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POTASH OUTPUT the Group’S Executive Team Has (US$470 Million Equivalent) Bond Placement

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POTASH OUTPUT the Group’S Executive Team Has (US$470 Million Equivalent) Bond Placement EUROCHEM 2020 ANNUAL REPORT AND ACCOUNTS RESILIENCE IN ACTION 2020 ANNUAL REPORT AND ACCOUNTS EuroChem is one of the world’s leading mineral fertilizer producers. We sell around 18 million tonnes of fertilizers a year, generate annual revenues RESILIENCE of some US$6 billion and employ over 27,000 people worldwide. IN ACTION As COVID-19 developed into a pandemic that caused unprecedented turbulence worldwide, EuroChem’s STRATEGIC REPORT 2020 Highlights 2 business model proved resilient, delivering record results Investment Case, Value Creation 4 and paving the way for continued growth. Framework Chairman’s Statement 6 CEO’s Q&A 8 SEE CHAIRMAN’S Focus Areas in Action: Safety 10 STATEMENT ON PAGES 6-7 Focus Areas in Action: Productivity 12 LEADING Focus Areas in Action: Growth 14 Business Model 16 SEE CEO’S Q&A ON PAGES 8-9 Strategy 18 PROGRESSING Global Presence 20 Stakeholders 22 SEE STAKEHOLDERS ON PAGES 22-23 Market Overview 24 ENGAGING Operational Review 28 Our Product Portfolio 50 SEE FINANCIAL REVIEW ON PAGES 54-57 Financial Review 54 DELIVERING Sustainability Review 58 Risk Management 82 SEE SUSTAINABILITY DRIVING REVIEW ON PAGES 58-81 GOVERNANCE REPORT Board of Directors 88 Corporate Governance 90 Audit Committee 98 Strategy Committee 100 Nomination, Remuneration and 102 Corporate Governance Committee FINANCIAL STATEMENTS Independent Auditor’s Report 105 Consolidated Statement 110 of Financial Position Consolidated Statement 111 of Profit or Loss Consolidated Statement 112 of Comprehensive Income Consolidated Statement 113 of Cash Flows Consolidated Statement 114 of Changes in Equity Notes to the Consolidated 115 Financial Statements Strategic Report Corporate Governance Financial Statements 2020 HIGHLIGHTS OUR PEOPLE Throughout the pandemic, we have In 2020, despite the challenges created by the pandemic, we delivered worked diligently to safeguard our people. We introduced all relevant sanitation, social record financial and operational results. We also expanded our activities distancing and personal hygiene measures, and in Latin America and started constructing a new ammonia and urea transitioned more than 6,000 office staff worldwide to working remotely. Despite these steps, many production facility in Russia. departments have tragically lost colleagues to the virus, and we express our deepest sorrow and FARMERS AND SUPPLIERS condolences to loved ones. We are proud of the Despite encountering certain essential role our people have played in inevitable distribution challenges, EuroChem’s COVID-19 community response, we have remained agile and found volunteering to provide support for the solutions to ensure that customers are SALES EBITDA elderly and disabled, as well as local served during these times. medical institutions. As governments recognise the fertilizer market as essential to global food US$6.2BN US$1.8BN security, we were able to continue working with farmers and 2020 2020 6.2 1.8 suppliers to help to keep food 2019 6.2 2019 1.5 Our response on tables worldwide. 2018 5.6 2018 1.5 to COVID-19 LOCAL COMMUNITIES As we continue to support the local OPERATING CASH FLOW EBITDA MARGIN communities surrounding our areas of As the pandemic took presence, we have worked closely with hold in March, we adopted municipal governments to provide targeted US$ BN % assistance based on the actual needs of a new crisis management 1.6 29 the population. This includes the provision model to support our INVESTORS 2020 1.6 2020 29% of medical supplies and personal In 2020, we ramped up protective equipment. stakeholders and mitigate our constructive collaboration 2019 2019 1.2 25% all associated risks. with the international investment 2018 1.0 2018 27% community, providing regular business updates on our COVID-19 response. In April, despite pandemic-related volatility in global finance, we re-entered the Russian debt capital GOVERNMENT markets with a new five-year RUB35 billion SALES VOLUMES POTASH OUTPUT The Group’s executive team has (US$470 million equivalent) bond placement. In May, been in constant contact with municipal S&P maintained the Group’s rating at ‘BB-’ with a and regional bodies where we operate, and ‘positive’ outlook, citing our ability to maintain 25.6MMT 2.2MMT has established a COVID-19 response strong results, notwithstanding the market headquarters to help to coordinate efforts. turbulence. In addition, Russia’s ACRA 2020 25.6 2020 2.2 It has held regular video conferences with rating agency issued a credit rating of government representatives to ensure that our ‘ruAA-’ for EuroChem. 2019 23.6 2019 1.1 assistance remains aimed at specific needs. 2018 22.0 2018 0.25 Our joint efforts have helped to reduce COVID-19 infection rates in our communities. 2020 KEY EVENTS EXPANDING Estimated INCREASING NEW LEADERSHIP INVESTOR TRUST CAPACITY annual DISTRIBUTION In September, EuroChem attracted DELIVERING We approved the ammonia In August, we EuroChem announced new debt capital market construction of capacity completed the the appointment of funding on the back a state-of-the-art acquisition of 100% of its new CEO, Vladimir of solid business ammonia and urea 1.1MMT Fertilizantes Tocantins Rashevskiy, fundamentals, earning a production facility in Brazil, thereby further whose deep knowledge Cbonds industry award RECORD as part of the Estimated expanding our of the business will for best placement in the EuroChem annual distribution network in guide the Group sector. Northwest project urea capacity Latin America, a key through further growth. in Kingisepp, 1.4MMT growth region for the RESULTS Russia. business. 2 www.eurochemgroup.com EuroChem 2020 Annual Report and Accounts 3 Strategic Report Corporate Governance Financial Statements INVESTMENT CASE VALUE CREATION FRAMEWORK The combination of our scale, reach and control Our value creation framework sets out how our of the whole value chain gives us our competitive Mission and Vision for 2025 drive our strategic focus advantage, providing an ever-greater ability to meet on safety, productivity and growth from mine to farm, the needs of customers worldwide. all reinforced through our sustainability approach. Cost-effective Vertical integration MISSION STRATEGIC APPROACH FOCUS AREAS We are one of just three companies with direct access Full vertical integration – from extracting raw materials At EuroChem, we Our strategic approach to value creation By maintaining a vigilant to raw materials in all three primary nutrient groups. to delivering final product to customers – gives us improve the quality ensures that we continuously improve the focus on three key areas, Our long-term gas supply contracts minimise our unrivalled control over the value chain, strengthening of life of the world’s most important aspects of our business. we can achieve our exposure to price volatility, and together with self- our position in every market. It also underpins one ever-increasing goals sustainably. FOR MORE DETAILS, SEE OUR sufficiency in ammonia and potash, bring us a cost of the broadest product offerings available. population by helping STRATEGY ON PAGES 18-19 advantage over competitors. st farmers to grow 1 quartile on SAFETY global urea cash healthy, affordable EuroChem 1 2 FOR MORE DETAILS, cost curve food in harmony with SEE PAGE 10 the environment. 1st quartile on WORKING DEVELOPING global DAP cash SAFELY OUR PEOPLE Logistics Sales cost curve PRODUCTIVITY One of the VISION FOR 3 4 most cost-effective FOR MORE DETAILS, FOR MORE DETAILS, SEE OUR BUSINESS 2025 SEE PAGE 12 MOP producers MODEL ON FOCUSING INCREASING globally PAGES 16-17 Our Vision is to ON PROFITABILITY become the safest, CUSTOMERS most profitable and fastest-growing 5 6 GROWTH fertilizer company FOR MORE DETAILS, Global sales Leading talent in the world. ALLOCATING ENSURING SEE PAGE 14 Operating across key world markets, Our team of more than 27,000 talented CAPITAL FULL we consistently deliver the required professionals on four continents is our greatest PRUDENTLY COMPLIANCE product volumes to customers on time asset, accelerating us towards new achievements and all year round. and driving further success. As part of this, we have built a global distribution network with production ENVIRONMENTAL SOCIAL ECONOMIC facilities located close to our sources SUSTAINABILITY STEWARDSHIP RESPONSIBILITY SUSTAINABILITY of high-quality raw materials. APPROACH We recognise our responsibility to be diligent stewards of the ACTIVE IN 15 OUT OF 17 UN GOALS natural, human and financial resources on which our Sustainability is a core driver of modern business. The business relies. UN Sustainable Development Goals provide a crucial FOR MORE DETAILS, measure of accountability and help us stay on target. FOR MORE DETAILS, SEE SUSTAINABILITY SEE OUR GLOBAL REVIEW ON PRESENCE ON PAGES 20-21 PAGES 58-81 FOR MORE DETAILS, FOR MORE DETAILS, SEE PAGES 58-79 SEE PAGES 80-81 RANKING OF SELECT PRODUCERS BY NUTRIENT CAPACITY IN 2020 (MMT) Our low-cost position in all three Nutrien 20.4 nutrient groups, vertical integration Mosaic 13.3 Uralkali 8.9 across the value chain, strong sales EuroChem (2025) 8.7 network and growth ambition have CF Industries 8.2 EXTRACTING propelled us into the leading group Belaruskali 8.1 of global fertilizer producers. Yara 7.6 OCP 7.1 At the same time, we are focused on EuroChem 6.2 becoming the best of the best. We will K+S 5.3 continue on the path outlined in our ICL 4.2 VALUE PhosAgro 4.1 Ammonia (N) Vision for 2025, driven by our ultimate OCI 4.1 Phosphoric Acid (P2O5) objective of being the top fertilizer Sabic/Safco 3.7 K2O (MOP, SOP, others) company in the world. IFFCO 3.3 Ma'aden 3.2 CONSISTENTLY Note: Excluding China. 4 www.eurochemgroup.com EuroChem 2020 Annual Report and Accounts 5 Strategic Report Corporate Governance Financial Statements CHAIRMAN’S STATEMENT COVID-19 Our overall safety performance was PEOPLE with our new EuroChem Business good, as indicated by our Lost Time System. Regarding products, we remain Firstly, I would like to express my We have more than 27,000 people on Injury Frequency Rate of 1.48.
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