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Annual Report 2015 ANNUAL REPORT 2015 NATIONAL ATOMIC COMPANY KAZATOMPROM JOINT STOCK COMPANY INTEGRATED ANNUAL REPORT FOR 2015 Astana 2016 NAC Kazatomprom JSC Annual Report 2015 CONTENTS Message from the Chairman of the Board of Directors .... 4 Company in 2015 .............................................................. 6 Company in figures ....................................................................................................................... 6 Key events .................................................................................................................................... 8 Message from the Chairman of the Management Board .. 12 1. About the Report ......................................................... 14 1.1. Principles for defining of the Report Content and Aspects Limits ........................................ 16 1.2. Material aspects and procedure of their determination ........................................................ 17 1.3. Standards and Guidelines ...................................................................................................... 19 1.4. External assurance ................................................................................................................. 19 2. About the Company ..................................................... 20 2.1. Company profile .................................................................................................................... 22 2.2. Company’s background ......................................................................................................... 23 2.3. Company ownership structure ............................................................................................... 24 2.4. Company assets structure ...................................................................................................... 24 2.5. Geography and target markets ............................................................................................. 26 2.6. Membership in Associations and compliance with international principles ........................... 29 3. Strategy and business model ........................................ 30 3.1. SWOT Analysis ....................................................................................................................... 32 3.2. Implementation of tasks of achieving strategic goals ........................................................... 34 3.3. Projected strategic indictors .................................................................................................. 36 3.4. Business transformation ......................................................................................................... 37 3.5. Business model ...................................................................................................................... 41 4. Corporate Governance and Ethics ............................... 42 4.1. Corporate Governance Structure .......................................................................................... 44 4.2. Sole Shareholder .................................................................................................................... 44 4.3. Board of Directors ................................................................................................................. 44 4.4. Management Board ............................................................................................................... 51 4.5. Organizational Structure of the Company’s Headquarters ................................................... 56 4.6. Code of Corporate Ethics ...................................................................................................... 56 4.7. Risk management and internal control .................................................................................. 58 2 5. Financial activity ............................................................ 62 5.1. Financial standing .................................................................................................................. 63 5.2. Financial stability .................................................................................................................... 65 6. Operating activity ......................................................... 66 6.1. Raw-material base ................................................................................................................. 68 6.2. Energy industry ...................................................................................................................... 71 6.3. Nuclear fuel cycle .................................................................................................................. 72 6.4. Auxiliary production .............................................................................................................. 75 7. Sustainable development ............................................. 76 7.1. Sustainable economic development ...................................................................................... 78 7.2. Environmental responsibility .................................................................................................. 84 7.3. Social responsibility ................................................................................................................ 88 7.4. Interaction with stakeholders ................................................................................................ 100 Contact Information ......................................................... 103 Annexes ............................................................................ 104 Conclusion of independent auditors ............................................................................................ 105 Contents index of General standard elements of reporting of GRI G4 in the Report .................. 108 Contents index of Specific standard elements of reporting of GRI G4 and NAC Kazatomprom JSC in the Report .................................................................................. 111 Glossary ........................................................................................................................................ 114 3 NAC Kazatomprom JSC Annual Report 2015 MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS Dear Colleagues and Partners, Looking back on the year 2015 we can say In order to diversify a product line and with confidence that the Company retains the potential sales markets NAC Kazatomprom world leadership in the field of uranium mining JSC signed a Memorandum of Understanding and is rapidly developing in other stages of the with Centrus Energy Corp. of the United States nuclear fuel cycle. which stipulates a development of mutually beneficial relationship for competitive supply Managing own strategic risks, the Company is of the Kazakhstan natural uranium to the world willing to enter new markets of the countries market including enriched uranium product. where nuclear power engineering is actively developing. In this connection in 2015, the Despite the changes in the global financial Company shipped natural uranium to Iran markets the Company has a high index of at first time. This delivery was performed in financial stability and reliability for investors coordination with the Group-6, the IAEA and and creditors. Thus, in 2015 NAC Kazatomprom corresponding UN Security Council structures. JSC and international banks signed a Loan Besides, in 2015 NAC Kazatomprom JSC Agreement in London for an amount of and Department of Atomic Energy of India $450,000,000 US dollars. The loan was provided concluded an Agreement for supply of by Bank of Tokyo-Mitsubishi UFJ, Citibank N.A. Kazakhstan uranium to India. The Agreement London Branch, Deutsche Bank AG London will be in effect in the period from 2015 to Branch, Mizuho Bank Ltd. and Sumitomo Mitsui 2019. During 5 years NAC Kazatomprom JSC Banking Corporation. The loan was taken by will deliver to India five (5) thousand tons of the National Atomic Company of Kazakhstan natural uranium. for 4.5 years and under annual rate 2%+Libor without bond. The Company aims to maximize its presence in all stages of the nuclear fuel cycle, having Key events, challenges and changes in the continued work on projects on conversion and Company’s management took place in the last production of fuel assemblies. In December year. Under these circumstances, the Company 2015, NAC Kazatomprom JSC and CGNPC had to react quickly to emerging changes and (Chinese Corporation) confirmed their make every effort to maintain the positive intention to cooperate in establishment of momentum in activity. the joint production of fuel assemblies for Chinese NPPs, having signed an Agreement of In order to upgrade an efficiency the Company commercial terms of design and construction in the last year started to implement a large- of plant for fuel assemblies production. scale Transformation Program within which 4 a substantial increase in the Company’s value corporate governance system with the best to 2025 is expected. It is anticipated that EVA world practices at the level 78%. Present rating indexes in 2025 will constitute KZT 60 bln. is a proof to be trusted by investors, partners The main components of EVA increase are and other stakeholders at a high level. an optimization of organizational structure, business processes, cost reduction, as well as No less important issue in collaboration with other measures defined by the Transformation stakeholders is the disclosure of sustainable
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