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ЕВРАЗ. Годовой отчет за 2021 год - часть 9

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CORPORATE GOVERNANCE

Financial statements

Additional information

ANNUAL REPORT & ACCOUNTS 2021

ARTICLES OF ASSOCIATION

TRANSFER OF SHARES

The Company’s Articles of Association

Changes made to the previous Articles of

The Articles of Association may only

were adopted at a General Meeting held

Association of the Company (adopted in

be amended by a special resolution

The Company’s Articles stipulate that

concerned until the name of the transferee

The directors may refuse to register

on 11 January 2022 and contain, among

June 2012) include amendments allowing

at a general meeting of the shareholders.

transfers of certificated shares must

is entered in the Register of Members

an allotment or transfer of shares in favour

other things, provisions on the rights

the Company to make a dividend payment

be effected in writing and duly signed

with respect to said shares. Transfers

of more than four persons jointly.

and obligations attached to the Company’s

in specie and, if appropriate, hold a hybrid

by or on behalf of the transferor and,

of uncertificated shares may be effected

shares, including redeemable non-voting

annual general meeting.

except in the case of fully paid shares, by or

by means of CREST unless the CREST

preference shares and subscriber shares.

on behalf of the transferee. The transferor

Regulations provide otherwise.

shall remain the holder of the shares

SHARE RIGHTS

AUDIT INFORMATION

Without prejudice to any rights

or, if the Company passes a resolution,

determine the terms, conditions

attached to any existing shares,

the directors. The Company may also

and manner of redemption for any such

the Company may issue shares with rights

issue shares that are, or are liable to be,

shares.

Each of the directors who were members

aware of any relevant audit information

The EVRAZ Directors’ Report has been

or restrictions as determined by either

redeemed at the option of the Company

of the Board as of the date of the approval

and to establish that the Company’s

prepared in accordance with applicable

the Company by an ordinary resolution

or the holder, and the directors may

of this report confirms that:

auditors are aware of the information.

UK company law and was approved

by the Board on 24 February 2022.

As far as he/she is aware, there is no

This confirmation is given and should

relevant audit information of which

be interpreted in accordance

the Company’s auditors are unaware.

with the provisions of section 418

VOTING RIGHTS

of the Companies Act 2006.

He/she has taken all the reasonable

steps that he/she ought to have taken

By the order of the Board

There are no other restrictions on voting

At a general meeting, subject to any special

the directors decide otherwise, no member

as a director to make himself/herself

rights or transfers of shares in the Articles

rights or restrictions attached to any class

shall be entitled to vote either in person

Aleksey Ivanov

other than those described in these

of shares on a poll, each member present

or by proxy or to exercise any other right

Chief Executive Officer

paragraphs.

in person or by proxy has one vote

in relation to general meetings if any sum

EVRAZ plc

for every share that he/she holds.

that he/she owes the Company in respect

Details of deadlines for exercising voting

of that share remains unpaid.

24 February 2022

rights and proxy appointment will be set

A proxy is not entitled to vote in cases

out in the notice of the 2022 AGM.

where the member who appointed

The trustee of the Company’s Employee

the proxy would not have been entitled

Share Trust is entitled, under the terms

to vote on the resolution had he or

of the trust deed, to vote as it sees fit

she been present in person. Unless

with respect to the shares held in trust.

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DIRECTOR'S

RESPONSIBILITY

STATEMENT

Responsibility Statement

Statement Under the UK

have elected to prepare the financial

Select suitable accounting policies

have been followed in conformity

The directors are also responsible

•

under the Disclosure Guidance

Corporate Governance Code

statements of the Group and parent

in accordance with IAS8 (Accounting

with the requirements of the Companies

for preparing the Strategic Report,

and Transparency Rules

company in accordance with UK-adopted

Policies, Changes in Accounting

Act 2006, subject to any material

the Directors’ Report, the Directors’

The Board considers that the report

international accounting standards.

Estimates and Errors) and then apply

departures disclosed and explained

Remuneration Report and the Corporate

Each of the directors whose names

and accounts taken as a whole, which

them consistently;

in the financial statements; and

Governance Report in accordance

and functions are listed on pages 104-108

incorporates the Strategic Report

Under the Companies Act 2006,

Present information, including

with the Companies Act 2006

•

•Prepare the financial statements

confirm that to the best of his/her

and Directors’ Report, is fair, balanced

the directors must not approve the financial

accounting policies, in a manner that

on a going concern basis unless

and applicable regulations, including

knowledge:

and understandable, and that it provides

statements of the Group and parent

provides relevant, reliable, comparable

it is appropriate to presume that

the requirements of the Listing

•The consolidated financial statements

the information necessary for shareholders

company unless they are satisfied that

and understandable information;

the company and/or the Group will not

Rules and the Disclosure Guidance

of EVRAZ plc, prepared in accordance

to assess the Company’s performance,

they give a true and fair view of the state

Make judgements and estimates that

continue in business.

and Transparency Rules of the United

•

with UK-adopted international

business model and strategy.

of affairs of the Group and parent company

are reasonable;

Kingdom Listing Authority. Legislation

accounting standards give a true

and of the profit or loss of the Group

Provide additional disclosures

The directors are responsible for keeping

in the United Kingdom governing

•

and fair view of the Company’s assets,

and parent company for said period.

when compliance with the specific

adequate accounting records that

the preparation and dissemination

liabilities, financial position and profit

Statement of Directors’

requirements in IFRS is insufficient

are sufficient to show and explain

of financial statements may differ from

and the undertakings included

Responsibilities in Relation

Under the Financial Conduct Authority’s

to enable users to understand the impact

the transactions of the Group and parent

legislation in other jurisdictions.

in the consolidation taken as a whole

to the Annual Report

Disclosure Guidance and Transparency

of particular transactions, other events

company and disclose with reasonable

(the “Group”); and

and Financial Statements

Rules, the Group’s financial statements

and conditions on the financial position

accuracy at any time the financial

must be prepared in accordance

and financial performance of the Group

position of the Group and parent

•The Annual Report and Accounts,

including the Strategic Report, include

The directors are responsible for preparing

with UK-adopted international accounting

and the parent company;

company and enable them to ensure

a fair review of the development

the Annual Report and the financial

standards (UK-adopted IFRS).

With respect to the Group’s financial

that the financial statements comply

By the order of the Board

•

and performance of the business

statements of the Group and parent

statements, state whether UK-adopted

with the Companies Act 2006.

and the position of the Company

company in accordance with applicable

In preparing each of the financial

international accounting standards have

Aleksey Ivanov

and the Group, together

United Kingdom law and regulations.

statements of the Group and parent

been followed, subject to any material

They are also responsible for safeguarding

Chief Executive Officer

with a description of the principal risks

Company law requires the directors

company, the directors are required to:

departures disclosed and explained

the assets of the Group and parent

EVRAZ plc

and uncertainties that they face.

to prepare the financial statements

in the financial statements;

company and hence for taking reasonable

•Fairly present the financial position,

of the Group and parent company for each

financial performance and cash flows

With respect to the parent company’s

steps to prevent and detect fraud and other

24 February 2022

•

financial year. Under that law, the directors

of the Group and parent company;

financial statements, state whether

irregularities.

international accounting standards

162

163

ANNUAL REPORT & ACCOUNTS 2021

Financial statements

CONTENTS

Independent auditor’s report

to the members of EVRAZ PLC

166

Consolidated Financial Statements

180

Consolidated Statement of Operations

180

Consolidated Statement of Comprehensive Income

181

Consolidated Statement of Financial Position

182

Consolidated Statement of Cash Flows

183

Consolidated Statement of Changes in Equity

185

Notes to the Consolidated Financial Statements

188

Corporate Information

188

Significant Accounting Policies

188

Segment Information

202

SOLID

Changes in the Composition of the Group

209

Goodwill

210

Impairment of Non-Financial Assets

211

Income and Expenses

214

Income Taxes

216

Property, Plant and Equipment

220

Intangible Assets Other Than Goodwill

223

Investments in Joint Ventures and Associates

224

Disposal Groups Held for Sale

225

Discontinued Operations

227

Other Non-Current Assets

231

Inventories

231

RESULTS

Trade and Other Receivables

231

Related Party Disclosures

232

Other Taxes Recoverable

233

Cash and Cash Equivalents

233

Equity

234

FOR A BETTER

Share-Based Payments

235

Loans and Borrowings

236

Employee Benefits

239

Provisions

246

Lease and Other Long-Term Liabilities

247

Trade and Other Payables

249

Other Taxes and Duties Payable

249

FUTURE

Financial Risk Management

Objectives and Policies

250

Non-Cash Transactions

256

Commitments and Contingencies

256

Auditor’s Remuneration

258

Material Partly-Owned Subsidiaries

258

Subsequent Events

261

List of Subsidiaries and Other Significant

Holdings

262

Supplementary Financial Information on Demerger

268

Separate Financial Statements

270

Separate Statement of Comprehensive Income

270

Separate Statement of Financial Position

271

Separate Statement of Cash Flows

272

Separate Statement of Changes in Equity

273

EVRAZ plc Notes to the separate

financial statements

274

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INDEPENDENT AUDITOR’S

CONCLUSIONS RELATING TO GOING CONCERN

REPORT TO THE

In auditing the financial statements, we have

preparation of the financial statements is

company’s ability to continue to adopt the

MEMBERS OF EVRAZ PLC

concluded that the directors’ use of the

appropriate. Our evaluation of the directors’

going concern basis of accounting included

going concern basis of accounting in the

assessment of the group and parent

the procedures below:

OPINION

Going concern

•We gained an understanding of the approach taken by management to assess going concern, to model cash flows

modelling

and to measure covenants over the forecast period.

In our opinion:

affairs as at 31 December 2021 and of

•the financial statements have been

•We agreed the starting cash position to our audit work and tested the mathematical integrity of this modelling.

•EVRAZ plc’s group financial statements

the Group’s and the Parent company’s

prepared in accordance with the

Commodity prices

and parent company financial

profit for the year then ended;

requirements of the Companies Act

•With assistance from our valuation specialists we compared management’s forecast prices for steel, iron ore and

coal to recent externally sourced information, including analyst expectations.

statements (the “financial statements”)

2006.

•the financial statements have been

give a true and fair view of the state of

properly prepared in accordance with

Sales volumes

•We confirmed the consistency of sales volumes to the forecasts that we have audited as part of our work on

impairment (see below).

the group’s and of the parent company’s

UK adopted international accounting

standards; and

Financing

•We agreed the terms of financing arrangements modelled to contractual terms and our audit work on related

arrangements and

facilities, including related covenants.

covenants

We have audited the financial statements of EVRAZ plc (the ‘parent company’) and its

•We confirmed that no new financing that is currently un-committed is assumed in the forecasts.

subsidiaries (the ‘group’) for the year ended 31 December 2021 which comprise:

Base case and

•We evaluated the pessimistic scenario testing performed by management, noting that the assessment is more

pessimistic case

sensitive to a reduction in liquidity than remaining in compliance with covenants.

•We noted that this pessimistic scenario reduced liquidity to minimal operating levels towards the end of the

GROUP

PARENT COMPANY

assessment period to 30 June 2023, principally as a result of the repayment of $750m of bonds maturing in March

2023. This scenario does not assume any mitigating actions and does not take account of actual results in January

Consolidated statement of operations

Separate statement of comprehensive income

and February 2022 which are expected to be significantly stronger than the pessimistic scenario. This pessimistic

scenario was effectively a reverse stress test.

Consolidated statement of comprehensive

Separate statement of financial position

income

•We evaluated potential mitigating actions identified by management and whether these were realistic and within

management’s control were a significant and sustained reduction in prices to occur.

Consolidated statement of financial position Separate statement of cash flows

•To further challenge the resilience of liquidity to a reduction in prices below the lower end of market expectations,

we modelled a further scenario which assumed certain mitigations under management’s control are actioned. We

Consolidated statement of cash flows

Separate statement of changes in equity

then assessed how much further prices could fall over the going concern period under this revised scenario.

•

We considered how climate change related risks could impact management’s assessment of going concern.

Consolidated statement of changes in equity Related notes 1 to 11 to the financial statements including a summary of significant

accounting policies

Severe business

•In the context of the worsening situation with respect to Ukraine, we challenged management and the directors

interruption scenario

as to how potential actions by international governments could impact EVRAZ’s business, including on operations,

Related notes 1 to 34 to the financial

exports and its ability to service debt.

statements, including a summary of

•We assessed the extent of downside reflected in the resulting scenario against the effects of Russian exports

significant accounting policies

outside the CIS being reduced to nil in conjunction with absorbing further downside as a result of other factors.

We evaluated the additional mitigations identified and determined by management to be in their control for

•

reasonableness..

The financial reporting framework that has been applied in their preparation is applicable

law and UK adopted international accounting standards.

Other considerations

We considered the appropriateness of the period of management’s going concern assessment, being to 30 June

•

2023.

BASIS FOR OPINION

•We assessed whether management had appropriately considered the potential impacts of COVID-19 on the

forecasts and related disclosures.

•

We evaluated whether there were any events expected to occur beyond the assessment period that should impact

We conducted our audit in accordance

are further described in the Auditor’s

believe that the audit evidence we have

conclusions relating to going concern.

with International Standards on Auditing

responsibilities for the audit of the financial

obtained is sufficient and appropriate to

Disclosures

•We assessed the appropriateness of disclosures in the financial statements and elsewhere in the Annual Report,

(UK) (ISAs (UK)) and applicable law. Our

statements section of our report. We

provide a basis for our opinion.

including whether management had disclosed its considerations of the potential effect of climate change risks on

responsibilities under those standards

going concern.

INDEPENDENCE

In forming our conclusion, we considered

of mitigating actions that could be deployed

Based on the work we have performed, we

the uncertainties as a result of potential

were such a scenario to arise. In addition, this

have not identified material uncertainties

We are independent of the group and

applied to listed public interest entities,

The non-audit services prohibited by the

responses by international governments to the

scenario does not reflect any new financing

relating to events or conditions that,

parent in accordance with the ethical

and we have fulfilled our other ethical

FRC’s Ethical Standard were not provided to

worsening situation with respect to Ukraine.

being raised over the going concern period.

individually or collectively, may cast

requirements that are relevant to our audit

responsibilities in accordance with these

the group or the parent company and we

We noted that the Group has considered the

These mitigations would also be relevant in

significant doubt on the group and parent

of the financial statements in the UK,

requirements.

remain independent of the group and the

effects of a severe and sustained business

a scenario where prices were to fall over a

company’s ability to continue as a going

including the FRC’s Ethical Standard as

parent company in conducting the audit.

interruption and has also identified a range

sustained period.

concern for a period of 16 months from the

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Additional information

ANNUAL REPORT & ACCOUNTS 2021

date the financial statements are authorised

applied the UK Corporate Governance

Our responsibilities and the responsibilities

scope components”), we performed audit

For 8 further components the primary team

breakdown of the size of these components

for issue, being management’s going

Code, we have nothing material to add or

of the directors with respect to going

procedures on specific accounts within

performed procedures directly focussing on

compared to key metrics of the Group is

concern assessment period. Going concern

draw attention to in relation to the directors’

concern are described in the relevant

that component that we considered had

specific areas of identified risk (“specified

provided below.

has been determined to be a key audit

statement in the financial statements

sections of this report. However, because

the potential for the greatest impact on

procedures components”). The specified

matter in the current year.

about whether the directors considered it

not all future events or conditions can be

the significant accounts in the financial

procedure components contributed 26%

Of the remaining 31 components none

appropriate to adopt the going concern

predicted, this statement is not a guarantee

statements either because of the size of

(2020: 1%) of the Group EBITDA, 11% (2020:

represented more than 1% of the group’s

In relation to the group and parent

basis of accounting.

as to the group’s ability to continue as a

these accounts or their risk profile. The

9%) of the Group’s revenue and 8% (2020:

EBITDA either individually or in aggregate.

company’s reporting on how they have

going concern.

nine reporting components where we

1%) of the Group’s total assets.

For these components, we performed other

performed full or specific scope procedures

procedures, including analytical review,

accounted for 73% (2020: 76%) of the

In 2020 an additional 18% of EBITDA, 1% of

review of the findings of Internal Audit

group’s EBITDA, 85% (2020: 87%) of the

revenue and 3% of total assets was covered

during the year and testing of consolidation

group’s revenue and 92% (2020: 86%) of the

by review scope locations (in the current

journals, eliminations and foreign currency

OVERVIEW OF OUR AUDIT APPROACH

group’s total assets.

year these components are specified

translation effects to respond to any

procedures).

potential risks of material misstatement to

For the current year, the full scope

the Group financial statements.

Audit scope

•We performed an audit of the complete financial information of seven components, audit procedures on

components contributed 60% (2020: 68%)

The audit scope of these components may

specific balances for a further two components, specified procedures on seven components and review

of the group’s EBITDA, 85% (2020: 86%) of

not have included testing of all significant

The charts below illustrate the coverage

procedures on one component.

the group’s revenue and 87% (2020: 80%)

accounts of the component but will have

obtained from the work performed by our

•

The nine reporting components where we performed full or specific audit procedures accounted for 73% of

of the group’s total assets.

contributed to the coverage of significant

audit teams.

the Group’s EBITDA, 85% of the Group’s revenue and 92% of Total assets (with 60%, 85% and 87% respectively

represented by the seven full scope components and 13%, 1% and 5% respectively by the two specific scope

accounts tested for the Group. A further

components).

•

The eight reporting components where we performed specified procedures accounted for 27% of the Group’s

EBITDA, 11% of the Group’s revenue and 8% of Total assets.

EBITDA

Revenue

Total assets

Key audit matters

•Recoverability of goodwill and other non-current assets

Demerger of Raspadskaya coal business

14%

•

Investment impairment considerations and related potential impact on distributable reserves (Parent company

•

27%

only)

Materiality

•Group materiality of $150 million (2020: $66 million), which represents approximately 3% (2020: 3%) of

EBITDA.

13%

60%

85%

87%

AN OVERVIEW OF THE SCOPE OF THE PARENT

COMPANY AND GROUP AUDITS

Tailoring the scope

In assessing the risk of material

of estimation processes and significant risk

Full scope components

Specific scope components

misstatement to the Group financial

areas. We have tailored our audit response

Other procedures

Our assessment of audit risk, our evaluation

statements, and to ensure we had adequate

accordingly and thus for the majority of

of materiality and our allocation of

quantitative coverage of significant

our focus areas, audit procedures were

performance materiality determine our

accounts in the financial statements, of the

undertaken directly by the Group audit

audit scope for each company within the

48 reporting components of the Group, we

team with testing undertaken by the

Changes from the prior year

both the UK and Russia who work together

Of the seven full scope components,

Group. Taken together, this enables us

selected 17 components covering entities

component audit teams on the verification

as an integrated primary and group team

audit procedures were performed on one

to form an opinion on the consolidated

in Russia, USA, Canada, UK, Switzerland,

of operational data and other routine

There have not been significant changes to

throughout the audit process (collectively

component directly by the primary audit

financial statements. We take into

Czech Republic and Luxembourg which

processes.

the scoping of the group’s components in

the Primary Team).

team with procedures on others performed

account the size and risk profile of each

represent the principal business units within

the current year.

by component audit teams. Of the two

component, the organisation of the group

the Group.

Of the 17 components selected, we

The approach to involvement in component

specific scope components the primary

and effectiveness of group-wide controls,

performed an audit of the complete

teams is established by the senior statutory

team performed audit procedures on one

changes in the business environment and

The EVRAZ Group has centralised

financial information of 7 components (“full

auditor. In establishing our overall approach

of these components. Where the work

any other relevant factors when assessing

processes and controls over the key areas

scope components”) which were selected

Involvement with component

to the Group audit, we determined the

was performed by component auditors,

the level of work to be performed at each

of our audit focus with responsibility lying

based on their size or risk characteristics.

teams

type of work that needed to be undertaken

we determined the appropriate level of

component of the group.

with Group management for the majority

For a further 2 components (“specific

at each of the components by us, as

involvement to enable us to determine

The senior statutory auditor is based in

the primary audit engagement team, or

that sufficient audit evidence had been

the UK, but, since group management

by component auditors from other EY

obtained as a basis for our opinion on the

and many operations reside in Russia, the

global network firms operating under our

group as a whole.

group audit team includes members from

instruction.

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Additional information

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The audit, including involvement with

component teams and local management

As explained in the discussion of significant

component teams, was planned in order

via video calls to discuss the audit

accounting judgments and estimates

KEY AUDIT MATTERS

to respond to uncertainties and restrictions

procedures performed and results of the

at note 2 of the consolidated financial

around physical travel as a result of

audit.

statements governmental and societal

the COVID-19 pandemic. We agreed a

responses to climate change risks are still

Key audit matters are those matters that,

due to fraud) that we identified. These

the context of our audit of the financial

timetable with management to provide

In addition, the Primary Team had direct

developing, and are interdependent upon

in our professional judgment, were of most

matters included those which had the

statements as a whole, and in our opinion

sufficient time for our procedures to be

responsibility for the majority of work on

each other, and consequently financial

significance in our audit of the financial

greatest effect on the overall audit strategy,

thereon, and we do not provide a separate

completed remotely. In instances where

the Key Audit Matters discussed below,

statements cannot capture all possible

statements of the current period and

the allocation of resources in the audit and

opinion on these matters.

physical access to sites was expected to

including impairment considerations

future outcomes as these are not yet

include the most significant assessed risks

directing the efforts of the engagement

be restricted, we planned and conducted

for CGUs in North America which

known. The degree of certainty of these

of material misstatement (whether or not

team. These matters were addressed in

inventory counts remotely using mobile

were considered at heightened risk of

changes may also mean that they cannot

video technology.

impairment, considerations relating to the

be taken into account when determining

demerger of the coal business, and the

asset and liability valuations and the timing

RECOVERABILITY OF GOODWILL AND OTHER NON-CURRENT ASSETS

In lieu of the number of physical visits

recoverability of the parent company’s

of future cash flows under the requirements

and meetings that we would normally

investments in subsidiaries.

of UK adopted international accounting

•At 31 December 2021 the carrying value of goodwill was $457 million (2020: $457 million) and the carrying value of property, plant

and equipment (PP&E) was $3,169 million (2020: $4,315 million). In the current year the Group did not recognise any impairment of

expect to do in performing oversight,

standards. Significant judgements and

goodwill (2020: $148 million) but recognised impairment of $22 million in respect of individual items of PP&E (2020: $162 million).

the Primary Team, including the Senior

These procedures, together with the

estimates relating to climate change have

•We consider that estimating the recoverable value of the Group’s non-current assets requires significant estimation around a number

Statutory Auditor, increased the frequency

additional procedures performed at a

been described in note 2 and related

of assumptions, including future volumes, prices, and the discount rate applied. We particularly focus our audit effort on cash

of interaction with component teams

group level, gave us appropriate evidence

sensitivity disclosures included in note 6,

generating units (CGUs) which have limited headroom, particularly a number of those in North America.

throughout the audit cycle. These

for our opinion on the group financial

Impairment of non-current assets in the

•Consideration is also required under IAS 36 Impairment of Assets whether a reasonably possible change in assumptions could lead

to an impairment. Where this is the case the disclosure of sensitivities is appropriate. Such assumptions include the effects of climate

interactions were principally via video

statements.

consolidated financial statements of the

change on the recoverable value of the Group’s non-current assets.

meetings and took place throughout the

impact of reasonably possible changes in

•Despite the strengthening of prices in 2021, given the limited historic headroom in a number of the Group’s CGUs, we consider that

audit process. These interactions involved

key assumptions.

the risk of impairment remains broadly consistent with the prior year, particularly for CGUs in North America.

discussing the audit approach with

Refer to the Audit Committee report on page 126, the estimates and judgements disclosed in note 2 and note 6, Impairment of non-

component teams and any issues arising

Climate change

Our audit effort in considering climate

current assets in the Consolidated Financial Statements.

from the audit and conclusions reached on

change was focused on ensuring that the

Our audit response to the risk

all significant matters. In addition, using

There has been increasing interest from

effects of material climate risks disclosed

Our audit procedures on CGUs in North America were performed mainly by the Group audit team with assistance from EY valuation

EY’s audit software, the Primary Team

stakeholders as to how climate change will

on pages 86 to 95 have been appropriately

specialists and input from our component teams on specific assumptions. Audit procedures on CGUs outside of North America were

directly accessed the audit working papers

impact EVRAZ. The group has determined

considered in estimating the recoverable

performed by component teams with assistance from EY valuation specialists under instruction from the Group team.

of component teams, remotely reviewing all

that the most significant future impacts

value of non-current assets and/or

areas significant to the audit and retaining

from climate change on its operations

associated disclosures where values are

Indicators of impairment

•We assessed the completeness of management’s assessment of indicators of impairment for CGUs that

were not already being tested for impairment as a result of carrying goodwill.

copies of more important workpapers.

will be around decarbonisation including

determined through modelling future

Observations and questions arising from

potential carbon taxes in Russia and

cash flows. Details of our procedures

Valuation methodology

•We gained an understanding of the methodology applied in estimating the recoverable value of each

adopted

CGU tested for impairment, assessing this against usual industry practice, including where terminal

this review were then discussed and

investment to reduce emissions and

and findings with respect to impairment

values had been applied.

resolved with the component team auditor.

improve energy efficiency. These are

are included in our key audit matters

•With assistance from EY valuation specialists we tested the integrity of the cash-flow models for

explained on pages 284-287 in the

below. We also challenged the Directors’

mechanical and mathematical accuracy.

The Senior Statutory Auditor was able

required Task Force for Climate related

considerations of climate change in their

Key assumptions

•With assistance from EY valuation specialists we assessed management’s forecasts of future sales

to make a site visit in January 2022 to

Financial Disclosures and on pages

assessment of going concern and viability

applied- volumes

volumes.

Russia, spending time both in Moscow and

86 to 95 in the principal risks and

and associated disclosures.

•Where available we developed expectations of the total market in which respective CGUs operate

visiting the EVRAZ NTMK plant with senior

uncertainties, which form part of the “Other

using external analyst and industry data and by using statistical analysis where market size was

members of management and a number

information,” rather than the audited

Whilst the group has stated its commitment

identified as being correlated to external indicators (most significantly the tubular businesses to oil and

of the Independent non-executives. He

financial statements. Our procedures on

to the aspirations of the Paris Pledges

gas prices).

also met with component teams and other

these disclosures therefore consisted solely

by 2050, the group is currently unable to

•We assessed management’s expected market share against historic data and indicators of changes in

respective markets.

members of the integrated Primary Team

of considering whether they are materially

determine the full future economic impact

•We evaluated the consistency of mine production forecasts with the independent assessments of

to discuss findings arising from their work

inconsistent with the financial statements

on their business model, operational plans

proved and probable mineral reserves performed by IMC Montan Group LLC. We assessed the

including discussing the approach for, and

or our knowledge obtained in the course

and customers to achieve this and therefore

competence, capabilities and objectivity of IMC Montan as a specialist engaged by management.

results arising from, impairment testing

of the audit or otherwise appear to be

as set out above the potential impacts are

•We challenged management if its assumptions were not within the range identified by EY, most

on CGUs in Russia. Due to restrictions in

materially misstated.

not fully incorporated in these financial

significantly the forecast size of the market for the OCTG CGU.

travelling to North America, the Senior

statements.

Key assumptions applied-

•With assistance from EY valuation specialists we have evaluated management’s assumptions for future

Statutory Auditor joined meetings with the

prices or EBITDA/tonne

prices of steel, iron ore, coal and ferrovanadium. We developed an expected range of future prices

using external analyst and industry data.

•Where appropiate we performed analysis on the future forecast EBITDA/tonne applied by

management, including the use of statistical methods to set expectations based on factors including

forecast sales volumes in relevant markets.

•We challenged management if its assumptions were not within the range identified by EY.

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Corporate governance

FINANCIAL STATEMENTS

Additional information

ANNUAL REPORT & ACCOUNTS 2021

Our audit response to the risk

RECOVERABILITY OF GOODWILL AND OTHER NON-CURRENT ASSETS

Our audit procedures on this judgment were performed by the Group audit team.

Key assumptions

•With assistance from EY valuation specialists we performed an independent calculation of the discount

Evidence of the distribution

•We monitored the progress of the proposed transaction throughout 2021, including attending regular

applied- other

rate expected to be applicable to each CGU tested for impairment.

being highly probable as at

meetings of the Group’s external advisors for this transaction.

•We assessed management’s assumptions with respect to the modelling of the future impacts of

31 December 2021

legislation in North America around anti-dumping duties and Section 232 tariffs with assistance from

•We evaluated management’s conclusion that the principal event in early 2022 that would be expected

to determine the success of the transaction was the shareholder vote at an EGM scheduled for early

our component team.

January 2022. Also that the subsequent UK court approval of the reduction in share capital required

Climate change

•We made enquiries of management as to its assessment of whether climate change risks impact

ahead of the transaction did not create significant additional uncertainty.

considerations

the modelled recoverable value of the Group’s CGUs. This was done with reference to the Group’s

•We confirmed the level of shareholder vote at the EGM that was procedurally required to approve the

assessment of the risks of climate change, commitments made around climate change initiatives and

transaction.

the analysis performed by the Group to date of the potential impact of such initiatives, including on

•We critically assessed whether management’s judgment only considered information available as at

potential future investment.

31 December 2021 and not the actual outcome of the EGM in January 2022. In doing so, we joined

•We challenged the extent of discussion of climate change with respect to key estimates around

a meeting of the Audit Committee and management on 31 December 2021 to assess the evidence

impairment testing in the financial statements.

available as at that date.

•Where the financial impacts of climate related risks and related initiatives are either yet to be

•We obtained analysis provided by Georgeson to management in December 2021 around its

determined and/or not reflected in management’s estimates of recoverable value we challenged what

expectation of shareholder voting at the January EGM (as below).

sensitivities may be appropriate in the financial statements to demonstrate the reasonably possible

•We assessed whether there was evidence that may be contrary to the Georgeson conclusions,

impact of these.

including consideration of past EVRAZ shareholder voting patterns and making enquiries around the

nature of shareholder reactions to the Project Gemini circular issued in mid-December 2021.

Additional considerations

•We considered the historical accuracy of management’s budgets and forecasts against subsequent

relating to impairment

actual results.

•We evidenced that proxy agencies had issued a positive recommendation for the transaction ahead of

31 December 2021.

testing

We considered the result of the actual vote in January 2022 to assess whether this provided any

•

Disclosures

•We tested the appropriateness of the related disclosures provided in the Consolidated Financial

contrary evidence not previously identified.

Statements. In particular we ensured the adequacy of the disclosures regarding those CGUs with

•We considered whether there may be bias in management’s conclusion that the transaction was highly

material goodwill balances and where a reasonably possible change in certain assumptions, including

probable as at 31 December 2021.

as a result of climate change risks, could lead to impairment charges.

Georgeson analysis

We met with Georgeson to gain an understanding of their analysis performed and the basis for their

•

Key observations communicated to the Audit Committee

conclusions as reported to management.

•We conclude that the final estimates of recoverable value for each CGU tested for impairment are reasonable. These estimates

•We gained an understanding of how Georgeson had considered the voting propensity of different

appropriately reflected amendments to assumptions following EY challenge as appropriate. We therefore agree with management’s

groups of EVRAZ shareholders in estimating its scenarios of potential voting behaviours.

conclusion that no impairment at the CGU level has arisen in the year.

•We assessed the competence, capabilities and objectivity of Georgeson as a specialist engaged by

management.

•We consider that the disclosure of estimation uncertainty and reasonably possible changes to assumptions as sensitivities are

adequate. These include additional detail around accounting estimates and sensitivities relating to the potential future impacts of

•We performed our own analysis to explore how significant a negative vote by shareholders other than

climate change risks following our challenge.

the main three shareholders of the Group would need to be to prevent shareholder approval, using

different levels of assumed attendance at the EGM.

Recoverable value of the

•As an AHFD, we evaluated whether there was any indication that the market value of the coal business

DEMERGER OF RASPADSKAYA COAL BUSINESS

coal business

was below carrying value as at 31 December 2021, including with reference to the market capitalisation

of Raspadskaya at that date.

•In January 2021, the Board of directors agreed to progress a possible demerger of the Raspadskaya coal business via a dividend in

specie. Preparation for this transaction has progressed during 2021.

Disclosures

•We confirmed the appropriate classification of the coal business in the balance sheet as at 31

•This is a material transaction for the Group and the accounting and disclosure for the coal business as at 31 December 2021 requires

December 2021, as well as being reflected as a discontinued operation, testing related reclassifications.

judgment based on the facts and circumstances at that date. Specifically, the timing of the classification of this business as an asset

•We reviewed related disclosures in the financial statements, including around the judgment made by

held for distribution (AHFD) under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations is dependent on the

management as at 31 December 2021 and discussion of progress in 2022 in the subsequent events note.

success of the transaction being concluded as highly probable ahead of the year end.

Key observations communicated to the Audit Committee

•Once such a conclusion is reached, this designation materially impacts the presentation of the consolidated statement of financial

position, as well as being reported as a discontinued operation in the other primary statements. In addition, this also impacts the

•We agreed with management’s conclusion that there was a reasonable basis to conclude that the transaction was highly probable as

at 31 December 2021.

presentation of the parent company’s investment in the coal business in the separate statement of financial position.

•We agree that the coal business is carried at the lower of carrying value and market value as at 31 December 2021.

•This is a new key audit matter in the current year.

•

We consider that the related presentation of the coal business, and related disclosures in the financial statements, are appropriate.

Refer to the Audit Committee report on page 126, the judgement disclosed in note 2 and note 13, Discontinued operations in the

Consolidated Financial Statements.

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FINANCIAL STATEMENTS

Additional information

ANNUAL REPORT & ACCOUNTS 2021

INVESTMENT IMPAIRMENT CONSIDERATIONS AND RELATED POTENTIAL IMPACT ON DISTRIBUTABLE RESERVES (PARENT

COMPANY ONLY)

OUR APPLICATION OF MATERIALITY

$15,057 million) are more sensitive to changes in recoverable value than the Group’s

•Investments in subsidiaries ($13,994 million, 2020

underlying CGUs assets because certain investments were re-measured in 2019 as part of a group restructuring.

We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified misstatements on the

•In 2021 the Company’s investment in Raspadskaya ($1,468 million) has been transferred to an AHFD in line with the related key audit

matter above.

audit and in forming our audit opinion.

•The principal driver of the recoverable amount of investments in subsidiaries is the estimated value of underlying CGUs held by the

Group’s subsidiaries. Refer to related considerations in the related key audit matter above.

•Changes to assumptions could lead to material changes in estimated recoverable amounts, resulting in either impairment or reversals

MATERIALITY

PERFORMANCE MATERIALITY

REPORTING THRESHOLD

of impairment taken in prior years (2021 aggregate impairment reversal of $393 million, 2020 aggregate impairment of $76 million).

$150 MILLION

$75 MILLION

$7.5 MILLION

•We consider that the risk associated with this key audit matter has remained consistent with the prior year.

Refer to note 3 of the Parent Company financial statements

Our audit response to the risk

Our audit procedures on this area were performed by the Group audit team with assistance of EY valuation specialists and using the

Materiality

before tax due to the historic volatility

materiality calculation as we considered

output from the impairment related key audit matter above.

of this latter metric. EBITDA is a key

that to be the most relevant performance

Valuation methodology

We determined materiality for the Group

performance indicator for the Group and

measure to the stakeholders of the entity.

•We have assessed the methodology used by management to estimate the recoverable value of

applied

each investment for which an impairment test was performed to ensure that this is consistent with

to be $150 million (2020: $66 million), which

is also a key metric used by the Group

accounting standards.

is set at approximately 3.0% (2020: 3%) of

in the assessment of the performance

We determined materiality for the Parent

•We have validated that relevant assets and liabilities of each investment have been appropriately

EBITDA.

of management. We also noted that

Company to be $14.3 million (2020: $19.1

included in the assessment of recoverable value, including the effects of intercompany balances.

market and analyst commentary on the

million), which we calculated as 1.5% (2020:

Key assumptions applied

•Refer to the key audit matter above with respect to procedures performed relating to the recoverable

We have used an earnings-based measure

performance of the Group uses EBITDA

1.5%) of Equity adjusted to exclude non-

value of individual CGUs tested for impairment.

as our basis of materiality. As in prior

as a key metric. We therefore, considered

distributable reserves which arose due to

•Where a current year impairment test has not been performed on CGUs underlying investment we

years we considered that EBITDA is a more

EBITDA to be the most appropriate

the group restructuring in 2019.

have evaluated how the result of the most recent previous impairment test would be expected to

change in the period to December 2021. We particularly focussed on changes that could negatively

appropriate measure than Group profit

performance metric on which to base our

impact recoverable value.

•We considered the potential impact of climate related risks on the recoverability of the Company’s

investments, in line with the considerations in the key audit matter above.

•Where reference was made to the market capitalisation of Raspadskaya we confirmed this to share

Performance materiality

price as at 31 December 2021.

Key observations communicated to the Audit Committee

On the basis of our risk assessment,

•We confirmed that our observations with respect to the recoverable amount of underlying CGUs are also relevant for the recoverable

together with our assessment of the

amount of investments in subsidiaries.

Group’s overall control environment, our

•We agreed that there is no impairment of subsidiaries in the year and that the reversal of historic impairment in EVRAZ Group S.A

judgment was that given the number

was appropriate.

and monetary amounts of individual

misstatements (corrected and uncorrected)

identified in prior periods as well as

the nature of the misstatements, overall

The application of materiality at the

performance materiality for the Group

should be 50% (2020: 50%) of materiality,

individual account or balance level. It is set

In the prior year, our auditor’s report

to be utilised in the year and an increase to

As in prior years we continue to identify

namely $75 million (2020: $33 million).

at an amount to reduce to an appropriately

included key audit matters in relation to

our level of materiality. The latter remains

revenue recognition as a fraud risk for the

low level the probability that the

the Recoverability of deferred tax assets

an area of audit focus and our audit

audit. However, we do not consider this to

Audit work at component locations for the

aggregate of uncorrected and undetected

related to EVRAZ North America and the

procedures remain consistent with the prior

be a key audit matter as the majority of

purpose of obtaining audit coverage over

misstatements exceeds materiality.

Completeness of related party transactions.

year but it is not concluded to be a key

the Group’s sales transactions are routine

significant financial statement accounts is

Whilst the former remains an area of audit

audit matter given the lower extent of audit

and the above areas have a greater impact

undertaken based on a percentage of total

focus, we do not consider this to be a key

effort on this area compared to those items

on the allocation of senior resources in

performance materiality. The performance

audit matter as a result of a reduction in

above.

the audit and directing the efforts of the

materiality set for each component is

these deferred tax assets and these starting

engagement team.

based on the relative scale and risk of the

component to the Group as a whole and

our assessment of the risk of misstatement

at that component. In the current year the

range of performance materiality allocated

to components was $13.0 million to $42.3

million.

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FINANCIAL STATEMENTS

Additional information

ANNUAL REPORT & ACCOUNTS 2021

Reporting threshold

In the light of the knowledge and

•adequate accounting records have not

•certain disclosures of directors’

We agreed with the Audit Committee that

understanding of the Group and the Parent

been kept by the Parent Company, or

remuneration specified by law are not

we would report to the Committee all audit

Company and its environment obtained

returns adequate for our audit have not

made; or

differences in excess of $7.5 million (2020:

in the course of the audit, we have not

been received from branches not visited

•we have not received all the information

$3.3 million), which is set at 5% of planning

identified material misstatements in the

by us; or

and explanations we require for our

materiality, as well as differences below

strategic report or the directors’ report.

audit.

•the Parent Company financial

that threshold that, in our view, warranted

statements and the part of the Directors’

An amount below which identified

reporting on qualitative grounds.

We have nothing to report in respect of the

Remuneration Report to be audited are

misstatements are considered as

following matters in relation to which the

not in agreement with the accounting

being clearly trivial.

We evaluate any uncorrected misstatements

Companies Act 2006 requires us to report

records and returns; or

against both the quantitative measures of

to you if, in our opinion:

materiality discussed above and in light of

other relevant qualitative considerations in

forming our opinion.

CORPORATE GOVERNANCE STATEMENT

OTHER INFORMATION

We have reviewed the directors’ statement

•Directors’ statement with regards to the

•Directors’ statement on fair, balanced

in relation to going concern, longer-term

appropriateness of adopting the going

and understandable set out on

viability and that part of the Corporate

concern basis of accounting and any

page 162;

The other information comprises the

Our opinion on the financial statements

material inconsistencies or apparent

Governance Statement relating to the

material uncertainties identified set out

•Board’s confirmation that it has

information included in the annual report

does not cover the other information and,

material misstatements, we are required

group and company’s compliance with

on page 163;

carried out a robust assessment of the

is set out on pages 1 to 163 including the

except to the extent otherwise explicitly

to determine whether this gives rise to

the provisions of the UK Corporate

emerging and principal risks set out on

•Directors’ explanation as to its

Strategic report, Corporate Governance

stated in this report, we do not express any

a material misstatement in the financial

Governance Code specified for our review

assessment of the company’s prospects,

page 85;

sections (including Corporate governance

form of assurance conclusion thereon.

statements themselves If, based on the

by the Listing Rules.

the period this assessment covers and

•The section of the annual report that

report, Remuneration report, Directors’

work we have performed, we conclude

why the period is appropriate set out on

describes the review of effectiveness of

Report and Directors’ Responsibility

Our responsibility is to read the other

that there is a material misstatement of

Based on the work undertaken as part of

page 97;

risk management and internal control

statement) and additional information

information and, in doing so, consider

the other information, we are required to

our audit, we have concluded that each of

systems set out on page 122; and;

•Director’s statement on whether it has a

sections, other than the financial

whether the other information is materially

report that fact.

the following elements of the Corporate

reasonable expectation that the group

•The section describing the work of the

statements and our auditor’s report

inconsistent with the financial statements

Governance Statement is materially

will be able to continue in operation and

audit committee set out on page 127.

thereon. The directors are responsible for

or our knowledge obtained in the course

We have nothing to report in this regard.

consistent with the financial statements or

meets its liabilities set out on page 97;

the other information contained within the

of the audit or otherwise appears to be

our knowledge obtained during the audit:

annual report.

materially misstated. If we identify such

RESPONSIBILITIES OF DIRECTORS

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE

COMPANIES ACT 2006

As explained more fully in the directors’

statements that are free from material

as applicable, matters related to going

responsibilities statement set out on page

misstatement, whether due to fraud or

concern and using the going concern basis

In our opinion, the part of the directors’

162, the directors are responsible for the

error.

of accounting unless management either

•the information given in the strategic

•the strategic report and the directors’

remuneration report to be audited has

report and the directors’ report for the

report have been prepared in

preparation of the financial statements and

intends to liquidate the group or the parent

been properly prepared in accordance with

financial year for which the financial

accordance with applicable legal

for being satisfied that they give a true

In preparing the financial statements, the

company or to cease operations, or have

the Companies Act 2006.

statements are prepared is consistent

requirements. Matters on which we are

and fair view, and for such internal control

directors are responsible for assessing

no realistic alternative but to do so.

with the financial statements; and

required to report by exception

as the directors determine is necessary

the group and parent company’s ability to

In our opinion, based on the work

to enable the preparation of financial

continue as a going concern, disclosing,

undertaken in the course of the audit:

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FINANCIAL STATEMENTS

Additional information

ANNUAL REPORT & ACCOUNTS 2021

understand where it is considered there

Our procedures also included journal

procedures detailed in the previous

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

was a susceptibility of fraud. We also

entry testing with a focus on manual

paragraph. We have considered the

considered performance targets and

journals.

effect on our audit procedures of

FINANCIAL STATEMENTS

their propensity to influence on efforts

•Based on this understanding we

suspected non-compliance that have

made by management to manage

designed our audit procedures to

been reported to us by component

earnings. We considered the programs

identify non-compliance with such

teams or to the Audit Committee

Our objectives are to obtain reasonable

Reasonable assurance is a high level of

considered material if, individually or in

and controls that the Group has

laws and regulations. Our procedures

by management during the year,

assurance about whether the financial

assurance, but is not a guarantee that

the aggregate, they could reasonably

established to address risks identified, or

involved journal entry testing;

determining if and what incremental

statements as a whole are free from

an audit conducted in accordance with

be expected to influence the economic

that otherwise prevent, deter and detect

enquiries of legal counsel, internal

audit procedures may be required.

material misstatement, whether due to

ISAs (UK) will always detect a material

decisions of users taken on the basis of

fraud; and how senior management

audit, group management, component

fraud or error, and to issue an auditor’s

misstatement when it exists. Misstatements

these financial statements.

monitors those programs and controls.

management at all full and specific

A further description of our responsibilities

report that includes our opinion.

can arise from fraud or error and are

Where the risk was considered to be

scope components; and focused testing,

for the audit of the financial statements

higher, we performed incremental audit

including the procedures referred to in

is located on the Financial Reporting

procedures to address each identified

the key audit matters section above.

Council’s website at https://www.frc.org.uk/

fraud risk, including with respect to

auditorsresponsibilities. This description

•Specific enquiries were made with the

revenue recognition, the recoverability

component teams to confirm any non-

forms part of our auditor’s report.

of goodwill and other non-current

compliance with laws and regulations

assets and investment impairment

and this was reported through their

considerations for the Parent Company.

audit deliverables based on the

Explanation as to what extent the audit was considered

capable of detecting irregularities, including fraud

OTHER MATTERS WE ARE REQUIRED TO ADDRESS

uninterrupted engagement including

•Following the recommendation from the

•The audit opinion is consistent with the

Audit Committee, we were appointed

previous renewals and reappointments is

additional report to the audit committee.

by the company in 2011 to audit the

eleven years, covering periods from our

financial statements for the year ended

initial appointment in 2011 through to

31 December 2011 and subsequent

the year ended 31 December 2021.

financial periods. The period of total

Irregularities, including fraud, are

in the financial statements are those

We understood how EVRAZ plc is

•

instances of non-compliance with laws

related to the reporting framework

complying with those frameworks by

and regulations. We design procedures

(UK adopted international accounting

making enquiries of management,

in line with our responsibilities, outlined

standards, the Companies act 2006

internal audit, those responsible for

USE OF OUR REPORT

above, to detect irregularities, including

and the UK Corporate Governance

legal and compliance procedures,

fraud. The risk of not detecting a material

Code), relevant tax, legal, environmental

the company secretary and the

misstatement due to fraud is higher than

and health and safety regulations in

Audit Committee. We corroborated

This report is made solely to the company’s

members those matters we are required

the company and the company’s members

the risk of not detecting one resulting

the jurisdictions in which the Group

our enquiries through our review of

members, as a body, in accordance with

to state to them in an auditor’s report and

as a body, for our audit work, for this

from error, as fraud may involve deliberate

operates, most significantly Russia, the

Board and Board Committee minutes

Chapter 3 of Part 16 of the Companies Act

for no other purpose. To the fullest extent

report, or for the opinions we have formed.

concealment by, for example, forgery

USA, Canada and the UK.

as well as papers presented to the

2006. Our audit work has been undertaken

permitted by law, we do not accept or

or intentional misrepresentations, or

We have considered the impact of

Audit Committee during the audit.

so that we might state to the company’s

assume responsibility to anyone other than

•

through collusion. The extent to which

the existing sanctions against Russia

We assessed legal and regulatory

our procedures are capable of detecting

on the Group’s operations, customer

frameworks by involvement of the

irregularities, including fraud is detailed

base and credit risk. Nothing has come

integrated Group and component team

below.

to our attention to suggest that the

members based in Russia and the USA.

operations or the liquidity of the group

We also considered the response by

However, the primary responsibility for the

have, to date, been adversely affected

management to instances of suspected

prevention and detection of fraud rests with

directly by sanctions other than the

non-compliance that have been

Daniel Trotman

both those charged with governance of the

negative impact on capital markets

reported to the Audit Committee during

(Senior statutory auditor)

company and management.

and the financing options available

the year.

London

to management. We have reviewed

We assessed the susceptibility of the

for and on behalf of Ernst &

•We obtained an understanding of the

•

legal and regulatory frameworks that are

management’s ongoing assessment of

Group’s financial statements to material

Young LLP, Statutory Auditor

applicable to the Group and determined

the impact of current sanctions on the

misstatement, including how fraud might

that the most significant are which are

Group and external advice received by

occur by meeting with management

24 February 2022

directly relevant to specific assertions

the Group.

from various parts of the business to

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