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Delivering World-Class Nutrients

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Delivering World-Class Nutrients Delivering world-class nutrients 2018 Annual Report and Accounts Delivering world-class nutrients Highlights EuroChem is one of the world’s leading mineral fertilizer producers, delivering Year-on-year the full range of nutrients and driven increase in sales by the world’s increasing need for food. % Our objective is to help the world’s +15 farmers improve crop yield and quality – thereby generating sustainable value EBITDA (US$) for all our stakeholders. 1.52 bn Employees >26,300 Strategic Report Corporate Governance Financial Statements Strategic Report Governance Financial Statements 02 Delivering world-class nutrients 66 Board of Directors 81 Independent Auditors’ Report 14 Geographic footprint 68 Corporate Governance report 86 Consolidated Statement of 16 Product portfolio 74 Audit Committee Financial Position 18 Chairman’s statement 76 Strategy Committee 88 Consolidated Statement of Profit or Loss 20 Market overview 78 Nomination and 89 Consolidated Statement of Comprehensive Income 24 Business model Remuneration Committee 90 Consolidated Statement of Cash Flows 26 Stakeholder engagement 92 Consolidated Statement 28 Our strategy of Changes in Equity 30 Performance review 93 Notes to the Consolidated 44 Sustainability review Financial Statements 62 Risks and uncertainties 155 Contact information 156 EuroChem reporting awards Potash on stream With potash mining underway, EuroChem is one of just three global fertilizer companies with capacity in all three primary nutrients: nitrogen, phosphates and potash. See page 02 Operating on the global stage We have an established presence around the world with production facilities in Europe, Asia, and the CIS – supported by comprehensive distribution capabilities. See page 06 Focused on our customers’ needs With access to vast high-quality natural resources and an extensive portfolio of both standard and premium products, we aim to meet all farmers’ plant nutrition requirements. See page 10 EuroChem Annual Report and Accounts 2018 01 Delivering world-class nutrients Potash on stream, completing the full range of mineral fertilizers From discovery... EuroChem is now one of only three companies in the world with production capacity in all three primary nutrient groups. We are able to make a full range of nitrogen, phosphate and potash fertilizers to help farmers meet the world’s food production challenge. Read more about our strategic priorities on page 28 02 EuroChem Annual Report and Accounts 2018 Strategic Report Corporate Governance Financial Statements Delivering sustainable competitive advantage Our strategy is to add value through low-cost Increase in fertilizer sales (by volume) Number of customers worldwide vertical integration. Access to world-class resources, cost-efficient, flexible production capacity and our own logistics and global % distribution network gives us significant +2 >10,000 competitive advantages. Our presence in key markets enables us to serve an extensive Fertilizer sales volumes customer base around the world. 14.1MMT >10 BMT of potash reserves and resources in Russia ...to distribution EuroChem Annual Report and Accounts 2018 03 Delivering world-class nutrients Ensuring long-term supply across all nutrient categories A landmark moment for EuroChem Usolskiy mined 1.38 million metric tonnes Investment in potash In 2018 we began production of potassium (MMT) of potash ore in 2018. Once fully projects to date1 (US$) chloride at our Usolskiy plant in the Perm operational, Phase 1 will have a total annual region. The commissioning process saw 15 production capacity of 2.3 MMT of muriate mining machines in operation by the year end. of potash, or MOP, the most commonly bn Construction and installation at train 2 was used potash fertilizer in agriculture. 4.58 completed, with both trains 1 and 2 working at projected capacity. The total length of Work advanced at our VolgaKaliy project Muriate of potash produced headings at the end of the year amounted in the Gremyachinskoe potash deposit, to 73 kilometres. Volgograd region. Below ground, the two skip at Usolskiy in 2018 shafts were successfully connected and implementation of the cage shaft programme continued. The total hoisting capacity of the KMT two skip shafts is 10 MMT of ore per annum. 250 Average KCl content at Usolskiy 30.8% 1. Historical currency rates were used for the calculation of the investment. Mine workings at VolgaKaliy 04 EuroChem Annual Report and Accounts 2018 Strategic Report Corporate Governance Financial Statements How our stakeholders benefit Over the past seven years we have made considerable investments in the development of our greenfield potash projects in the Perm and Volgograd regions. This continued commitment underpins the sustainable growth of our business – and contributes significantly to the local economies where we operate. Communities Employees As a major employer in Kotelnikovo and Berezniki, EuroChem’s We offer a safe and progressive working environment for our presence has a considerable influence on the local economy. employees. More than 1,800 people work at Usolskiy and a Hence our investment in community infrastructure contributes further 1,300 are employed at VolgaKaliy. Attractive leisure and to the success of our major potash projects at VolgaKaliy and recreational facilities help us secure and retain the services of Usolskiy. Our ongoing support continues to improve the urban talented and motivated staff, which is fundamental to our fabric in these communities. long-term growth strategy. Partners and suppliers Customers As a major business investing billions of dollars in our potash Our highly cost-competitive potash production will benefit our operations, engagement with local and regional contractors and customers globally, through improved access to affordable, suppliers creates jobs and drives economic growth. The resulting high-quality complex fertilizers. These are essential in enabling improvements create a virtuous circle by attracting other growers to make the right decisions about plant nutrition, improve business investors. their crop yields and meet growing world demand for food. Voice from the workplace “ For me, EuroChem is a space where ambitions materialise. In my five years here, I’ve experienced both professional and personal growth. I set out my plans, and the Company gives me the opportunities to realise them. Two years ago I obtained a management training qualification thanks to our staff development programme. I’m a technical specialist; I’m really interested in this field and loved my training sessions. Having a real chance to grow within a robust and stable company is why I like working at EuroChem.” Ivan Manaka Senior Specialist, Engineering and Process Team, EuroChem-VolgaKaliy EuroChem Annual Report and Accounts 2018 05 Delivering world-class nutrients Operating on the global stage From local... Extending our distribution reach has enabled us to consistently grow the amount of product we bring to market. This has brought us closer to our customers, while channelling valuable market intelligence and strategic opportunities back to us, allowing us to further refine our offering and approach. Read more about our increasing market share on pages 20-21 06 EuroChem Annual Report and Accounts 2018 Strategic Report Corporate Governance Financial Statements Delivering an optimised supply of nutrients globally In 2018 we continued to expand our logistics activities and worldwide sales presence, Geography of sales (%) 6 7 giving us additional depth in key global ■ 1 Europe 29 markets. This has enabled us to build 5 ■ 1 enduring partnerships with our customers 2 Latin America 21 and deliver the required volumes of products, ■ 3 Russia 19 on time, throughout the year. 4 ■ 4 North America 15 ■ 5 Asia Pacific 9 1 ■ 6 CIS 5 2 3 ■ 7 Africa 2 1. Including associate states, excluding Russia. >100 countries where we have long-established customer relationships ...to global EuroChem Annual Report and Accounts 2018 07 Delivering world-class nutrients Growing a robust network of international relationships We continue to expand our global footprint. We have broadened our distribution capabilities to widen the availability of our products to more farmers around the world. We are forging and maintaining strong relationships with partners and suppliers to help us meet our customers’ specific needs. Committed to the world’s and represents EuroChem’s increased focus Fertilizer sales volumes biggest fertilizer market on premium products. The contract, for a EuroChem signed a Memorandum of 10-year term, with an option to extend for a Understanding with Heilongjiang Beidahuang further three years, is the first such agreement MMT Farms, part of Beidahuang Group, China’s by EuroChem in Africa. It gives us access to an 14.1 largest agricultural company, to supply potash economically attractive SOP greenfield project and other NPK fertilizers. The Memorandum – that is well placed to supply the world’s which was signed at our Usolskiy potash mine fastest-growing markets. Annual output of Increase in total US$ sales in July – highlights our determination to around 472,000 tonnes is envisaged. become a key supplier to the world’s most important agricultural market. Delivering an optimised supply % of nutrients globally +15 First potash agreement in Africa EuroChem’s logistics infrastructure supports In June, we signed a take-or-pay agreement our vertically integrated business model. EBITDA (US$) for the purchase of up to 100% of the expected Our global distribution
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