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Efficiency As a Growth Driver URALCHEM ANNUAL REPORT 2013 ANNUAL REPORT 2013 ANNUAL REPORT 2013 EFFICIENCY AS A GROWTH DRIVER www.uralchem.com EFFICIENCY AS A CONTACT INFORMATION GROWTH DRIVER Legal and mailing address 10 Presnenskaya naberezhnaya, Moscow, Russia, 123317 Phone: +7 (495) 721 89 89 Fax: +7 (495) 721 85 85 Е-mail: [email protected] Despite a difficult market environment, URALCHEM delivered a solid financial and operating performance in 2013. Our success was due to the hard work and professionalism of employees, as well as to a resilient and flexible business model which ensures strong performance in any market conditions. We have maintained our leadership among Russia’s nitrogen fertilizer producers. Continuous improvements in production efficiency supported by a stable financial position give us confidence in our ability to deliver long- term business and value growth for URALCHEM Group. Except when otherwise specified, all information and data contained in this Annual Report are as of 31 December 2013. Unless otherwise specified in the Annual Report, the financial information refers to the activities of the URALCHEM Group. Some statements in this document may refer to projects or forecasts with regard to forthcoming events or future financial results of the Company. The Company wishes to forewarn that such statements are nothing but assumptions, and the actual course of events or results may be different from those contained in the statements. The Company shall not obligate itself to reconsider such statements with a view to correlating them with actual results. Designed and produced by Instinctif Partners www.instinctif.com URALCHEM ANNUAL REPORT 2013 01 STRATEGIC REPORT GOVERNANCE 12 URALCHEM Group 68 Corporate governance 14 Where we operate 75 Shareholder and investor information 16 Our history 18 Highlights APPENDICES 20 Chairman’s statement 22 Chief Executive’s review 77 Appendix 1: Related-party 24 Business model transactions REPORTSTRATEGIC 26 Strategy 78 Appendix 2: Major transactions 30 Mineral fertilizer market 80 Appendix 3: Compliance with 36 Operating review Corporate Code of Conduct 46 Financial review 84 Appendix 4: Terms and abbreviations 52 Sustainability 64 Risk management GOVERNANCE SUPPLY DEMAND We closely monitor changes in Demand for mineral fertilizers demand in the mineral fertilizer continues to grow. According market and consistently grow our to the IFA’s estimates, mineral production. In 2013, ammonium nutrient consumption was nitrate output was up 15%, with up 0.5% in 2013 and projected total commercial output reaching to grow by as much as 2.3% 6.039 million tonnes. in 2014. OUTPUT IN 2013 DEMAND VOLUME IN 2014 6.039 MILLION TONNES 182.7 MILLION TONNES See more on page 36 OF NUTRIENTS APPENDICES See more on page 30 URALCHEM 02 ANNUAL REPORT 2013 PRODUCTION EFFICIENCY WE CONTINUE TO INVEST IN UPGRADING PRODUCTION CAPACITY, IMPROVING EFFICIENCY AND LAUNCHING NEW HIGH-MARGIN PRODUCTS URALCHEM ANNUAL REPORT 2013 03 PRODUCTION EFFICIENCY STRATEGIC REPORTSTRATEGIC GOVERNANCE Resource savings and Kirovo-Chepetsk Plant Upgrade production stability Project, investments: In 2013, natural gas consumption rates US$46 million per tonne of ammonia produced were MFP KCCW plant upgrades accounted APPENDICES reduced by 0.6%, while the daily rate of for the bulk of URALCHEM Group’s ammonia production grew 1.5% year- investments in 2013. CAPEX was mostly on-year. The production process became spent on building calcium nitrate more stable, with downtimes reduced production capacity and equipment across URALCHEM Group by an average upgrades to ramp up production of of 12%. mineral fertilizers and chemicals. See more on page 43 CAPEX IN 2013 US$174 MILLION URALCHEM 04 ANNUAL REPORT 2013 AN EXTENSIVE PRODUCT RANGE URALCHEM GROUP OFFERS A WIDE RANGE OF PRODUCTS, WHICH ALLOWS FLEXIBILITY IN RESPONDING TO CHANGES IN THE MINERAL FERTILIZER MARKET. NEW PRODUCT LAUNCHES INCREASE THE GROUP’S SALES SUSTAINABILITY AND ENABLE ENTRY INTO NEW MARKET NICHES URALCHEM ANNUAL REPORT 2013 05 STRATEGIC REPORTSTRATEGIC GOVERNANCE Launch of water-soluble monoammonium phosphate and anhydrous calcium nitrate In 2013, we launched two new products: water-soluble monoammonium phosphate (MAP) produced by VMF and anhydrous calcium nitrate produced by MFP KCCW. The launch of both products was a logical step in the development of the Water-Soluble Products project TYPES OF PRODUCTS that was initiated in 2011 to help the Group enter the water-soluble fertilizers APPENDICES sector, which is currently showing the highest growth rates globally. In 2013, these products were sold in more than 80 20 countries around the world. See more on page 38 URALCHEM 06 ANNUAL REPORT 2013 DEPENDABLE LOGISTICS ENSURING TRANSPORTATION SECURITY THROUGH THE DEVELOPMENT OF RAILWAY AND PORT INFRASTRUCTURE IS ONE OF THE GROUP’S PRIORITIES. OUR PROPRIETARY RAIL CAR FLEET AND A SEAPORT TERMINAL IN RIGA, LATVIA, ENABLE UNINTERRUPTED SUPPLIES URALCHEM ANNUAL REPORT 2013 07 STRATEGIC REPORTSTRATEGIC Commissioning a terminal in Riga, Latvia GOVERNANCE Construction of the first phase of a 2 million tonnes- per-year fertilizer transhipment terminal in the port of Riga, Latvia, was among URALCHEM Group’s most important infrastructure projects in 2013. The terminal is designed to service all classes of vessels used in the Baltic Sea to transport mineral fertilizers. The terminal was launched in Q4 2013 and will reach its maximum transhipment capacity in 2014. See more on page 44 CAPACITY OF THE APPENDICES TRANSHIPMENT TERMINAL IN THE SEAPORT OF RIGA MILLION Total shipments in ports, m tonnes TONNES PER YEAR 4 2 3.4 3.2 3 2.9 2 1 2011 2012 2013 URALCHEM 08 ANNUAL REPORT 2013 A TEAM OF PROFESSIONALS WE PAY CLOSE ATTENTION TO BUILDING A HIGHLY SKILLED AND MOTIVATED TEAM OF PROFESSIONALS URALCHEM ANNUAL REPORT 2013 09 A TEAM OF PROFESSIONALS STRATEGIC REPORTSTRATEGIC GOVERNANCE Building the best team of professionals URALCHEM Group makes every effort to attract and retain the best industry professionals. We not only offer transparent and attractive financial incentives but also provide continuous development and training. The Group runs management and EMPLOYEES production training programmes, and a succession programme was launched in 2013. We pay particular APPENDICES attention to attracting talented young people. In 2013, the intake of high potential graduates to the Group’s enterprises grew by 40%. 11, 492 See more on page 56 URALCHEM 10 ANNUAL REPORT 2013 STRATEGIC INVESTMENTS BY MAKING INVESTMENTS IN PROMISING MINERAL FERTILIZER MARKET SEGMENTS UNDER FINANCIALLY STABLE CONDITIONS, URALCHEM GROUP DRIVES EXTRA GROWTH IN SHAREHOLDER VALUE URALCHEM ANNUAL REPORT 2013 11 STRATEGIC REPORTSTRATEGIC GOVERNANCE A strategic investment driving the Group’s shareholder value In 2013, URALCHEM Group showed solid financial performance, with the net debt/ EBITDA ratio reduced to 1.0x by early 2013, an all-time low for the Company and one of the lowest ratios in the industry. This allowed us to invest in a 19.99% stake in the authorised capital of OJSC Uralkali, a major Russian company that enjoys high STAKE IN OJSC URALKALI’S margins and profitability in a promising APPENDICES AUTHORISED CAPITAL sector of the mineral fertilizer market. We expect the acquired asset to show further market capitalisation growth and % offer high dividends. 19.99 See more on page 45 URALCHEM 12 ANNUAL REPORT 2013 URALCHEM GROUP URALCHEM is one of the leading companies in the nitrogen and phosphate fertilizer markets of Russia, the CIS and Eastern Europe. 01 02 03 MFP KCCW, OJSC (MFP KCCW) Azot Branch of Minudobrenia, OJSC (PMU) Kirovo-Chepetsk URALCHEM UCC, OJSC Perm Berezniki A leading Russian producer of A leading Russian producer of A leading producer of nitrogen nitrogen and complex mineral ammonia and nitrogen fertilizers fertilizers in the Urals region fertilizers. MFP KCCW produces and the only producer of higher and Western Siberia. The plant’s over ten mineral fertilizer products, aliphatic amines, potassium and production capacity is including ammonium nitrate, sodium nitrates, and crystalline 580 thousand tonnes of ammonia ammonium nitrate with sulphur, sodium nitrite in the Russian and 670 thousand tonnes of and NPK/NPKS complex fertilizers. market. The plant’s production urea per year. The plant’s production capacity is capacity is 1,100 thousand tonnes 1,150 thousand tonnes of ammonia of ammonia, 1,250 thousand tonnes The plant became a part of and 1,250 thousand tonnes of of ammonium nitrate, and 530 URALCHEM Group in 2012. ammonium nitrate per year. thousand tonnes of urea per year. Commercial output at MFP KCCW, Commercial output at Azot Branch, Commercial output at PMU, ‘000 tonnes ‘000 tonnes ‘000 tonnes 2,500 2,500 1,000 2,273 2,229 2,304 863 2,000 2,000 2,007 2,050 2,119 800 829 1,500 1,500 600 1,000 1,000 400 500 500 200 2011 2012 2013 2011 2012 2013 2011 2012 2013 URALCHEM ANNUAL REPORT 2013 13 IN RUSSIA IN RUSSIA IN RUSSIA IN RUSSIA 1 1 2 2 BY AMMONIA OUTPUT BY AMMONIUM NITRATE BY NITROGEN FERTILIZER BY UREA OUTPUT OUTPUT OUTPUT ANNUAL PRODUCTION CAPACITY 2.8 million tonnes of ammonia 2.5 million tonnes of ammonium nitrate 1.2 million tonnes of urea 0.8 million tonnes of mono- and diammonium phosphate 0.8 million tonnes of NPK/NPKS complex fertilizers STRATEGIC REPORTSTRATEGIC 04 05 06 Voskresensk Mineral Logistics Sales Fertilizers, OJSC (VMF) Voskresensk VMF is a top four producer of Over 95% of the Group’s URALCHEM Group offers GOVERNANCE phosphate fertilizers, fodder products are shipped by rail, with approximately 80 types of products additives, and phosphoric and URALCHEM-TRANS, LLC providing in more than 60 countries around sulphuric acids in the Russian freight transportation services. the world. In 2013, the Group market. The plant’s production URALCHEM-TRANS has a rail car shipped 69% of its total output of capacity is 750 thousand tonnes fleet large enough to provide mineral fertilizers and ammonia to of mono- and diammonium guaranteed rail transportation non-CIS countries, with 31% sold in phosphate, 750 thousand tonnes of of URALCHEM Group’s products.
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