Investor Presentaiton
En+
GROUP
FINANCIAL REVIEW
Cost of sales
The following table sets forth components
of the Power segment's cost of sales (before
intersegmental elimination) for the years indicated:
In 2021, the Power segment's adjusted EBITDA
(before intersegmental elimination) increased by
USD 179 million, or 18.0%, to USD 1,172 million, from
USD 993 million in 2020. The growth was driven by an
increase in electricity generation volumes and increase
in average electricity spot prices and capacity prices.
As Power operations account for a sizeable portion of
the revenues attributable to the Power segment, and
are, therefore, a predominant contributor to the adjusted
EBITDA of the segment. The low-cost operation of HPPS
positively affects the overall adjusted EBITDA of the
Power segment. The proportion of HPPs' contribution
to the adjusted EBITDA of the Power segment in
particular was 91.8% in 2021 and 92.1% in 2020.
The following table sets forth a reconciliation
of the Power segment's adjusted EBITDA to
the Power segment's results from operating
activities for the periods indicated:
NET ASSETS
Year ended 31 December
(USD mn)
Electricity and capacity
Personnel expenses
2021
427
354
2020
361
319
Depreciation and amortisation
216
206
Cost of raw materials and fuel
257
227
Aluminium
182
117
Electricity transmission costs
160
141
Other
225
211
Total cost of sales
1,821
1,582
En+ Group Annual Report 2021
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
(USD mn)
Year ended
31 December
2021
2020
GROUP
Non-current assets
Current assets
17,090
8,967
16,062
6,599
Non-current
liabilities
Current liabilities
Net assets
(9,897) (12,021)
(5,849) (4,575)
10,311 6,065
Net working capital
Net working capital is defined as
inventories plus short-term trade and
other receivables (excluding dividend
receivables), less trade and other payables.
The following table sets forth the
calculation of the net working capital of
the Group, Power segment and Metals
segment as at the dates indicated:
RUSAL
Non-current assets
12,470
Current assets
8,436
11,501
5,877
Non-current
(USD mn)
GROUP
As at 31 December
2021
2020
liabilities
(5,790) (8,044)
Inventories
3,731
2,339
Current liabilities
(4,592) (2,791)
Shortterm trade and
Net assets
10,524
6,543
other receivables
2,655
1,431
POWER SEGMENT
Dividends receivable
(827)
Non-current assets
Current assets
9,725
824
9,667
903
Trade and other
payables
(2,806)
Net working capital
2,753
(2,156)
1,614
Non-current
liabilities
Current liabilities
Net assets
(4,121) (3,981)
(1,461) (1,955)
4,967 4,634
METALS SEGMENT
Inventories
3,692
2,292
Shortterm trade and
other receivables
2,473
1,163
Dividends receivable
(827)
USD 4,246 mn to
USD 10,311 mn
as at 31 December 2021,
from USD 6,065 mn as
at 31 December 2020
In 2021, Metals segment's net assets
increased by USD 3,981 million, or by
60.8%, to USD 10,524 million as at
31 December 2021, from USD 6,543 million
as at 31 December 2020. This was
mainly caused by an increase in
total assets, driven primarily by
the increase in property, plant and
equipment, inventories, trade and
other receivables (including dividends
receivable) and advances paid.
In 2021, the Power segment's net assets
as at 31 December 2021 increased
by USD 333 million, or by 7.2%, to
USD 4,967 million, from USD 4,634 million
as at 31 December 2021 mainly due
to current liabilities decrease, driven
by loans scheduled repayments (net
repayment - USD 431 million).
As at 31 December 2021, the Group's
net working capital amounted to
USD 2,753 million, compared to
USD 1,614 million as at 31 December 2020.
In 2021, net working capital increased
by 71% compared to 2020 due to an
increase of inventories (accumulation of
inventories for future repairs, increase of
cost due to increase of mineral extraction
tax and implementation of temporary
export duties), which was partly offset
by increase in account payables (export
duties, investment and repair works,
purchases of equipment and materials).
Trade and other
payables
Net working capital
POWER SEGMENT
Inventories
(2,408)
2,930
(1,836)
1,619
158
113
Shortterm trade and
other receivables
306
333
Trade and other
payables
(602)
(491)
Net working capital
(138)
(45)
(USD mn)
Year ended 31 December
2021
2020
RECONCILIATION OF ADJUSTED EBITDA
Results from operating
activities
889
731
ADD:
Amortisation and depreciation
229
214
Gain on disposal of property,
plant and equipment
(4)
(1)
Impairment of non-current
assets
58
49
In 2021, the Group's
net assets increased by
Adjusted EBITDA
1,172
993
The Power segment's cost of sales increased by
USD 239 million, or by 15.1%, to USD 1,821 million for
the year ended 31 December 2021, as compared to
USD 1,582 million for the year ended 31 December 2020.
Power segment's cost increased following gradual
raise of salaries for employees throughout 2021,
inflationary growth in raw materials purchase prices,
as well as significant hike in aluminium purhcase
prices, increase in raw materials purchase price due
to inflationary pressure and increase of aluminium
purchase prices as a result of LME aluminium prices
growth to an average of USD 2,475 per tonne
in 2021 from USD 1,702 per tonne in 2020.
Adjusted EBITDA and adjusted
EBITDA margin
The following table sets forth the Power
segment's adjusted EBITDA and adjusted
EBITDA margin for the years indicated:
(USD mn)
Adjusted EBITDA (HPP's)
Year ended 31 December
2021
2020
1076
914
Adjusted EBITDA (CHP's)
38
30
Adjusted EBITDA (Coal)
31
30
Adjusted EBITDA (Other and
unallocated)
27
19
Adjusted EBITDA (Power
segment)
1,172
993
Adjusted EBITDA margin
(Power segment)
37.3%
36.8%
Adjusted EBITDA margin
(HPP's)
86.4%
84.8%
Adjusted EBITDA margin
(CHP's)
5.2%
4.4%
Adjusted EBITDA margin
(Coal)
13.1%
12.8%
54
APPENDICES
55View entire presentation