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National Atomic Company Kazatomprom Joint Stock Company Integrated Annual Report for 2016

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National Atomic Company Kazatomprom Joint Stock Company Integrated Annual Report for 2016 NATIONAL ATOMIC COMPANY KAZATOMPROM JOINT STOCK COMPANY INTEGRATED ANNUAL REPORT FOR 2016 Astana 2017 TABLE OF CONTENTS MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS ............3 COMPANY IN 2016 ....................................................................................................4 COMPANY IN FIGURES ............................................................................................6 KEY EVENTS OF 2016 ..............................................................................................8 KEY RESULTS .............................................................................................................10 MESSAGE FROM THE CHAIRMAN OF THE MANAGEMENT BOARD ............12 1. ABOUT THE REPORT ............................................................................................14 1.1 Principles for defining of the report content and aspects limits .........16 1.2 Material aspects and procedure for their determination ......................16 1.3 Standards and guidelines ............................................................................19 1.4 External verification ......................................................................................19 2. ABOUT THE COMPANY ........................................................................................20 2.1 Company’s activity profile ...........................................................................22 2.2 Company’s background ...............................................................................23 2.3 Company’s asset profile ..............................................................................25 2.4 Geography and target markets ..................................................................26 2.5 Membership in association and compliance with international rules ................................................................................29 3. STRATEGY AND BUSINESS MODEL .................................................................30 3.1 Corporate strategy ........................................................................................31 3.2 Business transformation .............................................................................34 3.3 Business model .............................................................................................37 4. CORPORATE GOVERNANCE AND ETHICS ......................................................40 4.1 Corporate governance structure ................................................................43 4.2 Sole shareholder............................................................................................43 4.3 Board of directors .........................................................................................43 4.4 Management board ......................................................................................53 4.5 Organizational structure of the company’s headquarters ....................61 4.6 Corporate ethics ............................................................................................61 2 Annual report 2016 4.7 Risk management and internal control ....................................................62 5. FINANCE ..................................................................................................................66 5.1 Financial performance .................................................................................67 5.2 Financial stability ..........................................................................................70 6. OPERATING ACTIVITIES......................................................................................72 6.1 Raw materal base .........................................................................................73 6.2 Energy production .........................................................................................77 6.3 Nuclear fuel cycle ..........................................................................................78 6.4 Auxilliary production .....................................................................................81 7. SUSTAINABLE DEVELOPMENT .........................................................................82 7.1 Sustainable economic development .........................................................83 7.2 Environmental responsibility ......................................................................87 7.3 Social responsibility ......................................................................................92 7.4 Interaction with stakeholders .....................................................................102 ANNEXES .....................................................................................................................107 Summary consolidated financial statements with opinion of independent auditors................................................................108 Independent auditor’s opinion on certification of the report of sustainable development of NAC Kazatomprom JSC for 2016 .............110 Contents index of general standard elements of statements of GRI G4 in the report G4-32 .................................................119 Contents index of specific standard elements of statements of GRI G4 in the report G4-32 ..................................................121 Supplied volumes of products and services (work) G4-9, EN 3 ..........................................................................124 GLOSSARY ..................................................................................................................125 CONTACT INFORMATION ........................................................................................128 3 MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS Askar Mamin Chairman of the Board of Directors NAC Kazatomprom JSC Dear Colleagues and Partners, I am glad to present you 2016 The past year was a tough one for the world energy Integrated Annual Report of industry. Negative macroeconomic factors have led to a decrease in prices for energy resources, NAC Kazatomprom JSC, which including natural uranium, and have impacted includes the main results of the negatively the market development in general. Company’s activity and describes Despite of difficult external economic circumstances, prospects of the Company’s the Company has managed to mobilize, transform development. and achieve positive production and financial results by increasing its net profit by more than 3 times as compared to 2015. During the reporting period, NAC Kazatomprom JSC confirmed its status of the largest uranium mining company that accounts for about 20% of the world market. The Company continued to strengthen its position as the world leader in natural 4 NAC Kazatomprom JSC confirmed its status of the largest uranium mining company that accounts for about 20% of the world market. The Company continued to strengthen its position as the world leader in natural uranium mining, as well as to expand its presence in other stages of the Nuclear Fuel Cycle. uranium mining, as well as to expand its presence For the purpose of sustainable development, the Company in other stages of the Nuclear Fuel Cycle. NAC complies with high standards of corporate governance in Kazatomprom JSC and its Chinese partner started accordance with the best international practices. the construction of a fuel assembly producing plant for Chinese NPPs. Implementation of this innovative The Company has a huge potential and resources project aimed at establishing a vertically integrated required for future growth and maintenance of leading company will allow producing high added value positions in the world nuclear energy industry. I have uranium products. no doubt that implementation of the chosen strategy will allow for sustainable growth, enhancement As a part of the Company’s Transformation of investment attractiveness and increase in the Program, business processes have been reviewed, Company’s value. a new organizational structure has been approved, production diversification and automation processes In conclusion, I would like to express a sincere have been activated, privatization of non-core assets gratitude to all our employees for their invaluable work has been started, and cooperation with business and contribution into development and prosperity of partners has been enhanced. the Company. G4-1 5 2016 COMPANY IN FIGURES Table 1 – Production1 – КАP2 Indicators 2016 2015 Variation Place of NAC Kazatomprom JSC in the world for the urani- I I – um mining volume Share of NAC Kazatomprom JSC in the global market of nat- 24,2% 19,9% 21,6% ural uranium mining in terms of participation in all subsidiar- ies and affiliates, % Uranium mining volume of NAC Kazatomprom JSC in terms 13 187,0 12 851,0 2,6% of participation in all subsidiaries and affiliates, tons Production volume of enriched uranium product in terms of 2 500,0 2 500,0 0,0% participation in UEC JSC, thous. SWU Production volume of niobium products, tons Nb 46,8 96,9 (51,7%) Production volume of beryllium products, tons Be 1747,3 1 687,0 3,6% Production volume of tantalum products, tons Ta 121,8 141,0 (13,6%) Production volume of electrical power, mln. kWh 5 032,4 5 154,0 (2,4%) Table 2 – Finance – ЕС1, G4-9 Indicators 2016 2015 Variation EBITDA, mln. KZT 151 271,1 126 918,7 19,2% Income from products sale and rendered services, 418 900,8 397 765,7 5,3% mln. KZT Cost of sales, mln. KZT 308 468,0 294 403,8 4,8% Operating income, mln. KZT 73 242,0 73 591,6 (0,5%) Profit for the year, mln. KZT 111 555,0 36
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