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Annual Report 2020 Annual Report 2020 20 Years Moving Forward 20 YEARS MOVING FORWARD ANNUAL REPORT 2020 ANNUAL REPORT 2020 20 YEARS MOVING FORWARD Contents Financial and Production Indicators 2 General Information on the Company 6 Chairman’s Statement 14 General Director’s Review 18 Business Overview 22 Management Discussion and Analysis 48 Profiles of the Board Members, the General 86 Director and Senior Management Report of the Board of Directors 102 Corporate Governance Report 150 Financial Statements 166 Glossary 260 Appendix A 270 Principal Terms of the Shareholders’ Agreement with the Company Appendix B 274 Principal Terms of the Shareholders’ Agreement between Major Shareholders only Appendix С 280 Report on Compliance with the Russian Corporate Governance Code Appendix D 308 Information on material transactions concluded by the Company and its significant subsidiaries in 2020 Information on the Company 314 Annual report RUSAL 2020 Leading THE INDUSTRY 01. FINANCIAL AND PRODUCTION INDICATORS 2 3 Annual report RUSAL 2020 FINANCIAL AND PRODUCTION INDICATORS USD million (unless otherwise specified) 2020 2019 2018 2017 2016 Revenue 8,566 9,711 10,280 9,969 7,983 Adjusted EBITDA 871 966 2,163 2,120 1,489 Adjusted EBITDA Margin 10.2% 9.9% 21.0% 21.3% 18.7% EBIT 279 87 1,481 1,523 1,068 Share of Profits from Associates and 976 1,669 955 620 848 Joint Ventures Pre-Tax Profit 716 1,054 1,953 1,288 1,354 Profit 759 960 1,698 1,222 1,179 Profit Margin 8.9% 9.9% 16.5% 12.3% 14.8% Adjusted Net (Loss)/Profit 60 (270) 856 1,077 292 Adjusted Net (Loss)/Profit Margin 0.7% (2.8%) 8.3% 10.8% 3.7% Recurring Net Profit 990 1,273 1,695 1,573 959 Basic Earnings Per Share 0.050 0.063 0.112 0.080 0.078 (in USD) Total Assets 17,378 17,814 15,777 15,774 14,452 Equity Attributable to Shareholders of 6,543 6,747 5,209 4,444 3,299 the Company Net Debt 5,563 6,466 7,442 7,648 8,421 4 FINANCIAL AND PRODUCTION INDICATORS 5 Annual report RUSAL 2020 Uniting PEOPLE ACROSS CONTINENTS 02. GENERAL INFORMATION ON THE COMPANY 6 7 Annual report RUSAL 2020 GENERAL INFORMATION ON THE COMPANY COMPANY POSITION IN THE INDUSTRY The main activity of the Company is holding activities securities, and therefore the description of the information related to participation in the authorized capital of business on the priority areas of business is given for the Group as a entities operating in the field of bauxite and nepheline whole. mining, alumina production, electrolytic production of primary aluminum, value-added aluminum products, including those associated with the management of these RUSAL is a low-cost, vertically integrated aluminium companies, and also financial activities. producer with core smelting operations located in Siberia, At the same time, the activities of the Group companies Russia. In 2020, RUSAL remained among the largest may have an impact on the activities of the Company producers of primary aluminium and alloys globally. and the performance of its obligations with respect to million tonnes 8 6.6 2019 2020 6.1 6 5.75.7 3.83.8 4 3.5 3.3 3.23.2 2.6 2.5 2.52.5 2.3 2.1 2.2 2.1 1.9 2.0 2 0 Chinalco* Hongqiao RUSALXinfa Rio TintoEGA SPIC AlcoaEast Hope Norsk Group Hydro * Since 2019, Chinalco is consolidating production of Chalco and Yunnan Aluminum Co., Ltd Source: Based on RUSAL’s internal company report and peer companies’ publicly available results, announcements, reports, and other information. RUSAL’s production chain includes bauxite and nepheline SECURED ACCESS TO GREEN, ore mines, alumina refineries, aluminium smelters and casting houses, foil mills, packaging and wheels production RENEWABLE ELECTRICITY centers. Electricity is a key component of the aluminium production process. RUSAL’s core smelting operations are favorably located close to the Siberian hydropower plants sourcing 8 GENERAL INFORMATION ON THE COMPANY approximately 93% of the Group’s total electricity needs. DIVERSIFIED SALES GEOGRAPHY The Company has long-term agreements with the region’s hydropower energy suppliers. Using renewable and RUSAL’s sales geography is represented by a diversified environmentally friendly hydro-generated electricity, RUSAL portfolio of regions. The Company delivers aluminium is targeting the lowest CO2 footprint in the industry. products to the domestic market and across all key global consuming regions (Europe, America and South East Asia). CAPTIVE RAW MATERIAL SUPPLIES GROWTH POTENTIAL OF RUSAL RUSAL alumina production capacities are located in Russia and abroad. They cover approximately 100% of the Group’s PLATFORM total alumina needs. The BEMO project (RUSAL and RusHydro JV) includes the Our alumina Refineries bauxite needs are covered by up 3,000 megawatt BEMO HPP (the construction of which to 80% with supplies from the Group’s bauxite mining was completed in 2014) and Boguchansky aluminium operations. Our existing bauxite resource base is sufficient smelter in the Krasnoyarsk region of Russia. In March 2019, to supply for over 100 years of operations. the launch of the second part of the first stage brought the total production capacity to almost 300 thousand tonnes per annum. EFFICIENT MIDSTREAM, IN-HOUSE One of RUSAL’s other major projects is Taishet aluminium R&D AND INTERNAL EPCM smelter in the Irkutsk region. The production capacity of the first line is 428.5 thousand tonnes. During 2020, the EXPERTISE Company continued to finance this smelter’s construction RUSAL aluminium smelting operations go through regular using its own funds. upgrades. RUSAL has developed its own in-house R&D, design and engineering centers and exploits RA-300, RA- 400 and Green Soderberg smelting technologies. A new IMPLEMENTING ENVIRONMENTAL energy efficient and environmentally friendly RA-500 and INITIATIVES RA-550 smelting technology has been designed, and currently RUSAL is testing it, targeting the best energy RUSAL was one of the first Russian companies that joined efficiency yields in the industry. the UN Global Compact. By following its environmental policy and undertaking to regularly review and update its RUSAL is actively developing a ground-breaking inert provisions, the Company is constantly developing and anode technology. Introducing this state-of-the-art improving its environmental management system and technology into the production process will lead to implementing its principles at all production facilities. complete elimination of greenhouse gas and polyaromatic hydrocarbon emissions coupled with 10% cut in operational costs through reducing anode and energy consumption and over a 30% cut in Greenfield projects expenditure DIVERSIFICATION OPPORTUNITIES costs. THROUGH INVESTMENTS • As at the Latest Practicable Date, RUSAL owns an COST EFFICIENCY effective 27.82% interest in Norilsk Nickel, the world’s largest palladium producer, the largest high-grade nickel The efficient smelting technologies together with low-cost producer and one of the leading producers of platinum, input material and utilities mix secure the Company’s global copper and cobalt1. leadership on the cost curve. • RUSAL’s 50/50 LLP Bogatyr Komir coal joint venture in the Ekibastuz coal basin, one of the largest coal basins in the CIS, is an additional natural source of energy for FOCUS ON HIGHER MARGIN RUSAL’s enterprises. DOWNSTREAM BUSINESS RUSAL has a diversified product mix with a strong share of VAP in the portfolio (1.72 million tonnes per annum out of 3.93 million tonnes of total sales). 1 Source: www.nornickel.ru 9 Annual report RUSAL 2020 KEY FACTS IN 2020 KEY FACTS APPROXIMATELY IN 2020 5.8 % 9 OF THE WORLD’S ALUMINIUM SMELTERS, RUSAL ACCOUNTED FOR ALUMINIUM OF WHICH 8 ARE IN RUSSIA AND 1 IN SWEDEN ALUMINIUM PRODUCTION CAPACITY 1 4 NEPHELINE FOIL MILLS, MINE OF WHICH 3 ARE 3.76 mln t IN RUSSIA; IN RUSSIA RUSAL IS No.1 LARGEST ALUMINIUM AND 1 IN ARMENIA; PRODUCER OUTSIDE CHINA ALUMINA PRODUCTION CAPACITY 7 8.18 mln t BAUXITE MINES OF RUSAL’S ORDINARY SHARES ARE LISTED WHICH 2 ARE IN RUSSIA, ON THE HONG KONG STOCK EXCHANGE 1 IN JAMAICA, 3 IN GUINEA AND THE MOSCOW EXCHANGE. AND 1 IN GUYANA; ABOUT 6.5 % 9 2 2 OF THE WORLD’S ALUMINA REFINERIES, OF WHICH SILICON FACTORIES, WHEELS FACTORIES ALUMINA PRODUCTION 4 ARE IN RUSSIA, 1 IN IRELAND, 1 IN ALL OF WHICH SITUATED UKRAINE, 1 IN JAMAICA, 1 IN ITALY AND ARE IN RUSSIA; IN RUSSIA. 1 IN GUINEA 10 11 Annual report RUSAL 2020 MAP OF OPERATIONS RUSSIA MAP OF SWEDEN OPERATIONS 19 14 21 33 25 15 38 Krasnoyarsk 17 IRELAND 24 35 2206 23 29 34 36 12 18 16 27 28 13 41 20 Moscow 37 26 30 32 0631 № 1 Irkutsk 39 07 4006 10 aluminum 42 08 producer UKRAINE 01 outside China ITALY KAZAKHSTAN JAMAICA ARMENIA GUYANA 09 RUSAL operates in 13 countries on five continents. 05 06 03 11 04 RUSAL’s production facilities are located mainly in Russia. The AUSTRALIA Company respects and engag- es with local communities in the GUINEA regions of operation, facilitates its economic and social devel- opment and minimize negative impact on environment. NIGERIA 02 Company’s operations in the world ARMENIA ITALY 16 Boksitogorsk Alumina Refinery 33 SKAD wheels factory 01 Armenal 08 Eurallumina 17 Bratsk Aluminium Smelter 34 Taishet Aluminium Smelter (project) Aluminium 18 Irkutsk Aluminium Smelter 35 Timan Bauxite AUSTRALIA JAMAICA 19 Kandalaksha Aluminium Smelter 36 Urals Alumina Refinery Alumina 02 QAL 09 WindalcO 20 Khakas Aluminium Smelter 37 Urals Foil 21 Kia-Shaltyr Nepheline Mine 38 Urals Silicon Bauxite GUINEA KAZAKHSTAN 22 Krasnoturyinsk Powder Metallurgy 39 Volgograd Aluminium Smelter Foil 03 Compagnie des bauxites de Kindia (CBK) 10 LLP Bogatyr Komir 23 Krasnoyarsk Aluminium Smelter 40 Volgograd Powder Metallurgy 04 Dian Dian Project 24 Nadvoitsy Aluminium Smelter Powders 05 Friguia Bauxite & Alumina Complex NIGERIA 25 North Urals Bauxite Mine SWEDEN 11 ALSCON 26 Novokuznetsk Aluminium Smelter 41 KUBAL Silicon GUYANA 27 Sayana Foil 06 Bauxite Company of Guyana (BCGI) RUSSIA 28 PGLZ Alumina Refinery UKRAINE Nepheline ore 12 Achinsk Alumina Refinery 29 SAYANAL 42 Nikolaev Alumina Refinery IRELAND 13 Bogoslovsky Alumina Refinery 30 Sayanogorsk Aluminium Smelter Other business 07 Aughinish Alumina 14 Boguchanskaya HPP (BEMO) 31 Shelekhov Powder Metallurgy 15 Boguchansky Aluminium Smelter (BEMO) 32 Silicon (ZAO Kremniy), Shelekhov Wheels 12 13 Annual report RUSAL 2020 Striving FOR SUSTAINABLE GOALS 03.
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