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Fifty Ninth Annual Report

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Fifty Ninth Annual Report His Majesty King Abdullah II Ibn Al Hussein His Royal Highness Crown Prince Al Hussein Bin Abdullah II 4 Annual Report 2015 FIFTY NINTH ANNUAL REPORT Of the Board of Directors and the consolidated financial statements of the Company for the year ended 31 December 2015, presented at the Ordinary General Assembly Meeting at 12:00 noon on Thursday 21April 2016 AD, 14 Rajab 1437 H. TABLE OF CONTENTS Message from the Chairman 6 11. APC’s Main Achievements in 2015 58 2015 in Numbers 10 Major Financial Indicators 2011 – 2015 12 12. Financial Impact of Non-Recurring Activities Safety 15 that Occurred during the Financial Year and Production 18 are Not Part of the Company’s Core Activities 58 Sales 21 Compliance with National and International 13. Trend of Major Financial Indicators for the Quality Standards 22 Period 2011 - 2015 in Thousand JD except Governance 23 Financial Ratios, Share Data, Production and APC Corporate Social Responsibility (CSR) 27 Sales 59 Board of Directors Report (According to the Requirements of the Jordan Securities 14. Financial Performance Analysis 60 Commission) 28 A. Property, Plant and Equipment 60 B. Inventory 60 1. Company Activities 29 C. Investments 60 A. Number of employees by geographic D. Loans 60 location 29 E. Revenues from Sales 60 B. Capital Investment 29 F. Gross Cost 61 G. Profits 61 2. Subsidiary and Affiliate Companies 30 H. Shareholders’ Equity 61 A. Subsidiaries 30 B. Affiliates 30 15. Future Plans 62 3. Board of Directors and Executive 16. Auditors’, Legal and Consultants’ Fees for the Management 31 Company and Subsidiaries' External Auditor’s Fees 64 A. Board of Directors 31 A. The external auditor’s fees for 2015 in B. Executive Management 37 thousands of Dinars 64 B. Internal Auditor’s Fees 64 4. Major Shareholders 40 C. Legal Fees 64 5. Competitive Position within the Sector of 17. Shares Held by Members of the Board of Activities 41 Directors and Executive Management and A. The International Scene 41 Their Relatives 64 B. World Potash Production 42 A. Shares owned by Members of the Board C. Potash deliveries and demand 43 of Directors 64 D. Prices 46 B. Shares Owned by Members of the E. Developments in APC’s main markets 46 Executive Management 65 F. APC Sales and Marketing 48 C. Shares Owned by Relatives of Members G. Shipping and Logistics 51 of the Board of Directors and Executive H. International Activities and Promotion 51 Management 65 6. Company’s Dependence on a Local or Foreign 18. Compensations and Benefits 66 Suppliers or Customers by more than 10% 52 A. Compensations and Benefits to Members of the Board of Directors 66 7. Government Protection or Concessions to B. Compensations and Benefits to the Company or its Products 52 Members of the Executive Management 67 8. Decisions by the Government or 19. Summary of the Arab Potash Company’s CSR International Organizations that had a Program During the Years 2012-2015 69 Material Effect on the Operations of the Company or Its Competitiveness 52 20. Related Party Transactions 71 9. Organizational Structure 53 21. APC Contributions to the Protection of the A. Organizational Charts 53 Environment and Local Communities 71 B. Number and Qualifications of Company A. APC Contributions to the Protection of Employees 55 the Environment 71 C. Training Courses for APC Employees 55 B. APC contributions to the service of local D. Other Benefits and Housing 55 communities 71 10. Risk Management 56 22. Declarations and Recommendations 73 6 Annual Report 2015 I am also glad to congratulate all members of the Arab Potash family on achieving a new production record of MESSAGE FROM 2,355,000 tons. This achievement comes in addition to the Company’s plan to raise the total production capacity THE CHAIRMAN of potash by 245,000 tons per year, and granular potash by 250,000 tons. These improvements are in response to market expectations of an increase in long-term demand for potash. The Board of Directors has approved In the name of God the Compassionate the Merciful the project for completion in 2018/2019, God willing. The Members of the Board of Directors and the Executive APC is also working to reduce production costs on several Management of the Arab Potash Company (APC) and levels, most importantly, the cost of energy. In the recent I are delighted and honored to submit to you the 59th past years, production costs were seriously impacted by annual report for the year 2015 on the Company’s the rise in energy costs, particularly electricity, which did operations, including its consolidated financial not drop this year in parallel to the fall in world oil and statements for the year ended 31/12/2015. The report gas prices. Electricity tariffs increased by approximately also contains a review of the past year’s achievements 3.75% in 2015, which contributed to the rise in APC’s and an outlook for the new year. electricity costs - by 6% in 2015 compared with 2014 and the cost of labor rose by 1%. This significant rise in production costs put the company among the top in APC continued, as always, to focus on the safety of its the world after it was one of the lowest in this area until employees as its first priority. After two tragic accidents 2008. involving the Company’s trucks at the beginning of the year, APC reviewed and updated the truck safety requirements. As a result the Company completed in To meet the energy challenge, APC is working to diversify 2016 four million working hours without a lost time its energy sources by replacing heavy fuel oil, currently injury - an achievement of which we are very proud. We in use with less expensive and more environmentally shall forge ahead with determination and with the help friendly natural gas. APC also continues to work on of God to break last year’s record of five-million working expanding the use of renewable energy sources. The hours. APC is one of the largest private sector employers decision was taken to proceed with a photovoltaic- in the Kingdom, providing work for more than 2,000 cell solar power generation initiative that will have a employees, of whom a large portion comes from local capacity of 33 MW to be completed within two years. communities. We want each one of them to return to his Studies are also ongoing to conduct an electric power family every day in complete health and safety. and steam generation project fuelled alternatively by natural gas or heavy fuel oil. This project will provide sufficient flexibility to alternate the use of fuel burned according to price and source. The Company also plans to complete the construction of the natural gas pipeline to its plants at Ghor Safi by the end of 2016. By the grace of God, and thanks to these achievements in improving the efficiencies of production, cost management, and the prudent policies implemented by our management, such as deferring salt dredging operations, the Arab Potash Company realized a net profit in 2015 of approximately JD 131 million after taxes, provisions and royalties - up 31% from 2014, which amounted to JD 99.7 million. Annual Report 2015 7 These profits have enabled APC to reinforce its position The Arab Potash Company stands out as one of the and leading role as a major contributor to the Jordanian largest enterprises in Jordan while its plants are located in Treasury. This is shown clearly by the significant increase the largest concentration of poverty and unemployment in the funds paid to the state treasury in 2015 over in the Kingdom. This means we as an organization have the previous year: For example, income tax payments a responsibility to work for the improvement of living increased to JD 32 million compared with JD 11 million standards in local communities most affected by APC’s in 2014, and mining royalties rose to JD 24 million activities. compared to JD 13 million in 2014. In response, the Arab Potash Company provided in the The Arab Potash Company also continued to reinforce period 2012 - 2015 an average of nearly JD 10 million its position as one of the top companies in Jordan with annually for social responsibility programs, which were regards to social responsibility, guided by the vision of divided as follows: His Majesty King Abdullah II Ibn Al Hussein, may God protect him, that the priority is to secure a better life for all Jordanians. Distribution of CSR Expenditure by Sector 2012 – 2015 (JD) 2012 2013 2014 2015 Total Average % Education 1,713,000 2,331,820 2,203,257 2,162,372 8,410,449 2,102,612 23 Social work 2,037,000 1,848,901 1,554,419 1,670,855 7,111,175 1,777,794 19 Official bodies 3,374,000 2,054,591 1,683,948 2,914,094 10,026,633 2,506,658 27 Water & 1,344,000 1,241,700 256,147 711,320 3,553,167 888,292 9 Environment Health 700,000 1,328,170 831,740 1,809,400 4,669,310 1,167,328 12 Sports 193,000 487,500 604,550 372,484 1,657,534 414,384 4 Houses of worship 298,000 356,673 186,899 219,568 1,061,140 265,285 3 Culture 95,000 312,150 209,340 240,000 856,490 214,123 2 Professional 84,000 38,495 102,700 38,605 263,800 65,950 1 associations Total 9,838,000 10,000,000 7,633,000 10,138,698 37,609,698 9,402,426 100 “ I am also glad to congratulate all members of the Arab Potash family on achieving a new production record of 2,355,000 tons.
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