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...by supplying world markets<br />
Our strategic investments have<br />
made it possible for us to supply<br />
a wide range of quality fertilizer<br />
products to customers in more<br />
than 90 countries.<br />
See page 24<br />
...by increasing our<br />
geographic footprint<br />
With increased production capacity<br />
and secure access to raw materials,<br />
we are ready to expand our operations<br />
and increase our strategic positioning.<br />
See page 26<br />
...by placing sustainability<br />
at the core<br />
We recognize that superior shareholder<br />
returns depend on our commitment to<br />
good governance, social responsibility<br />
and environmental accountability.<br />
See page 28<br />
...by becoming a top five player<br />
Once potash is on stream, we will be<br />
one of only four fertilizer producers in<br />
the world with a significant presence<br />
in all three primary nutrient segments,<br />
and a top five fertilizer producer by<br />
total nutrient capacity.<br />
See page 30<br />
...by driving a flexible<br />
business model<br />
Coupled with our vertical integration<br />
model, our strategic investments have<br />
enhanced our production flexibility<br />
and allow us to adapt quickly to<br />
market demand.<br />
See page 32<br />
...by empowering our people<br />
Whether on the factory floor or in the<br />
classroom, our employees benefit<br />
from continuous professional<br />
development to unlock their potential.<br />
See page 34<br />
Contents<br />
Overview<br />
02 Highlights<br />
04 EuroChem at a glance<br />
06 Where we operate<br />
08 Vertically integrated business model<br />
10 Chairman’s statement<br />
Business review<br />
12 Chief Executive’s review<br />
14 Addressing the issues that matter<br />
16 The global industry – peer analysis<br />
18 Market drivers<br />
21 Our strategy<br />
22 Delivering on our strategy<br />
23 Enabling our future<br />
Management <strong>report</strong><br />
36 Nitrogen<br />
40 Phosphates<br />
44 Potash<br />
48 Distribution<br />
50 Logistics and international sales<br />
52 Income statement<br />
57 Balance sheet<br />
58 Sustainability<br />
62 Risk management <strong>report</strong><br />
Corporate governance<br />
66 Our governance<br />
72 The Board Committees<br />
74 Board of Directors<br />
Financial information<br />
76 Independent auditor’s <strong>report</strong><br />
77 Consolidated statement of financial position<br />
78 Consolidated statement of comprehensive<br />
income<br />
79 Consolidated statement of cash flows<br />
80 Consolidated statement of changes<br />
in equity<br />
81 Notes to the consolidated financial<br />
statements<br />
Other information<br />
117 Main production subsidiaries<br />
118 Key financial and non-financial data<br />
120 Contact information<br />
IBC Forward-looking statements<br />
Annual Report and Accounts <strong>2011</strong> EuroChem 01<br />
Overview<br />
Business review<br />
Corporate governance<br />
Financial information
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