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Leader in Providing Power Leader in Providing Power SUEK Annual report 2014 LEADER IN PROVIDING POWER LEADER IN PROVIDING POWER SUEK Group1 is one of the largest coal companies in the world and the leading coal producer in Russia. Our vertically integrated business model ensures we have extensive control of our value chain: from taking coal out of the ground and processing, to delivering it to our customers via rail rolling stock, ports and our trade offices. Our uniquely located asset base in Russia, broad geographic reach and access to key transport infrastructure, allow us to cost-effectively service Russian, Atlantic and Asia-Pacific markets. Continued investment in the quality of our product and increased efficiency in our production, processing and distribution means we are able to optimise margins and reinforce our position as a long-standing, sustainable leader in the global mining sector. We are strongly committed to developing our employees, improving health and safety standards throughout our operations and supporting the local communities wherever the Group operates. We are focused on a strategy aimed at delivering greater value and stable returns to our shareholders. With strong cash flows and a stable balance sheet, we are well positioned for growth and maintaining our position of leadership. For more information This Annual Report is also available please visit www.suek.com online as an interactive version at www.ar2014en.suek.com 1 In this report each of the terms ‘SUEK Group’, ‘SUEK’, ‘the Group’, ‘the company’, ‘we’ refers to all companies consolidated in IFRS financial statements of SUEK PLC, including, inter alia, JSC SUEK (Russia) and its subsidiaries, Russian brown coal assets, SUEK AG (Switzerland) and its subsidiaries. About this report Welcome to our 2014 Annual Report. This year we are telling our success story – not just in terms of our leading position as a coal producer and supplier to Russian and international markets but also in the way we set new standards within our sector in terms of investment, quality, corporate governance and sustainability. This report explains how we strive to maintain a leading position in the coal mining industry and outlines our key achievements in 2014 and our plans for continued success. MARKETS LEADER IN PRODUCTION EMPLOYMENT What’s inside STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS 02 SUEK Group at a glance 94 SUEK PLC’s Corporate 112 Information on the Company 12 Year highlights Governance 113 Auditors’ report 16 Where we operate 96 JCS SUEK’s Corporate 114 Consolidated statement 18 JSC SUEK Chairman’s Governance of profit or loss and other statement comprehensive income 20 About coal 116 Consolidated statement 24 Business model of financial position 26 JSC SUEK Chief Executive 117 Consolidated statement Officer’s statement of cash flows 28 Market review 118 Consolidated statement of changes in shareholders’ 36 Strategy equity 44 Risk management 119 Notes to the consolidated 53 Operating review financial statements 74 Financial review 79 Sustainability ADDITIONAL INFORMATION 144 Glossary SUEK Group at a glance Leading coal producer in Russia SUEK Group is the number one coal producer in Russia – twice the size of our largest Russian competitor. We are also the sixth largest coal exporter in the world and one of the ten largest coal groups by reserves, with an estimated 5.51 billion tonnes under the JORC Code2. We have large-scale open-pit and underground mines in Siberia and far eastern Russia. See page 53 for more information on our reserves. We sell coal to almost 1,500 customers in Russian, 2,500 km closer to these markets than the mines of Atlantic and Asia-Pacific markets through our other Russian producers, while our Urgal and Primorye extensive sales network. We continue to enhance assets are up to 5,000 km closer, delivering savings our position as the largest coal exporter from Russia, of around $2-12 per tonne on transport costs. focusing particularly on supplying high-quality, The central feature of this integrated business is our premium-priced coal to the growth markets of Asia logistics and transportation system. This includes as well as maintaining our market share in Europe our own rail infrastructure and port facilities, which – in 2014 our international sales volumes increased enable us to efficiently deliver both to Russian and by almost 8%. We are also the largest supplier of international markets. We have increased operational thermal coal to the Russian market. We provided efficiency both in production and washing and 38% of the total Russian thermal coal market in continued to focus on managing logistics, especially 2014 and 45% of the coal used in the country’s enhancing the capacity of our port facilities. electric power industry. In 2014, we had to operate in an extremely Some of our assets are located in the east of Russia, challenging market but, despite this, we were able much closer to the markets of Asia-Pacific than to achieve our targets. most other Russian coal companies. This gives us a competitive advantage with regards to ease and cost See more details on our financial of transportation. Our Tugnuisky open pit is located performance on pages 74-78. Mission Vision Values Our mission is to help fuel the world by Our vision is to be one of the The core values of our producing coal safely and sustainably world’s leading coal companies business are: whilst delivering value to all our and to remain the largest coal • Safety in all our operations stakeholders. We accomplish this by: producer in Russia. We will achieve this through: • Social and environmental • Reliably supplying high-quality coal responsibility products to our customers in Russian • Expanding our existing mining • Leadership in all areas and international markets and processing assets • Continuous development • Building long-term relationships • Investing in further development and improvement with suppliers and partners of transportation and logistics • Financial and operational • Developing the skills and competence and increasing output from growth and stability of all our human resources deposits located closest to the target markets • Openness with customers • Contributing to the socio-economic and partners development of the country and of • Innovating across our business the communities in the regions • Professionalism and integrity where we operate in everything we do • Protecting the environment and leading the way in environmental standards • Creating long-term value for our stakeholders 1 The Group’s proven and probable reserves, according to the April 2011 report by SRK Consulting, amounted to 5.9 billion tonnes. Including extraction between April 2011 and December 2014, these reserves stood at 5.5 billion tonnes as at 31 December 2014. 2 The JORC Code is the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, setting standards for public reporting on mineral resources and mineral reserves. 2 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS No 1 1, 5 0 0 COAL COAL COAL SUPPLIER CUSTOMERS PRODUCER EXPORTER TO THE RUSSIAN IN 36 COUNTRIES IN RUSSIA FROM POWER GENERATION RUSSIA MARKET 31, 40 0 5.5 Bt EMPLOYEES, 23,200 OF WHOM JORC RESERVES. ACCORDING TO OUR ESTIMATE, ARE PRODUCTION STAFF THE GROUP IS THE TOP TEN LARGEST COAL COMPANY IN THE WORLD BY RESERVES $496m $16m THE GROUP’S CAPITAL EXPENDITURE SPENT ON SOCIAL AND COMMUNITY IN 2014. OUR INVESTMENT PROGRAMME PROJECTS DURING 2014 MARKETS IS ONE OF THE LARGEST AMONG COAL LEADER IN PRODUCTION COMPANIES IN RUSSIA EMPLOYMENT Coal production in Russia Thermal coal supplies in Russia SUEK Group 28% SUEK Group 38% UGMK 12% En+ Group 8% SDS-Ugol 8% Russian Coal 8% Evraz Group 6% UGMK 8% 2014 Mechel 6% 2014 Mechel 3% En+ Group 3% Lutek 3% Severstal 3% SDS-Ugol 3% Sibuglemet 3% PIMCU 2% KTK 3% Other 27% Russian Coal 2% Other 26% Source: Russian Government statistics Source: Russian Government statistics Coal international sales by the world’s leading producers in 2014 (million tonnes) 118.2 85.2 67.9 55.5 47.1 45.6 44.5 36.3 32.3 30.3 Glencore BHP Billiton Bumi Anglo American Peabody SUEK Adaro Banpu Rio Tinto Kideco Sources: Our estimates, companies’ reporting SUEK Annual Report 2014 3 LEADER IN POWERING THE WORLD SUEK Group is the number one producer of thermal coal in Russia. We benefit from our size and level of resources and have one of the lowest production costs among coal mining companies. Investment in the latest technology and equipment at our 26 active mines in southern Siberia and far-east Russia ensures our production is highly efficient. Recent enhancements to our washing plants demonstrate our timely response to the increased global demand for higher-quality, premium-priced coal. 98.9 Mt 5.5 Bt TOTAL PRODUCTION COAL RESERVES UNDER IN 2014 JORC CODE 4 SUEK Annual Report 2014 5 PRODUCTION MARKETS EMPLOYMENT LEADER IN RUSSIAN AND INTERNATIONAL MARKETS The favourable location of our coal assets in Russia, with excellent access to transport links combined with our own trading offices in different countries and territories, gives us a significant competitive advantage in the coal industry. We operate our own rail stations and infrastructure as well as port facilities, so we are ideally situated to supply markets both inside and outside Russia. Russian market 52% OF OUR TOTAL SALES International market 48% OF OUR TOTAL SALES 6 LEADER IN RUSSIAN AND INTERNATIONAL MARKETS MARKETS EMPLOYMENT SUEK Annual Report 2014 7 LEADER IN THE WORKPLACE AND COMMUNITY Our people are the main factor behind our success as a business and we are proud to be one of the largest employers in Russia, providing jobs for 31,400 people. We are investing in the health and safety of our workforce, supporting the professional and personal development of our staff, attracting and retaining young talent and developing the communities in which we operate.
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