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

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172 1. Date of Publication of the Latest Previous Report Annual reports of the OJSC MMK are prepared annually pursuant to the Federal Law “On Joint-Stock Companies” No. 208-FZ dd. 24.11.1995 as amended. The Company considers annual reports as an instrument for enhancing the transparency of its operations. The previous Annual Report of the OJSC MMK was prepared on the basis of the results of the year 2006 and presented to the annual shareholders’ meeting of 30.03.2007. OJSC MMK’s annual Reports are available for review at MMK’s web site http://www.mmk.ru/rus/shareholders/information/year/index.wbp and http://www.mmk.ru/eng/ invrelations/year_reports/index.wbp. in the Russian and English languages. 1. 2. 3. 2. Contact Details Press Secretary of the OJSC MMK Board of Directors’ Chairman: Elena V. Azovtseva, tel: (3519) 24-90-82, fax: (3519) 24-80-24, e-mail: azovtseva@mmk.ru. Corporate Secretary of the Company: Valentina N. Khavantseva, tel: (3519) 24-72-29, fax: (3519) 24-31-43, e-mail: khavanceva@mmk.ru. Senior Manager, Head of the Budget Planning Department of the Economics Administration: Alexander A. Smirnov, tel: (3519) 24-69-04, fax: (3519) 24-82-73, e-mail: smirnov@mmk.ru 3. Procedure of Determining the Report’s Content In the preparation of the present Annual Report the OJSC MMK aimed at the fullest possible disclosure of information related to all aspects of its operations in 2007. The Report includes the results of the Company’s diverse activities (production, economic, financial, social, environmental) that are of interest to various groups of interested users of such information. The definition of interested parties was made following a comprehensive analysis of the Company’s operations and the influence exerted by them on the social sphere and the environment. As a result top priority was assigned to the following subjects: production, financial and investment operations, sales of steel products, social and environmental activities of OJSC MMK. All the facts and events influencing the attainment of the strategic goals of the Company and its mission were considered material. In the preparation of the present Report due account was taken of the Regulations on Sustainability and Reporting (G3) in order to present the results of the activities of the Company in the context of sustainability. All information contained in the present Report is in line with the principles of GRI. . Scope of the Report The present Report has been compiled on the basis of the results of OJSC MMK’s operations, as presented in accounting statements prepared according to the Russian Accounting Standards for the 2007 financial year and consolidated accounting statements of the MMK Group prepared according to US GAAP. The present Report can be regarded as a report on the MMK Group.
ANNUAL REPORT OPEN JOINT-STOCK COMPANY MAGNITOGORSK IRON & STEEL WORKS SEASON 2007 . Limitations Regarding the Scope of the Report The present Report provides a complete picture of MMK’s operations and any further expansion of the Report is possible only in terms of increasing the number of performance indicators, should such interest be expressed by the users of the Company information. . Influence on the Comparability of the Report The present Report is comparable to the reports of OJSC MMK and the MMK Group for previous periods. 7.Material Changes in the Report The present Report does not contain any material changes compared to information provided in previous reports, nor any changes in relation to previous periods in terms of the content, scope or measurement of OJSC MMK’s results. 173
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DISCLAIMER The present Annual Repor
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Victor Rashnikov, Chairman of the M
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Description Capitalization (as at y
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Content INTRODUCTORY ADDRESS of Vic
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In 2007 the Magnitogorsk Iron and S
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ANNUAL REPORT OPEN JOINT-STOCK COMP
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Human Resources The average payroll
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Using these mills, MMK manufactures
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as regards the organization of thei
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Relations with Local Communities in
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• • • ANNUAL REPORT OPEN JOIN
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10,000 8,000 6,000 4,000 2,000 0 AN
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70 60 50 40 30 20 10 0 Assets Curre
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4 3 2 1 0 Liquidity dynamics of MMK
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In accordance with its borrowing po
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1.0 0.8 0.6 0.4 0.2 Trends in OJSC
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The growing demand and buoyant pric
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8 Major Regional Markets for OJSC M
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70 LLC Uralsibtrade OJSC Uraltrubpr
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72 The changes in the domestic sale
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7 Victor Kutischev, OJSC MMK’s Co
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7 Overview of the Iron Ore and Coal
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• • Expenditures on major capit
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tons thanks to the installation of
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Currency Risk A significant portion
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Goals Planned value Actual value Ac
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The average wages at MMK are 35% hi
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# Causes of injuries 2003 200 200 2
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Environmental Expenditures 2007 saw
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Page 123 and 124: ANNUAL REPORT OPEN JOINT-STOCK COMP
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Page 128 and 129: 128 Exhaustive, precise and timely
Page 130 and 131: 130 Report on Payment of Declared (
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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
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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 154 and 155: 1 Commercial Director Director for
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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
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Page 181 and 182: • settlement procedure - by insta
Page 185 and 186: 24) Services Agreement # 150577 bet
Page 187 and 188: • • • validity period - till
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Page 191 and 192: The following persons are recognize
Page 193 and 194: 61) rental agreement # 152445 betwe
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Page 197 and 198: days from the receipt of invoice;
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Page 203 and 204: The Body which approved the transac
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Page 211 and 212: • • • • ANNUAL REPORT OPEN
Page 213 and 214: • settlement procedure - funds tr
Page 215 and 216: 164) paid service agreement # 16001
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• supply period - until next Annu
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CONSOLIDATED BALANCE SHEETS AS OF D
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Note Years ended December 31, 2007
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ASSETS I. NON-CURRENT ASSETS Line c
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LOSS AND PROFIT STATEMENT for 2007
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BREAKDOWN OF INDIVIDUAL PROFITS AND
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3.3 Reporting cycle Date of Publica
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EN10 Percentage and total volume of
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The OJSC MMK’s Annual Report is e
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