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Annual Report 2011 ANNUAL REPORT 2011 United Chemical Company In this Annual Report unless the context requires otherwise, Uralchem, OJSC, its subsidiaries, affiliates, branches, and representative offices are collectively called “URALCHEM,” “Company.” References to the “Group” are to all URALCHEM Holding P.L.C. subsidiaries taken together. Except when otherwise specified, all information and data contained in this Annual Report are as of December 31, 2011. The financial information refers to the activities of the “Group.” Some statements in this document may refer to projects or forecasts with regard to forthcoming events or future financial results of the Company. The Company wishes to forewarn that such statements are nothing but assumptions, and actual course of events or results may be different from those contained in the statements. The Company shall not obligate itself to reconsider such statements with a view to correlating them with actual results. 1 KEY INFORMATION In 2011 in Russia URALCHEM was: FIRST SECOND THIRD in production of ammonium in production of ammonia in production nitrate and its derivatives and nitrogen fertilizers of nitrogen-phosphorous fertilizers FINANCIAL INDICATORS Revenue Operating profit 2,080 661 million US dollars million US dollars 2011 2,080 2011 661 2010 1,389 2010 205 2009 949 2009 (6) 2008 1,697 2008 468 Adjusted Adjusted Net Net Profit EBITDA EBITDA margin Profit margin 752 36% 445 21% million US dollars million US dollars 37% 12% 22% 36% 3% (10%) 4% 21% 622 110 309 752 Adjusted 76 (97) 35 445 Net Profit, EBITDA*, in million in million US dollars US dollars Adjusted Net Profit EBITDA margin, % margin , % 2008 2009 2010 2011 2008 2009 2010 2011 * Adjusted EBITDA refers to operating profit before taking into account depreciation and amortization, Source: URALCHEM. and financial gain/loss on operations with financial derivatives. 2 URALCHEM ANNUAL REPORT 2011 OPERATING INDICATORS Commercial ammonia production Production of AN/SAN, CAN/CNS 559 2,655 ‘000 tonnes ‘000 tonnes 2011 559 2011 2,655 2010 516 2010 2,513 2009 417 2009 2,483 2008 463 2008 2,218 Urea production Production of NPK/NPKS 499 564 ‘000 tonnes ‘000 tonnes 2011 499 2011 564 2010 448 2010 589 2009 529 2009 586 2008 433 2008 436 Source: URALCHEM 3 KEY INFORMATION Production of DAP/MAP 520 ‘000 tonnes 2011 520 2010 545 2009 74 2008 218 Number of Employees Production Volume 11,566 5,093 persons ‘000 tonnes 4,068 4,406 4,861 5,093 Number of employees, 14,675 14,063 12,792 11,566 persons Commercial Production Volume, in ‘000 tonnes 2008 2009 2010 2011 Source: URALCHEM 4 URALCHEM ANNUAL REPORT 2011 ABOUT THE COMPANY URALCHEM is one of the largest producers of fertilizers in Russia, the CIS, and Eastern Europe. THE MAIN OBJECTIVE OF THE COMPANY IS TO ACTIVELY URALCHEM Group is the largest ammonium DEVELOP AND EXPAND ITS STRATEGIC POSITIONS IN RUSSIAN nitrate producer and the second largest nitrogen fertilizer producer in Russia. AND INTERNATIONAL FERTILIZER MARKETS WITH A VIEW TO PROVIDING THE CONSUMERS WITH HIGH QUALITY The main objective of the Company is to PRODUCTS AT COMPETITIVE PRICES. actively develop and expand its strategic positions in Russian and international fertilizer markets with a view to providing the consumers with high quality products at competitive prices. The Company continues to strengthen its position in fertilizer market acquiring, URALCHEM focuses on those lines of inter alia, new strategic assets. The current development which provide for the growth asset structure of the Company breaks new of Company’s financial figures. The flexibility strategic ground for its leadership position of operations makes it possible to meet the in nitrogen-phosphorous fertilizer market. requirements of the market and shift to the The merger of the enterprises contributes to production of those fertilizers which are in increasing efficiency of cash flow management greatest demand by consumers and can within the Group, substantially cuts general therefore maximize revenue. and administrative expenses, and increases investment attractiveness of the entire In 2011, the Company successfully worked URALCHEM Group. Having completed in toward its goals and achieved good results. early January 2012 the acquisition of majority share of stock of Perm Mineral Fertilizers, URALCHEM produces a wide line of products, the Company will strengthen its position including specially developed fertilizer grades in the nitrogen segment and will rank second designed for specific countries, markets in Russia in urea production. and their segments. Today the production portfolio of the Company consists of more than 30 different products, thereby satisfying specific demands of a wide range of clients. 5 ABOUT THE COMPANY THE COMPANY IS COMMITTED TO THE CONCEPT OF SUSTAINABLE DEVELOPMENT, I.E. THE MOST COMPLEMENTARY HARMONY OF ECONOMIC, SOCIAL, AND ENVIRONMENTAL COMPONENTS IN THE BUSINESS STRATEGY. Client-oriented policy is the priority for the URALCHEM continues to improve its Company. management system by clearly defining key goals both for the entire Company and each URALCHEM provides consumers with a special employee. In 2012 two key indicators are set of services including year round “hot line” to singled out as a corporate-wide goal – growth get in touch with Company’s representatives, IT of equivalent production volume and growth services for Russian agricultural clients, which of net profit. allow to track orders online, provide financial services for client’s accounting department, All the developments and accomplishments offer a variety of optimal logistics solutions. over the years of the Company’s existence are due to the people who work for it. The URALCHEM is one of those companies in the Company has a team of young, ambitious and industry that carries out its strategy putting energetic professionals capable of effectively emphasis on innovations. The Company meeting the goals set by the shareholders. increases the productivity of labor to release resources and direct them toward development and introduction of new technologies and extension of the product line by creating new and innovative products. The Company is committed to the concept of sustainable development, i.e. the most complementary harmony of economic, social, and environmental components in the business strategy. 6 URALCHEM ANNUAL REPORT 2011 TABLE OF CONTENT 8 LETTER FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS 10 LETTER FROM THE CHIEF EXECUTIVE OFFICER 12 MARKETS OVERVIEW 12 INTERNATIONAL MINERAL FERTILIZER MARKET OVERVIEW AND TRENDS 20 RUSSIAN MINERAL FERTILIZER MARKET OVERVIEW AND TRENDS 26 CORPORATE HISTORY 26 THE COMPANY IN THE MAKING 28 KEY ASSETS 40 MANAGEMENT REPORT 40 KEY EVENTS IN 2011 43 PRODUCTION ACTIVITY 48 PRODUCTION OF MINERAL FERTILIZERS AND CHEMICAL RAW MATERIALS FOR INDUSTRY 50 RESOURCE CONSUMPTION AND UTILIZATION OF EQUIPMENT 51 SALES 53 LOGISTICS 53 RAILWAY TRANSPORTATION 55 TRANSSHIPMENT AND FREIGHT 56 INVESTMENT ACTIVITIES 57 INNOVATIVE TECHNOLOGIES AND R&D 59 INFORMATION ON SHARE CAPITAL 61 FINANCIAL PERFORMANCE OVERVIEW 7 CONTENT 66 RISK MANAGEMENT 75 DEVELOPMENT STRATEGY 78 CORPORATE SOCIAL RESPONSIBILITY 78 HUMAN RESOURCES MANAGEMENT 80 SOCIAL POLICY AND CHARITY 80 INDUSTRIAL SAFETY 81 PROTECTION OF ENVIRONMENT 84 CORPORATE GOVERNANCE 84 CORPORATE GOVERNANCE STRUCTURE 84 GENERAL MEETING OF SHAREHOLDERS 85 BOARD OF DIRECTORS 93 COMMITTEES OF THE BOARD OF DIRECTORS 94 EXECUTIVE BODIES 96 REMUNERATION OF KEY MANAGEMENT 96 INTERNAL CONTROL AND AUDIT 98 ANNEXES 98 ANNEX 1: MAJOR TRANSACTIONS AND RELATED-PARTY TRANSACTIONS 100 ANNEX 2: COMPLIANCE WITH CORPORATE CODE OF CONDUCT 103 ANNEX 3: LEGEND AND ACRONYMS 104 CONTACTS 8 URALCHEM ANNUAL REPORT 2011 LETTER FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS Year 2011 was marked by high results for URALCHEM. In the beginning of the year we IN JANUARY 2012 A TRANSACTION TO ACQUIRE set rather serious goals based on evaluation of PERM MINERAL FERTILIZERS WAS COMPLETED. our capacity, potential for organic growth and market situation. We have worked hard and THE INTEGRATION OF THIS ENTERPRISE realized in six months that we are capable of INTO URALCHEM GROUP IS UNDERWAY. doing better. We adjusted the annual goals of IT IS AN ASSET WHICH STRENGTHENS OUR LEADERSHIP the Company to make them more ambitious, POSITION IN THE NITROGEN MARKET. and I am happy to note that all of them were successfully implemented. In 2011, the Company achieved a number of record-high operating and financial results, outlined in the Company’s Annual Report. However I wouldn’t like to evaluate our Another important factor of the Company’s Company’s performance by the figures alone. efficiency was the right choice of the Everything that has been achieved today and strategy we followed in 2011. It was directed will be achieved in future is a result of the at production growth, optimization of efforts of the Company’s individual employees, product line in accordance with the market their teams, project groups, production requirements, increase of sales profit margin, facilities, workshops, enterprises. The main expansion of the Company’s market presence factor of the Company’s success is its people. and realization of the service programs for the We are the team, i.e. we have common goals, clients. Of course, our Company attached great we strive ahead together, share responsibility, importance in its strategy to its manpower and grow as professionals and individuals. development – occupational training, tutoring, team work and productivity of labour. I I thank all Company’s employees for excellent consider investments into Human resources as work and their personal contribution toward a guarantee for further Company’s long-term achieving the overall result. sustainable growth and prosperity. Our team has recently been complemented by new member – in January 2012 a transaction to acquire Perm Mineral Fertilizers was completed. The integration of this enterprise into URALCHEM Group is underway. It is an asset which strengthens our leadership position in the nitrogen market. It is important to note that the transaction was carried out with the Company’s own monies without any credit.
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