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Diversification Scale Expertise Sustainability Pb Zn Ag Pb Zn Al kWh Cu Zn Pb Diversification Cu Scale Expertise Sustainability STERLITE INDUSTRIES (INDIA) LIMITED Annual Report 2011-12 Contents OVERVIEW Highlights for FY 2011-12 2 Sterlite at a Glance 4 A Diversified Portfolio 6 Consolidated Performance 7 p8 Chairman’s Message 8 Chairman’s Message Business Model 10 Strategic Framework 12 Company Overview 14 p12 Strategic Framework MANAGEMENT DISCUSSION AND ANALYSIS Business Review 24 Copper 30 Zinc, Lead & Silver 34 Aluminium 38 Power 41 Growth Long Term Value Sustainability Financial Highlights - Consolidated 43 Financial Performance 44 Risk and Uncertainties 48 Board of Directors 54 SU STAINABILITY Responsible Stewardship 59 Building Strong Relationships 66 p22 Adding and Sharing Value 68 Management Discussion and Analysis S TATUTORY Directors’ Report 72 Corporate Governance Report 82 FINANCIALS p56 Standalone 108 Consolidated 156 Sustainability Notice 203 Our Vision To be a world class diversified natural resources company providing superior returns to our shareholders. Our Values DIVERSIFIED We produce aluminium, copper, ENTREPRENEURSHIP SUSTAINABILITY zinc, lead, silver and power from our We foster an entrepreneurial spirit We practice sustainability within operations around the world. throughout our businesses and the framework of well defined value the ability to foresee business governance structures and policies opportunities early in the cycle and and with the demonstrated act on them swiftly. Whether it be commitment of our management developing organic growth projects, and employees. making strategic acquisitions or creating entrepreneurs from within, SCALE we ensure an entrepreneurial spirit at the heart of our workplace. We have an extensive mining and production infrastructure matched by substantial reserves and resources. TRUST EXCELLENCE The trust that our stakeholders Achieving excellence in all that we do is our way of life. We consistently EXPERTISE place in us is key to our success. We recognise that we must responsibly deliver projects ahead of time at We focus on building high quality, deliver on the promises we make to industry-leading costs of construction low cost assets on a sustainable earn that trust. We constantly strive and within benchmark costs. We are basis. to meet stakeholder expectations of constantly focused on achieving a us and deliver ahead of expectations. top decile cost of production in each of our businesses. To achieve this, we follow a culture of best practice benchmarking. SUSTAINABILITY Our sustainability model comprises GROWTH three pillars - Responsible We continue to deliver industry Stewardship, Building Strong leading growth and generate Relationships, Adding and Sharing significant value for our shareholders. value. Moreover, our organic growth pipeline is strong and we are confident that we will continue to deliver significant growth for shareholders in the future. We have pursued growth across all our businesses and into new areas, always on the basis that value must be delivered. 2 Highlights for FY 2011-12 FINANCials ` 40,967 Crore +35% ` 23,403 Crore Consolidated turnover Cash and liquid investments ` 10,169 Crore +26% ` 11,913 Crore EBITDA Exports ` 7,761 Crore +6% ` 5,500 Crore PAT Contribution towards Indian exchequer in terms of taxes, duties and royalties ` 4,828 Crore ` 2 per share Attributable Profit Highest ever Dividend ` 14.4 Consolidated EPS CONSOLIDATED FINANCIAL RESULTS (` in Crore except as stated) Particulars 2011-12 2010-11 % change Revenue 40,967 30,248 35% EBITDA 10,169 8,050 26% EBITDA margin 25% 27% Profit After Tax 7,761 7,322 6% Attributable PAT 4,828 5,043 -4% Basic Earnings Per Share (in ` per share) 14.4 15.0 Underlying Earnings Per Share (in ` per share) 16.7 15.0 ROCE (%) 16% 16% Dividend per share (`) 2.0 1.1 Sterlite Industries (India) Limited Annual Report 2011-12 3 OVERVIEW PERFORMANCE SUSTAINABILITYSTATUTORY FINANCIALS BUSINESS HIGHLIGHTS 2011-12 p30 p34 p37 COPPER ZINC, LEAD & SILVER ZINC-LEAD INDIAN OPERATIONS INTERNATIONAL OPERATIONS > Cathode production of 326 kt up > Highest ever refined zinc and > Integration successfully by 7.2% lead production of 759 kt and 99 completed kt, respectively > Achieved highest ever copper > Stable operating performance, recovery of 98.28% > Record silver metal production higher volume of 444 kt as of 242 MT, up 35% over previous compared to 434 kt in previous > Achieved zero cost of year year production > Maintained lowest quartile cost > Mine life extended at all three position locations > FY 2011-12 gross addition of 27 mt to Reserves and Resources prior to depletion of 8 mt > Commissioned 100 ktpa lead smelter at Dariba increasing total refined lead capacity to 185 ktpa > 350 tonne per annum (tpa) silver refinery taking total silver refining capacity to 518 tpa p38 p41 p21 ALUMINIUM POWER PORT & INFRASTRUCTURE PROJECT > Hot metal production of > Record power sales of 7,579 > Construction of coal handling 246 kt million units, up by 183% from berth at Vizag is expected to previous year complete October 2012 > Valued added products - Highest ever production of Rods -168 kt > Commissioned two 600 MW and Rolled Products - 70 kt units of the SEL power plant and the fourth 600 MW unit under VED ANTA ALUMINIUM trial run. > Highest ever alumina production > 150 MW wind power expansion of 928 kt completed during the year taking the green power > Record aluminium production of generation capacity to 274 MW 430 kt Sterlite Industries (India) Limited Annual Report 2011-12 www.sterlite-industries.com 4 Sterlite at a Glance Our principal operations are located in India, where we have a substantial market share in each of our main metals: aluminium, copper, zinc, lead and silver. We have integrated Zinc International entities in Namibia, South Africa and Ireland. We also operate a copper mine in Australia. GROUP STRUCTURE (Percentage Shareholding as of March 31, 2012) VEDANTA RESOURCES (Listed on LSE) 70.5 54.6 94.8 STERLITE VEDANTA INDUSTRIES MADRAS ALUMINIUM ALUMINIUM (Listed on BSE, (VAL) 3.6 (MALCO) NSE and NYSE) 51 64.9 100 100 ZINC- BHARAT COPPER INDIA(HZL) STERLITE ALUMINIUM MINES OF ENERGY (BALCO) (Listed on BSE TASMANIA and NSE) 100 74 Copper S KORPION B LACK Aluminium AND LISHEEN MOUNTAIN Zinc-India Zinc-International Power Sterlite Industries (India) Limited Annual Report 2011-12 5 OVERVIEW PERFORMANCE SUSTAINABILITYSTATUTORY FINANCIALS Australia 12 Namibia 1 Debari smelter 14 2 Chanderiya/ Dariba smelters 3 Rampura-Agucha mine 13 4 Rajpura Dariba and South Africa Zawar mine 5 Sindesar Khurd mine 15 3 6 Silvassa refinery 1 4 7 Tuticorin smelter and 2 5 refinery 11 11 8 Vizag smelter Ireland 9 Lanjigarh mine and 10 10 16 6 refinery (VAL) 10 10 Jharsuguda Aluminium 9 (VAL) and Commercial Power project (SEL) 11 Korba smelter 8 12 Mt. Lyell mine Copper 13 Talwandi Sabo (TSPL) Aluminium 14 Black Mountain mines Power 15 Skorpion mines Zinc-International 16 Lisheen mines Captive Power Plant Projects under development 7 Map not to scale Sterlite Industries (India) Limited Annual Report 2011-12 www.sterlite-industries.com 6 A Diversified Portfolio COPPER ALUMINIUM SEGMENT We have an custom copper Our integrated aluminium business CONTRIBUTION smelting operations in India and is well-located in the bauxite and 2011-12 our Australian mines produce coal reserve rich region of India copper for our Indian smelting encompassing mines, smelters and operations. associated captive power plants. Revenue (%) Key Strengths Key Strengths 49 > One of the world’s lowest cost > 245 ktpa smelter now 7 6 copper smelter in Tuticorin, India operational in Korba, India > Copper rod production facilities > Captive bauxite mines in 11 in India Chhattisgarh, India Key Statistics Key Statistics > Current Capacity: > Current Capacity: India 400 ktpa Aluminium smelting: 245 ktpa; Captive power: 5400 MW > No of employees: 1,221 27 > No of employees: 3,978 Copper HZL ZI BALCO Power POWER ZINC-LEAD / SILVER We are expanding our independent We are the world’s largest power plants (IPP) rapidly, with new integrated zinc producers with plants at Jharsuguda and Talwandi operations in India, Namibia, South EBITDA (%) Sabo India coming on stream Africa and Ireland. We operate alongside growth in our wind the world’s largest zinc mine, the energy capacity. Rampura Agucha Mine in India, 13 and are one of the leading global silver producers. 4 7 Key Strengths Key Strengths 17 > One of the largest IPP in the > One of the world’s largest private sector in India undeveloped zinc deposits in Gamsberg, South Africa > Significant green‘ energy’ capacity > Silver-rich ore from Sindesar Khurd mine in India 59 Key Statistics Key Statistics > Current Capacity: Independent > Current Capacity: coal-based power: 2,070 MW; Zinc-Lead: 1.5 mtpa; Copper HZL ZI Wind power: 274 MW Silver: 518 MT BALCO Power > No of employees: 266 > No of employees: 8,060 Sterlite Industries (India) Limited Annual Report 2011-12 7 OVERVIEW PERFORMANCE SUSTAINABILITYSTATUTORY FINANCIALS Consolidated Performance Revenue (` in Crore) EBITDA (` in Crore) 41,179 2011-12 10,169 2011-12 30,429 2010-11 8,050 2010-11 24,682 2009-10 8,031 2009-10 21,448 2008-09 6,858 2008-09 25,047 2007-08 9,434 2007-08 Cash Profit (PBDT) (` in Crore) Attributable Profit (` in Crore) 12,174 2011-12 4,828 2011-12 10,221 2010-11 5,043 2010-11 7,689 2009-10 3,744 2009-10 6,461 2008-09 3,540 2008-09 9,116 2007-08 4,399 2007-08 Gross Fixed Assets (` in Crore) Net Worth (` in Crore) 52,259 2011-12 46,056 2011-12 43,339 2010-11 41,435 2010-11 29,263 2009-10 37,012 2009-10 22,365 2008-09 25,613 2008-09 17,025 2007-08 22,303 2007-08 Sterlite Industries (India) Limited Annual Report 2011-12 www.sterlite-industries.com 8 Chairman’s Message OVERVIEW The year FY 2011-12 has been a transformational year for Sterlite.
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