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Broad Vision, Global Perspective Annual Report 2019 Annual Report 2019

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Broad Vision, Global Perspective Annual Report 2019 Annual Report 2019 Broad vision, global perspective Annual Report 2019 Annual Report 2019 En+ Group is a leading CONTENTS At a glance Corporate governance vertically integrated aluminium 2 The Group at a glance 107 Corporate governance structure 4 Key events and figures 109 General shareholders meeting 6 Our assets 110 Board of Directors and power producer 8 Our business model 125 Committees of the Board 10 Chairman statement 129 En+ Group’s management team 16 Chief Executive Officer statement 135 Information for shareholders and investors 20 Strategy 142 Remuneration disclosure report 22 Strong investment fundamentals Financial statements Business review 149 Statement of Directors’ Responsibilities 26 Position in the industry 150 Independent Auditor’s Report 30 Metals segment review 155 Consolidated Statement of Profit or Loss and 40 Power segment review Other Comprehensive Income 46 Financial review 157 Consolidated Statement of Financial Position AWARDS FOR PUBLIC DISCLOSURE 158 Consolidated Statement of Cash Flows Sustainable development 160 Consolidated Statement of Changes in Equity In 2019, the Company actively improved its disclosure Industry experts recognised the Company’s work whilst 72 Environmental protection practices, and its efforts were recognised by the investment 161 Notes to the Consolidated Financial Statements under sanctions, as well as the prompt reaction upon the community. The Annual Report 2018 received multiple 84 Responsibility for employees lifting of sanctions: international awards, including: Glossary + The Group’s Investor Relations, PR and reputation 88 Community engagement + IR Society Awards – Europe: shortlisted for Best annual management handling the sanctions period won Gold for 94 Sustainable economic development report – International Most effective crisis communications Contacts + Corporate & Financial Awards: Bronze for Best printed + IR Magazine Awards – Europe: En+ Group was shortlisted Internal control and risk management report: International for Best crisis management Appendices + Vision Awards Annual Report Competition (LACP): 98 Audit and Risk Committee (provided as a separate document) • Silver Award – for excellence within its industry on the 98 Internal control system Appendix 1: Report on compliance with the Russian development of the organisation’s annual report for the past fiscal year 100 Risk management Corporate Governance Code • Top 50 Reports Europe/Middle East/Africa Region 103 Code of Corporate Ethics Appendix 2: Information on material transactions • Top 20 Russian Reports of 2018 concluded by the Company and its significant • Technical Achievement Award for overall excellence in subsidiaries in 2019 the art and method of annual report communications Appendix 3: Energy resource consumption for the past fiscal year Appendix 4: List of the Company’s branches ABOUT THE REPORT This Report has been prepared in accordance with the following laws and regulations: + Federal Law No. 39-FZ On Securities Market dated 22 April 1996 In this annual report (the “Annual Report” or the “Report”), the terms “En+”, “En+ Group”, “we”, the “Company” and the “Group” in various forms shall mean + Regulations No. 454-P On Disclosing Information by Securities Issuers dated 30 December 2014 EN+ GROUP International Public Joint Stock Company/EN+ GROUP IPJSC (or, where relevant, in relation to the Company prior to the Continuance (as defined below), + The Code of Corporate Governance, recommended for use by joint stock companies by the Bank of Russia Letter No. 06-52/2463 dated 10 April 2014 (the “Russian EN+ GROUP PLC) and its subsidiaries whose results are included in the Group’s consolidated financial statements prepared in accordance with the International Corporate Governance Code”) Financial Reporting Standards (the “IFRS”). + The Listing Rules (the “LRs”) published by the UK’s Financial Conduct Authority (the “FCA”) in its capacity as a competent authority under the Financial Services The Annual Report outlines, inter alia, the Company’s strategy, business model and corporate governance structure, as well as its internal control and risk management and Markets Act 2000 (as amended) (the “FSMA”) and the FCA’s Disclosure Guidance and Transparency Rules (the “DTRs”). The LRs and the DTRs are hereinafter processes. The Group’s consolidated financial statements for the year ended and as at 31 December 2019, prepared in accordance with IFRS and accompanied by a together referred to as the “Rules”, unless otherwise specified report from the Group’s auditors, are included in the Report. Unless stated otherwise, financial results included in the Annual Report 2019 are presented and calculated based on the consolidated financial statements prepared in With effect from 9 July 2019 (the “Continuance Date”): accordance with the IFRS. a) The Company was registered as an international public jjoint stock company in the Unified State Register of Legal Entities of the Russian Federation and changed its Due to rounding, some totals in the tables, charts and diagrams in this Report may not correspond with the sum of the separate figures. This Report may also contain legal jurisdiction of incorporation from Jersey to Russia (the “Continuance”) discrepancies in the calculation of shares, percentages, and total amounts as a result of the application of different rounding methods. Data provided in the Annual b) The Company’s name was changed from EN+ GROUP PLC to EN+ GROUP IPJSC Report may differ marginally from previous disclosures, also as a result of rounding. Following completion of the Continuance, the Company’s ordinary shares were admitted to the Level One Quotation List of the Moscow Exchange (also the “MOEX”) Approval of the Report on 17 February 2020, creating a diversified platform for investors in equity instruments of the Company and increasing the Company’s accessibility to capital markets, This Annual Report was preliminarily approved by the Company’s Board of Directors (the “Board” or the “Board of Directors”) on 15 May 2020 (Minutes No.15 dated and the Company’s GDRs were delisted from the Moscow Exchange on 20 April 2020 (17 April 2020 was the last trading date for the GDRs on MOEX). For a detailed 15 May 2020). This date is referred to below as the date of this Report. discussion of the Continuance and related developments, please refer to the Corporate Governance section of this Annual Report. AT A GLANCE Annual Report 2019 AT A GLANCEAT Complementarity En+ Group is the largest between our two producer of low-carbon businesses aluminium globally Power segment Operating review 19.5 GW Total installed electricity capacity We are unique among global natural resources Sustainable development Sustainable companies. Our business advantage stems from the full integration of world-class hydro power assets that reliably and sustainably supply the energy required for the production of aluminium. In turn, our substantial production capabilities make us the largest aluminium producer outside of China Internal control and risk management risk and control Internal With a well-established presence across five continents and a strong operational hub in Siberia, combining the assets of both our Metals and Power segments, the Group is able to capture opportunities arising from its world class assets and scale. The Group’s Metals segment has a well-diversified sales platform which allows it to efficiently access and operate in all key aluminium markets including the United States, Western Europe, Japan and South East Asia. The Group has a world-class market research and analytics platform which provides valuable input to the Group’s long-term operational and financial planning. At the same time, our Power segment operates the largest and the most cost- Metals segment efficient network of power plants in the Siberian region, which allows it ot efficiently and reliably cater to its core clients in Siberia, including the largest smelters operated by our Metals segment. 3.9 mtpa governance Corporate Total aluminium capacity Financial statements 2 3 AT A GLANCE — 2019 KEY EVENTS AND FIGURES Annual Report 2019 AT A GLANCEAT Key events and figures Operating review 27 January 28 January 8 February 29 March 1 April 15 April 09 July 12 July 2019 2019 2019 2019 2019 2019 2019 2019 OFAC sanctions lifted Completion of the first Establishment of new Board RUSAL and RusHydro RUSAL initiated a project RUSAL and Braidy En+ Group redomiciled in En+ Group commenced from the Company and its stage of the share swap committees – HSE, and launched the first to plant over 1 million trees Industries announce Russia upgrade of the Irkutsk HPP subsidiaries, RUSAL and transaction with Glencore Regulation and Compliance production line of in 2019 as part of Russia’s intention to construct as part of the “New Energy” JSC EuroSibEnergo Boguchany Aluminium largest ever reforestation a green field aluminium HPPs Modernization Smelter programme rolling mill in Ashland, Program Kentucky (USA) Sustainable development Sustainable 20 September 22 September 28 October 3 February 12 February 17 February 20 April 2019 2019 2019 2020 2020 2020 2020 En+ Group launched En+ Group called on the RUSAL signed the first The Group completed Completion of the En+ Group announced the The Company’s GDRs were delisted from ENvision, a data-driven London Metal Exchange sustainability-linked the second stage of the acquisition of VTB’s stake listing of ordinary shares the Moscow Exchange (17 April 2020 was forecasting project to to implement mandatory syndicated pre-export
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