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Committed to the Green Economy Committed to the green economy ANNUAL REPORT 2020 CORPORATE GOVERNANCE “ In this unprecedented year, we have remained committed to our vision for a green economy and low-carbon future. A future where innovation creates products for tomorrow, energy is cleaner and where symbiosis drives cost leadership.” Rt Hon Lord Barker of Battle, Executive Chairman For more on sustainability please visit our webpage at www.enplusgroup.com/en/ sustainability/ CORPORATE GOVERNANCE We are committed to… Aluminium Generating Protecting Driving cost for tomorrow clean energy our people leadership 02 04 06 08 Strategic report Financial statements 02 Aluminium for tomorrow 128 Statement of Management’s Responsibilities 04 Generating clean energy 129 Independent Auditors’ Report 06 Protecting our people 133 Consolidated Statement of Profit or 08 Driving cost leadership Loss and Other Comprehensive Income 10 Chairman’s statement 135 Consolidated Statement of Financial Position 14 Pathway to net zero 136 Consolidated Statement of Cash Flows 16 Meeting consumer demand 138 Consolidated Statement of Changes in Equity 18 The journey of our products 140 Notes to the Consolidated Financial Statements 20 CEO’s statement 22 Our strategy Appendix 24 At a glance 208 Glossary 26 Business model 215 Contacts 28 Key performance indicators 216 About the Report 30 Investment case 32 Business review Appendices 50 Financial review (provided as a separate document) 66 Sustainability review Appendix 1: Report on compliance with 68 Supporting the UN SDGs the Russian Corporate Governance Code 89 Internal Control and risk management Appendix 2: Information on material 95 Ethics and compliance transactions concluded by the Corporate Governance Company and its significant subsidiaries in 2020 96 Corporate Governance 104 Board of Directors Appendix 3: Energy resource 106 Committees of the Board consumption 108 Audit and Risk Committee Appendix 4: List of the 112 Corporate Governance and Nominations Committee Company’s branches 114 Remuneration Committee 117 Compliance Committee 118 Health, Safety and Environment Committee 120 Executive Management team 123 Information for shareholders and investors En+Group Annual Report 2020 01 We are committed to… Aluminium for tomorrow Aluminium is a major contributor to the transition towards a low-carbon future. En+ is leading the way and contributing to the green economy with its products. 02 En+Group Annual Report 2020 x3 150m REPORT STRATEGIC times more recycling by 2050 By 2050, the IAI expects the according to the International world demand for aluminium Aluminium Institute (IAI) to exceed 150 million tonnes from the current 60 million CORPORATE GOVERNANCE CORPORATE What we are doing We are the world’s largest producer of low-carbon aluminium. Aluminium is considered to be the material of the future as it has a tremendous potential to become a key material of a carbon-neutral and circular world. Aluminium is a game changer for the automotive industry, supporting the rise of electric and autonomous vehicles, and resulting in enhanced fuel savings and safety. The material also plays a vital role in the fast-evolving sustainable construction sector and green buildings. It is a key material for the healthcare sector, from medical equipment and oxygen bottles to drug packaging. Moreover, its hygienic STATEMENTS FINANCIAL properties and the need to drastically reduce the use of plastics increase the already important role of aluminium in the packaging and beverage industries. En+ Group remains strongly committed to leading the ‘hard to abate’ aluminium industry into the green economy via nine key initiatives, stated in the Group’s Green Aluminium Vision published in July 2020. How this contributes to a green economy We lead the way to decarbonisation with our ‘low-carbon’ aluminium products, ALLOW, that help customers achieve emissions reduction targets and contribute to more transparent APPENDIX climate disclosure. Aluminium is widely recycled, making it a ‘greener’ material, and supporting global sustainability efforts. Its lightness and high recyclability contribute to reducing the carbon footprint of entire value chains and to scaling up the circular economy model. To lead the industry into the low- carbon economy, we aim to develop a new asset class of ‘Green Aluminium’ – a strategic material for a future-proof sustainable economy which includes low-carbon primary aluminium and recycled aluminium. We actively engage in the global discussion around the future of the aluminium industry and the growing demand for low-carbon aluminium, and are supporters of the London Metal Exchange’s (LME) platform for the implementation of mandatory reporting on carbon emissions. p. 32 Business review Read more about our green vision in our manifesto ‘The Green Aluminium Vision‘ En+Group Annual Report 2020 03 >98% -35% of En+ Group aluminium Our commitment is to cut is made with hydropower greenhouse gas (GHG) emissions by at least 35% by 2030 (Scopes 1 & 2 against a 2018 baseline) What we are doing Our Power segment operates the largest and most cost- efficient network of power plants in the Siberian region, which allows us to efficiently and reliably cater to our core clients in Siberia, including the largest smelters operated by En+’s own Metals segment. This also allows the Group to engage in all major areas of the Russian power industry and makes En+ the largest independent hydropower producer globally. Our Power segment is also investing in R&D in the power generating sector, including the development of new types of perovskite-based solar panels. We continuously undertake investment projects to improve the reliability and safety of the Group’s hydropower plants, and increase the amount of energy produced from the same volumes of water passing through the hydropower turbines. How this contributes to a green economy Hydropower produces roughly 70% of all renewable electricity worldwide. Hydropower plants do not emit CO2 in the atmosphere and help reduce greenhouse emissions, making it a carbon-free source of energy. We use this clean energy source to produce low-carbon and recyclable aluminium – ALLOW – with a certified carbon footprint. The latest IEA forecasts to 2023 project that hydropower will remain the largest source of renewable electricity, followed by wind and solar. p. 32 Business review 04 En+Group Annual Report 2020 STRATEGIC REPORT STRATEGIC CORPORATE GOVERNANCE CORPORATE We are committed to… Generating STATEMENTS FINANCIAL clean energy Hydropower generates the largest share of clean energy worldwide. En+ supports this energy transition and maintains its leading position as an independent APPENDIX hydropower producer. En+Group Annual Report 2020 05 We are committed to… Protecting our people Our global workforce is at the heart of what we do. Our success depends on building an inclusive and diverse environment where our employees can thrive. 06 En+Group Annual Report 2020 c. 27% c. 90,000 REPORT STRATEGIC female representation in 2020 total number of employees CORPORATE GOVERNANCE CORPORATE What we are doing En+ Group is one of the largest employers in Russia, as well as in other countries where the Group operates large industrial complexes, including Jamaica, Ireland and Guinea. We are committed to… The Company currently employs nearly 90,000 people across two business segments in 12 countries. We seek to build a diverse workforce and are constantly striving to build an inclusive environment. We make every effort to create a fair working environment, provide equal employment opportunities and reward excellent performance. The Group has personnel training and development systems in place. STATEMENTS FINANCIAL The entire training system focuses on the development of professional skills, meeting high standards, ensuring safety and pioneering long-term technological development in the industry. The Company aspires to attract the best talent, enhance their professional skills and provide them with a variety of high-quality training tools and programmes. How this contributes to a green economy By developing the competencies and leadership skills of our employees, we are creating leaders of the future. We comply APPENDIX with relevant legal obligations across host jurisdictions for people with disabilities, providing all our employees with the appropriate working conditions. We respect individual freedoms and human rights, provide equal opportunities to all employees and do not tolerate any form of discrimination or child labour. To this end, the Company respects all labour laws and contractual obligations to its employees. En+ Group adheres to the Russian Labour Code and the Russian Constitution and pledges to combat child labour and provide human rights protections to all. The Company has drawn up a comprehensive set of corporate documents to regulate ethical compliance. p. 79 Our people En+Group Annual Report 2020 07 18% c. 80% Industry leading adjusted self sufficiency in bauxites EBITDA margin (37% adjusted and nephelines; over 100% EBITDA margin in the Power self sufficiency in alumina segment, 10% adjusted EBITDA margin in the Metals segment) What we are doing The symbiosis of the Power and Metals segments ensures our cost leadership position and allows us to maintain cash flow resilience. Cost control focus is one of our strategic objectives and En+ runs ongoing cost optimisation initiatives across the Group. The Group’s reliance on hydropower provides for exceptional financial efficiency. The combination with thermal power generation
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