Annual report 2007 - Magnitogorsk Iron & Steel Works ...

More documents

Recommendations

Info

1 Commercial Director Director for Finance and Economy Chief Accountant Vice-President of OOO MMK Managing Company for Strategic Development Director for Corporate Strategy and Marketing Vice-President of OOO MMK Managing Company for Property Management 1 Development and implementation of current and longer term procurement programs for the OJSC MMK’s continuous and sustainable development. 2 Provision of the production and business activities with raw materials, energy and equipment.3 Organization of an efficient procurement management system 4 Adoption of an optimum pricing policy with regard to raw materials, power and equipment purchases.5 Protection of the OJSC MMK’s interests in the raw materials and power markets and protection of other interests. 1 Organization of the OJSC MMK’s business activities, ensuring the continuous development and sustainable financial and economic position of OJSC MMK, improvement of planning, production performance and use of material and financial resources.2 Organization of OJSC MMK’s financial activities aimed at providing financial resources for the Company’s plans’ implementation, , preservation and efficient use of the fixed assets and cash flows, timely payments under liabilities to the state budget, suppliers and banks.3 Development of the invention and rationalization activities, aimed at finding solutions to the most important technical tasks and improvement of the production performance, implementation of rationalization proposals and inventions.4 Ensuring the creation, replenishment and use of the patent stock of OJSC MMK and MMK Group.5 Organization of special economic studies in all spheres of OJSC MMK’s financial and business activities. 1 Organization of accounting in OJSC MMK’s financial and business operations.2 Development and adoption of the OJSC MMK’s Accounting Policy.3 Accumulation of full and correct information on OJSC MMK’s financial and business activities, timely preparation and submission of accounting statements.4 Ensuring of showing all the business operations on active accounts.5 Prevention of negative results from business operations and determination of reserves to ensure OJSC MMK’s financial stability. 1 Development of the corporate strategy and general corporate goals, determination of development guidelines for OJSC MMK and the MMK Group.2 Setting long-term development goals for the MMK Group.3 Ensuring strengthening of the MMK Group’s competitive ability . 1 Development and implementation of strategic and prioritized investment (integration) projects.2 MMK Group’s strategic planning.3 Initiation of corporate (integration), strategic and prioritized investment projects and determination of priorities for the MMK Group’s development.4 Development of OJSC MMK’s Technical Development Program and Investment Program. 1 Ensuring a rational structure of OJSC MMK’s property and efficient functioning of its share equity and securities.2 Identification, analysis, assessment and management of risks associated with the OJSC MMK’s financial and business activities.3 Protection of the property rights of OJSC MMK and the MMK Group.4 Maintenance of MMK Group’s security including economic security.
Director for Corporate Integration Policy Director for Security • • • • • • • • • • • • • • • • • ANNUAL REPORT OPEN JOINT-STOCK COMPANY MAGNITOGORSK IRON & STEEL WORKS SEASON <strong>2007</strong> 1 Development of the MMK Group’s integrated corporate structure. Creation and development of a corporate management center.2 Protection of OJSC MMK’s shareholders’ property rights and the rights of companies with OJSC MMK’s participation.3 Planning and implementation of corporate integration (M&A) projects .4 Ensuring a rational structure of the Company’s property, efficient capital movement and access to stock markets.5 Improvement and efficient operation of the OJSC MMK’s Risks Management System. 1 Ensuring security of OJSC MMK’s and the MMK Group’s activities. Protection and safeguarding OJSC MMK’s and the MMK Group’s property.2 Maintenance of the internal and external organizational stability of OJSC MMK and the MMK Group.3 Forecasting and prevention of threats to the OJSC MMK’s interests and development of measures for their localization.4 Coordination of the MMK Group’s security services activities.5 Ensuring efficient operation of the OJSC MMK’s economic security system. Information on the General Shareholders’ Meeting The following matters are within the competence of the general shareholders meeting: amendments and additions to the Charter of the Company or approval of the revised Charter, except as otherwise provided for by the Law; reorganization of the Company; liquidation of the Company, appointment of the liquidation committee and approval of the interim and final liquidation balance sheets; determination of the Board of Directors’ composition, election of its members and early termination of their mandate; setting the amount of remuneration or compensation to be paid to the members of the Board of Directors; determination of the quantity, par value, categories (types) of declared shares and the rights granted by such shares; increase of the Company’s authorized capital by raising the shares’ par value; increase of the Company’s authorized capital by placing additional shares within the quantity of declared shares, by closed subscription; increase of the Company’s authorized capital by placing, by closed subscription, of additional shares within the quantity of declared shares ; increase of the Company’s authorized capital by placing, by open subscription, of ordinary shares accounting for over 25% of the ordinary shares placed earlier; reduction of the authorized capital of the Company by decreasing the shares’ par value, acquisition by the Company of a part of shares for the purpose of reducing their total number, or by cancellation of the shares acquired or bought back by the Company; constitution of the individual executive body (General Director) and early termination of its mandate; adoption of a decision regarding transfer of the authority of the individual executive body of the Company to a managing entity or a manager; election of the members of the Internal Audit Committee and early termination of their mandate; setting the amount of remuneration or compensation to be paid to the members of the Internal Audit Committee; approval of the Company’s Auditor; approval of the Company’s annual financial statements and accounting <strong>report</strong>s, including profit and loss accounts, and distribution of the Company’s profit (including payment (declaration) of dividends, with the exception of profit distributed as dividend after the first quarter, first six or nine months of the financial year) and losses of the Company after the end of the financial year; 1
Page 2 and 3:
DISCLAIMER The present Annual Repor
Page 4 and 5:
Victor Rashnikov, Chairman of the M
Page 6 and 7:
Description Capitalization (as at y
Page 8 and 9:
Content INTRODUCTORY ADDRESS of Vic
Page 10 and 11:
In 2007 the Magnitogorsk Iron and S
Page 13 and 14:
ANNUAL REPORT OPEN JOINT-STOCK COMP
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Human Resources The average payroll
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Using these mills, MMK manufactures
Page 31 and 32:
Page 33 and 34:
as regards the organization of thei
Page 35 and 36:
Relations with Local Communities in
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
• • • ANNUAL REPORT OPEN JOIN
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
10,000 8,000 6,000 4,000 2,000 0 AN
Page 51 and 52:
70 60 50 40 30 20 10 0 Assets Curre
Page 53 and 54:
4 3 2 1 0 Liquidity dynamics of MMK
Page 55 and 56:
In accordance with its borrowing po
Page 57 and 58:
Page 59 and 60:
1.0 0.8 0.6 0.4 0.2 Trends in OJSC
Page 61 and 62:
Page 63 and 64:
Page 65:
The growing demand and buoyant pric
Page 68 and 69:
8 Major Regional Markets for OJSC M
Page 70 and 71:
70 LLC Uralsibtrade OJSC Uraltrubpr
Page 72 and 73:
72 The changes in the domestic sale
Page 74 and 75:
7 Victor Kutischev, OJSC MMK’s Co
Page 76 and 77:
7 Overview of the Iron Ore and Coal
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
• • Expenditures on major capit
Page 87 and 88:
Page 89 and 90:
tons thanks to the installation of
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Currency Risk A significant portion
Page 99 and 100:
Page 101 and 102:
Goals Planned value Actual value Ac
Page 103 and 104: ANNUAL REPORT OPEN JOINT-STOCK COMP
Page 105 and 106: The average wages at MMK are 35% hi
Page 109 and 110: # Causes of injuries 2003 200 200 2
Page 119 and 120: Environmental Expenditures 2007 saw
Page 121 and 122: 6.00 5.16 5.00 4.00 3.00 2.00 1.00
Page 125: ANNUAL REPORT OPEN JOINT-STOCK COMP
Page 128 and 129: 128 Exhaustive, precise and timely
Page 130 and 131: 130 Report on Payment of Declared (
Page 132 and 133: 132
Page 134 and 135: 13 Information on Equity Capital As
Page 136 and 137: 13 Liubov Gamper, OJSC MMK’s Dire
Page 138 and 139: 138 Audit Committee Chairman of the
Page 140 and 141: 1 0 # 5. 6. 7. Provisions of the Co
Page 142 and 143: 1 2 # 18. 19. 20. 21. 22. 23. Provi
Page 144 and 145: 1 # 31. 32. 33. 34. 35. 36. 37. Pro
Page 146 and 147: 1 # 45. 46. 47. 48. Provisions of t
Page 148 and 149: 1 8 # Provisions of the Code of Cor
Page 150 and 151: 1 0 # 73. 74. 75. Provisions of the
Page 152 and 153: 1 2 Director for Sales Director for
Page 156 and 157: 1 • • • • • • • •
Page 158 and 159: 1 8 • • • • • • • •
Page 160 and 161: 1 0 Protection Policy which regulat
Page 162 and 163: 1 2 Sergey V. Krivoshchekov (born i
Page 164 and 165: 1 - exercises the authorities of th
Page 166 and 167: 1 Victor A. Kutischev (born in 1958
Page 168 and 169: 1 8
Page 170 and 171: 170
Page 172 and 173: 172 1. Date of Publication of the L
Page 181 and 182: • settlement procedure - by insta
Page 185 and 186: 24) Services Agreement # 150577 bet
Page 187 and 188: • • • validity period - till
Page 189 and 190: The following persons are recognize
Page 191 and 192: The following persons are recognize
Page 193 and 194: 61) rental agreement # 152445 betwe
Page 195 and 196: • validity period - from the date
Page 197 and 198: days from the receipt of invoice;
Page 201 and 202: • • • settlement procedure -
Page 203 and 204: The Body which approved the transac
Page 205 and 206:
• • • validity period - till
Page 207 and 208:
The Body which approved the transac
Page 209 and 210:
Page 211 and 212:
• • • • ANNUAL REPORT OPEN
Page 213 and 214:
• settlement procedure - funds tr
Page 215 and 216:
164) paid service agreement # 16001
Page 217 and 218:
Page 219 and 220:
There are no beneficiaries under th
Page 221 and 222:
during the shipment, with a discoun
Page 223 and 224:
• supply period - until next Annu
Page 225 and 226:
Page 227 and 228:
Page 229 and 230:
CONSOLIDATED BALANCE SHEETS AS OF D
Page 231 and 232:
Note Years ended December 31, 2007
Page 233 and 234:
ASSETS I. NON-CURRENT ASSETS Line c
Page 235 and 236:
LOSS AND PROFIT STATEMENT for 2007
Page 237 and 238:
BREAKDOWN OF INDIVIDUAL PROFITS AND
Page 239 and 240:
3.3 Reporting cycle Date of Publica
Page 241 and 242:
EN10 Percentage and total volume of
Page 244:
The OJSC MMK’s Annual Report is e
show all

Annual report 2007 - Magnitogorsk Iron & Steel Works ...

Create successful ePaper yourself

Delete template?

Save as template?