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2019 Annual Report and Accounts A Global Leader 2019 Annual Report and Accounts Who we are Strategic report One of the world’s leading mineral 02 2019 highlights fertilizer producers 04 Global EuroChem 10 Joint Chairmen’s statement Our Mission 12 CEO’s Q&A To improve the quality of life 14 Market overview of the growing world population 18 Stakeholder engagement by helping to grow healthy, 20 Business model affordable food in harmony 22 Our strategy Financial review A Global with the environment 26 30 Product portfolio Our vision for 2025 32 Performance review 48 Sustainability review Leader To become the safest, most profitable, fastest-growing and 66 Risk management most attractive fertilizer company 2019 was a landmark year for EuroChem. Governance in the world We became one of the world’s four largest 72 Board of Directors 74 Corporate Governance fertilizer producers by revenue – a vital step 80 Audit Committee towards achieving our ambition of becoming Strategy Committee global market leader by 2025. 82 84 Nomination and Remuneration Committee We are already transforming into a truly global business: strengthening Financial statements our global advantage across all three nutrient Independent Auditors’ Report 87 groups, extending our distribution 92 Consolidated Statement of Financial Position on a global scale and expanding 93 Consolidated Statement of Profit or Loss our global customer reach. 94 Consolidated Statement of Comprehensive Income 95 Consolidated Statement of Cash Flows 96 Consolidated Statement of Changes in Equity 97 Notes to the Consolidated Financial Statements Visit our website for more information www.eurochemgroup.com 2019 Highlights Strategic Report Corporate Governance Financial Statements Facing the future with confidence Strong results Our competitive advantage We have delivered strong full-year results despite subdued Full vertical integration – from extracting raw pricing in global fertilizer markets. Our business model allows materials to customer delivery – gives us unrivalled us to deliver high performance at almost any point of the control over the value chain to strengthen our commodity industry cycle. position in every market. Sales (US$ mn) EBITDA (US$ mn) Global Fertilizer Producers by Revenue1 (US$ bn) 6,184 1,517 1,547 Nutrien 20.02 5,577 4,866 4,375 1,133 1,130 Yara 12.94 Mosaic 8.91 + % + % EuroChem 6.18 11 2 OCP 5.49 2016 2017 2018 2019 YoY 2016 2017 2018 2019 YoY ICL 5.27 CF Industries 4.59 Sales (KMT) Free cash flow (US$ mn) K+S 4.45 297 PhosAgro 3.83 23,624 OCI 3.03 21,354 21,476 21,978 Uralkali 2.78 2016 2017 2018 2019 +7% -94 2016 2017 2018 2019 -169 YoY -189 1. Last 12 months, based on each company’s filings as of 31 December 2019 Key milestones New CEO Expansion in Brazil 18 years from New Chairman Petter Østbø joined as In June, a new fertilizer foundation MMT Samir Brikho was appointed Chairman of the Group’s new CEO in June blending plant opened at EuroChem marked the 18th 1 the Board of Directors at EuroChem from st US$ MN 2019. He has a proven track the Group’s majority- anniversary of its foundation Potash test production January 1 , 2020. Samir has held senior 700 record in the global fertilizer owned subsidiary management positions at Asea, ABB with the ramp-up of potash In September, the Group achieved Eurobond issue industry and his experience will be Fertilizantes Tocantins, Power Generation and Alstom, and served test production, making it one a new milestone, having produced invaluable as EuroChem seeks signalling continued as Chief Executive at Amec from 2006 EuroChem’s transaction was the of just three global players with 1 MMT of potash in test mode to enhance its market positions expansion by EuroChem to 2016. He has also twice served as the largest among non-investment its own production capacity at the Usolskiy potash project since internationally and grows to in South America. Chair of the World Economic Forum’s grade issuers from Russia in all three primary nutrients. its launch in 2018. since June 2017. become the market leader. Engineering and Construction Board. March April June August September December American Plant Food New ammonia terminal In line with the Group’s strategy in Estonia RUB BN KMT to expand its global footprint Rouble52 bond issues 791 The Group opened a new ammonia Ammonia produced since in the Americas, EuroChem storage and transshipment facility Between April and August 2019, EuroChem Northwest launch signed a multi-year agreement in in Sillamäe in November. The the Group was an active player in September 2019 with American terminal provides greater logistics In June 2019, EuroChem officially opened its US$0.9 bn ammonia the domestic public debt capital Plant Food for the supply of capacity, especially for ammonia plant, EuroChem Northwest, in Kingisepp, Russia. The facility has market and placed four rouble various fertilizers to its blending exports from Kingisepp. an annual design capacity of 1 million tonnes (1 MMT), ensuring bonds for RUB52 bn. business in the United States. full self-sufficiency in ammonia for the Group. 2 www.eurochemgroup.com EuroChem 2019 Annual Report and Accounts 3 Strategic Report Corporate Governance Financial Statements N P K Global Nitrogen Phosphorus Potassium Global Urea Cash Global DAP Cash Global MOP Cash advantage Cost Curve Cost Curve Cost Curve We are one of just three companies Phosphorit Lifosa Usolskiy VolgaKali worldwide with direct access to raw NevAzot NAK materials in all nutrient groups. Full vertical integration together with easy access to natural gas, and self-sufficiency in ammonia and potash, give us a unique cost advantage 1st quartile on Global 1st-2nd quartile on One of the cheapest over competitors. Urea Cash Cost Global DAP Cash MOP producers Curve Cost Curve globally Sales breakdown by nutrient 2019 2019 2019 8% 2018 2018 2018 5% 42% 50% 8% 42% 42% 53% 50% FOR DETAILS SEE OUR BUSINESS MODEL ON PAGES 20 AND 21 4 www.eurochemgroup.com EuroChem 2019 Annual Report and Accounts 5 Strategic Report Corporate Governance Financial Statements Global fertilizer Global ranking market share in 2019 by revenue 2.8% #4 Year-on-year Products sold increase in sales by the Group Global +11% >100 34 New ammonia storage 01 and transshipment New ammonia scale facility at Sillamäe, facility launched at Estonia, with annual 35 10 Kingisepp, Russia, ammonia transshipment 29 produced 791 KMT 09 05 03 As we expand our production capacity and capacity of 1 MMT 36 08 26 in 2019 07 20 32 02 25 11 extend our world-class distribution coverage, we 21 28 04 19 22 24 33 27 06 are continuously growing the product range and 18 14 23 A new fertilizer blending 30 volumes we bring to market. As a result, we’re plant opened in Brazil 15 12 constantly meeting more of the needs of more 13 (Araguari, Minas Gerais) with production capacity Usolskiy and more farmers across the world. of 6 KMT/day and storage potash deposit of 100 KMT ramped up output, 31 producing 1.1 MMT 16 in 2019 17 Mining Fertilizers Sales Logistics 01 Kovdorskiy GOK 05 Novomoskovskiy Azot 13 Mexico 21 Switzerland (Global HQ) 29 Russia 33 Tuapse 02 EuroChem VolgaKaliy 06 Nevinnomysskiy Azot 14 US (Tulsa) 22 Italy 30 China 34 Murmansk 03 EuroChem Usolskiy 07 EuroChem Antwerpen 15 US (Tampa) 23 Greece 31 Singapore 35 Sillamäe 04 EuroChem Fertilizers 08 Lifosa 16 Brazil 24 Serbia 32 Poland 36 EuroChem Antwerpen jetty 09 Phosphorit 17 Argentina 25 Hungary 10 EuroChem Northwest 18 Spain 26 Belarus 11 EuroChem-BMU 19 France 27 Bulgaria FOR DETAILS FOR DETAILS FOR DETAILS 12 EuroChem Migao 20 Germany 28 Moldova SEE MINING DIVISION SEE FERTILIZERS DIVISION SEE COMMERCIAL DIVISION PERFORMANCE REVIEW PERFORMANCE REVIEW PERFORMANCE REVIEW ON PAGE 32 ON PAGE 38 ON PAGE 42 MINING DIVISION FERTILIZERS DIVISION COMMERCIAL DIVISION LOGISTICS REVIEW, REVIEW, PAGE 32 REVIEW, PAGE 38 REVIEW, PAGE 42 PAGE 47 6 www.eurochemgroup.com EuroChem 2019 Annual Report and Accounts 7 LISTENING TO Global THE VOICE OF OUR reach CUSTOMERS We work closely with farmers in key agricultural regions around the world to better understand their needs, to share best practice in fertilizer application, and to ensure we deliver the right product to the right crop at the right time. Sales by region (US$ bn) +2% +32% 1.63 1.60 1.52 +18% 1.15 1.06 1.06 0.99 +17% 0.84 0.53 0.62 0.26 0.26 0.13 0.10 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 Europe Latin Russia North Asia CIS Africa America America Pacific FOR DETAILS SEE SUSTAINABILITY REVIEW ON PAGE 48 8 www.eurochemgroup.com Q: How can EuroChem’s ENTEC®26 help with ecological challenges? A: The greatest challenge for Swiss farmers will be to meet new environmental targets. There is a growing focus on the relationship between production and ecology. ENTEC®26 helps us cut nitrous oxide emissions while increasing crop yields significantly. Our purchases are supported by the KliK Foundation, a climate protection foundation which ® Markus Kempf FERTILIZER PRODUCT MANAGER AT OMYA, subsidises ENTEC 26 due to SWITZERLAND its environmental benefits. Q: Why are EuroChem’s sulphur-containing fertilizers important for vegetable growing in your region? A: Sulphur is an indispensable nutrient for all crops, but especially for cabbage and the onion family. In our region, the production of vegetables with leaves is dominant. A good sulphur supply to the plant ensures a darker leaf colour and thus a better outer and inner appearance. This is important as it enables us to achieve the optimum market price. Improved air quality means sulphur inputs have dropped significantly in recent years.
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