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2020 Trafigura Annual Report

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2020 Trafigura Annual Report 2020 ANNUAL REPORT TRAFIGURA GROUP PTE. LTD. Financial and business highlights1 Combined volume Group revenue of commodities traded2 Gross profit Total assets $147.0bn 365.3mmt $6.8bn $57.0bn 2020 147.0 2020 365.3 2020 6.8 2020 57.0 2019 171.5 2019 372.1 2019 2.9 2019 54.2 2018 180.7 2018 371.1 2018 2.4 2018 53.8 Oil and Petroleum Products revenue as a percentage of Oil and Petroleum Products Group revenue total volume traded Gross profit margin Total non-current assets 57% 267.7mmt 4.6% $11.1bn 2020 57 2020 267.7 2020 4.6 2020 11.1 2019 65 2019 274.9 2019 1.7 2019 10.8 2018 69 2018 275.2 2018 1.3 2018 8.8 Metals and Minerals revenue Non-ferrous concentrates and as a percentage of Group revenue refined metals total volume traded Net profit Total Group equity 43% 20.9mmt $1.6bn $7.8bn 2020 43 2020 20.9 2020 1.6 2020 7.8 2019 35 2019 19.9 2019 0.9 2019 6.8 2018 31 2018 18.5 2018 0.9 2018 6.3 Average number of Bulk minerals total volume traded EBITDA3 employees over the year4 76.7mmt $6.0bn 8,619 2020 76.7 2020 6.0 2020 8,619 2019 77.3 2019 2.1 2019 5,106 2018 77.4 2018 1.7 2018 4,316 1. Trafigura’s financial year ran from 1 October 2019 to 30 September 2020. Figures for this period include the new IFRS 16 reporting requirements. 2. Million metric tonnes. 3. EBITDA (earnings before interest, tax, depreciation and amortisation) is operating profit excluding the share in results of equity-accounted investees, depreciation and amortisation, gains/losses on divestments of subsidiaries, equity-accounted investees and Trafigura Group Pte. Ltd. and the companies which it directly or indirectly owns investments other investments, impairment losses and other non-operating income and expenses. in are separate and distinct entities. 4. Total employee numbers are calculated as an average over the financial year and comprise In this publication, the collective expressions ‘Trafigura’, ‘Trafigura Group’, ‘the Company’ employees of consolidated Trafigura Group businesses, operations and offices. For the first and ‘the Group’ may be used for convenience where reference is made in general to those time in FY2020, this includes 3,921 Nyrstar employees, following the consolidation companies. Likewise, the words ‘we’, ‘us’, ‘our’ and ‘ourselves’ are used in some places to refer of Nyrstar into the Trafigura Group in July 2019. MATSA, Puma Energy, Porto Sudeste to the companies of the Trafigura Group in general. These expressions are also used where and [Impala] Simba employees are excluded as these assets are not consolidated in no useful purpose is served by identifying any particular company or companies. the Trafigura Group financial accounts. Global trade brings the world closer together. It expands the wealth of nations, forges common interests and builds mutual trust. Trafigura makes trade happen. And we make it our mission to do that responsibly. We deploy infrastructure, skills and our global network to move physical commodities from places they are plentiful to where they are most needed. We have been connecting our customers to the global economy for over a quarter of a century. We grow prosperity by advancing trade. Find out more www.trafigura.com Contents Overview Report of the Risk management Financial Board of Directors and funding model statements 2020 RESPONSIBILITY REPORT 02 Trafigura at a glance 04 Statement from 30 How Trafigura 38 Contents for the TRAFIGURA GROUP PTE. LTD. 03 What we do the Executive manages risk Financial statements Chairman and 34 Finance to Chief Executive Officer meet diverse 06 Financial review business needs The 2020 Annual Report 12 Marketplace review is complemented by our Corporate 2020 Responsibility Report. 14 Performance review governance The Responsibility Report 14 Oil and Petroleum reflects on Trafigura’s Products Trading 36 Board of Directors progress in implementing and Committees responsible business 18 Metals and practices and presents Minerals Trading our performance in managing our social and 22 Bulk Trading environmental impacts. 24 Shipping and Chartering For further 26 Industrial and information visit: financial assets www.trafigura.com/ responsibility 2 Overview At a glance Trafigura's core business is the physical trading of oil and petroleum products and metals and minerals, and their transportation across the globe. Our assets and investments complement and enhance these activities. We have 8,619 employees across 48 countries. Trading and logistics1 Oil and Petroleum Products Metals and Minerals Shipping and Chartering 267.7mmt 97.6 mmt 4,225 fixtures (Total volume traded) (Total volume traded) (Shipping and Chartering fixtures) Trafigura is one of the world's largest traders As a leading metals and minerals trader, we Our Shipping and Chartering desk is closely by volume of oil and petroleum products, with a negotiate offtake and supply agreements with integrated into Trafigura’s business model, global presence and comprehensive coverage of all miners and smelters globally. providing freight services to commodity trading major markets. teams internally and trading freight externally in the professional market. Industrial and financial assets Impala Terminals is a multimodal Trafigura Mining Group manages Galena Asset Management provides Nyrstar is a global multi-metals logistics provider focused on export- mining operations, develops projects investors with specialised alternative mining and smelting business, with driven emerging markets. It owns and conducts technical audits of investment solutions through its a market-leading position in zinc and operates ports, port terminals, existing and potential partner projects. investments in real assets and and lead. warehouses and transport assets. private equity funds. North America 10 Europe Offices 20 1,622 Offices Employees 2,036 Middle East Asia & Australia Employees 3 16 Offices Offices 38 2,278 Employees Employees Latin America Africa 29 10 Offices Offices 2,334 311 Employees Employees 1. Figures as at 30 September 2020 www.trafigura.com/locations Trafigura Annual Report 2020 3 What we do We connect counterparties, build capacity and develop physical commodity markets reliably, efficiently and responsibly. We are adding value to the global trade in natural resources with exceptional service and performance across the supply chain. Value creation Processors Non-renewable Source Store Blend Deliver Transformed We negotiate We store We blend physical We operate commodities offtake agreements petroleum commodities to efficient, safe with oil producers, products at regional, market and high- refiners, mining owned and third- and customer quality logistics. companies party tankage. specifications We move Natural and smelters. We store metals in strategically resources commodities We own mines and minerals at located terminals by barge, truck, and smelters and Impala Terminals and warehouses rail, pipeline and invest in logistics and third-party- around the world. vessel in support that improve owned facilities. of our core trading market access for activities and for our suppliers. third parties. We invest in We supply renewable power renewable power generation, to electricity storage capacity grids and our own Renewable and alternative operational Power technologies. facilities. By transforming commodities In space In time In form By reducing costs • Global network • Operational efficiency • Supply chain optimisation • Market knowledge • Economies of scale • Low financing cost • Infrastructure investment By managing risks • Hedged financial risks • Integrated systems • Governance and responsibility • Political and liability and processes risk insurance • Regulatory compliance By limiting emissions • Transition-enabling metals • Solar, wind and storage • Renewable energy supply • Reduced carbon intensity infrastructure • Developing low-carbon • Reduced carbon footprint • Alternative technologies markets 4 Statement from the Executive Chairman and Chief Executive Officer Statement from the Executive Chairman and Chief Executive Officer A strong result in a volatile year In an extraordinary period for global commodity markets, Trafigura Group delivered exceptional customer service and a strong overall commercial and financial performance. Changing market dynamics Trafigura Group’s core strategy is to advance trade efficiently and responsibly, using its global scale, cross- commodity reach and in-depth market knowledge to connect producers and consumers of energy and industrial raw materials around the world. Our success this year was a reflection of this core strategy, as well as the investments we have made over several years in recruiting and developing talent and in establishing world- I am pleased to present Trafigura Group’s 2020 Annual Jeremy Weir class trading infrastructure, IT and risk control systems. Executive Chairman and Report, covering our performance and progress in what Chief Executive Officer by any standard was a challenging and volatile year for The teamwork across our global office network ensured the global economy and for commodity markets, as a that we were quick to understand the rapidly changing result of the COVID-19 pandemic. and highly variable market dynamics across the commodity spectrum as the virus spread, and to deploy It was a year in which commodity supply chains were work from home procedures rapidly and smoothly. significantly disrupted, not only by the virus and by Our platform could react to price signals by shifting large government measures to curb it, but also by changing trade volumes of commodities
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