Global Leader in Hydro Power and Aluminium
Segment Highlights
Power segment
USD mn
FY 2019
FY 2018
Change
Revenue
2,989
3,147
Adj. EBITDA¹
1,127
1,174
Adj. EBITDA margin
37.7%
37.3%
Net profit
311
211
Net profit margin
Capex
10.4%
6.7%
236
181
(5.0%)
(4.0%)
0.4 pp
47.4%
3.7 pp
30.4%
Metals segment
USD mn
FY 2019
FY 2018
Revenue
9,711
10,280
Adj. EBITDA¹
966
2,163
Adj. EBITDA margin
9.9%
21.0%
Net profit
960
Net profit margin
9.9%
1,698
16.5%
Change
(5.5%)
(55.3%)
(11.1 pp)
(43.5%)
(6.6 pp)
Capex
848
834
1.7%
Ent
GROUP
• Power segment revenues decreased by 5.0% y-o-y to USD 2,989 mn, mainly reflecting
rouble depreciation in 2019 compared to 2018 (the average RUB/USD exchange rate went
up 3.2%)
• Adj. EBITDA decreased to USD 1,127 mn (down 4.0% y-o-y). The decline was driven by a
decrease in average electricity spot prices and rouble depreciation, which was partially
offset by the increase in electricity generation volumes
Net profit increased to USD 311 mn from USD 211 mn in 2018, mainly as a result of a
reduction in reported net finance expense
• Capex amounted to USD 236 mn (up 30.4% y-o-y). Maintenance capex accounted for
approximately 58% of total capital expenditure. Power segment continued investments to
the technical connections to power supply infrastructure (including a new substation for the
Taishet aluminium smelter) and CHPS efficiency improvement, continuing HPPs' 'New
Energy' modernisation program
Metal's segment revenue decreased by 5.5% to USD 9,711 mn as compared to USD 10,280
mn for 2018 following a 15.1% decrease in the average LME aluminium price from USD
2,110 per tonne in 2018 to USD 1,792 per tonne in 2019 and a 11.2% drop in the average
realized premiums to the LME price
Adj. EBITDA decreased to USD 966 mn, as compared to USD 2,163 mn in 2018. Profit in
2019 decreased to USD 960 mn from USD 1,698 mn in 2018
• Capex amounted to USD 848 mn (up 1.7% y-o-y). Maintenance capex amounted to 59% of
the total expenditure in 2019. Metals segment continued its investment in key
development projects as per its strategic priorities of preserving its competitive advantages
of vertical integration into raw materials and product mix enhancements
(1) Adj. EBITDA for any period represents the results from operating activities adjusted for amortisation and depreciation, impairment charges and loss on disposal of property, plant and equipment for the relevant period.
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