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Auditor's Report on Financial (Accounting)

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Auditor's Report on Financial (Accounting) 1 Ebelyakh Arkhangelsk Udachny Aikhal Nyurba Moscow Chernyshevsky Svetly Orel Mirny Yakutsk Lensk Gelendzhik Krasnodar Tuapse Novosibirsk Irkutsk Barnaul UK London Belgium Antwerpen USA New York Israel Ramat Gan UAE Dubai China Hong Kong Angola Luanda 2 TABLE OF CONTENTS ALROSA President's Statement ..................................................................................................................................4 Corporate Governance Members of the Supervisory Board ..............................................................................................................8 Executive Committee ........................................................................................................................................10 Internal Audit Committee ................................................................................................................................11 Activities of the Supervisory Board ..............................................................................................................12 Structure of ALROSA Group ............................................................................................................................13 Information for Shareholders ........................................................................................................................14 Report on Company's Activities in the Core Business Mining .....................................................................................................................................................................18 Marketing Policy ..................................................................................................................................................19 Sales Activity ........................................................................................................................................................20 Geological Prospecting and Exploration ...................................................................................................24 Capital Construction .........................................................................................................................................26 Transport, Procurement and Logistics .......................................................................................................30 Technical Development ...................................................................................................................................30 Diversification of Operations. Subsidiaries and Affiliated Companies ......................................................................................................31 HR Policy. Personnel Management ...............................................................................................................34 Social Development ..........................................................................................................................................35 Public Relations and Advertising .................................................................................................................36 Regional Policy ....................................................................................................................................................36 Environmental Safety .......................................................................................................................................37 Economic and Financial Results Accounting Policy ..............................................................................................................................................40 Auditor's Report .................................................................................................................................................44 Consolidated Accounting Statement .........................................................................................................46 Basic Performance Indicators .........................................................................................................................48 Milestones in the History of ALROSA Co. Ltd. ......................................................................................................52 Addresses of the Main Offices ..................................................................................................................................54 3 (16.3%), including a reduction in direct costs by RUB respectively. This will substantially increase the 50% reduction in anti-crisis measures regarding the 13,508,700,000 (21.2%). market value of ALROSA and fully solve the problem release of staff. The key objective of ALROSA is to ensure the of excessive debt burden on the Company. Average wage per employee in 2009 amounted to Company's mineral resource base through a shift to RUB 40,200, which is 6.5% less than in 2008. In 2010 underground mining. In 2009, ALROSA Co. Ltd. entirely In 2010, an ambitious goal of increasing the wage increases for employees of the Company are fulfilled its investment program for the construction consolidated diamond sales by the ALROSA Group not planned. At the same time, in late 2009, positive of underground mines. On August 21, 2009, the Mir of companies to USD 3,302,300,000 has been set. trends ensured a renewal during 2010 of a number of Underground Mine was officially inaugurated at a While the Company is fully aware of the continued measures designed for employee material support, ceremony attended by the Prime Minister of the volatility of world diamond market, it expects to previously suspended because of the crisis, including Russian Federation - Vladimir Putin and the President sell all of its planned rough diamond output on increasing the material incentives for productivity of the Republic of Sakha (Yakutia) Vyacheslav Shtyrov. the market. The ability to supply a proportion of its gains. The Mir Underground Mine construction cost RUB 22 diamond production to Russia’s Gokhran creates a billion; the expected payback period is 3.5 years. The competitive edge for ALROSA. Meeting the sales planned mine life is 50 years. target for rough diamonds, along with some anti- On December 20, 2009, an underground mine crisis measures, will allow ALROSA Co. Ltd. to achieve Dear Shareholders! was placed into operation in Aikhal. It is the third of positive financial results in 2010 and maintain the Company's underground mines. The mine has investments in underground mines at the pre- The scientific and industrial potential of ALROSA, a design capacity of 500,000 tons of diamond ore a crisis levels. In 2010, the Company plans to ensure government support, ample mineral resources, year and the expected mine life of 25 years. diamond production at 33.5 million carats. The increasing confidence of the investment community Currently ALROSA, in addition to its Aikhal mine, revenues are expected at RUB 92,373,900,000, profit and international financial institutions, formation is expanding production capacities of the other from sales - RUB 31,633,100,000, net profit - RUB of a stable system of sales and favorable market Dear Shareholders! conditions make it possible for the Company to In 2009, ALROSA Co. Ltd. became the largest underground mines already in operation, and is 2,655,700,000. Investments are planned to amount aspire to maintain its leading position in the world, diamond producer in the world in terms of caratage. building a new underground mine in Udachny. to RUB 11,195,000,000. thus ensuring its leadership both in mining and in For the first time its market share exceeded 30% of The capital investments of ALROSA in 2009 To solve the most painful problem of ALROSA, market sales of rough diamonds. The solution of this the world’s rough diamond production. Its aggregate amounted to RUB 11,894,000,000, including those debt reduction, in 2010 the Company intends to problem will require modernization of the methods output in 2009 reached 32.8 million carats, while total related to the construction of the mining facilities – issue ruble bonds worth up to RUB 44 billion and and technologies used by the Company, bringing its sales amounted to USD 2,152,200,000. RUB 8,391,000,000, and RUB 1,439,100,000 invested Eurobonds worth USD 1 billion. Having refinanced its organizational form in line with new opportunities of In the first half of 2009, the Company actually by the Company into the replacement of main short-term debt with long-term ruble-denominated ALROSA and new challenges of the world diamond suspended the sale of its goods to the market, due production equipment and into the development of bonds and Eurobonds, the Company plans to market, and the development of a geographically to a major diamond market downturn. At the same innovative technologies. reduce the proportion of short-term loans to RUB diversified and efficient marketing system. time, ALROSA was committed to maintaining the In 2009, the Company consistently worked to 23,575,000,000. The planned debt load of ALROSA On behalf of the Executive Committee, I sincerely levels of mining production and jobs. These decisions build a system of long-term mutually beneficial Co. Ltd. by January 1, 2011 should be RUB 105,134, thank the leadership of the Russian Federation and resulted in a dramatic increase in the Company's relations with the world's largest consumers of 800,000 or USD 3,492,800,000. In addition, the the Republic of Sakha (Yakutia), members of the debt, which required urgent measures to improve rough
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