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Annual Report 2011 Delivering Growth Long term value Sustainability Sesa Goa Limited Annual Report 2011 Our Vision To be one of the top four iron ore mining companies in the world Mission To maximise stakeholder wealth by exploiting To be an organisation with best-in-class people core skills of iron ore mining, coke and and a performance driven culture by attracting iron making and retaining quality manpower To constantly seek high levels of productivity To continue to maintain pre-eminent position in and technical efficiency; to maintain safety, environment and quality control technological superiority over competitors management in the respective industry sectors To aggressively seek additional resources To contribute to the development of the To maintain costs in the lowest communities that the Company operates in quartile globally or have influence on its business activities Our Values Entrepreneurship Growth Excellence We foster an entrepreneurial spirit We continue to deliver growth and Achieving excellence in all that we do is throughout our businesses and value the generate significant value for our our way of life. We strive to consistently ability to foresee business opportunities shareholders. Moreover, our organic deliver projects ahead of time at industry- early in the cycle and act on them swiftly. growth pipeline is strong as we seek to leading costs of construction and within Whether it be developing organic growth continue to deliver significant growth budget. We are constantly focused projects, making strategic acquisitions for shareholders in the future. We have on it with aspiring to achieve a top or creating entrepreneurs from within, pursued growth across all our businesses decile cost of production in each of our we ensure an entrepreneurial spirit and into new areas, always on the businesses. To achieve this, we follow a at the heart of our workplace. basis that value must be delivered. culture of best practice benchmarking. Trust Sustainability The trust that our stakeholders place We practice sustainability within the in us is key to our success. We recognise framework of well defined governance that we must responsibly deliver on structures and policies and with the the promises we make to earn that demonstrated commitment of our trust. We constantly strive to meet management and employees. We aim stakeholder expectations of us and not only to minimise damage to the deliver ahead of expectations without environment from our projects but compromising our other values. to make a net positive impact on the environment wherever we work. Sesa Goa Limited Annual Report 2011 Company Overview 02 Our Operations 1 03 Highlights 04 Chief Executive’s Statement 08 Board of Directors 10 Creating Shareholder Value Business Review Business Review 11 Market Overview Governance 13 Financial Highlights Corporate 16 Business Segment Review 17 Iron Ore 20 Pig Iron 21 Met Coke 22 Human Resource 23 Risks and Uncertainties Statements Financial Sustainability 24 Health Safety and Environment 27 Corporate Social Responsibility Corporate Governance 33 Directors’ Report 39 Annexure-A to Directors’ Report 40 Annexure-B to Directors’ Report 41 CEO / CFO Certification 42 Report on Corporate Governance 60 Auditors’ Certificate on Compliance of Conditions of Corporate Governance Financial Statements 105 Auditors’ Report on the Consolidated 61 Auditors’ Report Financial Statements 62 Annexure to the Auditors’ Report 106 Consolidated Balance Sheet 64 Balance Sheet 107 Consolidated Profit and Loss Account 65 Profit and Loss Account 108 Consolidated Cash Flow Statement 66 Cash Flow Statement 110 Schedules Annexed to and Forming 68 Schedules Annexed to and Forming Part of the Balance Sheet Part of the Balance Sheet 118 Schedules Annexed to and Forming 76 Schedules Annexed to and Forming Part of the Profit and Loss Account Part of the Profit and Loss Account 121 Notes Forming Part of the Accounts 79 Notes Forming Part of the Accounts 137 Notice of Annual General Meeting 102 Balance Sheet Abstract and Attendance / Proxy (Annexed) Company’s General Business Profile 103 Sesa Goa Limited Ten Year Record 104 Statement Pursuant to Section 212 of the Companies Act, 1956 Sesa Goa Limited Annual Report 2011 www.sesagoa.com 2 Our Operations Sesa Goa is India’s largest private sector iron ore producer and exporter. It also produces pig iron and India metallurgical coke. 04 03 0506 02 01 01 Codli Mines 02 Sonshi/Surla Mines Iron Ore Operations Goa 03 Bicholim Mines Pig Iron Operations 04 A Narrain Mine Met Coke Operations 05 Pig Iron Plant 06 Met Coke Plant Note: Map not to scale Major operating mines are shown in the map Sesa Goa Limited Annual Report 2011 Highlights 3 Financial Highlights Business Highlights ` Consolidated EBITDA of ` 5,214 crore, up 65% ` Iron ore capacity expansion is progressing well; planned investment of approximately US$ 500 ` Consolidated PAT of ` 4,222 crore, up 60% Business million for Goa and Karnataka Review ` ` Basic Earnings per share of 49.17 up 52% ` Expansion of Pig Iron and Met Coke on track for ` Dividend proposed at ` 3.50 per share as against of completion by Q3 FY2012 ` 3.25 per share declared in the previous year ` Acquired the upcoming steel plant assets of Bellary ` ` Strategic Investment – to acquire 20% stake in Steel & Alloys Limited for a cash deal of 220 crore ` Amalgamation of Sesa Industries Limited with Sesa Governance Cairn India Limited. Corporate Goa Limited completed ` Exploration - Gross addition of 53 million tonnes of reserves and resources taking the total R&R to 306 million tonnes Statements Consolidated Financial Summary Financial (in ` crore, except as stated) 2011 2010 Change Net Income from Operations 9,205 5,859 57% EBITDA 5,214 3,156 65% EBITDA Margin 57% 54% Net Profit (PAT) 4,222 2,639 60% Earnings Per Share (`) Basic 49.17 32.41 52% Diluted 48.17 31.62 52% Delivering Sustainable Shareholder Value Total Revenues (` crore) Profit After Tax (` crore) Net Worth (` crore) 2010-11 2010-11 2010-11 2009-10 2009-10 2009-10 2008-09 2008-09 2008-09 2007-08 2007-08 2007-08 2006-07 2006-07 2006-07 0 2000 4000 6000 8000 10000 0 1000 2000 3000 4000 5000 0 3000 6000 9000 12000 15000 Iron Ore Sales (Mln Tn) Pig Iron Sales (’000 Tn) Met Coke Sales (’000 Tn) 2010-11 2010-11 2010-11 2009-10 2009-10 2009-10 2008-09 2008-09 2008-09 2007-08 2007-08 2007-08 2006-07 2006-07 2006-07 0 510152025 0 50 100 150 200 250 300 0 50 100 150 200 250 300 Sesa Goa Limited Annual Report 2011 www.sesagoa.com 4 Chief Executive’s Statement Delivering strong results There were also some factors that adversely affected our production and sales of iron ore. In an effort to curb illegal mining, the Government of Karnataka banned export of iron ore mined in the state since end July 2010. In addition longer than normal monsoons in Goa and logistics constraints in Orissa and Goa further affected ore sales. Despite these constraints, your Company managed to nearly maintain production and sales volume levels at par with 2009-10. International developments in 2010-11 has further strengthened our conviction of Sesa Goa’s strategic positioning. In the near future, there is considerable market potential for a low cost producer like Sesa Goa to efficiently service the global seaborne iron ore trade. There are, however, some external uncertainties on the supply side, which are causes for concern. Sesa Goa is continuously working on reorienting its plans to meet these challenges. In addition, in 2010- Dear Shareholders, 11, we have taken some long term steps and utilised our strong cash reserves for strategic investments. 2010-11 has been a mixed year for Sesa Goa Limited. The Macroeconomic Environment There was plenty of good news. First, the year saw the global economic crisis becoming a thing It seems clear that the worst is behind us, and global of the past, with both advanced and emerging economic recovery is on its way. After contracting by economies registering positive 0.5%, world output growth is back growth during 2010. This “These positive market in positive territory at 5%. Emerging contributed to resurgence in and developing economies continue steel demand. Second, global conditions contributed to drive most of this growth. iron ore consumption increased to a 52% increase in Sesa Renewed growth has revived steel significantly and demand remained demand. Global crude steel output robust throughout the year. Third, Goa’s turnover. With this increased by 16.8% in 2010. This steel output in China continued to growth, Sesa Goa today is provided for strong demand pull grow, and with it the demand for right across the ferrous metal value imported iron ore and price. an enterprise with a gross chain. These positive market conditions turnover exceeding US$ 2 China and India are back on their contributed to a 52% increase billion.” high growth momentum. India in Sesa Goa’s turnover. With this grew by 8.6% in 2010-11, while growth, Sesa Goa today is an China recorded a growth of around enterprise with a gross turnover exceeding US$ 2 10% in 2010. There are some causes of concern in billion. terms of overheating, but the quarter-on-quarter Sesa Goa Limited Annual Report 2011 5 growth rates still do not indicate “We are optimistic that the strategic positioning that these two countries will see a significant slowdown in the near of Sesa Goa with its low cost capabilities, easy future. Business accessibility to ports and strong customer Review Nevertheless, there are some relations will hold us in good stead to mitigate worries. One of these is high producer and consumer price any downside risks and exploit the upside inflation across emerging markets, opportunities”.
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