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Kazchrome Annual Report 2019

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Kazchrome Annual Report 2019 YEAR OF GREAT ACHIEVEMENTS 2019 ANNUAL REPORT TNC Kazchrome JSC TNC Kazchrome JSC is one of the leading modern vertically integrated companies in the world. The Company is currently among the world’s leading manufacturers of chrome ore and ferroalloys, with its unique resource base and low production costs. CONTENTS ц 1 MANAGEMENT STATEMENT 6 FINANCIAL REVIEW 9 CORPORATE GOVERNANCE 2 Statement of the Chairman of the Board of 23 Preparation principles 39 Share capital and shareholders Directors 23 Statement of profit or loss 40 Subsidiaries and affiliates 3 Statement of the President 25 Capital expenditures 40 Management structure 25 Current debts 44 Key management team 2 ABOUT THE COMPANY 47 Data reliability statement 4 General description 7 RISK MANAGEMENT 5 Key performance indicators 27 Risk management system 10 FINANCIAL STATEMENTS 6 Business model 28 Key risks and their management 49 Independent auditor’s report 57 Consolidated balance sheet 3 MARKET OVERVIEW 8 SUSTAINABLE DEVELOPMENT REVIEW 59 Consolidated statement of profit or loss and other comprehensive income 11 Macroeconomic situation 31 Our employees 60 Consolidated statement of changes in equity 11 Ferrochrome market demand and supply and 33 Occupational health and safety 61 Consolidated statement of cash flows prices overview 34 Environmental protection 63 Notes to the consolidated financial statements 37 Social investments 4 STRATEGY OVERVIEW ANNEXES 14 Optimisation and growth initiatives 93 Annex 1: Оrganisational structure 5 OVERVIEW OF OPERATIONAL RESULTS 94 Annex 2: Glossary 17 Products, sales, markets and consumers 18 Reserves and resources TNC Kazchrome JSC | 2019 Annual Report 1 MANAGEMENT ABOUT MARKET STRATEGY OVERVIEW FINANCIAL RISK SUSTAINABLE CORPORATE FINANCIAL 1 STATEMENT 2 THE COMPANY 3 OVERVIEW 4 OVERVIEW 5 OF OPERATIONAL RESULTS 6 REVIEW 7 MANAGEMENT 8 DEVELOPMENT REVIEW 9 GOVERNANCE 10 STATEMENTS The Company is confident of ongoing production activity We aim to align with the best environmental innovative and of fulfilling all its commitments to our country, solutions and improve our operational results, employees, suppliers and our home regions. focusing on ‘Green Economy’ priorities in Kazakhstan. Serik Shakhazhanov Arman Yessenzhulov Chairman of the Board of Directors of TNC Kazchrome JSC President of TNC Kazchrome JSC Statement of the Chairman Statement of the Board of Directors of the President Dear colleagues, partners and investors Dear partners, colleagues and friends In 2019 TNC Kazchrome JSC (Kazchrome) position as a Kazakhstan company in the the previous year. Nevertheless, I am deeply achieved excellent results, reflecting global market for chrome alloys. Next year, saddened to report two fatalities that took 2019 was a year of significant achievements after all the reconstruction is completed. constantly search for the best scientific our contribution to the socio-economic we will continue promoting production place within Kazchrome. This is unacceptable for the Company. We reached a historic The Company is working towards achieving solutions and technologies for waste development of the country. The Company efficiency improvements, cost reduction and we will make every effort to prevent any maximum in chrome ore extraction and the stability of the materials supply for our recycling. Environmental protection issues is confident of ongoing production activity and the modernisation of production further fatalities in the future. The cause of ferroalloys production, obtained the ferroalloy plants. We continued to advance are integrated deeply into our operational and of fulfilling all its commitments to our facilities. Kazchrome was the first ERG these incidents are under review and will first results from the implementation of Phase 2 of the 10th Anniversary Mine objectives. We aim to align with the best country, employees, suppliers and our home company to pilot the ERG Way Production be the focus of improvement in our safety innovative projects and continued our development at Donskoy GOK. environmental innovative solutions and regions. System applications. The initial results of management system. work within the framework of Kazchrome’s improve our operational results, focusing on the transformation of the working culture approved development strategy. At the same We strive to use the most innovative ‘Green Economy’ priorities in Kazakhstan. Moreover, the Company entered another showed efficiency improvements in certain Kazchrome will continue doing business, time, the Company demonstrated its ability solutions, adopt best practice and develop stage of transformation this year. Where processes and an increase in employee- adhering to the values and mission of the to withstand adverse external influences. our own ideas in order to remain a Kazchrome is a socially oriented company previously, we targeted production volumes, generated initiatives, gathered through our Company. COVID-19 pandemic that has Despite the instability of the ferroalloy competitive and flexible company. This and people are our core value. We are our key focus is now production efficiency Ideas Factory. swept the world and negatively impacted market during 2019, we still managed to year, our operating assets delivered record responsible for our employees and and alignment with the best available our operations has made our team even achieve satisfactory financial results due to results: our two ferroalloy plants produced their prosperity. We offer competitive technologies. Our employees are the most important stronger. We understand that we now live changes in internal processes and effective 1.8 mln tonnes of ferroalloys (2018: 1.7 mln salaries as well as health insurance and element within our sustainable development with new realities; we have taken good resource management. tonnes). In 2019, Donskoy GOK extracted accommodation. We create all the necessary Despite price fluctuations in the global metal programme and as part of maintaining care of our employees, providing them 6.0 mln tonnes of chrome ore (2018: 5.6 conditions to provide opportunities for markets, the Company reached record- improvements in the quality of life of our with personal protective equipment and all In 2019, we initiated the pilot applications mln tonnes) and produced 4.6 mln tonnes personal and professional growth, and for breaking production figures for the year. employees in 2019, ERG in Kazakhstan necessary medical supplies. We have also of the ERG Way Production Systems at of saleable chrome products (2018: 4.3 mln self-realisation. Today, Kazchrome is one of This was all made possible through the increased employees’ salaries. Kazchrome reconsidered our production plans in the Kazchrome. We expect this to enhance the tonnes); this growth is the result of increased the most reliable and responsible national application of the well-defined ERG strategy, also fulfilled all its social commitments under light of COVID-19 and are confident that efficiency of existing processes, without demand in raw materials from the ferroalloy employers, providing jobs for more than effective management and the commitment the collective agreement. the Company has sufficient flexibility and additional capital expenditure, through plants. 19,000 Kazakhstani people. of our employees. strategic stability. encouraging employees engagement, Occupational health and safety are among improvement in loss control and the We exert every effort to minimise the We are committed to continuous The basis of the long-term strategy of our top priorities. In 2019, we invested 14 application of best international practices. environmental impact of our operations improvement. Transparency, improvement Kazchrome is to strengthen our leading bln Tenge in this area, 20% more than in and to reduce the slag generation and of business efficiency and an emphasis on This year, we continued implementing operational waste disposal. In 2019, the quality of our products pave the way strategic initiatives aimed at increasing Kazchrome spent 25.7 bln Tenge on for our further growth. We strive to use the ferroalloy production. This included the environmental protection measures. We most innovative solutions, adopt the best renovation of smelting workshop No.6, build waste processing facilities and increase international practices, develop our own and Phase 1 has now been completed. On our waste product lines through specialist solutions, to be always in the forefront, go Metallurgist Day eve, we have commissioned service providers for subsequent use in with the tides and be the best at what we our innovative smelting furnace No. 64 other operations. At the same time, we do. 2 TNC Kazchrome JSC | 2019 Annual Report 3 MANAGEMENT ABOUT MARKET STRATEGY OVERVIEW FINANCIAL RISK SUSTAINABLE CORPORATE FINANCIAL 1 STATEMENT 2 THE COMPANY 3 OVERVIEW 4 OVERVIEW 5 OF OPERATIONAL RESULTS 6 REVIEW 7 MANAGEMENT 8 DEVELOPMENT REVIEW 9 GOVERNANCE 10 STATEMENTS ABOUT Key performance indicators THE COMPANY Financial indicators Thousand Tenge 2017 2018 2019 Revenue 702,097,306 750,056,337 698,307,440 EBITDA 376,612,703 351,145,749 280,737,926 Net profit 288,897,598 169,876,022 149,096,587 Capital expenditures 50,411,263 68,982,042 85,245,751 Note: The indicators do not include profit from discontinued operations. In December 2018, Kazchrome sold its interest in Molservice LLP, Lotos Aktobe LLP, Khromtau Brick Plant LLP, Credit Partnership ENRC Credit LLP, and Shubarkol Komir JSC to another ERG companies. In 2019, key financial indicators such
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