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Resilience Growth Sustainability EuroChem EuroChem In its tenth year as a company, EuroChem is among the world’s top ten agrochemical Annual Report and Accounts 2010 Accounts Report and Annual companies, with the added benefit of significant interests in mineral resources. Our resource base and production assets are located in Russia and Lithuania, but our sales are global: we sell fertilizers, chemicals and iron ore to 84 countries. Our strategic goal is to become a top 5 global producer by profitability and nutrient capacity, and we plan to invest over USD 5bn through 2015 in new production, improved efficiency and better integration of production processes to help achieve this. Resilience Contents Overview of our business Performance Financial statements 01 Highlights 20 Nitrogen 45 IFRS Consolidated financial statements Growth 02 EuroChem at a glance 22 Phosphates and Independent auditor’s report 04 Our operations 24 Potash 06 Our market drivers 26 Distribution Other information Sustainability 08 The global industry – peer analysis 27 Logistics and international sales 85 Main production subsidiaries 10 Sustainability 28 Management report 86 Contact information Annual Report and Accounts 2010 14 Chairman’s statement 34 Key financial and non-financial data IBC Forward-looking statements 15 EuroChem timeline 2010 36 Risk management 16 Q&A with our CEO 18 Risks Corporate governance 38 Our governance Registered office EuroChem Mineral and Chemical Company, OJSC 53/6 Dubininskaya St., Moscow 115054 Tel: +7 (495) 795 2527 Fax: +7 (495) 795 2532 E-mail: [email protected] Overview " As we enter our tenth year, EuroChem In shape for is nearing a major milestone in its development. We already have a successful sustainable growth track record for responsible and sustainable growth, having reached the Forward-looking statements top ten position among fertilizer producers This annual report has been prepared by EuroChem MCC OJSC (“EuroChem” or the “Company”) for informational purposes, and may include forward-looking statements or projections. These forward-looking statements or projections include matters that are not historical facts or statements and reflect the Company’s intentions, beliefs or current expectations concerning, globally. Today we are on track with the among other things, the Company’s results of operations, financial condition, liquidity, performance, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forwarding-looking statements and projections involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the construction of our potash mines, which future. The Company cautions you that forward-looking statements and projections are not guarantees of future performance and that the actual results of operations, financial condition and liquidity of the Company and the development of the industry we believe will launch EuroChem into a in which the Company operates may differ materially from those made in or suggested by the forward-looking statements or projections contained in this publication. Factors that could cause the actual results to differ materially from those contained in forward-looking statements or projections in this publication may include, among other things, general economic conditions top five position among producers globally in the markets in which the Company operates, the competitive environment in, and risks associated with operating in, such markets, market change in the fertilizer and related industries, as well as many other risks affecting the Company and its operations. In addition, even if the Company’s results of operations, financial condition and liquidity and the development of the by nutrient capacity and profitability." industry in which the Company operates are consistent with the forward-looking statements or projections contained in this publication, those results or developments may not be indicative of results or developments in future periods. The Company Andrey Melnichenko does not undertake any obligation to review or confirm expectations or estimates or to update any forward-looking statements or projections to reflect events that occur or circumstances that arise after the date of this publication. Chairman of the Board of Directors Statements regarding competitive position Statements referring to EuroChem’s competitive position are based on the company’s belief and, in some cases, rely on a range of sources, including investment analysts’ reports, independent market studies and EuroChem’s internal assessments of market share based on publicly available information about the financial results and performance of market participants. The story so far Our phosphates story Investment strategy EuroChem turns ten years old in 2011! We have USD 530m EuroChem’s phosphate operations are vertically Our investment strategy is designed to help achieved leading positions in our industry by EuroChem’s investments into new products, greater integrated, starting from apatite mining operations EuroChem grow faster than the market through production capacity and responsible investments, efficiency and environmental protection in 2010. to distribution and transhipment facilities for investments in potash, while maintaining or we have strong credit ratings from Fitch and finished product from EuroChem’s phosphate plants. increasing the competitiveness of our existing S&P among privately-owned Russian corporates We are further enhancing our position by investing nitrogen and phosphate operations through higher and we have instituted a best-practice corporate in increased capacity, greater efficiency and higher value-adding products, vertical integration and governance system and an award-wining CSR quality production. efficiency gains. In addition, we have a defined program. And we’re only getting started... approach for non-organic growth. Meeting global demands Delivering on growth Our nitrogen story Our potash story As 2010 has shown, it takes just one season of EuroChem’s strategy is about growth and efficiency. EuroChem has a strong position domestically and We achieved important milestones in 2010 with the 8.0 MMT p.a. unfortunate climatic events in some agricultural We continued to deliver on our goals in 2010, with is a globally competitive producer thanks to relatively start of active shaft sinking at our Gremyachinskoe Planned capacity for Gremyachinskoe and markets coupled with a year of underfertilization the launch of two new granulated urea lines and low natural gas costs, efficiency, product flexibility potash deposit. This top-priority project remains Verkhnekamskoe potash deposits upon completion and an empty fertilizer supply chain to bring the further advancements on our new melamine line and comfortable logistics. Our competitive position on track to begin production by the end of 2013, of both project phases at both deposits. specter of food insecurity back onto the global (both unique in Russia), and the start of active shaft is enhanced by vertical integration through the and we expect to be one of the lowest-cost potash agenda. More than ever, the world needs more food sinking at the Gremyachinskoe potash deposit. production, sales, logistics and distribution chain. producers in the world. at affordable prices, and EuroChem is responding to the challenge by increasing production by 4.3%, increasing efficiency and investing in new capacity. Sustainability at the core +70% Sustainability is at the core of EuroChem’s strategy. Estimated increase needed in global agricultural We recognize that capital investments coupled production to feed the world’s population in 2050. with financial stability and responsible attitudes to health, safety and environmental issues underpin EuroChem’s long-term profitability and sustainability. This Report has been printed to environmental management system ISO 14001 standards by a printer which is Forest Stewardship Council (FSC) chain of custody-certified. All inks used are vegetable-based. This paper is environmentally friendly ECF (elemental chlorine-free) and wood-free with a high content of selected pre-consumer recycled material. The mill is fully FSC-certified. The paper is also completely bio-degradable and recyclable. If you have finished reading this Report and no longer wish to retain it, please pass it on to other interested readers, return it to EuroChem or dispose of it in your recycled paper waste. Thank you. The Annual Report is available on www.eurochem.ru Designed and produced by The College www.thecollege.uk.com Overview " As we enter our tenth year, EuroChem In shape for is nearing a major milestone in its development. We already have a successful sustainable growth track record for responsible and sustainable growth, having reached the Forward-looking statements top ten position among fertilizer producers This annual report has been prepared by EuroChem MCC OJSC (“EuroChem” or the “Company”) for informational purposes, and may include forward-looking statements or projections. These forward-looking statements or projections include matters that are not historical facts or statements and reflect the Company’s intentions, beliefs or current expectations concerning, globally. Today we are on track with the among other things, the Company’s results of operations, financial condition, liquidity, performance, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forwarding-looking statements and projections involve
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