Regulatory News:
United Company Rusal PLC (Paris:RUSAL) (Paris:RUAL):
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of
Hong Kong Limited take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness
and expressly disclaim any liability whatsoever for any loss howsoever
arising from or in reliance upon the whole or any part of the contents
of this announcement.
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UNITED COMPANY RUSAL PLC
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(Incorporated under the laws of Jersey with limited liability)
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(Stock Code: 486)
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RESULTS ANNOUNCEMENT
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FOR THE THREE MONTHS ENDED 31 MARCH 2011
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Key highlights
• Revenue increased by 28.4% to USD2,993 million as a result of
higher aluminium and alumina market prices, as well as improved
product mix and realised premiums over LME price.
• Adjusted EBITDA1 increased by 40.6% to USD682 million
due to increased weighted-average realised prices and sales
volumes.
• Net profit of USD746 million2 for the three months
ended 31 March 2011 compared to net profit of USD247 million for
the three months ended 31 March 2010.
• Total aluminium output amounted to 1,014 thousand tonnes for the
three months ended 31 March 2011, an increase of 4.2% as compared
to the three months ended 31 March 2010.
• Alumina output totaled 1,996 thousand tonnes for the three
months ended 31 March 2011, an increase of 9.5% as compared to the
three months ended 31 March 2010.
• Bauxite production totaled 3,139 thousand tonnes for the three
months ended 31 March 2011 and increased by 20.1% as compared to
the three months ended 31 March 2010.
• In the first three months ended 31 March 2011, the Company
reduced its obligations under the debt restructuring agreements by
USD860 million including a repayment of USD530 million out of the
proceeds from the Russian ruble denominated bonds issue in March
2011.
• Reduction of Total Net Debt3 resulted in a decrease
in the Company’s Leverage ratio below 4:1 that would lead to a
decrease in interest margin.
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1 Adjusted EBITDA for any period is defined as results from
operating activities adjusted for amortisation and depreciation,
impairment charges and loss on disposal of property, plant and equipment.
2 Net profit includes the gain on revaluation of embedded
derivatives of USD715 million and the related tax expense of USD143
million.
3 Total Net Debt has the meaning given in the International
Override Agreement.
Statement from the CEO
The first quarter of 2011 was a difficult one for aluminium producers,
and our financial results reflect the current situation in the global
aluminium industry and in the Russian economy. On the one hand, high
inflation has had a negative impact on all aluminium producers, with UC
RUSAL coming under particular pressure due to the sharp rise in energy
tariffs in Russia in the first quarter of 2011. The company is taking a
number of steps to mitigate the impact of escalating tariffs through the
negotiating of new long-term electricity supply contracts, and the
development of our own energy base. At the same time we continued to
work to increase the efficiency of our business, which enabled us to
keep the cost of sales at the level of the fourth quarter of last year.
On the other hand, the increasing demand for aluminium, supported by a
return to pre-crisis rates of growth of the global economy, has seen a
steady growth of aluminum prices, which in the first quarter exceeded
our expectations. In this regard, we have revised our forecast and now
expect that the average price for aluminium in 2011 will be above 2,700
per tonne. UC RUSAL is well positioned to take advantage of the
strengthening price of aluminium by increasing production and launching
new facilities, such as the Boguchansky and Taishet aluminium smelters.
UC RUSAL has a solid foundation in place, as well as a favorable
situation in global markets, due to growth of the economically active
population, urbanisation and the increased use of aluminium as the metal
of choice in the transport sector due to its unique characteristics,
create good conditions for the growth of the Company’s value in the
interest of all shareholders.
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Oleg Deripaska
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CEO
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11 May 2011
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Key selected data
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Three months ended
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Change year-on-year (%)
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31 March 2011
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31 March 2010
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Aluminium and alumina price information
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(USD per tonne)
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Aluminium price per tonne quoted on the LME4
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2,503
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2,163
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15.7%
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Alumina price per tonne5
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388
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327
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18.7%
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Average premiums over LME price
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153
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83
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84.3%
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Key operating data
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(‘000 tonnes)
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Aluminium
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1,014
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973
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4.2%
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Alumina
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1,996
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1,822
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9.5%
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Bauxite
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3,139
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2,613
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20.1%
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Aluminium foil and packaging products
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20.1
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19.2
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4.7%
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Selected data from consolidated statement of income
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(unaudited)
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(unaudited)
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(USD million) unless otherwise indicated
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Revenue
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2,993
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2,331
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28.4%
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Cost of sales
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(2,004)
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(1,566)
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28.0%
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Results from operating activities
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442
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366
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20.8%
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margin (% of revenue)
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14.8%
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15.7%
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Adjusted EBITDA
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682
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485
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40.6%
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margin (% of revenue)
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22.8%
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20.8%
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Net profit for the period
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746
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247
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202.0%
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margin (% of revenue)
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24.9%
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10.6%
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4 Representing the average of the daily closing official
London Metals Exchange ("LME”) prices for each period.
5 The average alumina price per tonne provided in this table
is based on the daily closing spot prices of alumina FOB EU as reported
by Metal Bulletin each Wednesday and Friday.
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Key selected data
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As at
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Change year-on-year (%)
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31 March 2011
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31 December 2010
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Selected data from consolidated interim condensed statement of
financial position
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(unaudited)
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(USD million)
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Total assets
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28,232
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26,525
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6.4%
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Total working capital6
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2,190
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2,122
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3.2%
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Net Debt7
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11,382
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11,472
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(0.8%)
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Three months ended
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Change year-on-year (%)
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31 March 2011
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31 March 2010
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Selected data from consolidated interim condensed statement of
cash flows
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(unaudited)
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(unaudited)
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(USD million)
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Net cash flows generated from operating activities
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589
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229
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157.2%
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Net cash flows used in investing activities
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(98)
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(310)
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(68.4%)
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of which capex8
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(112)
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(59)
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89.8%
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of which contribution to BEMO9
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—
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(279)
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NA
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6 Total working capital is defined as inventories plus trade
and other receivables minus trade and other payables.
7 Net Debt is calculated as Total Debt less cash and cash
equivalents as at the end of any period. Total Debt refers to UC RUSAL’s
loans and borrowings and bonds outstanding at the end of any period.
The effect of debt reduction due to the repayment of USD324 million from
the free operating cash flow and under the cash sweep mechanism was
compensated by the amortisation of gain on debt restructuring in the
amount of USD172 million due to the accelerated schedule of the debt
repayment.
8 Capex is defined as payment for the acquisition of
property, plant and equipment and intangible assets.
9 For the first quarter of 2011 contribution to BEMO is zero
as a result of obtaining project financing at the end of 2010. The BEMO
project companies utilise the project financing proceeds to make
necessary contributions to the ongoing construction projects and do not
require contributions from the joint venture partners at this time. For
the first quarter of 2010 contribution to BEMO also includes refinancing
of BEMO facility in an amount of USD208 million and repayment of the
BEMO loan in an amount of USD52 million out of IPO proceeds in
accordance with the terms of the International Override Agreement.
Overview of trends in industry and business
Aluminium industry during three months period ended 31 March 2011
Demand for aluminium continued to improve throughout the first three
months of 2011 driven by strong global economic activity. Aluminium
consumption in the period improved by approximately 18% to 10.9 million
tonnes, compared to the same period in 2010. Worldwide production of
primary aluminium in the first three months of 2011 was 10.8 million
tonnes which was 7.6% higher than the 10 million tonnes of production in
the first three months of 2010.
UC RUSAL continues to see strengthening fundamental demand for aluminium
and further price support based on continuing global economic expansion
as well as inflation in aluminium inputs including raw materials, power
and labor. The aluminium price increased during the quarter to an
average of USD2,503 per tonne which was up by 15.7% compared to the same
period of last year.
On a regional basis, demand in the USA improved following an increase in
consumption driven by the automotive and engineered products sectors,
where US auto sales increased by 18% in the first three months of 2011
compared to the same period of last year. In Europe, German auto sales
also grew strongly in the first quarter of 2011, up by 10% compared to
the same period of last year with positive underlying demand for
consumer products, including packaging and beverage cans, continuing to
support the rolled products segment.
Asian economic activity during the period was dominated by the Japanese
earthquake in March. However, despite major loss of life and significant
disruption to infrastructure, the events have yet to fully ripple
through to the aluminium industry. In China, consumption increased by
4.8% quarter on quarter which was slower than anticipated after a
sluggish return from New Year holidays.
Investor appetite for commodities remained firm during the first quarter
of 2011 with oil breaching USD120 per barrel and aluminium prices rising
as a consequence. The US dollar also weakened over the last month which,
along with an estimated of three fourths LME aluminium stocks tied in
financial deals, has been supportive of price and further investment
inflows.
Aluminium industry 2011 outlook
The Company has revised its global aluminium industry outlook on growing
consumption in key regions.
UC RUSAL expects strong demand for aluminium to continue in 2011 with
13% growth to 46 million tonnes. The emerging markets of China, Brazil,
India and Russia are expected to be driving the growth of aluminium
consumption in 2011.
Total underlying demand in China is forecasted at 19 million tonnes in
2011 with aluminium consumption growth expected to be 15% year on year.
The transportation industry remains the key growth driver in China with
additional support from continuing urbanisation, infrastructure
development and realisation of development projects. Managing the
transition of major economic activity from "investment driven” to
"consumption driven” remains one of the key challenges of the government
during 2011.
Indian primary aluminium consumption is forecasted to grow by 16% in
2011 with urbanisation and industrialisation projects driving the
country’s aluminium demand. The growth in demand will be supported by
spending on electricity transmission, road/rail infrastructure and
irrigation schemes. At the same time Indian automotive production is
forecasted to grow at an average annual rate of 12.4% per annum over the
period 2011 to 2013.
In Latin America, Brazil accounts for half of the continent’s primary
aluminium consumption. Brazil’s automotive sector production is expected
to grow at an average rate of 5.5% per annum over the period 2011 to
2013 and appears to be the major driving force of aluminium demand in
the region.
UC RUSAL expects the Russian and CIS market sales to grow by about 22%
to 0.9 million tonnes in 2011, mainly driven by a strong rebound in the
machinery, construction and packaging industries. Looking forward,
infrastructure spending for the construction of roads, buildings and
transportation facilities is expected to support further aluminium
consumption growth in the medium to the longer term. The Company expects
Russia’s cumulative annual compound growth rate for aluminium
consumption between 2011 and 2015 to be 8%.
UC RUSAL expects the aluminium price to trade above USD2,700 per tonne
throughout 2011 supported by positive underlying demand, whilst the
continuing weakness of the US dollar and strong oil price outlook will
support the investment into tangible assets from investors. Aluminium
power cost inflation is underlined by the growth in thermal coal prices
in China as well as liberalisation of the power markets in Russia.
Premiums
Regional premiums reflect the improvement in current physical demand and
limited availability of stocked metal in the traded market. Premiums are
forecasted to continue at current levels in 2011 with the European
Premium at USD195 to USD200 per tonne and the US Premium trading at
USD150 to USD180 per tonne. In Japan and Korea, premiums are expected to
be at the level of USD115 to USD120 per tonne, reflecting closer access
to nearby stocks of the metal. UC RUSAL does not expect a significant
influx of aluminium from LME warehouses in 2011 as aluminium prices
remain firm and financial transactions linked to stocks are being
retained by financial investors as long term investments.
Alumina market
Alumina price continued strong growth in the first three months of 2011,
up by 18.7% compared to the same period of last year to USD388 per
tonne, reaching a level of USD400 per tonne in March 2011 as more third
party alumina sales were tracking spot market prices as global producers
tried to de-link the alumina price from aluminium.
UC RUSAL expects the strong growth in alumina prices to continue in 2011
and the alumina spot market price to reach a level of USD450 per tonne
in 2011 based on strong Chinese and other regions’ demands as well as
oil price above USD120 per barrel. In August, UC RUSAL commenced selling
its free alumina at prices formed by a basket of indices including Metal
Bulletin, CRU and Platts. The index increased by 27% since inception to
USD404 per tonne in the first quarter of 2011.
Electricity and capacity market in Russia
Starting in January 2011, the rules and regulations of the wholesale
electricity and capacity market in Russia were significantly modified.
In particular and amongst other changes:
— the regulators required electricity generating companies to provide
electricity to the retail sector on a subsidised basis;
— a guaranteed capacity supply concept was introduced for electricity
generating companies that do not qualify in competitive bidding,
resulting in an increase of the capacity tariffs for the subsidiaries of
the Group10 in Siberia that concluded direct contracts with
suppliers that was partially compensated in a reduction of the capacity
tariffs for other subsidiaries of the Group;
10 Group means UC RUSAL and its subsidiaries, including a
number of production, trading and other entities controlled by UC RUSAL
directly or through its wholly owned subsidiaries
— all participants of the wholesale market are now required to
participate in guaranteed capacity supply through Agreements on
Provision of Capacity (APC). All these initiatives resulted in partial
replacement of capacity purchases that were previously executed by the
Company under other agreements, including direct capacity supply
contracts;
— transmission tariffs increased under the state regulation;
UC RUSAL continues to actively monitor the changes in this sector and is
actively negotiating possible amendments to the current regulations. The
management believes that UC RUSAL should benefit from the expected
forthcoming decrease in transmission tariffs which is due to start in
May 2011 as well as possible modifications in regulations for APCs that
should favor UC RUSAL’s position.
Cost growth — a strong cycle´s side-effect
Metals and mining industry has faced strong cost pressure from the
strengthening of the local currencies against US dollar and increasing
oil prices.
Russian ruble appreciation and higher fuel and energy costs (on the back
of the stronger oil price) have become important factors for the metals
and mining industry in Russia recently, given a 6.7% year-to-date ruble
appreciation and 22.7% year-to-date growth in oil prices in the first
quarter of 2011.
These factors should not be considered on a stand-alone basis as they
are followed by stronger commodity price environment which is seen for
aluminium in the first quarter and the beginning of the second quarter
of 2011. Besides that, high oil prices also indicate a strong industrial
demand globally, so the overall impact should be generally positive.
Norilsk Nickel investment
The market value of UC RUSAL’s stake in Norilsk Nickel increased by
12.3% from USD11,186 million as at 31 December 2010 to USD12,557 million
as at 31 March 2011 due to positive share price performance in the
reported period.
FINANCIAL OVERVIEW
Revenue
Revenue increased by 28.4% to USD2,993 million in the three months ended
31 March 2011, as compared to USD2,331 million for the same period in
2010. The increase in revenue was primarily due to increase in sales
prices for primary aluminium and alloys which accounted for 83.8% of UC
RUSAL’s revenue for the three months ended 31 March 2011 and 83.3% for
the three months ended 31 March 2010.
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Three months ended 31 March
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2011
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2010
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(unaudited)
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(unaudited)
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Sales of primary aluminium and alloys
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USD million
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2,508
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1,942
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kt
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971
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873
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Average sales price
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(USD/t)
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2,583
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2,225
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Sales of alumina
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USD million
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167
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129
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kt
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464
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408
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Average sales price
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(USD/t)
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360
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316
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Sales of foil
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USD million
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73
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59
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Other revenue
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USD million
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245
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201
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Total revenue
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2,993
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2,331
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Revenue from sales of primary aluminium and alloys increased by USD566
million, or by 29.1%, to USD2,508 million in the three months ended 31
March 2011, as compared to USD1,942 million in the same period in 2010.
The increase in revenue over the period resulted primarily from the rise
in weighted-average realised aluminium prices, by approximately 16.1% in
the three months ended 31 March 2011, as compared to the same period in
2010, due to the increase in the LME aluminium price and premiums over
LME price in the different geographical segments, as well as improved
product mix and an increase in the volume of sales of aluminium by
11.2%. Traditional factors influenced sales in the first quarter of
2011: that is, the harsh ice season in Russia that disrupts aluminium
shipment and the shorter quarter (the first quarter is two days shorter
than the last quarter of the year). As a result, UC RUSAL should see
additional revenue from aluminium sales in the second quarter of 2011.
Premiums for delivery of physical metal continued to increase during the
first quarter of 2011. Weighted-average realised premiums above LME
aluminium prices have increased by 84.3% from USD83 per tonne in the
first quarter of 2010 to USD153 per tonne in the first quarter of 2011.
One of the key factors influencing higher premiums was the increased
proportion of alloy production (value-added products with the higher
premiums) in the total production volume, from 26% in the first quarter
of 2010 to 36% in the first quarter of 2011.
Revenue from sales of alumina increased by USD38 million, or 29.5%, to
USD167 million in the three months ended 31 March 2011, as compared to
USD129 million in the same period in 2010. The increase in revenue in
the three months ended 31 March 2011 was primarily the result of an
increase in alumina weighted-average sales prices by 13.9%, in line with
the rise in worldwide aluminium prices, as well as an increase in the
volume of sales of alumina by 13.7%.
Revenue from sales of foil increased to USD73 million in the three
months ended 31 March 2011, or by 23.7%, as compared to USD59 million in
the same period in 2010, due to an increase in the average realised
price during the three months ended 31 March 2011 as compared to the
same period in 2010.
Revenue from other sales, including transportation and energy, increased
to USD245 million in the three months ended 31 March 2011, or by 21.9%,
from USD201 million in the same period in 2010. The increase in other
sales in the three months ended 31 March 2011 was primarily due to an
increase in sales volumes and the corresponding tariffs earned from the
Group’s transportation business in Kazakhstan due to an increase in coal
consumption. Other factors contributing to the increase in other sales
were increases in prices and volumes of various by-products and
secondary materials, including silicon, soda, aluminium powders and
electricity following the overall recovery in the global economy and the
resulting increase in capacity of a number of the Group’s production
entities.
Cost of sales
Consolidated cost of sales increased by 28.0% in the first quarter of
2011 as compared to the same period in 2010, in line with the revenue
growth. Key reasons are discussed above in the Overview of trends in
industry and business section.
Adjusted EBITDA
Adjusted EBITDA, (being results from operating activities adjusted for
amortisation and depreciation, impairment charges and loss on disposal
of property, plant and equipment), increased to USD682 million in the
three months ended 31 March 2011, as compared to USD485 million in the
same period in 2010, which was mainly due to the increase in revenue.
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Three months ended 31 March
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Change year-on-year (%)
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2011
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2010
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(USD million)
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Reconciliation of Adjusted EBITDA
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Results from operating activities
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442
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366
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20.8%
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Add:
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Amortisation and depreciation
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120
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114
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5.3%
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Impairment of non-current assets
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120
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5
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2,300.0%
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|
|
|
|
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Adjusted EBITDA
|
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682
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485
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40.6%
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=============
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=============
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=============
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Finance income and expenses
Finance income/expense changed significantly between the comparable
periods to net finance income of USD298 million in the first quarter of
2011 as compared to a finance expense of USD367 million in the same
period in 2010. The key factor was the gain on the change in the fair
value of derivative financial instruments in the first quarter of 2011
of USD715 million. Following changes in the regulations of the
electricity sector in Russia starting in 2011 discussed above, the
Company assessed the impact on the existing long-term electricity
contracts with related parties under common control. The Company
believes that these contracts continue to represent a long-term
intention to purchase electricity and capacity of up to a stated volume
at a pre-agreed price, but the current circumstances of the wholesale
market do not allow the Company and its counterparties to contractually
commit any specific volume to be delivered under the terms of the
contracts on a long-term basis except for the volumes stated in the
notice regularly submitted to the administrator of trading system
("ATS”). The Company and its counterparties under the long-term
electricity contracts at this time submit such notices on a monthly
basis. As a result, at 31 March 2011 the Company revalued the embedded
derivatives based on the contractually committed volumes of electricity
and capacity in line with timeline prospective of such notices.
Net profit for the period
UC RUSAL reported a net profit of USD746 million for the three months
ended 31 March 2011, as compared to a net profit of USD247 million for
the same period in 2010.
Segment reporting
The Group has four reportable segments, which are the Group´s strategic
business units: Aluminium, Alumina, Energy, Mining and Metals. These
business units are managed separately and results of their operations
are reviewed by the CEO on a regular basis.
The core segments are Aluminium and Alumina.
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Three months ended
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31 March 2011
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31 March 2010
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Aluminium
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Alumina
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Aluminium
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Alumina
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USD million
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Segment revenue
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2,570
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718
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1,974
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542
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Segment result
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659
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10
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451
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9
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Segment EBITDA11
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751
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33
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|
540
|
|
29
|
|
|
Segment EBITDA margin
|
|
29.2%
|
|
4.6%
|
|
27.4%
|
|
5.4%
|
|
Aluminium
The Aluminium segment is involved in the production and sale of primary
aluminium and related products. EBITDA margin of the segment increased
to 29.2% in the first three months of 2011 from 27.4% in the same period
of 2010 due to rising of LME aluminium prices and realised premiums over
LME. Total aluminium output amounted to 1,014 thousand tonnes for the
three months ended 31 March 2011, an increase of 4.2% as compared to the
three months ended 31 March 2010.
Alumina
The Alumina segment is involved in the mining and refining of bauxite
into alumina and the sale of alumina. EBlTDA margin of the segment
decreased to 4.6% in the three months ended 31 March 2011 from 5.4% in
the same period of 2010 mainly due to the increase of cost of sales.
Alumina output totaled 1,996 thousand tonnes for the three months ended
31 March 2011, an increase of 9.5% as compared to the three months ended
31 March 2010. Bauxite production totaled 3,139 thousand tonnes for the
three months ended 31 March 2011 and increased by 20.1% as compared to
the three months ended 31 March 2010.
Consolidated interim condensed financial information
The unaudited consolidated interim condensed financial information of UC
RUSAL for the three months ended 31 March 2011 was approved by the
Directors of UC RUSAL on 11 May 2011, and reviewed by the Company’s
Audit Committee. It has also been filed with the French Autorité des
marchés financiers on the date hereof and is accessible on UC
RUSAL’s website at http://rusal.ru/en/fin_statements.aspx
11 Segment EBITDA for any period is defined as segment result
adjusted for amortization and depreciation for the segment.
Material events of the first quarter of 2011
|
26 January 2011
|
|
The restart of works at the construction site of the Boguchansky
aluminum smelter that is part of the BEMO project.
|
|
|
|
|
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14 February 2011
|
|
Decision to restart operations at Kirkvine Plant (part of WINDALCO)
in Jamaica.
|
|
|
|
|
|
1 March 2011
|
|
Book closure of the ruble bond issue, Series 07, in the amount of 15
billion rubles on MICEX.
|
|
|
|
|
|
11 March 2011
|
|
Debt prepayments made in the total amount of approximately USD835
million to the Company’s international lenders, Russian lenders and
Onexim Holdings Limited under the International Override Agreement.
The debt prepayments were made on four separate dates, 16 February
2011, 25 February 2011, 4 March 2011 and 10 March 2011.
|
|
|
|
|
|
28 March 2011
|
|
Memorandum of Understanding signed with Xinshan Aluminum Industry
Demonstration Park, China’s largest organisation responsible for the
development of aluminium production in the country and supported by
the Chinese Government.
|
Events subsequent to the end of the first quarter period
|
14 April 2011
|
|
Book closure of the second tranche of the ruble bond issue, Series
08, by OJSC RUSAL Bratsk in the amount of 15 billion rubles.
|
|
|
|
|
|
25 April 2011
|
|
Further debt repayments in the total amount of approximately US$529
million made to international and Russian lenders. The debt
prepayment in the amount of approximately USD517 million was made on
20 April 2011 with additional USD12 million prepaid until the end of
April 2011.
|
Audit committee
The Directors have established an audit committee to assist them in
providing an independent view of the effectiveness of the Company’s
financial reporting process, internal control and risk management
systems and to oversee the audit process. The audit committee consists
of a majority of independent non-executive Directors. The members of the
audit committee are as follows: three independent non-executive
Directors, being Dr. Peter Nigel Kenny (Chairman), Mr Philip Lader and
Ms. Elsie Leung and two non-executive Directors, Mr. Alexander Popov,
and Mr. Dmitry Razumov.
On 11 May 2011, the audit committee has reviewed the financial results
of the Company for the quarter ended 31 March 2011.
Compliance
Pursuant to Article L.451-1-2 IV of the French Code monétaire et
financier, the Company is required to publish quarterly financial
information for the first and third quarters of the financial year.
The Directors confirm that the information contained in this
announcement does not contain any false statements, misleading
representations or material omissions, and all of them jointly and
severally accept responsibility as to the truthfulness, accuracy and
completeness of the content of this announcement.
Forward-looking statements
This announcement contains statements about future events, projections,
forecasts and expectations that are forward-looking statements. Any
statement in this announcement that is not a statement of historical
fact is a forward-looking statement that involves known and unknown
risks, uncertainties and other factors which may cause our actual
results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. These risk and uncertainties include those
discussed or identified in the prospectus for UC RUSAL. In addition,
past performance of UC RUSAL cannot be relied on as a guide to future
performance. UC RUSAL makes no representation on the accuracy and
completeness of any of the forward-looking statements, and, except as
may be required by applicable law, assumes no obligations to supplement,
amend, update or revise any such statements or any opinion expressed to
reflect actual results, changes in assumptions or in UC RUSAL’s
expectations, or changes in factors affecting these statements.
Accordingly, any reliance you place on such forward-looking statements
will be at your sole risk.
|
|
By Order of the board of directors of United Company RUSAL
Plc Tatiana Soina Director
|
11 May 2011
As at the date of this announcement, our executive directors are Mr.
Oleg Deripaska, Mr. Vladislav Soloviev, Mr. Petr Sinshinov, Ms. Tatiana
Soina, Mr. Alexander Livshits and Ms. Vera Kurochkina, our non-executive
directors are Mr. Victor Vekselberg (Chairman), Mr. Dmitry Afanasiev,
Mr. Len Blavatnik, Mr. Ivan Glasenberg, Mr. Alexander Popov, Mr. Dmitry
Razumov, Mr. Anatoly Tikhonov and Mr Artem Volynets, and our independent
non-executive directors are Dr. Peter Nigel Kenny, Mr. Philip Lader, Mr.
Barry Cheung Chun-Yuen and Ms. Elsie Leung Oi-sie.
All announcements and press releases published by the Company are
available on its website under the links http://www.rusal.ru/en/stock_fillings.aspx
and http://www.rusal.ru/en/press-center.aspx,
respectively.
