net earnings per share (RON) 0.414 (0.214) Adjusted net earnings2per share (RON) 0.332 (0.155) 1 EBITDA: Earnings before interest, taxes, depreciation, amortization and impairment; 2 Adjusted Net Result: Company’s net result plus/(minus) non-current assets impairment, plus/(minus) the loss/ (gain) from derivative financial instruments for which hedge accounting was not applied, plus/(minus) deferred tax. 3 CAUTIONARY STATEMENT This Report is supplied to you solely for your information and may not be reproduced in any form, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, by any medium or for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. Certain statements included within this Report may contain (and oral communications made by us or on our behalf may contain) forward-looking information, including, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management’s plans, objectives and strategies for ALRO/ ALRO Group, such as planned expansions, investments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in ALRO/ ALRO Group’s markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, as well as (i) statements preceded by “expected”, “scheduled”, “targeted”, “planned”, “proposed”, “intended” or similar statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward- looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream aluminium business; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in ALRO/ ALRO Group’s key markets and competition; and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. ALRO/ ALRO Group disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Note 1: In this report, the terms “ALRO Group” and “the Group” are sometimes used for convenience where references are made to ALRO S.A. and its subsidiaries, in general, and the terms “Company” and “Parent-company” are sometimes used for convenience where references are made to ALRO S.A. The financial statements included in this report are audited and present the individual and consolidated financial results of ALRO and ALRO Group that have been prepared in accordance with the Ministry of Public Finance Order no. 2844/2016, with subsequent amendments, which is in accordance with the International Financial Reporting Standards (IFRS) adopted by the European Union (EU), except for IAS 21 The Effects of Changes in Foreign Exchange Rates regarding the functional currency, except for the provisions of IAS 20 Accounting for Government Grants regarding the recognition of revenues from green certificates, except for the provisions of IFRS 15 Revenue from Contracts with Customers regarding the revenue from taxes of connection to the distribution grid. The indicators/ figures included in this report are rounded to the nearest whole number and therefore minor differences may result from summing and comparison with exact figures mentioned in the financial statements. Note 2: A list of all abbreviations and definitions used in this report can be found on page 76. This is a free translation from the official 4 Romanian version Directors' Consolidated Report Letter to shareholders Marian NĂSTASE, Gheorghe DOBRA, Chairman Chief Executive Officer Dear readers and shareholders, First of all, we are happy to be virtually in front of you healthy, active 2020 was not only challenging but a decisive year from many and fully operational. What happened to the world in 2020 left points of views not only for us but for all companies. In our Group, profound signs in our behaviour and state of mind. Nevertheless, on top of everything, 2020 was a “refresh” year that brought a lot 2020 gave us several lessons and we demonstrated that, at of changes and further on, achievements. Thus, the operational ALRO, we can be flexible, work-from-home (where possible) management of the Group composition related to the Acquisition while keeping the efficiency and productivity requirements and and Logistics (ALRO and ALUM), Sales and Technical, Quality ensure the continuity of operations in these new, unpredictable &Investment functions was modified. The new persons nominated and very challenging circumstances. for these key-positions are experts in their areas of activity and have a long track within our organization proving during the past Looking back to what happened in 2020, we could say that it years that they have the necessary skills and experience to take was the year when ALRO proved once more that it is a robust over these roles. company and even though “history and tradition” are its middle names, the Company adapted to the new situation and game Moreover, in 2020 we made big steps forward in communicating rules very quickly and effectively. We are proud to say that ALRO our sustainability progress and we managed to publish one of was one of the first companies reacting to the COVID-19 effects. the best sustainability reports in the market as appreciated by an We managed to promptly implement effective and comprehensive independent jury during the second ARIR Gala held in October measures that ensured the continuity of the Group's operations 2020. We are aware of the new requirements and extensive while protecting the health of our employees and their families. developments in this area and we have already started several We kept our strategy of developing the high and very high value- internal projects to improve our performance to respond to added products and continued the vital investments, even though them promptly while better communicate all these efforts to our the pressure was even higher in terms of cash-flows, falling stakeholders. Besides this, in 2020, both ALRO and Vimetco demand and LME prices (in the first half of 2020), transportation Extrusion adhered to ASI (Aluminium Stewardship Initiative), restrictions imposed by the Governments in March-May 2020 the only multi-stakeholder platform that establishes clear and poor aero and automotive markets due to the pandemic sustainability criteria for the aluminium industry. restrictions, while on the other hand we still faced high electricity prices. 5 Annual Report 2020 This is a free translation from the official Romanian version Directors' Consolidated Report In terms of results, despite the unfavourable context, we reported Furthermore, we are actively involved in several projects related to a good overall performance. The aero and automotive markets the circular economy through which ALRO upstream’s subsidiary, were deeply affected by the pandemic crisis but we managed to ALUM is exploring options for finding a further use to the bauxite achieve good levels of sales for wire rod and extruded products.
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