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Annual Report 2013 SESA GOA LIMITED ANNUAL REPORT 2013 Empowering Vision Enduring Value PDF processed with CutePDF evaluation edition www.CutePDF.com Our Vision To be one of the top four iron ore mining companies in the world. Our Mission To maximise stakeholder wealth by exploiting core skills of iron ore mining, coke and iron making To constantly seek high levels of productivity and technical efficiency; to maintain technological superiority over competitors To aggressively seek additional resources To maintain costs in the lowest quartile globally To be an organisation with best-in-class people and a performance driven culture by attracting and retaining quality manpower To continue to maintain pre-eminent position in safety, environment and quality control management in the respective industry sectors To contribute to the development of the communities that, the Company operates in or, have influence on its business activities To uphold human rights in the workplace and communities surrounding our operating areas Our Values Entrepreneurship Growth Excellence We foster an entrepreneurial We continue to deliver growth Achieving excellence in all that spirit throughout our businesses and generate significant value we do is our way of life. We strive and value the ability to foresee for our shareholders on a to consistently deliver projects business opportunities early sustainable basis. Moreover, ahead of time at industry leading in the cycle and act on them our organic growth pipeline is costs of construction and within swiftly. Whether it be developing strong as we seek to continue budget. We are constantly organic growth projects, making to deliver significant growth for focused on achieving a top decile strategic acquisitions or creating shareholders in the future. We cost of production in each of our entrepreneurs from within, we have pursued growth across businesses. To achieve this, we ensure an entrepreneurial spirit at all our businesses and into new follow a culture of best practice the heart of our workplace. areas; always on the basis that benchmarking. value must be delivered. Trust Sustainability The trust that our stakeholders We practice sustainability place in us is key to our within the framework of well- success. We recognise that defined governance structures we must responsibly deliver and policies and with the demonstrated commitment of on the promises we make to our management and employees. earn that trust. We constantly We aim not only to minimise strive to meet stakeholder damage to the environment expectations of us and deliver from our projects but to make ahead of expectations without a net positive impact on the compromising our other values. environment wherever we work. BUSINESS OVERVIEW 3 SUSTAINABILITY 16 GOVERNANCE 23 FINANCIALS 60 SECTI O N Our Operations 01 Who We Are Sesa Goa Limited is India’s largest producer and exporter With a commitment to create a world-class enterprise through of iron ore in the private sector (except in FY2013) and a high quality assets and competitive costs of production, we subsidiary of Vedanta Resources Plc., the London listed FTSE pursue our consistent strategy of owning and operating 100 diversified metals and mining major. Sesa also produces low-cost, expandable, upstream assets and delivering more pig iron and metallurgical coke and provides proprietary predictable business performance over time which, in technology in met coke manufacturing. Sesa is also developing turn, underpins the creation of value for our shareholders, the Western Cluster iron ore project in Liberia. Sesa holds 20% customers, employees and, importantly, the communities in interest in Cairn India Limited, India’s second largest private which we operate. sector upstream oil company (by reserves). Where We Operate 3 10 5 6 7 98 2 1 11 4 Our operations are located in India and Liberia. India Liberia Iron Ore Operations Pig Iron & Met Coke Operations Iron Ore Project 1. Codli Mines, Goa 5. Pig Iron Plant, Goa 8. Bomi Hills 2. Sonshi / Surla Mines, Goa 6. Met Coke Plant, Goa 9. Bea Mountain 3. Bicholim Mines, Goa 7. Power Plant, Goa 10. Mano River 4. Chitradurga Mine, Karnataka 11. Monrovia Port SECTION Contents 01 SECTION 01 SECTION02 SESA GOA LIMITED ANNUAL REPORT 2013 Business Sustainability Overview Empowering Vision Enduring Value Our vision empowers us to attain higher levels of performance in operations, employee safety and community initiatives to create enduring stakeholder value. Highlights 3 Human Resource 16 Year in Review 3 Health, Safety and Chief Executive’s Statement 4 Environment 17 Enduring Value Creation 6 Corporate Social Responsibility 19 Market Review 8 Financial Performance 10 For more information visit us at Business Segment Review 11 SECTION www.sesagoa.com 04 Risks and Uncertainties 15 Financials SECTION03 Governance Standalone Auditors’ Report 60 Balance Sheet 64 Statement of Profit and Loss 65 Board of Directors 23 Cash Flow Statement 66 Directors’ Report 24 Notes 68 Annexure A to Ten Year Record 101 Directors’ Report 30 Statement Pursuant to section 212 Annexure B to of the Companies Act, 1956 102 Directors’ Report 31 CEO / CFO Certification 35 Consolidtated Auditors’ Report 103 Corporate Governance Report 36 Balance Sheet 104 Auditors’ Certificate 49 Statement of Profit and Loss 105 Business Responsibility Report 50 Cash Flow Statement 106 Notes 108 Notice of Annual General Meeting / Proxy (Annexed) 139 2 Sesa Goa Limited BUSINESS OVERVIEW 3 SUSTAINABILITY 16 GOVERNANCE 23 FINANCIALS 60 Highlights > Year in Review > Chief Executive’s Statement > Enduring Value Creation > Market Review > Financial Performance > Business Segment Review > Risks and Uncertainties Highlights SECTION Financials Consolidated Financial Summary 01 Revenue ` 2,554 crore in ` crore, except as stated PBDT of ` 23 crore 2013 2012 PAT of ` 2,280 crore, incl. share of profit from Associate Net Income from operations 2,554 8,310 Basic EPS of ` 26.24 Cash Profit (PBDT) 23 3,235 Acquired balance 49% equity in WCL for $ 33.5 mn Net Profit (PAT) (131) 2,108 Business Net Profit (PAT) Incl. Associate 2,280 2,696 Income* Exploration success – net addition of 59 mt of R&R in India taking the total R&R to 433 mt, equivalent to a mine life of Earnings Per Share (`) +20 years Basic 26.24 31.01 Large initial JORC resources for Liberia announced – 966 Diluted 26.24 31.01 mt; significant upside anticipated Key Performance Indicators Total Revenue ` in cr Profit After Tax ` in cr Net Worth ` in cr 9,745 4,222 17,475 8,545 15,118 12,810 6,284 2,629 2,696 5,183 2,280 1,988 7,918 2,608 4,716 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Iron Ore Sales (mt) Pig Iron Sales (kt) Met Coke Sales (kt) 302 18.4 18.1 279 266 275 16.0 251 265 15.1 224 252 251 217 3.1 2009* 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 *2009 sales volume of iron ore is in wmt Year in Review Resources (R&R) of about a billion tonnes. With only a fraction Expansion of the lease area currently explored, a significant upside is Sesa successfully commissioned its expansion project for expected for the project. the pig iron and met coke manufacturing facilities. With the commissioning of the 450m3 blast furnace and 2 batteries of 36 coke ovens each, its pig iron production capacity has increased Sesa Sterlite to 625 ktpa and met coke production to 560 ktpa. It has also In February 2012, the intended merger of Sterlite Industries successfully commissioned the associated 0.8 mtpa Sinter (India) Limited, and other associated companies, with Sesa Plant and 30 MW waste gas based Power Plant. Goa Limited was announced. This merger, which will foster the creation of one of the world’s largest diversified natural resources companies, has received shareholder and other Western Cluster regulatory approvals during the year. The merger has also Sesa Goa Limited acquired the balance 49% stake in Western secured the approval from the High Court of Mumbai in Goa Cluster Limited in Liberia, taking its interest in the project and is awaiting the approval from the High Court of Madras to 100%. WCL currently has JORC compliant Reserves and where the hearings have been completed. 200 Annual Report 2013 3 SECTION Chief Executive’s Statement 01 Dear Shareholders, Business Environment 2012-13 was a year of unprecedented challenges for your Global GDP growth rate is estimated to be 3.2% in 2012 (3.9% Company. As I had said earlier, in 2011-12, the Indian iron ore in 2011). China and India exhibited slower growth in 2012, than mining industry was adversely affected by regulatory and previous years, of about 7.9% and 4.5% respectively. World environmental concerns. Debate on illegal mining practices crude steel production reached a record 1,548 mt in 2012, up occupied centre stage with heightened activism driving by 1.2%, driven by growth in Asia and North America. World government action and judicial intervention leading to a trade in iron ore increased in 2012 by 3.7% to 1.12 billion tonnes, complete halt in mining. The business environment for the despite decrease from India. industry deteriorated during 2012-13. Sesa’s Karnataka mining As indicated last year, albeit temporary glitches, the emerging operations were suspended due to ban on mining since 2011. market super cycle theme remains unchanged. Despite In September / October 2012, the Goa mining operations came emerging markets exhibiting slower growth, and a decade of to a complete halt by an abrupt imposition of ban on mineral trying to catch up with developed economies, with both China extraction and transportation by the State Government and and India continuing in their commodity-intensive urbanisation, subsequently by the Supreme Court.
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