Rusal¡¯s 2019 revenue declines 5.5% despite the growth in production; Total assets up by 13%

In 2019, the entire aluminium value chain industry saw a challenging environment. The average aluminium price on the London Metal Exchange declined from US$ 2,110 per tonne in 2018 to US$ 1,792 per tonne. As a result, Rusal’s revenue for the year ended December 31 recorded a decrease of 5.5 per cent from US$ 10,280 million in 2018 to US$ 9,711 million in 2019, despite the growth in metal production.

Rusal’s total bauxite output in 2019 had grown by about 16 per cent from 13.847 million tonnes in 2018 to 16.047 million tonnes. Alumina production also grew, although lesser in comparison to bauxite, from 7.774 million tonnes in 2018 to 7.858 million tonnes in 2019. The production of aluminium foil and packaging products stood at 98,000 tonnes in 2019, registering a growth of 10.2 per cent from 89,000 tonnes in 2018.

The revenue in the last quarter of the year, however, saw a rise of 5.2 per cent from US$ 2,365 million in Q4 2018 to US$ 2,489 million in Q4 2019.

Adjusted EBITDA in the full year declined sharply by 55.3 per cent from US$ 2,163 million in 2018 to US$ 966 million in 2019. In the fourth quarter, it dropped 44.6 per cent from US$ 363 million in Q4 2018 to US$ 201 million. Full-year’s profit plunged 43.5 per cent from US$ 1,698 million in 2018 to US$ 960 million and in the fourth quarter from US$ 149 million in Q4 2018 to US$ 141 million, down 5.4 per cent.

Rusal’s recurring net profit for the full-year of 2019 displayed no exception but fell 24.9 per cent from US$ 1,695 million in 2018 to US$ 1,273 million, despite the fact that it grew 263.4 per cent in the fourth quarter and stood at US$ 367 million as compared to US$ 101 million during the same period of 2018.

As of December 31, 2019, Rusal’s total assets were US$ 17,814 million, in contrast to US$ 15,777 million in the year before. This indicates a year-on-year growth of 12.9 per cent in the company’s total assets in 2019. Total working capital in 2019 was less by about 28 per cent from US$ 2,834 million to US$ 2,041 million and so the net debt by around 13.1 per cent from US$ 7,442 million in 2018 to US$ 6,466 million in 2019.

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