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Helping the World Grow Annual Report and Accounts 2013 Our Business Is Driven by the World’S Increasing Need for Food

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Helping the World Grow Annual Report and Accounts 2013 Our Business Is Driven by the World’S Increasing Need for Food HELPING THE WORLD GROW ANNUAL REPORT AND ACCOUNTS 2013 OUR BUSINESS IS DRIVEN BY THE WORLD’S INCREASING NEED FOR FOOD. OUR OBJECTIVE IS SIMPLE: TO HELP THE WORLD’S FARMERS IMPROVE CROP YIELD AND QUALITY. EuroChem is a top ten fertilizer producer globally, with a strong track record and a clear The last twelve months have proved strategy. Our unique vertically-integrated challenging to our industry. However, business model encompasses raw materials, our cost competitiveness and global production, logistics and distribution presence gave us the fl exibility to pursue assets. It provides us with the ability our strategic investments and expand our to control costs, ensure product leadership position across key markets. quality and deliver sustainable We believe this puts us in a strong value in the long term. position to reach our goal of becoming a top fi ve global fertilizer producer. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS HIGHLIGHTS STRATEGIC REPORT Resilient results refl ecting a strong operating model 02 Operational and fi nancial highlights 32 Potash 02-03 04 The issues that matter 36 Distribution 06 What are fertilizers? 37 Logistics and international sales 08 EuroChem at a glance 38 Corporate responsibility 10 Peer analysis 40 Corporate responsibility 12 Our operations – Sustainability highlights 14 Creating value 42 Performance review 16 Business model 42 Group 46 Nitrogen EUROCHEM AT A GLANCE 18 Chairman’s statement One of the largest 20 Chief Executive’s review 48 Phosphates agrochemical businesses 50 Potash and distribution in the world 22 Q&A with the Management Board 24 Segment review 52 SWOT analysis by segment 08-09 24 Nitrogen 54 Financial profi le and credit metrics 28 Phosphates 55 Risks and uncertainties GOVERNANCE POTASH PROJECTS Continuing to focus 60 Corporate governance report 74 Our committees – signifi cant investment The Strategy Committee in potash projects 62 Board of Directors 75 Our committees – The Corporate 32-33 64 Management Board Governance & Personnel Committee 66 Our approach to governance 71 Our committees – The Audit Committee SUSTAINABILITY FINANCIAL STATEMENTS Integrating corporate responsibility to ensure 78 Independent Auditor’s report 85 Notes to the Consolidated sustainable development 79 Consolidated Statement of Financial Statements 38-41 Financial Position 127 Main production subsidiaries 81 Consolidated Statement of Profi t or Loss 128 Key fi nancial and non-fi nancial data and Other Comprehensive Income 132 Contact information 82 Consolidated Statement of Cash Flows IBC Forward-looking statements 84 Consolidated Statement of Changes in Equity EuroChem Annual Report and Accounts 2013 01 OPERATIONAL AND FINANCIAL HIGHLIGHTS FOCUSING ON OUR KPIs TO MEASURE PERFORMANCE We have established a clear set of fi nancial and non-fi nancial performance indicators to evaluate our performance, as well as to assess our prospects in the longer-term. OBJECTIVE 2013 HIGHLIGHTS To be a top fi ve global player Despite a volatile year, we delivered a strong set of results for 2013. These results refl ect our resilience by production, sales and the strength of our business model, and among the highlights are: and profi tability. $5.6bn +20MMT US$ total revenues amounts of products sold +6% +8% increase in revenues increase in sales volumes for nitrogen and phosphate products 22,310 1.2bn employees in Russia and internationally RUB expenditure relating to environmental initiatives 02 EuroChem Annual Report and Accounts 2013 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS RISKS Our KPIs are continuously reviewed in the context of our corporate objectives, and the risks that relate to them. Find out more about our risks and uncertainties on pages 55-59 KEY PERFORMANCE INDICATORS Sales (RUBm) Net profit (RUBm) Environmental protection expenditure (RUBm) 176,937 32,569 1,302 166,478 32,031 1,163 1,068 131,298 12,256 2011 2012 2013 2011 2012 2013 2011 2012 2013 Gross margin (%) Net debt/EBITDA ratio (x) Atmospheric emissions (kg per year per tonne of production) 52 2.07 1.09 41 1.53 1.04 1.04 36 1.35 2011 2012 2013 2011 2012 2013 2011 2012 2013 EBITDA (RUBm) Total capex (RUBbn) Energy consumption (kWh per tonne of production) 49,656 49,168 32.60 133 129 42,961 28.53 125 23.81 2011 2012 2013 2011 2012 2013 2011 2012 2013 EBITDA margin (%) Potash capex (RUBbn) Lost-time injuries (employee) 38 13.60 42 44 12.35 38 30 10.56 24 21.3 22.5 22.3 2011 2012 2013 2011 2012 2013 2011 2012 2013 Total headcount (’000) EuroChem Annual Report and Accounts 2013 03 THE ISSUES THAT MATTER THE CHALLENGES AND OPPORTUNITIES OF FOOD SECURITY Feeding the world’s growing population and improving the nutritional quality of diets are long-term challenges, complicated by the increasing frequency and severity of weather shocks in key agricultural areas. With a limited amount of arable land available for farming, the need to ensure that soils retain their optimal nutrient balance has never been so crucial, and fertilizers are an important part of the solution. 200,000 POPULATION GROWTH ARABLE LAND PER CAPITA Number of people that join Every day around 200,000 people are added As the demand for food rises due to global the global demand for food to the global demand for food. population increase, the amount of land each day available for cultivation is decreasing due to United Nations estimates indicate that global continuing urbanisation and industrial growth. agricultural productivity needs to rise by at least 15% by 2020 to maintain global food consumption Since 1960 the global population has increased per capita at today’s levels. The supply of high by around 130%, whereas cultivated land has quality fertilizers will therefore be crucial to helping increased by just 10%. Thus the acre of land that to sustain productivity. fed two people in 1960 must now feed almost fi ve +15% people; fertilizers help to make that possible. increase in farmland productivity needed by 2020 World population growth (bn) Arable land per capita vs population 10 10 0.5 8 8 0.4 6 6 0.3 4 4 2 2 0.2 0 0 0.1 1990 1980 1960 1970 2010 2000 2100 +185% 1950 1975 2000 2025 2050 2075 2020E 2030E 2040E 2050E average per capita income of Less developed regions Population (bn) (LHS) BRIC countries 2000-2012 More developed regions Arable land (ha/person) (RHS) 04 EuroChem Annual Report and Accounts 2013 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS CHANGING DIETS GLOBAL ECONOMY A greater proportion of the world’s population Fertilizer supply is strongly affected by demand from emerging economies, which are typically is now more prosperous. faster growing and highly populated. The increase in material wealth – particularly in Between 2001 and 2012, the per capita income of the BRIC countries (Brazil, Russia, India and China) emerging markets – has not only increased food grew by approximately 185%. Increases in prosperity, changes of diet and larger populations continue to have consumption but also created greater demand for a signifi cant, longer-term impact on demand for fertilizers. protein-rich foods such as red meat, poultry and dairy products, which are more resource-intensive to produce. Kilocalories per capita/day GNI per capita growth dynamic (%) Per capita meat consumption (PPP dollars) 3,000 400 140 Russian US 350 120 Federation Other 300 100 Brazil Pulses 80 China 250 Japan 2,500 Roots and tubers 60 200 Meat 40 Thailand 150 20 India 2,000 Sugar 100 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Vegetable oil 5,000 10,000 15,000 20,000 25,000 30,000 35,000 1,500 United States Russian Federation China Other cereals Brazil India European Union 1,000 Wheat 500 Rice 0 1964-66 1997-99 2030 SOIL FERTILITY RENEWABLE FUELS OUR ROLE EuroChem provides the With a lower proportion of arable land available In addition to producing food, farms are to meet the demand for food, output needs becoming an increasingly important source world’s farmers with the to increase signifi cantly. of renewable fuels. means to address the It is estimated that farmland productivity needs Between 1980 and 2012 the share of US corn used to increase by at least 15% over the next six years to produce fuel ethanol rose from 0.3% to over challenge of continuously to ensure that demand does not overtake supply, 24% – and the 107 million tonnes of corn used by resulting in food shortages and a sharp rise US ethanol distilleries in 2009 represented enough growing demand combined in costs. to feed 330 million people for one year. The rapid increase in biofuel production is therefore an with a relatively diminishing important driver for fertilizer demand. resource base. We do this World fertilizer consumption in 2000-2013 Global biofuel production (kb/doe) through unique products (MMT nutrients) 1,400 200 1,200 1,000 that help increase plant 150 800 100 600 yields by providing the 50 400 200 quality nutrients needed 0 0 for healthy growth in 1990 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 2000 2010 1995 2013 Nitrogen Phosphates Potash North America Latin America the right balance and Europe & Eurasia Africa Asia Pacific at the right time. EuroChem Annual Report and Accounts 2013 05 WHAT ARE FERTILIZERS? AN ESSENTIAL RESOURCE TO MEET GLOBAL FOOD DEMAND Fertilizers supply nutrients needed for good crop quality and yield. Fertilizer production entails gathering raw materials from nature, purifying them to increase their concentration, converting them into plant-available forms and often combining them into products containing more than one nutrient. Plants need sun, water and nutrients to grow. The three principal nutrients are nitrogen (N), phosphate (P) and potassium (K).
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