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Investing for Tomorrow. 79 Annual Report and Accounts 2011 Delivering today. Investing for tomorrow. 79 314 RUSSIAN EXPORTS INTERNAL SUPPLY 227 7568 INTERNAL SUPPLY INTERNAL SUPPLY 2640 RUSSIA/CIS 570 NORTH AMERICA 1243 131 EUROPE 2958 INTERNAL SUPPLY RUSSIAN EXPORTS ASIA 530 AFRICA Type of business: 2011 External Steel 2011 External Steel Global Operating Model Steel Mills Sales Volumes Sales Volumes Iron Ore Mining by Geography by Product Coal Mining EVRAZ is a premier producer of Coke Production 49% Russia & CIS 36% Construction infrastructure products, one of the Vanadium 19% Asia 22% Semi-finished world’s leading manufacturers of Sea Port 18% Americas 19% Flat rolled Mezhegey Coal Mine in Development 10% Europe 14% Railway construction steel and the world’s Third Party Steel Products Sales1 (kt) 2011 4% Africa 6% Tubular No 1 producer of rails. Internal Supply of Slabs and Billets from 3% Other Russian Steel Mills (kt) 1 Excluding routes with sales volumes below 50kt each, together totalling 160kt. 02–15 04 Who We Are 05 Highlights Business Overview 06 Production and Trading Subsidiaries 08 EVRAZ Operations 10 Production by Region 2011 12 Chairman’s Statement 14 Chief Executive Officer’s Statement 16–29 18 Strategic Context 18 Global Macroeconomic Environment Strategy 19 Steel Industry in 2011 20 Iron Ore Market in 2011 21 Coking Coal Market in 2011 22 Vanadium Market in 2011 23 Business Model 23 Our Strategy 25 Key Performance Indicators 26 Principal Risks and Uncertainties 30–41 32 Operating Review 33 EVRAZ Business System Operating Review 34 Steel: Russia 35 Mining: Russia 37 Steel: North America 38 Steel and Mining: Ukraine 39 Steel and Mining: South Africa 39 Steel: Europe 40 Vanadium 42–49 44 Corporate Social Responsibility Sustainability 50–55 52 Financial Review Financial Review 56–79 58 Board of Directors 60 Vice Presidents of EVRAZ plc Governance 61 Corporate Governance Report 70 Remuneration Report 74 Directors’ Report 78 Directors’ Responsibility Statements 80–153 82 Independent Auditors’ Report to the 152 Independent Auditors’ Report to the Members of EVRAZ plc Members of EVRAZ plc Financial Statements 84 Consolidated Statement of Operations 154 Separate Statement of 85 Consolidated Statement of Comprehensive Income Comprehensive Income 155 Separate Statement of 86 Consolidated Statement of Financial Position Financial Position 156 Separate Statement of 87 Consolidated Statement of Cash Flows Cash Flows 157 Separate Statement of 89 Consolidated Statement of Changes in Equity Changes in Equity 158 Notes to the Separate Financial 91 Notes to the Consolidated Statements Financial Statements 161 Glossary of Selected Terms EVRAZ plc 01 Annual Report and Accounts 2011 Business Overview Business EVRAZ plc is a global, vertically-integrated, steel, mining and vanadium business with operations in the Russian Federation, Ukraine, the Czech Republic, Italy, the USA, Canada and South Africa. Strategy The Group is listed on the London Stock Exchange and is a constituent of the FTSE 100 index. Operating Review Operating Sustainability Segment Revenue 20111 Steel (US$ million) EVRAZ steel business operates globally, with steelmaking facilities in Russia, Ukraine, North America, 14,717 Europe and South Africa. Most of the consolidated revenues are 12,123 (2010) +21% generated by the Steel segment. Financial Review Segment Revenue 20111 Mining (US$ million) EVRAZ seeks to enhance its profitability and security of supply of raw materials by increasing vertical integration, in 3,784 particular in respect of iron ore and high quality coking coal. The contribution 2,507 (2010) +51% Governance to the Group EBITDA from the mining segment has increased. Segment Revenue 20111 Vanadium (US$ million) EVRAZ is the only large-scale producer of vanadium-rich iron Financial Statements ore in Russia and among the largest 665 producers of vanadium slag globally. 566 (2010) +17% 1 Includes inter-segment sales. 02 EVRAZ plc EVRAZ plc 03 Annual Report and Accounts 2011 Annual Report and Accounts 2011 Business Overview Business Construction of a New Coking Business Strategy Coal Mine Yerunakovskaya-VIII Overview Operating Review Operating In April of 2011 EVRAZ commenced construction of a new coking coal mine Yerunakovskaya-VIII. The Yerunakovskaya-VIII coal field is located 55 km north east of Novokuznetsk in the Kemerovo region of Russia, the licences of which cover an area of 7.5 km2. Operations at the mine are scheduled to start by the middle of 2013, and we anticipate that it will reach its peak production capacity of 2 million tonnes per annum of raw coking coal by 2014. Sustainability Construction of the access roads is underway and the project is on schedule. All underground construction works are being carried out in-house by Yerunakovskaya-VIII’s own contracting crews/teams. Financial Review The Yerunakovskaya-VIII Mine Location in Russia Governance Moscow Yerunakovskaya-VIII Financial Statements 2 mtpa 2 million tonnes of raw coking coal (planned production capacity by the end of 2014) 04 EVRAZ plc Annual Report and Accounts 2011 Who We Are Our Mission We are a global steel and mining company delivering value to our infrastructure customers. We make the world Stronger, Safer and Cleaner! Our principal activities are: Manufacturing and sale of steel and steel products Iron ore mining and enrichment Coal mining and processing Manufacturing and sale of vanadium products Trading operations and logistics In 2011 EVRAZ produced 16.8 million tonnes of crude steel. EVRAZ is: 1. one of the most vertically integrated global steelmakers; 2. one of the lowest cost global steel producers; 3. the market leader in construction steel products; 4. the leading global supplier of steel rails; and 5. globally diversified across a range of geographies. More information about the Company can be found on pages 5 to 17, 23 to 77. EVRAZ is a global, vertically-integrated, steel, mining Our History nrichment Through and vanadium business with operations in the Russian The Group’s history dates E Collaboration Federation, Ukraine, the USA, Canada, the Czech Republic, back to 1992 when Evrazmetall, Working together as one team, a small Russian metal trading we achieve the best results. Italy and South Africa. The Group is listed on the London firm, was founded. In the space Stock Exchange and is a constituent of the FTSE 100 of almost 20 years this company, alue Created for index. The Group employs approximately 112,000 people the forerunner of EVRAZ, has V Our Customer and is among the top 20 largest steel companies in the been transformed, via a programme Continually improving our products world by crude steel production volumes. of domestic and cross-border and services, we strengthen acquisitions, into a multinational our long-term partnerships steelmaking and mining corporation with our customers. with a US$17.0 billion asset base. espect for People Our Values R Safe working conditions, EVRAZ is a distinctive Company development of our people and with distinctive values. We believe local communities are integral that our responsibilities encompass parts of the EVRAZ business. all our stakeholders, including shareholders, customers, ccountability for employees and communities, A Actions and Results in the areas where we operate. We persistently aspire to achieve We endeavour to deliver ongoing our goals and are responsible growth and value while, at for the results. the same time, pursuing environmentally responsible eal for Continuous policies within a framework Z Improvement of sustainability. By developing and implementing new ideas, we facilitate the sustainable growth of our company. +59% Operating cash flow increased by 59% to US$2,647 million in 2011 EVRAZ plc 05 Annual Report and Accounts 2011 Business Overview Business 2011 Highlights: Financial highlights: Group revenues were US$16,400 million (+22% vs. 2010) The Group achieved consolidated EBITDA of US$2,898 million (+23%) Net profit was US$453 million (-4%) Strategy Operating cash flow was US$2,647 million (+59%) Net debt was US$6,442 million (-10% vs. 31 December 2010) Rating upgrades1 by Moody’s, Standard & Poor’s and Fitch to “Ba3”, “B+” and “BB-“ respectively following a number of debt issues and refinancings CAPEX in 2011 amounted to US$1,281 million compared with US$832 million in 2010 Review Operating Revised dividend policy with long-term average dividend payout ratio of at least 25% of the consolidated net profit adjusted for non-recurring items for the relevant period Cash final dividend declared of US$0.17/ordinary share of EVRAZ plc following payment by Evraz Group S.A., the top parent of the Group until 7 November 2011, in 2011 of an interim dividend of US$0.60 per share/US$0.20 per GDR and a special dividend of US$2.70 per share/US$0.90 per GDR Sustainability Total 2011 ordinary dividend of Evraz Group S.A. and EVRAZ plc amounted to US$317 million, accounting for approximately 50% of net profit2 Corporate developments: EVRAZ plc was admitted to trading on the London Stock Exchange’s Main Market on 7 November 2011 and joined the FTSE 100 on Financial Review 19 December 2011 (six years earlier EVRAZ Group S.A.’s Global Depositary Receipts began trading on the London Stock Exchange) Sir Michael Peat was appointed as Senior Independent Non-Executive Director Alexander Izosimov was appointed as Independent Non-Executive Director Operating highlights: Governance EVRAZ achieved a 23% reduction in lost time injury frequency rate and a 50% reduction in fatal incident frequency rate in 2011 The steel division produced 16.8 million tonnes (+3%) of crude steel and sold 15.5 million tonnes (+0%) of steel products The mining division produced 21.2 million tonnes (+7%) of iron ore products, 6.3 million tonnes (-16%) of raw coking coal, and 3.0 million tonnes (-23%) of steam coal Financial Statements The vanadium division produced 20,741 tonnes (+0%) of vanadium slag and sold 26,632 tonnes (+34%) of vanadium products 1 Evraz Group S.A.
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