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At the Cutting Edge of Technology Annual Report 2020 AT THE CUTTING EDGE OF TECHNOLOGY APPROVED by the Board of Directors of PAO TMK March 11, 2021 (Minutes No. 21 of March 12, 2021) TMK | Annual Report 2020 COMPANY STRATEGIC CORPORATE GOVERNANCE SUSTAINABLE DEVELOPMENT APPENDICES 1 AT A GLANCE 2 REPORT 3 REPORT 4 REPORT 5 2 CONTENTS 3 COMPANY AT A GLANCE 120 SUSTAINABLE DEVELOPMENT TMK Profile ....................................................................................................................... 4 REPORT TMK Group’s Growth History ....................................................................................7 TMK Group’s Asset Structure and Geography .................................................. 8 Stakeholder Relations ............................................................................................. 122 Human Resources and Social Policy ................................................................. 126 Occupational Health and Safety ........................................................................ 139 Environmental Management ................................................................................144 9 STRATEGIC REPORT Sponsorship and Philanthropy ............................................................................154 Letter to Shareholders .............................................................................................. 10 Key Highlights ................................................................................................................13 Value Chain .....................................................................................................................15 160 APPENDICES Strategy and Principal Activities ...........................................................................17 TMK’s Market Position ................................................................................................19 Corporate Governance Code Compliance Report in accordance with recommendations of the Bank of Russia ..............................................161 Russian Pipe Market ....................................................................................................21 Consolidated Financial Statements ..................................................................186 European Pipe Market ...............................................................................................28 Management Discussion and Analysis of the financial position and Innovation and R&D Cooperation ........................................................................30 results of operations for the year ended 31 December 2020 ................. 187 Digital Transformation ..............................................................................................34 Principal risks and uncertainties .........................................................................198 Energy Consumption and Efficiency ....................................................................38 Transactions Report ................................................................................................204 Capital Expenditures ..................................................................................................41 Glossary......................................................................................................................... 219 Liquidity Management ............................................................................................. 44 Contacts .......................................................................................................................220 46 CORPORATE GOVERNANCE REPORT Statement by the Chairman of the Board of Directors ...............................47 Report on the work of the Board of Directors and Committees of the Board of Directors ...............................................................................................51 Executive Bodies ........................................................................................................83 Report on the Remuneration of the Board of Directors in 2020 ............93 Control System ............................................................................................................97 Shareholder and Investor Information .............................................................. 114 Global supplier of steel pipes and pipe solutions TMK is the largest steel pipe manufacturer in Russia and counts as one of the world’s leading pipe producers. The Company operates over 15 production assets in Russia, Romania and Kazakhstan with an annual combined capacity of 5 million tonnes of pipe. COMPANY AT A GLANCE AT COMPANY TMK | Annual Report 2020 COMPANY STRATEGIC CORPORATE GOVERNANCE SUSTAINABLE DEVELOPMENT APPENDICES 1 AT A GLANCE 2 REPORT 3 REPORT 4 REPORT 5 4 TMK PROFILE The Company was founded in 2001 and by end-2020 operates over 15 ТМК is a global supplier of steel production assets in Russia, Romania and Kazakhstan with an annual combined capacity of 5 million tonnes of pipe. TMK’s core business pipes, pipe solutions and related is the production and sale of seamless and welded pipe, pipe with >15 services for the oil and gas premium connections, combined with an extensive range of services in production assets industry, and counts as one of heat treatment, protective coating, pipe storage and repair. in Russia, Romania the world’s leading pipe producers. and Kazakhstan TMK comprises four Russian production sites – Volzhsky Pipe Plant, Seversky Pipe Plant, Sinarsky Pipe Plant and Taganrog Metallurgical Works (TAGMET), as well as TMK-ARTROM and TMK-RESITA in Romania, TMK-Kaztrubprom in Kazakhstan, and several oilfield service companies. TMK has several trading companies and representative >80 offices located in Russia, Europe, the USA, the UAE and other countries. countries geography of supplies TMK’s research efforts are spearheaded by TMK’s R&D facility in Skolkovo (Moscow) and the Russian Research Institute of the Tube As an advanced vertically The Company has a track With its production and & Pipe Industries (RUSNITI) located in Chelyabinsk, Russia. The center integrated company with record of supplying products service capabilities TMK focuses on new product design and development, experimental and 5 an extensive sales network, to over 80 countries. supplies a wide range of validation testing and advanced research. TMK produces and supplies customers, offering effective mln t a broad range of high-tech solutions to their operational In 2020, TMK acquired a 100% interest in LLC Truby 2000, one of of pipe in year competitive products. challenges. Russia’s leading manufacturers of nuclear piping systems, as well as in LLC TMK – Yartsevsky Metzavod (formerly Parus), an advanced casting and rolling complex producing long products with an annual capacity of over 300 thousand tonnes. The Company also increased its stake in the authorized capital of JSC Uralchermet, which specializes in protective coating for pipes, to 75%. The Company’s securities are traded on the Moscow Exchange under ticker TRMK RM. TMK | Annual Report 2020 COMPANY STRATEGIC CORPORATE GOVERNANCE SUSTAINABLE DEVELOPMENT APPENDICES 1 AT A GLANCE 2 REPORT 3 REPORT 4 REPORT 5 5 KEY INVESTMENT HIGHLIGHTS One of the world’s leading pipe Stable margins and superior earnings manufacturers resilience through the cycle supported by 01 Russian leader in premium products 04 vertical integration Attractive market fundamentals Focus on deleveraging 02 in Russia 05 High-quality and well-established client base High corporate governance standards, Diversified product portfolio experienced management team and 03 In-house R&D platform 06 strong capital markets track record TMK | Annual Report 2020 COMPANY STRATEGIC CORPORATE GOVERNANCE SUSTAINABLE DEVELOPMENT APPENDICES 1 AT A GLANCE 2 REPORT 3 REPORT 4 REPORT 5 6 KEY INDICATORS Seamless pipe Welded pipe Sales volumes, thousand tonnes Revenue, RUB bln Adjusted EBITDA, RUB bln Leader in the Russian 2,026 785 market of oil country 2020 2,811 2020 222.6 2020 42.5 tubular goods 2,651 1,177 2019 3,828 2019 308.4 2019 43.5 2,743 1,246 2018 3,989 2018 319.4 2018 44.1 Seamless pipe Welded pipe No. 1 Adjusted EBITDA margin, % Investments, RUB bln Net debt/EBITDA in Russia and globally by sales of tubular products 14.4 2020 19.1 2020 10.5 2020 2.3 2019 14.1 2019 14.2 2019 3.6 2018 17.2 2018 3.8 2018 13.8 23% Acquisition of property, plant and equipment share of the Russian pipe market Acquisition of subsidiaries CREDIT RATINGS S&P Global Moody’s RAEX (Expert RA) Long-term credit rating Long-term credit rating Long-term credit rating, BB- B1 national scale ruA Outlook Negative Outlook Positive Outlook Stable Last revised 04/20/2020 Last revised 01/22/2020 Last revised 04/15/2020 TMK | Annual Report 2020 COMPANY STRATEGIC CORPORATE GOVERNANCE SUSTAINABLE DEVELOPMENT APPENDICES 1 AT A GLANCE 2 REPORT 3 REPORT 4 REPORT 5 7 TMK GROUP’S GROWTH HISTORY RUSSIA ROMANIA KAZAKHSTAN OMAN CANADA – TAGMET – TMK-ARTROM – TMK-Kaztrubprom – TMK GIPI – TMK Completions – Sale of 100% of the – Volzhsky Pipe Plant – TMK-RESITA shares IPSCO – Seversky Pipe Plant Tubulars Inc. – Sinarsky Pipe Plant USA – TMK IPSCO IPO 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 SPO RUSSIA CANADA RUSSIA – TMK NGS-Nizhnevartovsk – TMK IPSCO Canada – TMK – Yartsevsky Metzavod – TMK NGS-Buzuluk – Truby 2000 – TMK-CPW – Uralchermet – Orsky Machine Building Plant – Truboplast TMK’s growth history is presented without taking into account the
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