Evraz Group S.A

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Evraz Group S.A evraz group s.a. making the world stronger annual report and accounts 2006 evraz making the world stronger annual report and accounts 2006 skill making the world stronger Contents 04 Evraz Group in Figures 06 Message from the Chairman and CEO 08 Our Presence in the World 10 Highlights 2006 13 Corporate Governance 13 Overview 14 Members of the Board of Directors 17 Committees 19 Directors’ Remuneration 20 Senior Management Team 23 Internal Control System 25 Audit Committee Report 29 Internal Audit 29 Risk Management 30 Management Information Outlook 30 Annual General Meeting 2006 31 Dividends 33 Share Capital 35 Our Business 35 Corporate Structure 36 Our Strategy 37 Operational Review 47 Outlook for 2007 49 Sustainable Development REPORT ANNUAL 49 Overview 50 Economic Area 51 Environmental Policy 53 Social Responsibility 57 Selected Consolidated Financial Information 61 Management’s Discussion and Analysis of Financial Condition and Results of Operations 88 Consolidated Financial Statements Year Ended December 31, 2006 152 Reference Information S˛A˛ EVRAZ GROUP *All references to Evraz Group S.A., Evraz Group, “we” or “us” are references to Evraz Group S.A. and its consolidated subsidiaries, unless otherwise stated. Evraz Group in Figures 20042005 2006 20042005 2006 1,859 2,017 2,652 5,933 6,508 8,292 REVENUES EBITDA (US$ MILLION) (US$ MILLION) 20042005 2006 20042005 2006 12.9 13.1 16.0 918 1,180 1,385 NET PROFIT SALES VOLUMES (US$ MILLION) (MILLION TONNES) EAM Group, a predecessor of Evraz Group, was formed in 1992. Evraz Group went public with a listing on the London Stock Exchange in 2005. One of the largest vertically integrated steel and mining businesses, Evraz Group continues to grow and deliver exceptional results. While most of its business is held in Russia, Evraz Group also owns steel and vanadium assets in North America, Europe and South Africa. Evraz Group has a long-term strategy aimed at delivering superior value for shareholders and other stake- holders and maintaining its pace of development. Evraz Group is committed to high corporate governance and ethical standards. With this in mind, Evraz Group strives to act as a responsible corporate citizen and interact with stakeholders in an open and hon- est fashion. 1,025 1,318 1,709 2,350 1,755 2,596 946 1,496 2,092 2004 2006 2004 2006 Total debt 0.5 2005 2005 (US$ MILLION) FLOW CASH OPERATING (US$ MILLION) EBITDA DEBT/ DEBT/NET TOTAL Net debt 0.9 Net debt/ EBITDA 0.7 51% 17% 4% 2.71 3.67 3.94 2004 2006 CIS (excl. Russia) Europe 2005 BY GEOGRAPHICZONE BY REVENUES (US$) EARNINGS PERGDR Russia Americas Asia 24% 4% 5 Message from the Chairman and CEO alexander frolov Chairman of the Board and CEO 6 We make the world stronger… …by achieving strong results Welcome to the third Annual Report of Evraz Group S.A. In April 2007, we proudly announced our preliminary 2006 full year results with strong year-on-year growth in sales volumes and revenues. With revenue expansion of 27% and net profit increase of 51%, 2006 2006 marked the best year in the financial history of Evraz. Looking at the results in more detail, revenues grewfrom US$6,508 million in 2005to US$8,292 million in 2006. Our consolidated EBITDA was up 43% to US$2,652 million from US$1,859 in 2005. Evraz Group improved pro- duction across all its steel plants. In particular, we realised synergies from the successful integration of our European rolling mill facilities, Palini e Bertoli and Vitkovice Steel, which produce higher value-added products. We saw net profit increase from US$918 million in 2005 to US$1,385 million in 2006. In addition, we experienced yet another year of strong cash flow generation which was primarily due to increased profit REPORT ANNUAL margins and more efficient working capital management. Our steel business saw crude steel production grow by 16% to a record high level of 16.1 million tonnes. Total steel sales volumes for the year soared by 25% to 16.0 million tonnes driven by organic growth, acquisitions in Europe and inventory reductions. Our leadership in the booming Russian long products market was strength- ened further in 2006 and together with the favourable pricing environment supported our strong revenue and profit growth. In addition, we successfully implemented a US$660 million capital investments programme focused on improving our cost efficiency and revamping the front end of our steel making facilities. EVRAZ GROUP S˛A˛ EVRAZ GROUP Our mining business also made significant progress. Strong self-coverage in iron ore (80%) and coking coal (84%) represents a solid platform that enables us to build and develop our steel business and significantly protects our earnings from fluctuations of raw material prices and third party availability. We commenced iron ore production at Izykhgol and Burluk mines in Siberia and acquired a new iron ore development licence with 3.3 billion tonnes of resources in the Urals. We increased our investment in our affiliate, OAO Raspadskaya, that acquired new quality coking coal resources to expand production. In late 2006, OAO Raspadskaya successfully publicly listed approximately 18% of its charter capital in a secondary offering that still remains Russia’s largest equity offering made by a coal company. A review of our plans to develop a stand-alone coal mine in Siberia (Neryungri) led to the disposal of the project in April 2007. The disposal resulted in a one-off loss of US$66 million that was written off in 2006. 2006 was another important year as we continued to grow our business through international acquisi- tions. Evraz made several strategic acquisitions that included the purchase of 100% of shares in Oregon Steel Mills, Inc. (USA) for US$2.3 billion. The deal, which officially closed in January 2007, gives us access 7 to the more attractive plate market and expanding pipe business in North America and makes Evraz the leading global rail producer. Other strategic transactions completed during the year include acquisition of 72.84% interest in Strategic Minerals Corporation (Stratcor), a world’s leading producer of vanadium alloys and associated specialty chemicals with assets in the US and South Africa, for US$125 million in August and 24.9% interest in Highveld Steel and Vanadium Corporation, one of the largest producer of steel and vanadium products in South Africa, for US$207 million in July. During recent years, we have also developed a very successful dialogue with debt investors. In 2006, we negotiated a syndicated loan of US$1.8 billion to fund the acquisition of Oregon Steel. Through 2006, Evraz’s GDRs appreciated by 37% outperforming the MSCI index growth rate. Moreover, in previous year we obtained further recognition from the investor community, when Institutional Investor magazine named us as the company “achieving the greatest progress in investor relations”. 2006 In the course of 2006, Evraz Group continued to focus on its corporate governance, with improved standards. In addition, we made some important changes to the Board, its committees and the senior management team. On the sustainable development aspects, Evraz Group made major efforts to address occupational and social needs of its employees and launched extensive social projects aimed at benefiting the people in the regions of Russia in which we operate. The record setting results achieved in 2006 could not have been possible without the hard work, commit- REPORT ANNUAL ment and dedication of our talented employees around the world. Evraz Group has always considered all of its employees as a tremendously important asset. This is why I would like to thank each and every one of them for their enormous contribution to the year’s outstanding overall results. While we are very pleased with the 2006 results, we are determined to grow shareholder value. We remain committed to continue to meet the objectives of our shareholders and at the same time serve the communities in every region and location where our company operates. EVRAZ GROUP S˛A˛ EVRAZ GROUP Alexander Frolov Chairman of the Board and CEO Our Presence in the World We make the world stronger… … by expanding our business RUSSIA g a h CANADA i b j f CZECHIAd l c k ITALY e o f USA f m subsidiaries STEEL MILLS COAL MINES a. NTMK j. Yuzhkuzbassugol b. Zapsib k. Mine 12 c. NKMK l. Raspadskaya d. Evraz Vitkovice Steel e. Palini e Bertoli n f. Evraz Oregon Steel Mills VANADIUM m m. Stratcor n. Highveld IRON ORE MINING AND PRO- CESSING PLANTS SOUTH g. Kachkanarsky GOK DISTRIBUTION h. Vysokogorsky GOK o. Nakhodka Sea Port AFRICA i. Evrazruda Highlights 2006 The decision to acquire Oregon Steel Mills is undoubtedly the key highlight of 2006. The acquisition secures Evraz Group an important place in the plate market and access to the expanding pipe business in North America. It allows both companies to benefit from vertical integration synergies and to improve margins through access to lucrative downstream markets and the provision of a reliable source of Russian slabs to support an already low cost base in the US. We make the world stronger… …by developing dynamically FEBRUARY JULY Evraz launches programme “Operational Excellence of Evraz Acquisition of 24.9% in Highveld Steel and Vanadium Corporation Group” at NTMK Limited The programme aims to increase operating efficiency and cut down Evraz Group S.A. acquired 24.9% of shares of Highveld Steel and costs in steelmaking, rolling, the blast furnace process and energy Vanadium Corporation Limited from Anglo American plc with an supplies. option to increase its stake in Highveld to 79%, on the receipt of reg- ulatory approval.
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