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Annual Report 2019 Report Annual Metinvest METINVEST ANNUAL REPORT 2019 CREATING STRONGER TIES ANNUAL REPORT 2019 - CREATING STRONGER TIES Metinvest is an international, vertically integrated group of steel and mining companies. In 2019, the Group again demonstrated its ability to successfully navigate adverse market conditions while moving to strengthen ties with all stakeholders in order to secure a sustainable future. Metinvest revised its health and safety management system to better safeguard its employees and contractors, while launching new human capital programmes to recruit and retain the next generation of skilled workers for its facilities. It made investments of more than US$1 billion in upgrading its asset base, including significant initiatives to reduce environmental impact. The investments also allowed Metinvest to offer customers higher-quality and more tailored products and solutions. The Group also continued to contribute to major projects that are helping its local communities to flourish. In addition, Metinvest worked with international finance providers to extend its debt maturity, bringing benefits to all stakeholders by making the business more sustainable over the long term. As a vital aspect of good corporate citizenship, the Group strives to contribute to the common cause of building a more prosperous and vibrant society. For a better understanding of Metinvest’s financial position and the results of operations, this document and summary financial statements should be read in conjunction with Metinvest’s audited financial statements as of and for the year ended 31 December 2019, which include all disclosures required by International Financial Reporting Standards, as adopted by the European Union and the statutory provisions of Part 9, Book 2, of the Dutch Civil Code. Due to rounding, numbers presented throughout this report may not add up precisely to the totals provided and percentages may not precisely reflect absolute figures. 01 INSIDE THE 2019 REPORT STRATEGIC REPORT STRATEGIC 02 Highlights of 2019 REPORT SUSTAINABILITY WHAT WE DO 04 About Metinvest Metinvest is a vertically integrated steelmaker with a multinational asset base and global STRATEGIC REPORT sales network. 10 Chairman’s Statement Read more on page 04 12 CEO’s Statement 14 Business Model 16 Stakeholder Overview 18 Strategy REPORTGOVERNANCE 20 Global Metals and Mining Industry 22 Ukraine Macro and Industry 24 Operating Results 32 Financial Results SOLID OPERATIONAL SUSTAINABILITY REPORT 44 Stakeholder Engagement STATEMENTS FINANCIAL PERFORMANCE 48 Health & Safety 52 Human Capital Despite market headwinds, Metinvest was able to deliver greater steel output as new 56 Environment capacity came online. 58 Communities Read more on page 24 GOVERNANCE REPORT 62 Corporate Governance Overview 66 Supervisory Board 68 Executive Team 70 Governance Codes and Policies 73 Internal and External Audit INVESTING 74 Risk Management IN THE FUTURE FINANCIAL STATEMENTS 79 Independent Auditor’s Report In 2019, the Group set an eight-year 80 Summary Consolidated Balance Sheet record for CAPEX, which exceeded US$1 billion. 81 Summary Consolidated Income Statement 82 Summary Consolidated Statement of Read more on page 40 Comprehensive Income 83 Summary Consolidated Statement of Cash Flows 84 Summary Consolidated Statement of Changes in Equity 85 Notes to the Summary IFRS Consolidated Financial Statements ENGAGING ADDITIONAL INFORMATION STAKEHOLDERS 129 Parent Company and Principal Subsidiaries 130 Sales Offices For more than a decade, the Group 132 Glossary has worked in close cooperation with 135 Abbreviations its stakeholders for the benefit of all, and this fruitful partnership continues. Read more on page 44 02 ANNUAL REPORT 2019 METINVEST HIGHLIGHTS OF 2019 STEELING OUR BUSINESS FOR A MARKET DOWNTURN Understanding the cyclical nature of the business, Metinvest was well prepared for the adverse steel market developments in the second half of 2019. Amid considerable challenges, the Group further reduced operating costs, completed crucial maintenance work and implemented the investments planned under the Technological Strategy 2030. It also extended the maturity of its debt portfolio and increased environmental investment significantly. Last, but not least, Metinvest strengthened its health and safety system to achieve its uncompromising goals in this area. OPERATIONS CRUDE STEEL OUTPUT IRON ORE CONCENTRATE OUTPUT COKING COAL CONCENTRATE OUTPUT 7,578kt 29,028kt 2,961kt The Group’s combined crude steel production Metinvest’s overall production of iron ore The Group’s coking coal concentrate production rose by 3% year-on-year, primarily due to a 10% concentrate grew by 6% year-on-year, driven by at United Coal, its US met coal company, rose by increase at Ilyich Steel following the launch of the a 15% increase at Northern GOK amid higher ore 10% year-on-year, driven by an overall productivity new continuous casting machine no. 4 as part of output, as well as modernisation and renovation increase and favourable geological conditions the Technological Strategy 2030. of equipment and facilities. at the Affinity mine. SHARE OF STEEL PRODUCTS SHARE OF PELLETS POKROVSKE COKING COAL SUPPLIES 86% 38% 2,377kt In 2019, the share of steel goods reached 86% The share of pellets in the merchant iron ore The Group’s coking coal purchases from the of the total 8,755 thousand tonnes of merchant product mix amounted to 38% in 2019, compared Pokrovske coal business, in which Metinvest has semi-finished and finished products, as the Group with 49% in 2018, reflecting a shift in market had a 24.77% stake since July 2018, rose by 18% continues its upward movement on the value- demand towards concentrate and a reduction year-on-year, in line with the current long-term added ladder. in pellet premiums worldwide. supply agreement. 03 STRATEGIC REPORT STRATEGIC SUSTAINABILITY REPORT SUSTAINABILITY FINANCES REVENUES EBITDA NET DEBT US$10,757m US$1,213m US$2,758m The Group saw a 9% drop in its top line in 2019 Metinvest’s consolidated EBITDA halved year-on- Net debt rose by 12% year-on-year in 2019, REPORTGOVERNANCE amid a challenging steel market environment year due to lower steel prices, upward pressure as the Group used the favourable debt market and lower resale volumes, which was partly on costs – including of raw materials, logistics and environment to extend its debt maturity and secure compensated by greater in-house steel product labour – and unprecedented hryvnia appreciation roughly US$350 million of new proceeds, used to sales volumes and higher iron ore sales. in the second half of 2019. fund investment and partly repay a pre-export finance facility. CAPEX EBITDA MARGIN NET DEBT TO EBITDA STATEMENTS FINANCIAL US$1,055m 11% 2.3x Capital expenditure increased by 17% year- The consolidated EBITDA margin amounted The ratio of net debt to EBITDA rose to 2.3x in on-year, as the Group completed or reached to 11% in 2019, compared with 21% in 2018, 2019, primarily as a function of a deterioration important milestones on key projects in the as profitability from iron ore, the price of which in profitability that was mainly linked to external Mining and Metallurgical segments, and carried hit a multi-year high, was offset by declining market factors, and a rise in net debt. out maintenance at production assets. margins on steel products. SUSTAINABILITY LOST-TIME INJURY FREQUENCY RATE DIRECT GREENHOUSE GAS EMISSIONS EMPLOYEE TRAINING SESSIONS 0.790 -10% 108,742 In 2019, the Group revised its health and safety In 2019, Metinvest reduced its direct GHG Metinvest is committed to investing in professional management system at every level. A new, five-year emissions by 10% year-on-year to 8.8 million training at all levels. The ultimate aim is to plan was put in place to ensure that Metinvest is on metric tonnes of CO2 equivalent, primarily due to maximise the potential of all employees, while a realistic path towards achieving its ultimate target alterations in blast furnace utilisation at Azovstal, ensuring that they remain up-to-date in their of zero injuries. One major result from last year was as well as the shutdown of blast furnace no. 3 at knowledge and skills, particularly regarding the the reduction of the lost-time injury frequency rate Ilyich Steel and coke chambers at coke producers Group’s health and safety practices. to an all-time low. for major overhaul. GLOBAL TAXES PAID ENVIRONMENTAL SPENDING COMMUNITY SPENDING US$741m US$384m US$11M In 2019, the Group increased the amount of all The Group’s combined capital and operating The Group continued to invest in its communities in taxes paid globally, including corporate income expenditure on environmental measures 2019, maintaining its focus on partnerships with local tax, by 5% year-on-year. Metinvest is committed increased by 46% year-on-year in 2019, as residents, volunteer groups and city governments to to being a responsible corporate citizen in all Metinvest reinforced its commitment to reducing pursue projects that bring a direct and rapid benefit. jurisdictions where it operates. As one example its footprint. These measures also represent the of this, the Group has consistently been Ukraine’s Group seeking to do its part in the global fight leading private-sector taxpayer. against climate change. 04 ANNUAL REPORT 2019 METINVEST ABOUT METINVEST VERTICALLY INTEGRATED FOR SUCCESS GLOBAL PRESENCE KEY ASSETS SALES OFFICES COUNTRIES EMPLOYEES 14 45 100 ~67,000 SPARTAN UK METINVEST TRAMETAL CIS NORTH AMERICA UKRAINIAN OPERATIONS EUROPE SOUTHEAST ASIA MENA UNITED COAL FERRIERA VALSIDER PROMET STEEL WORLDWIDE NETWORK Map legend Metinvest is a global, vertically integrated steelmaker, present on five continents. The Sales offices reach of the Group’s sales network allows it to Operations adapt quickly to changing market conditions and seize opportunities as they emerge. The Group’s European re-rollers are located near end users, while US coal assets provide additional security of raw materials for its production assets in Ukraine. 05 STRATEGIC REPORT STRATEGIC IN THE HEART OF EUROPE REPORT SUSTAINABILITY The majority of the Group’s assets are located in Ukraine, an ideal geographic position for reaching markets in Europe, MENA and Asia by road, rail and sea.
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