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We Are Vedanta We are Vedanta Vedanta Limited Annual Report 2014-15 WorldReginfo - 63abfef0-e907-4512-ad04-bbe782c4b2a1 Our assets Vedanta Limited (formerly Oil & Gas • Cairn India is one of India’s Sesa Sterlite Ltd. / Sesa Goa largest private sector oil and gas companies • Interest in seven blocks in Ltd.) is a global diversified India, and one each in Sri Lanka and South Africa • Contributes ~27% of India’s natural resources company domestic crude oil production with operations across zinc, lead, silver, oil & gas, iron ore, Zinc-Lead-Silver • Zinc operations in India, Namibia, South Africa and copper, aluminium and Ireland. • India’s largest and world’s second largest zinc miner • Operators of the world’s commercial power. largest zinc mine at Rampura Agucha, India • One of the largest silver producers globally with an annual capacity of 16 moz Iron Ore • Operations in India and Liberia • Goa iron ore exported and Karnataka iron ore sold domestically • Large iron ore deposit in Liberia Copper • Smelting and mining operations across India and Australia • Largest custom copper smelter and copper rod producer in India Aluminium • The largest aluminium producer in India with a capacity of 2.3 mtpa • Strategically located large- scale assets with integrated power from captive power plants in Indian states of Chhattisgarh and Odisha Power The name change from Sesa Sterlite Limited to Vedanta Limited positions us • 3.2 GW of commercial power as a united and aligned identity, strengthening the linkage between our generation capacity global businesses and communities. • Largest supercritical unit in India operational at Talwandi The refreshed logo signifies Vedanta’s approach to the triple bottom line that Sabo power plant • One of the largest producers focuses on People, Planet and Prosperity. A leaf, an unmistakable ‘symbol of of wind power in India life’, which has now been included in the Vedanta globe and the new colour ‘green’, symbolise Vedanta’s ethical credentials. The colour ‘blue’, reflects Vedanta’s distinct virtues of integrity and professionalism. WorldReginfo - 63abfef0-e907-4512-ad04-bbe782c4b2a1 Our presence Contents Company Overview India Vedanta at a Glance 2 FY 2014-15 in Review 4 Essential to Transforming India 6 Chairman’s Statement 10 Chief Executive Officer’s Statement 12 Business Model 14 Strategic Framework 16 Key Performance Indicators 18 6 Profiles of the Board of Directors 20 Profiles of the Executive Committee 22 15 Management Review 15 3 Market Overview 24 4 2 Management Discussion and Analysis 26 1 5 Financial Review 46 14 Principal Risks and Uncertainties 48 20 14 Sustainability Development Review 56 20 13 13 Business Responsibility Report 59 7 13 12 1. Debari smelter Statutory Reports 2. Chanderiya smelters 16 Directors’ Report 74 16 3. Rampura Agucha mine Report on Corporate Governance 17 4. Rajpura Dariba mine & smelters 116 21 8 18 and Sindesar Khurd mine 5. Zawar mine 9 6. Talwandi Sabo power project Financial Statements 19 7. Silvassa refinery Standalone 8. Iron ore operations – Goa Independent Auditors’ Report 139 11 9. Iron ore operations – Karnataka 10. Tuticorin smelter Balance Sheet 142 11. MALCO power plant Statement of Profit and Loss 143 Zinc-Lead-Sliver 10 10 12. Lanjigarh alumina refinery Cash Flow Statement 144 Oil & Gas 13. Jharsuguda smelters & power plants Notes 146 Iron Ore 14. Korba smelters & power plants 15. Rajasthan block Copper 22 Consolidated 16. Ravva (PKGM-1) block Independent Auditors’ Report 194 Aluminium 17. KG-ONN-2003/1 block Balance Sheet 200 Power 18. KG-OSN-2009/3 block Statement of Profit and Loss 201 19. PR-OSN-2004/1 block Projects under development/ Cash Flow Statement 202 20. Cambay (CB/052) block commissioning Notes 204 21. MB-DWN-2009/1 block Salient features of Financial 260 Captive thermal power plant 22. SL 2007-01-001 block Statement of Subsidiaries/ Associated/Joint Ventures Ireland Africa 23 25 23. Lisheen mine, Ireland Australia 26 28 27 25. Iron Ore project, Liberia 26. Skorpion mine, Namibia 24 27. Black Mountain mine, South Africa 24. Mt Lyell mine, Australia 28. South Africa Block 1 Online annual report ar2015.vedantalimited.com WorldReginfo - 63abfef0-e907-4512-ad04-bbe782c4b2a1 Vedanta Limited (formerly known as Sesa Sterlite Ltd. / Sesa Goa Ltd.) Annual Report 2014-15 Vedanta at a Glance 27% ~contribution to India’s Crude oil production 78% Oil & Gas Zinc-Lead-Silver market share in India’s Zinc industry 48% market share in India’s Aluminium industry % 34 see page 30-32 see page 33-36 market share in India’s Copper industry Businesses Businesses Cairn India Zinc India (HZL) Zinc International Production volume 212 kboepd Production volume 887 kt ` 171 Cr EBITDA 312 kt invested in social initiatives ` 8,659 Crore EBITDA Cost curve position ` 7,258 Crore 1st Quartile ` 1,082 Crore R&R Life Cost curve position 69,000 15+ years employees (direct and indirect) 1st Quartile 2nd Quartile R&R Life 25+ years ` 27,900 Cr 20+ years paid to the exchequer 2 WorldReginfo - 63abfef0-e907-4512-ad04-bbe782c4b2a1 Company Management Statutory Financial We are Vedanta Overview Review Reports Statements Vedanta Limited Listed on BSE, NSE, NYSE (ADRs) Iron Ore Copper Aluminium Power see page 37-38 see page 39-40 see page 41-43 see page 44-45 Businesses Businesses Businesses Businesses India Iron Ore Tuticorin smelter, BALCO Jharsuguda MALCO, HZL Wind Operations and Liberia India Copper Mines and Korba Smelters, Power, Jharsuguda and Iron Ore Project of Tasmania Lanjigarh Alumina Talwandi Sabo 1 (under care and Refinery Power Plants Production volume maintenance) 0.6 mt Production volume Power sales Production volume Aluminium 877 kt 9,859 million Kwh EBITDA Copper Cathodes Alumina 977 kt ` EBITDA 135 Crore 362 kt EBITDA ` 873 Crore Cost curve position EBITDA ` 2,517 Crore 1st Quartile ` 1,636 Crore Cost curve position R&R Life2 Cost curve position 2nd Quartile 20+ years 1 Production at Karnataka 2nd Quartile suspended until December 2013 and suspended for the full financial year at Goa. 2 Excluding Liberia. 3 WorldReginfo - 63abfef0-e907-4512-ad04-bbe782c4b2a1 Vedanta Limited (formerly known as Sesa Sterlite Ltd. / Sesa Goa Ltd.) Annual Report 2014-15 FY 2014-15 in Review Vedanta has produced a robust Group highlights set of results in a volatile Financial Highlights market and the fundamentals • Revenue at ` 73,364 Crore of our business remain strong. • EBITDA at ` 22,226 Crore; EBITDA margin of 41% • Attributable pre-exceptional PAT at ` 5,060 Crore • Gross debt reduced by ` 2,814 Crore during the year, Cash & Cash equivalents of over ` 46,200 Crore • Free Cash Flow post capex of ` 3,425 Crore • Contribution of ` 27,900 Crore to the Indian exchequer during the year, in the form of taxes, duties, royalties and profit petroleum • Exceptional items includes a one-time non cash impairment charge of ` 19,956 Crore largely relating to Cairn India acquisition goodwill and the Sri Lanka Block on account of a steep fall in crude oil prices • Final dividend of ` 2.35 per share, taking the total dividend to ` 4.10 per share Business Highlights • Record full-year mined metal production at Zinc India; better positioned for underground transition • Copper India: Record production • Record full year Aluminium and Alumina production; started new Jharsuguda-II and Korba-II smelters • Recommenced Iron ore production at Karnataka; final approval awaited at Goa; record annual production of Pig Iron • Iron ore export duty in India reduced from 30% to 10% for less than 58% Fe iron ore, effective from June 1, 2015 • Oil & Gas production normalised after the planned shutdown in Q2 FY 2014-15 Employee at BALCO cast house 4 WorldReginfo - 63abfef0-e907-4512-ad04-bbe782c4b2a1 Company Management Statutory Financial We are Vedanta Overview Review Reports Statements ` 73,364 Cr Revenue ` 22,226 Cr EBITDA My vision for the future is to continue to strive hard to fulfil Vedanta’s potential and contribute to the growth of the world’s largest democratic 66% nation, economically, socially and sustainably. We Copper equivalent growth are working with our employees, communities, expected in the near term Government of India and the State governments to support India’s exponential growth. The election of a new government in India has indeed had a positive impact on the business environment we operate in and we are enthused by the 2.8 Mn transformation we are witnessing. I am sure the People have benefited through country will benefit from the progressive reforms community development programmes being proposed by the government. Navin Agarwal, Chairman Awards Vedanta Limited declared the Best Public Relations Council of India Times of India awarded Hindustan Diversified Exporter at ECGC - Dun (PRCI) conferred multiple awards Zinc social media campaigns Khushi, & Bradstreet Awards. to Cairn India at the 9th Global Sakhi and Maryadaa the ‘SAP ACE Communication Conclave 2015, 2014 Award’. including the Crystal Award for In House Magazine, Crystal Award for the Creative Logo of the year, Bronze Award for various corporate publications and the Bronze Award for the ‘Fuel for Change’ corporate advertising campaign. PRCI also inducted Mr. Arun Arora, Head Communications in the prestigious Hall of Fame Group. 5 WorldReginfo - 63abfef0-e907-4512-ad04-bbe782c4b2a1 Vedanta Limited (formerly known as Sesa Sterlite Ltd. / Sesa Goa Ltd.) Annual Report 2014-15 Essential to Transforming India In 2014, the Indian Government launched a major national campaign, ‘Make in India’, to encourage companies to manufacture in India. The initiative is focused on 25 sectors of the economy and aims to create jobs and enhance skills. Aluminium Iron Ore Due to Aluminium’s light weight and low cost, the metal is increasingly used in residences, buildings, automobiles and Iron ore, a key ingredient in steel appliances. Aluminium demand making, is expected to benefit is increasing in India boosted from increased demand in India by increased investment in as a result of higher consumption infrastructure, power and of consumer durables and the transportation.
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