содержание .. 12 13 14 15 ..
ЕВРАЗ. Годовой отчет за 2021 год - часть 14
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ANNUAL REPORT & ACCOUNTS 2021
32. MATERIAL PARTLY-OWNED SUBSIDIARIES (CONTINUED)
33. SUBSEQUENT EVENTS
Summarised statements of financial position as at 31 December
Repurchase of Notes
Raspadskaya
In January 2022, the Group settled a principal of $46 million under the 5.375% notes due 2023.
US$ million
2021
2020
2019
Approval of the Demerger
Property, plant and equipment
$ 1,436
$ 1,452
$ 870
Investments in associates
15
-
-
On 11 January 2022, a General Meeting of the Company was held. Approximately 79.41% of EVRAZ plc’s shareholders took part in the voting.
Other non-current assets (Note 13)
15
24
9
Almost 100% of the voters approved the demerger of Raspadskaya Group in the form of dividends in specie, the issue of bonus shares and the capital
Accounts receivable from the Group’s subsidiaries
354
174
307
reduction.
Other current assets (Note 13)
718
732
775
Total assets
2,538
2,382
1,961
Bonus Shares
On 1 February 2022, according to the shareholders’ decision taken at the Shareholders’ Meeting dated 11 January 2022 in connection with
Long-term loans
400
-
-
the demerger of Raspadskaya Group, the Company issued 848,188,421 bonus ordinary shares with a par value of $9.66766321843 each at no cost
Deferred income tax liabilities
93
96
82
for the shareholders who elected to receive bonus shares. This transaction led to a reclassification between share capital and accumulated profits.
Non-current liabilities (Note 13)
175
184
76
Accounts payable to the Group’s subsidiaries
295
1,026
212
Following the receipt of the UK Court approval on 8 February 2022, the bonus shares were cancelled on the same date. The amount of the cancelled
Other current liabilities (Note 13)
364
216
115
share capital ($8,200 million) became distributable reserves.
Total liabilities
1,327
1,522
485
Greenleas International Holdings Limited
Total equity
1,211
860
1,476
attributable to:
On 16 February 2022, one of the Group’s major shareholders, Greenleas International Holdings Limited (Note 1), which is controlled by Mr Roman
equity holders of parent
1,128
816
1,314
Abramovich, transferred all its shares in EVRAZ plc to the direct ownership of Mr Roman Abramovich.
non-controlling interests
83
44
162
Dividends
New CF&I
On 24 February 2022, the Board of directors of EVRAZ plc declared dividends in the amount of $729.3 million, which represents $0.50 per share.
US$ million
2021
2020
2019
Political Environment
Property, plant and equipment
$ 400
$ 228
$ 205
Other non-current assets
807
1,022
1,038
In recent days the situation with respect to Ukraine has significantly worsened. The future responses of international governments are currently not
Current assets
258
149
152
known. The Board of directors continues to monitor this situation but future actions and policy changes could affect the operations of the Group and
Total assets
1,465
1,399
1,395
the realisation and settlement of its assets and liabilities. The Board’s consideration of the impacts of reasonably possible downside scenarios on going
concern is detailed in Note 2.
Deferred income tax liabilities
19
17
16
Non-current liabilities
81
110
128
Current liabilities
294
222
204
Total liabilities
394
349
348
Total equity
1,071
1,050
1,047
attributable to:
equity holders of parent
964
945
942
non-controlling interests
107
105
105
Summarised cash flow information
Raspadskaya
US$ million
2021
2020
2019
Operating activities
$ 869
$ 89
$ 386
Investing activities
(1,121)
(47)
194
Financing activities
75
(56)
(72)
New CF&I
US$ million
2021
2020
2019
Operating activities
$ (57)
$ 22
$ 76
Investing activities
62
(2)
(70)
Financing activities
(6)
(19)
(6)
260
261
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34. LIST OF SUBSIDIARIES AND OTHER SIGNIFICANT HOLDINGS
34. LIST OF SUBSIDIARIES AND OTHER SIGNIFICANT HOLDINGS (CONTINUED)
Country of
Ownership
Name
Relationship
Registered address
Notes
incorporation
interest in 2021
Country of
Ownership
Name
Relationship
Registered address
Notes
incorporation
interest in 2021
Czech
EVRAZ Nikom, a.s.
indirect subsidiary
100.00%
Mnisek pod Brdy, c. 900, 25210
Canada
Evraz Canada Holding Company Ltd
indirect subsidiary
100.00%
suite 2500, 450 - 1st Street S.W.Calgary,
Republic
Alberta, T2P 5H1
Kazakhstan
Evraz Caspian Steel
indirect subsidiary
65.00%
41, ul. Promyshlennaya, Kostanai, 110000
Canada
EVRAZ Inc. NA Canada
indirect subsidiary
100.00%
100 Armour Road P.O. Box 1670 Regina,
Saskatchewan, S4P 3C7
Kazakhstan
EvrazMetall Kazakhstan
indirect subsidiary
100.00%
office 411; 29, prospekt Jenis, Saryarka
district, Nur-Sultan, 010000
Canada
EVRAZ Materials Recycling Inc.
indirect subsidiary
100.00%
100 Armour Road P.O. Box 1670 Regina,
Saskatchewan, S4P 3C7
Luxembourg
Evraz Group S.A.
direct subsidiary
100.00%
13, avenue Monterey, L-2163, Luxembourg
Canada
EVRAZ Recycling
indirect subsidiary
100.00%
135 Bismarck Street, Springfield, Manitoba,
Mexico
EVRAZ NA Mexico
indirect subsidiary
100.00%
Frida Kahlo 195-709, Valle Оrientе, San
R2C 2Z2
Pedro Garza Garcia, Nuevo Leon, 66269
Canada
EVRAZ Wasco Pipe Protection
indirect subsidiary
51.00%
181 Bay Street, Suite 2100, Toronto,
Netherlands
ECS Holdings Europe B.V.
indirect subsidiary
65.00%
Hoogoorddreef 15, 1101 BA Amsterdam
Corporation
Ontario, M5J 2T3
Canada
Genalta Recycling Inc.
joint venture
50.00%
9301 -34th Street Sherwood Park, Alberta,
Republic of
EVRAZ Highveld Steel and Vanadium
indirect subsidiary
85.11%
Old Pretoria Road, Portion 93 of the Farm
deconsolidated in
T8H 2T1
S.Africa
Limited
Schoongezicht 308 JS eMalahleni (Witbank)
2015
Canada
Kar-basher Manitoba Ltd
joint venture
50.00%
855 -49th Street East Brandon, Manitoba,
Republic of
Old Pretoria Road, Portion 93 of the Farm
deconsolidated in
Mapochs Mine (Proprietary) Limited
indirect subsidiary
62.98%
R7A 7R2
S.Africa
Schoongezicht 308 JS eMalahleni (Witbank)
2015
Canada
King Crusher Inc.
joint venture
50.00%
5857 -12th Street SE Calgary, Alberta, T2H
Republic of
Portion 93 of the farm Schoongezicht
deconsolidated in
Mapochs Mine Community Trust
indirect subsidiary
-
2G7
S.Africa
No.308 JS, eMalahleni
2015
Cyprus
Actionfield Limited
indirect subsidiary
96.30%
3 Themistokli Dervi, Julia House, 1066,
Russia
Aktiv-Media
indirect subsidiary
100.00%
office 6; 35, ul. Ordzhonikidze,
Nicosia
Novokuznetsk, Kemerovskaya obl., 654007
Cyprus
Appleglow Limited
indirect subsidiary
93.24%
3 Themistokli Dervi, Julia House, 1066,
discontinued
Russia
Allegro
joint venture
50.00%
office 2/2, bld.2, ul. Vladislava Tetyukhina,
Nicosia
operations
Verhnyaya Salda, Sverdlovskaya obl.,
624760
Cyprus
East Metals Limited
indirect subsidiary
100.00%
3 Themistokli Dervi, Julia House, 1066,
Nicosia
Russia
ATP Yuzhkuzbassugol
indirect subsidiary
93.24%
20, Silikatnaya, Novokuznetsk,
discontinued
Kemerovskaya obl., 654086
operations
Cyprus
Malvero Holdings Limited
indirect subsidiary
-
3 Themistokli Dervi, Julia House, 1066,
100% controlled
Nicosia
through put option for
Russia
AVT-Ural
indirect subsidiary
51.00%
2, ul. Sverdlova, Kachkanar, Sverdlovskaya
the purchase of
obl., 624351
shares
Russia
Blagotvoritelniy fond Evraza - Sibir
indirect subsidiary -
-
1, ul. Ploshad Pobedy, Novokuznetsk,
Cyprus
Mastercroft Finance Limited
indirect subsidiary
100.00%
3 Themistokli Dervi, Julia House, 1066,
non-commercial
Kemerovskaya obl., 654006
Nicosia
Russia
Blagotvoritelniy fond Evraza - Ural
indirect subsidiary -
-
office 4, 39, ul. Karl Marks, Nizhny Tagil,
Cyprus
Nafkratos Limited
indirect subsidiary
100.00%
Themistokli Dervi, 3, Julia House, P.C. 1066,
in process of
non-commercial
Sverdlovskaya obl., 622001
Nicosia, Cyprus
liquidation
Russia
Brianskmetallresursy
indirect subsidiary
99.96%
14, ul. Staleliteinaya, Bryansk, 241035
Cyprus
RVK Invest Limited
associate
21.31%
3 Themistokli Dervi, Julia House, 1066,
Nicosia
Russia
Centr kultury i iskusstva NTMK
indirect subsidiary -
-
1, ul. Metallurgov, Nizhny Tagil,
Cyprus
Sinano Shipmanagement Limited
indirect subsidiary
100.00%
3 Themistokli Dervi, Julia House, 1066,
in process of
non-commercial
Sverdlovskaya obl., 622025
Nicosia
liquidation
Russia
Centr podgotovki personala Evraz-
indirect subsidiary -
-
1, ul. Metallurgov, Nizhny Tagil,
Cyprus
Steeltrade Limited
indirect subsidiary
100.00%
3 Themistokli Dervi, Julia House, 1066,
liquidated
Ural
non-commercial
Sverdlovskaya obl., 622025
Nicosia
Russia
Centr Servisnykh Resheniy
indirect subsidiary
100.00%
1, ul. Rudokoprovaya, Novokuznetsk,
Cyprus
Streamcore Limited
joint venture
50.00%
3 Themistokli Dervi, Julia House, 1066,
Kemerovskaya obl., 654063
Nicosia
Russia
Centralnaya Obogatitelnaya Fabrika
indirect subsidiary
85.87%
12, Tupik Strelochny, Novokuznetsk,
discontinued
Cyprus
Unicroft Limited
indirect subsidiary
100.00%
Leoforos Archiepiskopou Makariou lll, 135,
Abashevskaya
Kemerovskaya obl., 654086
operations
EMELLE Building, flat/office 22, 3021,
Russia
Centralnaya Obogatitelnaya Fabrika
indirect subsidiary
93.24%
16, Shosse Severnoe, Novokuznetsk,
discontinued
Limassol
Kuznetskaya
Kemerovskaya obl., 654043
operations
Russia
EVRAZ Consolidated West-Siberian
indirect subsidiary
100.00%
16, ul. Shosse Kosmicheskoe,
metallurgical Plant
Novokuznetsk, Kemerovskaya obl., 654043
Russia
EVRAZ Kachkanarsky Ore Mining
indirect subsidiary
100.00%
2, ul. Sverdlova, Kachkanar, Sverdlovskaya
and Processing Plant
obl., 624351
Russia
Evraz LLC
indirect subsidiary
100.00%
4, ul. Belovezhskaya, Moscow, 121353
former EvrazHolding
LLC (renamed)
Russia
EVRAZ Market
indirect subsidiary
100.00%
9, ul. Khimicheskaya, Taganrog,
former EVRAZ Metall
Rostovskaya obl., 347913
Inprom (renamed)
Russia
EVRAZ Nizhny Tagil Metallurgical
direct subsidiary
100.00%
1, ul. Metallurgov, Nizhny Tagil,
Plant
Sverdlovskaya obl., 622025
262
263
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34. LIST OF SUBSIDIARIES AND OTHER SIGNIFICANT HOLDINGS (CONTINUED)
34. LIST OF SUBSIDIARIES AND OTHER SIGNIFICANT HOLDINGS (CONTINUED)
Country of
Ownership
Country of
Ownership
Name
Relationship
Registered address
Notes
Name
Relationship
Registered address
Notes
incorporation
interest in 2021
incorporation
interest in 2021
Russia
EVRAZ Steel Building
indirect subsidiary
78.34%
office 402A, floor 4,
6, bld. 1, 1st
former Ferro-Building
Russia
Mine Abashevskaya
indirect subsidiary
93.24%
5, ul. Kavkazskaya, Novokuznetsk,
discontinued
Nagatinsky proezd, Moscow, 117105
(renamed)
Kemerovskaya obl., 654013
operations
Russia
EVRAZ Steel Box
indirect subsidiary
80.00%
office 417, floor 4, 60B, ul. Dorozhnaya,
Russia
Mine Alardinskaya
indirect subsidiary
93.24%
56, ul. Ugolnaya, Malinovka, Kaltan,
discontinued
Moscow, 117405
Kemerovskaya obl., 652831
operations
Russia
EVRAZ Trade Company
indirect subsidiary
100.00%
4, ul. Belovezhskaya, Moscow, 121353
former Trade Company
Russia
Mine Esaulskaya
indirect subsidiary
93.24%
33, Prospect Kurako, Novokuznetsk,
discontinued
EvrazHolding
Kemerovskaya obl., 654006
operations
(renamed)
Russia
Mine Osinnikovskaya
indirect subsidiary
93.24%
3, ul. Shakhtovaya, Osinniki, Kemerovskaya
discontinued
Russia
EVRAZ Uzlovaya
indirect subsidiary
100.00%
4, ul.Entuziastov, kvartal 5 Pyatiletka,
obl., 652804
operations
Uzlovaya, Tulskaya obl., 301600
Russia
Mine Uskovskaya
indirect subsidiary
93.24%
33, Prospect Kurako, Novokuznetsk,
discontinued
Russia
EVRAZ Vanady Tula
indirect subsidiary
100.00%
1, ul. Przhevalskogo, Tula, 300016
Kemerovskaya obl., 654006
operations
Russia
EVRAZ Yuzhny Stan
indirect subsidiary
100.00%
8, ul. Naberezhnaya, rabochy poselok Ust-
Russia
Mining Metallurgical Company
joint venture
51.00%
4, Prospect Geologov, Neryungri, Republic
Donetsky, g.p. Ust-Donetskoye, Ust-
“Timir”
of Saha (Yakutia), 678960
Donetsky raion, Rostovskaya obl., 346550
Russia
Montazhnik Raspadskoy
indirect subsidiary
93.24%
office 408; 106, ul. Mira, Mezhdurechensk,
discontinued
Russia
Evrazenergotrans
indirect subsidiary
50.00%
4, ul. Rudokoprovaya, Novokuznetsk,
controlled through put
Kemerovskaya obl.,652870
operations
Kemerovskaya obl., 654006
option for the
purchase of shares of
Russia
Mordovmetallotorg
indirect subsidiary
99.90%
39, Aleksandrovskoe Shosse, Saransk,
Malvero Holdings
Respublica Mordovia, 430006
Limited
Russia
MU-Invest
indirect subsidiary
93.24%
4, ul. Belovezhskaya, Moscow, 121353
liquidated
Russia
EvrazHolding Finance
indirect subsidiary
100.00%
office 14; 62, ul. Internationalnaya, Kyzyl,
Tyva Republic, 667000
Russia
Nizhny Tagil Telecompany Telecon
indirect subsidiary
-
74, ul. Industrialnaya, Nizhny Tagil,
Russia
EvrazService
indirect subsidiary
100.00%
4, ul. Belovezhskaya, Moscow, 121353
Sverdlovskaya obl., 622034
Russia
Novokuznetskmetallopttorg
associate
48.51%
16, ul. Chaikinoi, Novokuznetsk,
Russia
Evraztekhnika
indirect subsidiary
100.00%
4, ul. Belovezhskaya, Moscow, 121353
Kemerovskaya obl., 654005
Russia
Evraztekhnika IS
indirect subsidiary
100.00%
4, ul. Belovezhskaya, Moscow, 121353
Russia
Ohothichie hozyaistvo
indirect subsidiary -
-
1, ul. Metallurgov, Nizhny Tagil,
non-commercial
Sverdlovskaya obl., 622025
Russia
Gurievsky rudnik
indirect subsidiary
100.00%
1, ul. Zhdanova, Gurievsk, Kemerovskaya
Russia
Olzherasskoye
indirect subsidiary
93.24%
office 331; 106, ul. Mira, Mezhdurechensk,
discontinued
obl., 652780
shakhtoprokhodcheskoye upravlenie
Kemerovskaya obl.,652870
operations
Russia
Industrialnaya Vostochno-
indirect subsidiary
100.00%
floor 5, office 1, 9, ul. Khimicheskaya,
Russia
Osinnikovsky remontno-
indirect subsidiary
78.72%
1/2, ul. Pervogornaya, Osinniki,
discontinued
Evropeiskaya company
Taganrog, Rostovskaya obl., 347913
mekhanichesky zavod
Kemerovskaya obl., 652804
operations
Russia
KachkanarEnergoTrans
indirect subsidiary
50.00%
office 115; 2, ul. Sverdlova, Kachkanar,
controlled through put
Russia
Promuglepoject
indirect subsidiary
93.24%
4, ul. Nevskogo, Novokuznetsk,
discontinued
Sverdlovskaya obl., 624351
option for the
purchase of shares of
Kemerovskaya obl., 654006
operations
Malvero Holdings
Russia
Publishing House IKaR
indirect subsidiary
-
4, ul. Sverdlova, Kachkanar, Sverdlovskaya
Limited
obl., 624350
Russia
Kachkanarskaya
indirect subsidiary
100.00%
17, 8 microraion, Kachkanar, Sverdlovskaya
teplosnabzhauschaya company
obl., 624350
Russia
Raspadskaya
direct subsidiary
93.24%
106, ul. Mira, Mezhdurechensk,
discontinued
Kemerovskaya obl.,652870
operations
Russia
Kulturno-sportivniy centr metallurgov
indirect subsidiary -
-
20, Prospect Metallurgov, Novokuznetsk,
non-commercial
Kemerovskaya obl., 654006
Russia
Raspadskaya Coal Company
indirect subsidiary
93.24%
office 201; 33, Prospect Kurako,
discontinued
Novokuznetsk, Kemerovskaya obl.,
operations
Russia
Kuznetskpogruztrans
indirect subsidiary
88.11%
18, ul. Promyshlennaya, Novokuznetsk,
discontinued
654006
Kemerovskaya obl., 654029
operations
Russia
Raspadskaya Preparation Plant
indirect subsidiary
93.24%
office 203; 106, ul. Mira, Mezhdurechensk,
discontinued
Russia
Kuznetskteplosbyt
indirect subsidiary
100.00%
4, ul. Rudokoprovaya, Novokuznetsk,
Kemerovskaya obl.,652870
operations
Kemerovskaya obl., 654006
Russia
Raspadskaya-Koksovaya
indirect subsidiary
93.24%
office 424; 106, ul. Mira, Mezhdurechensk,
discontinued
Russia
Magnit
indirect subsidiary
-
4, ul. Sverdlova, Kachkanar, Sverdlovskaya
Kemerovskaya obl.,652870
operations
obl., 624351
Russia
Managing Company EVRAZ
indirect subsidiary
100.00%
4, ul. Belovezhskaya, Moscow, 121353
Mezhdurechensk
Russia
Medsanchast Vanady
indirect subsidiary
100.00%
1, Zeleny Mys district, Kachkanar,
Sverdlovskaya obl., 624350
Russia
Metallenergofinance
indirect subsidiary
100.00%
4, ul. Rudokoprovaya, Novokuznetsk,
Kemerovskaya obl., 654006
Russia
Metservice
indirect subsidiary
100.00%
90, ul. Industrialnaya, Nizhny Tagil,
liquidated
Sverdlovskaya obl., 622000
Russia
Mezhegeyugol Coal Company
indirect subsidiary
93.24%
62, ul. Internationalnaya, Kyzyl, Tyva
discontinued
Republic, 667000
operations
264
265
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34. LIST OF SUBSIDIARIES AND OTHER SIGNIFICANT HOLDINGS (CONTINUED)
34. LIST OF SUBSIDIARIES AND OTHER SIGNIFICANT HOLDINGS (CONTINUED)
Country of
Ownership
Country of
Ownership
Name
Relationship
Registered address
Notes
Name
Relationship
Registered address
Notes
incorporation
interest in 2021
incorporation
interest in 2021
Russia
Razrez Raspadskiy
indirect subsidiary
93.24%
office 213; 106, ul. Mira, Mezhdurechensk,
discontinued
Russia
Yuzhno-Kuzbasskoye
indirect subsidiary
93.24%
33, Prospect Kurako, Novokuznetsk,
discontinued
Kemerovskaya obl.,652870
operations
geologorazvedochnoye upravlenie
Kemerovskaya obl., 654006
operations
Russia
Regional Media Company
indirect subsidiary
-
4, ul. Belovezhskaya, Moscow, 121353
Russia
ZAO Irkutsk--Vtorchermet
associate
21.31%
office 212, bld. ZAO Vtorchermet, ul.
Severny Promuzel, Irkutsk, 664053
Russia
Regionalniy Centr podgotovki
indirect subsidiary -
-
4, ul. Nevskogo, Novokuznetsk,
Russia
ZAO Vtorchermet
associate
21.31%
office 211, bld. ZAO Vtorchermet, ul.
personala Evraz-Sibir
non-commercial
Kemerovskaya obl., 654006
Severny promuzel, Irkutsk, 664053
Russia
Rembytcomplex
indirect subsidiary
100.00%
8, 8 microraion, Kachkanar, Sverdlovskaya
Russia
Zapadnye Vorota
indirect subsidiary
100.00%
4, ul. Belovezhskaya, Moscow, 121353
obl., 624351
Russia
Sanatoriy-porfilactory Lenevka
indirect subsidiary -
-
Nikolopoltavskoye post-office, Lenevka,
Russia
Zavod metallurgicheskih reagentov
associate
50.00%
1, ul. Metallurgov, Nizhny Tagil,
non-commercial
Prigorodny district, Sverdlovskaya obl.,
Sverdlovskaya obl., 622025
622911
Switzerland
East Metals A.G.
indirect subsidiary
100.00%
Baarerstrasse 131, 6300 Zug
Russia
Sfera
indirect subsidiary
100.00%
office 315; 205, ul. 8 Marta, Ekaterinburg,
Sverdlovskaya obl., 620085
Switzerland
East Metals Shipping A.G.
indirect subsidiary
100.00%
Baarerstrasse 131, 6300 Zug
Russia
Sibir-VK
joint venture
50.00%
office 302, 37A, ul. Kutuzova,
United
EVRAZ North America plc
indirect subsidiary
100.00%
Suite 1, 3rd Floor,
Novokuznetsk, Kemerovskaya obl., 654041
Kingdom
11-12 St James’s Square
Russia
Sibmetinvest
indirect subsidiary
100.00%
office 10; 1, 1st km of Rublevo-Uspenskoye
London
shosse, der. Razdory, Odintsovo, Moscow
SW1 4LB
region, 143082
USA
CF&I Steel LP
indirect subsidiary
90.00%
1612 E Abriendo Pueblo, Colorado,
Russia
Specializirovannoye
indirect subsidiary
46.29%
28, proezd Zaschitny, Novokuznetsk,
discontinued
81004
Shakhtomontazhno-naladochnoye
Kemerovskaya obl., 654034
operations, controlled
through put option for
USA
Colorado and Wyoming Railway
indirect subsidiary
90.00%
2100 S. Freeway Pueblo, Colorado,
upravlenie
the purchase of
Company
81004
shares of Malvero
Holdings Limited
USA
East Metals North America, LLC
indirect subsidiary
100.00%
71 S.Wacker, Suite 1700, Chicago, Illinois,
60606
Russia
Sportivniy complex Uralets
indirect subsidiary -
-
36, Gvardeisky bulvar, Nizhny Tagil,
non-commercial
Sverdlovskaya obl., 622005
USA
EVRAZ Claymont Steel, Inc.
indirect subsidiary
100.00%
71 S.Wacker, Suite 1700, Chicago, Illinois,
60606
Russia
Sportivno-Ozdorovitelny complex
indirect subsidiary -
-
office 26; 61, ul. Krasnogvardeiskaya,
Metallurg-Forum
non-commercial
Nizhny Tagil, Sverdlovskaya obl., 622013
USA
EVRAZ Inc. NA
indirect subsidiary
100.00%
71 S.Wacker, Suite 1700, Chicago, Illinois,
60606
Russia
Tagilteplosbyt
indirect subsidiary
100.00%
78A, ul. Industrialnaya, Nizhny Tagil,
Sverdlovskaya obl., 622059
USA
EVRAZ Trade NA LLC
indirect subsidiary
100.00%
71 S.Wacker, Suite 1700, Chicago, Illinois,
60606
Russia
Tomusinskoye pogruzochno-
indirect subsidiary
54.63%
office 209; 106, ul. Mira, Mezhdurechensk,
discontinued
transportnoye upravlenie
Kemerovskaya obl.,652870
operations
USA
Fremont County Irrigating Ditch Co.
investment
13.50%
113 W. 5th Street Florence, Colorado,
81226
Russia
TV-Most
indirect subsidiary
-
office 164, 31, Moscovsky prospect,
Kemerovo, 650065
USA
General Scrap Inc.
indirect subsidiary
100.00%
3101 Valley Street, Minot, North Dakota,
58702
Russia
TVN
indirect subsidiary
-
office 16; 35, ul. Ordzhonikidze,
Novokuznetsk, Kemerovskaya obl., 654007
USA
New CF&I Inc.
indirect subsidiary
90.00%
1612 E Abriendo, Pueblo, Colorado, 81004
Russia
Uliyanovskmetall
indirect subsidiary
99.37%
20, 11 proezd Inzhenerny, Ulyanovsk,
USA
Oregon Ferroalloy Partners
indirect subsidiary
60.00%
14400 Rivergate Blvd. Portland, Oregon,
432072
97203
Russia
United Coal Company
indirect subsidiary
93.24%
33, Prospect Kurako, Novokuznetsk,
discontinued
USA
Oregon Steel Mills Processing Inc.
indirect subsidiary
100.00%
71 S.Wacker, Suite 1700, Chicago, Illinois,
Yuzhkuzbassugol
Kemerovskaya obl., 654006
operations
60606
Russia
Upravlenie po montazhu,
indirect subsidiary
93.24%
3, ul. Shakhtovaya, Osinniki, Kemerovskaya
discontinued
USA
Palmer North America LLC
indirect subsidiary
90.00%
71 S.Wacker, Suite 1700, Chicago, Illinois,
demontazhu i remontu
obl., 652804
operations
60606
gornoshakhtnogo oborudovaniya
USA
The Union Ditch and Water Co.
indirect subsidiary
57.59%
113 W. 5th Street Florence, Colorado,
Russia
Vanady-transport
indirect subsidiary
100.00%
2, ul. Sverdlova, Kachkanar, Sverdlovskaya
81226
obl., 624351
Russia
Vladimirmetallopttorg
indirect subsidiary
95.64%
57, ul. P. Osipenko, Vladimir, 600009
Russia
Vtorresurs-Pererabotka
joint venture
50.00%
1, korp. 233, pl. Pobed, Novokuznetsk,
Kemerovskaya obl., 654006
266
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Additional information
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35. SUPPLEMENTARY FINANCIAL INFORMATION ON DEMERGER
35. SUPPLEMENTARY FINANCIAL INFORMATION ON DEMERGER (CONTINUED)
The purpose of this supplementary information is to provide users with information that is useful for their decision making that has not been included
The financial information below represents consolidated statements of financial position of EVRAZ plc as if Raspadskaya Group was not consolidated.
in the basic financial statements.
In contrast with the statements of financial position presented on the face of these consolidated financial statements intra-group balances with
Raspadskaya Group are not eliminated, instead they are treated as balances with a related party. In addition, each caption of the consolidated
The financial information in the table below illustrates what would the Group’s consolidated statements of operations look like if EVRAZ plc had not
statements of financial position is adjusted to exclude the amounts of Raspadskaya Group. Unrealised profits or losses of Raspadskaya Group are
consolidated Raspadskaya Group. In contrast with the statements of operations presented on the face of these consolidated financial statements intra-
excluded from the consolidated inventory balances and accumulated profits of EVRAZ plc.
group transactions with Raspadskaya Group are not eliminated, instead they are treated as transactions with a related party. Unrealised profits or
losses of Raspadskaya Group are excluded from the consolidated financial results of EVRAZ plc.
31 December 2021
Year ended 31 December 2021
US$ million
2021
2020
2019
US$ million
2021
2020
2019
Non-current assets
Property, plant and equipment
$ 3,169
$ 2,862
$ 3,229
Revenue
Goodwill
457
457
594
Sale of goods
$ 13,244
$ 9,232
$ 11,364
Receivables from related parties
-
-
1,177
Rendering of services
324
283
379
Other non-current assets
499
524
513
13,568
9,515
11,743
4,125
3,843
5,513
Current assets
Cost of revenue
(8,756)
(6,814)
(9,020)
Inventories
1,705
1,031
1,304
Gross profit
4,812
2,701
2,723
Receivables from related parties
95
1,036
281
Accounts receivable and other current assets
934
601
755
Selling and distribution costs
(827)
(788)
(867)
Cash and cash equivalents
1,027
1,049
850
General and administrative expenses
(553)
(493)
(536)
3,761
3,717
3,190
Social and social infrastructure maintenance expenses
(30)
(29)
(23)
Gain/(loss) on disposal of property, plant and equipment, net
(7)
(3)
6
Total assets
7,886
7,560
8,703
Impairment of non-financial assets
(22)
(313)
(335)
Foreign exchange gains/(losses), net
11
296
(311)
Non-current liabilities
Other operating income
17
19
19
Non-current loans and borrowings
3,440
3,759
4,599
Other operating expenses
(46)
(43)
(42)
Payables to related parties
-
-
261
Profit from operations
3,355
1,347
634
Deferred income tax liabilities
219
154
218
Employee benefits
143
198
216
Interest income
15
9
8
Other non-current liabilities
308
289
280
Interest expense
(213)
(322)
(328)
4,110
4,400
5,574
Share of profits/(losses) of joint ventures and associates
14
2
9
Current liabilities
Impairment of non-current financial assets
-
-
(56)
Current loans and borrowings
101
1,078
140
Gain/(loss) on financial assets and liabilities, net
(20)
(71)
17
Payables to related parties
404
212
49
Gain/(loss) on disposal groups classified as held for sale, net
2
1
29
Trade payables and other current liabilities
2,352
1,710
1,822
Other non-operating gains/(losses), net
-
14
13
2,857
3,000
2,011
Profit before tax
3,153
980
326
Total liabilities
$ 6,967
$ 7,400
$ 7,585
Income tax expense
(872)
(369)
(413)
Net profit
2,281
611
(87)
Total equity
919
160
1,118
attributable to:
attributable to:
equity holders of parent
807
60
1,030
equity holders of parent
2,225
618
(109)
non-controlling interests
112
100
88
non-controlling interests
56
(7)
22
2,281
611
(87)
Depreciation, depletion and amortisation expense
(404)
(416)
(410)
EBITDA
3,807
1,812
1,707
268
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ANNUAL REPORT & ACCOUNTS 2021
EVRAZ plc
Separate statement of financial position
Separate Financial Statements
(In millions of US dollars)
31 December
for the year ended 31 December 2021
Notes
2021
2020
ASSETS
Non–current assets
Separate statement of comprehensive income
Investments in subsidiaries
3
$ 13,994
$ 15,057
Investments in joint ventures
3
23
23
(In millions of US dollars)
Receivables from related parties
6
8
12
14,025
15,092
31 December
Current assets
Notes
2021
2020
Receivables from related parties
6
7
12
Dividends receivable from related parties
6
234
704
Income tax receivable
9
16
16
General and administrative expenses
$ (19)
$ (12)
Cash and cash equivalents
292
-
Operating income
6
8
10
549
732
Reversal of impairment/ (impairment) of investments
3
393
(76)
Assets classified as held for distribution to owners
3
1,468
-
Foreign exchange gains/(losses)
6,9
2
(49)
2,017
732
Interest expense
6,7,8
(183)
(239)
TOTAL ASSETS
16,042
15,824
Gain/(loss) on financial assets or liabilities
7
(9)
-
Dividend income
6
2,020
2,129
EQUITY AND LIABILITIES
Other non-operating gains/(losses)
6
–
2
Capital and reserves
Profit before tax
2,212
1,765
Issued capital
4
75
75
Current income tax expense
9
(202)
(213)
Treasury shares
4
(148)
(154)
Reorganisation reserve
4
(584)
(584)
Net profit
2,010
1,552
Merger reserve
4
127
127
Total comprehensive income
$ 2,010
$ 1,552
Share-based payments
5
185
173
Accumulated profits
10,016
9,835
9,671
9,472
The accompanying notes form an integral part of these separate financial statements.
LIABILITIES
Non-current liabilities
Long-term loans
7
1,445
1,961
Loans payable to related parties
6
4,526
3,201
Financial guarantee liabilities
6
8
12
Trade and other payables
8
–
4
5,979
5,178
Current liabilities
Trade and other payables
3,8
7
4
Payables to related parties
6
–
6
Dividends payable
4
292
-
Short-term loans and current portion of long-term loans
7
20
800
Loans payable to related parties
6
45
285
Financial guarantee liabilities
6
5
9
Income tax payable
9
23
70
392
1,174
TOTAL LIABILITIES
6,371
6,352
TOTAL EQUITY AND LIABILITIES
$ 16,042
$ 15,824
The Financial Statements on pages 270-283 were approved by the Board of Directors on 24 February 2022 and signed on its behalf by
Deborah Gudgeon, director.
The accompanying notes form an integral part of these separate financial statements.
270
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ANNUAL REPORT & ACCOUNTS 2021
Separate statement of cash flows
Separate statement of changes in equity
(In millions of US dollars)
(In millions of US dollars)
Notes
2021
2020
Issued
Treasury
Reorganisati
Merger
Share-based
Accumulated
Notes
capital
shares
on reserve
reserve
payments
profits
Total
Cash flows from operating activities
Net profit
$ 2,010
$ 1,552
At 31 December 2019
$ 75
$ (169)
$ (584)
$ 127
$ 162
$ 9,170
$ 8,781
Adjustments to reconcile net loss to net cash flows from operating activities:
(Reversal of impairment)/impairment of investments
3
(393)
76
Total comprehensive loss for
-
-
-
-
-
1,552
1,552
the year
Foreign exchange (gains)/losses
6
(2)
49
Share-based payments
5
-
-
-
-
11
-
11
Interest expense
6,7,8
183
239
Dividends declared
4
-
-
-
-
-
(872)
(872)
(Gain)/loss on financial assets or liabilities
7
9
-
Transfer of treasury shares to
4
-
15
-
-
-
(15)
-
Dividend income
6
(2,020)
(2,129)
participants of the Incentive Plans
Other non-operating (gains)/losses
6
-
(2)
At 31 December 2020
$ 75
$ (154)
$ (584)
$ 127
$173
$ 9,835
$ 9,472
(213)
(215)
Changes in working capital:
Total comprehensive income for
–
–
–
–
–
2,010
2,010
Payables/receivables from related parties
6
–
(64)
the year
Trade and other payables
8
(1)
(7)
Share-based payments
5
–
–
–
–
12
–
12
Taxes payable
202
213
Dividends declared
4
–
–
–
–
–
(1,823)
(1,823)
Transfer of treasury shares to
Net cash flow used in operating activities
(12)
(73)
4
–
6
–
–
–
(6)
–
participants of the Incentive Plans
At 31 December 2021
$ 75
$ (148)
$ (584)
$ 127
$185
$ 10,016
$ 9,671
Cash flows from investing activities
Dividends received
6
2,243
1,777
The accompanying notes form an integral part of these separate financial statements.
Payment for acquisition of investments in subsidiaries
3
(6)
(47)
Net cash flow from investing activities
2,237
1,730
Cash flows from financing activities
Repayment of bank loans and notes, including interest and premiums
7
(1,392)
(188)
Payments under covenant reset
7
(10)
-
Proceeds from loans provided by related parties
6
2,145
1,345
Repayment of loans provided by related parties, including interest
6
(1,146)
(1,947)
Dividends paid to shareholders
4
(1,531)
(872)
Net cash flow used in/(from) financing activities
(1,934)
(1,662)
Effect of foreign exchange rate changes on cash and cash equivalents
1
5
Net increase in cash and cash equivalents
292
-
Cash and cash equivalents at the beginning of the year
–
-
Cash and cash equivalents at the end of the year
$ 292
$ -
Supplementary cash flow information:
Interest paid to third parties
7
(140)
(173)
Interest paid to related parties
6
(46)
(102)
Income taxes withheld by tax agent
9
(249)
(197)
The accompanying notes form an integral part of these separate financial statements.
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EVRAZ plc
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Notes to the separate financial statements
Assets Held for Sale or for Distribution to Owners
In the separate financial statements when investments accounted for at cost are classified as held for sale or for distribution to owners, they are
Year ended 31 December 2021
accounted for in accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”, i.e. they are presented in a separate line
item in the statement of financial position. If such assets represent discontinued operations, no adjustments are made in the separate statement of
comprehensive income for current or previous years.
1. CORPORATE INFORMATION
These separate financial statements were authorised for issue by the Board of Directors of EVRAZ plc on 24 February 2022.
Non-cash Distributions to Owners
EVRAZ plc (“EVRAZ plc” or “the Company”) was incorporated on 23 September 2011 as a public company limited by shares under the laws of
The Company measures a liability to distribute non-cash assets as a dividend to its owners at the fair value of the assets to be distributed. If the
the United Kingdom. The Company was incorporated under the Companies Act 2006 with the registered number in England 7784342. The Company’s
Company gives its owners a choice of receiving either a non-cash asset or a cash alternative, the Company estimates the dividend payable by
registered address is 2 Portman street, London, W1H 6DU, United Kingdom.
calculating the fair value of each alternative. At the end of each reporting period and at the date of settlement, the Company reviews and adjusts
The Company, together with its subsidiaries (the “Group”), is involved in the production and distribution of steel and related products, vanadium
the carrying amount of the dividend payable, with any changes in the carrying amount of the dividend payable recognised in equity as adjustments to
products and coal and iron ore mining. The Group is one of the largest steel producers globally.
the amount of the distribution.
At 31 December 2021 and 2020, EVRAZ plc was jointly controlled by a group of 3 shareholders: Greenleas International Holdings Limited (BVI),
When the Company settles the dividend liability, it recognises the difference, if any, between the carrying amount of the assets distributed and
Abiglaze Limited (Cyprus) and Crosland Global Limited (Cyprus).
the carrying amount of the dividend payable in profit or loss.
Borrowings
2. SIGNIFICANT ACCOUNTING POLICIES
Borrowings are initially recognised at fair value, net of directly attributable transaction costs. After initial recognition, borrowings are measured at
Basis of Preparation
amortised cost using the effective interest rate method; any difference between the amount initially recognised and the redemption amount is
recognised as interest expense over the period of the borrowings.
These separate financial statements of EVRAZ plc have been prepared in accordance with UK-adopted international accounting standards. These
standards are International Financial Reporting Standards (“IFRSs”) issued by the International Accounting Standard Board (“IASB”), as endorsed by
the UK Endorsement Board.
Provisions
These financial statements have been prepared on a going concern basis as the directors believe that there are no material uncertainties which could
create a significant doubt as to the Company’s ability to continue as a going concern in the foreseeable future (Note 2 of the consolidated financial
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, and when it is probable that
statements).
an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of
the obligation. Where the Company expects a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised
as a separate asset but only when the reimbursement is virtually certain.
Foreign Currency Transactions
The presentation and functional currency of the Company is the US dollar. Transactions in foreign currencies are initially recorded in US dollars at
Financial Guarantee Liabilities
the rate on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange at the
balance sheet date. Exchange gains and losses are recognised in profit or loss.
Financial guarantee liabilities issued by the Company are those contracts that require a payment to be made to reimburse the incurred losses because
the specified debtor or counterparty to a contract fails to make payments or to perform the agreed terms of a contract. Financial guarantees issued by
the Company are recognised initially as a liability at fair value, being equal to the estimated future cash inflows receivable from the subsidiaries under
the guarantee agreements, with a corresponding recognition of the same amount as receivables from related parties. Subsequently, the liability is
Investments
amortised over the lives of the guarantees through the statement of comprehensive income, unless it is considered probable that a guarantee will be
Investments in subsidiaries, associates or joint ventures are initially recorded at acquisition cost. Impairment in value is recorded if the carrying value
called, in which case it is measured at the value of the guaranteed amount payable, if higher.
of an investment exceeds its recoverable amount. The reversal of impairment is recognised when the recoverable amount exceeds the carrying
amount, but is limited to the amount of accumulated impairment losses previously recognised.
The determination of the recoverable amount of investments involves the use of estimates by management. These estimates, including
3. INVESTMENTS IN SUBSIDIARIES AND JOINT VENTURES
the methodologies used, may have a material impact on the value in use of cash-generating units, which are included in the investment, and,
ultimately, the amount of any impairment. In 2021, reasonably possible changes in the assumptions could lead to a smaller amount of an impairment
Investments in subsidiaries and joint ventures consisted of the following as of 31 December:
reversal of the investment in Evraz Group S.A. for an effect of possible impairment of cash-generating units of the Steel North America segment.
Ownership interest
Cost, net of impairment US$ million
The key estimates and assumptions are disclosed in Note 6 of the consolidated financial statements.
2021
2020
2021
2020
The initial cost of the investment in Evraz Group S.A. was measured at the carrying amount of the equity items of Evraz Group S.A. as a separate legal
entity at the date of the reorganisation (Note 3).
Subsidiaries
Evraz Group S.A.
100%
100%
$ 3,203
$ 2,808
Dividend income is recognised when the Company’s right to receive the payment is established.
EVRAZ NTMK
100%
100%
10,791
10,781
All purchases and sales of investments are recognised on the settlement date, which is the date when the investment is delivered to or by the
Raspadskaya
-
90.90%
-
1,468
Company.
13,994
15,057
Raspadskaya (classified as held for distribution to owners)
93.24%
-
1,468
-
Cash and Cash Equivalents
Joint Ventures
Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less.
Timir
51.00001%
51.00001%
23
23
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3. INVESTMENTS IN SUBSIDIARIES AND JOINT VENTURES (CONTINUED)
3. INVESTMENTS IN SUBSIDIARIES AND JOINT VENTURES (CONTINUED)
The movement in investments was as follows:
OJSC Mining and Metallurgical Company Timir (continued)
$US million
Evraz Group S.A.
NTMK
Raspadskaya
Timir
Total
In 2016 and before, due to the postponement of the major project activities, the Company impaired its investment in Timir. In 2020, the Company
31 December 2019
$ 2,884
$ 10,771
$ 1,440
$ 22
$ 15,117
reversed impairment loss of $1 million.
Additional investments
-
-
28
-
28
Additional information regarding Timir is provided in Note 11 of the consolidated financial statements.
Impairment loss (recognition)/reversal
(77)
-
-
1
(76)
Share-based compensations
1
10
-
-
11
31 December 2020
$ 2,808
$ 10,781
$ 1,468
$ 23
$ 15,080
Indirect Subsidiaries and Other Significant Holdings
The full list of indirect subsidiaries and other significant holdings of EVRAZ plc is presented in Note 34 of the consolidated financial statements.
Impairment loss (recognition)/reversal
393
–
–
–
393
Share-based compensations
2
10
–
–
12
Reclassification to assets held for distribution to
–
–
(1,468)
–
(1,468)
owners
4. EQUITY
31 December 2021
$ 3,203
$ 10,791
$ –
$ 23
$ 14,017
Share Capital
The Company recognises share-based payments made to employees of subsidiaries under control of Evraz Group S.A., EVRAZ NTMK and Raspadskaya
31 December
as an addition to the cost of its investments in these subsidiaries (Note 5).
Number of shares
2021
2020
The accumulated impairment of the investments was as follows:
Ordinary shares of $0.05 each, issued and fully paid
1,506,527,294
1,506,527,294
$US million
Evraz Group S.A.
EVRAZ NTMK
Raspadskaya
Timir
Total
EVRAZ plc does not have an authorised limit on its share capital.
31 December 2019
$ (316)
$ -
$ -
$ (127)
$ (443)
Impairment loss (recognition)/reversal
(77)
-
-
1
(76)
Treasury Shares
31 December 2020
$ (393)
$ -
$ -
$ (126)
$(519)
31 December
Impairment loss (recognition)/reversal
393
–
–
–
393
Number of shares
2021
2020
31 December 2021
$ –
$ -
$ -
$ (126)
$(126)
Treasury shares
47,837,582
49,654,691
Evraz Group S.A.
In 2015, EVRAZ plc purchased 108,458,508 of its own shares. These shares are used for the Company’s Incentive Plans (Note 21 of the consolidated
In 2011, the Company acquired Evraz Group S.A. by means of the share exchange offer made by the Company to the shareholders of Evraz Group S.A.
financial statements). Under these plans, in 2021 and 2020, the Company transferred to the participants 1,817,109 and 4,965,542 shares,
At that date the cost of investments in Evraz Group S.A. was measured at the carrying amount of the equity items shown in the separate accounts of
respectively.
Evraz Group S.A. at the dates of the share exchange. In 2020 and 2019, the Company impaired its investment in Evraz Group S.A. largely as
a consequence of the decline in value of cash-generating units of EVRAZ Inc. NA Canada. In 2021, the value of these cash-generating units increased
due to market recovery and increase in prices for steel products. Consequently, the Company fully reversed the prior years impairment of
Reorganisation Reserve
$393 million. More details are provided in Note 6 of the consolidated financial statements.
Reorganisation reserve represents the difference between the net assets of Evraz Group S.A. at the date of the Group’s reorganisation (7 November
2011) and the par value of the issued shares of EVRAZ plc. This charge to equity reduced the amount of distributable reserves.
EVRAZ NTMK
Merger Reserve
On 18 April 2019, the Company acquired 100% ownership interest in EVRAZ NTMK from Evraz Group S.A. for consideration of $10,761 million, which
The merger reserve arose in 2013 in connection with the purchase of 50% in Corber Enterprises S.à r.l. (“Corber”) in accordance with section 612 of
was partially settled by non-cash consideration (Note 6). At 31 December 2019, the Company owed $2,899 million to Evraz Group S.A. in respect of
the Companies Act 2006. Impairments of the carrying value of this investment were transferred to the merger reserve.
this acquisition. In 2020, the Company paid $25 million under these liabilities and the remaining balance was converted into a loan (Note 6).
In 2015, the disposal of the investment in Corber to Evraz Group S.A. (Note 3) was made for non-cash consideration, which does not meet the criteria
for qualifying consideration. The balance of the merger reserve will be presented as a separate component of equity in the Company’s statement of
Raspadskaya
financial position until such time as Evraz Group S.A. is sold for qualifying consideration, and the merger reserve will be re-allocated to accumulated
profits and become distributable.
On 18 April 2019, the Company acquired 84.33% ownership interest in Raspadskaya from Evraz Group S.A. for consideration of $1,423 million, which
was settled wholly by non-cash consideration (Note 6). Later in 2019, the Company acquired 1.33% in Raspadskaya from Evraz Group S.A. for cash
consideration of $17 million, which in 2020 was converted into a loan payable to Evraz Group S.A. in the amount of $15 million (Note 6).
Dividends
In 2020, the Company acquired an additional 2.74% interest in Raspadskaya from Evraz Group S.A. for cash consideration of $28 million of which
In 2021 and 2020, the Company declared dividends in the amount of $1,823 million and $872 million, respectively (Note 20 of the consolidated
$22 million was paid in cash in 2020 and $6 million was paid in cash in 2021 (Note 6).
financial statements). During 2021 the Company paid dividends of $1,531 million. As of 31 December 2021 an amount of $292 million of dividends
On 31 December 2021, the Company analysed all facts and circumstances in connection with the potential demerger of Raspadskaya disclosed in
declared is payable.
Note 13 of the consolidated financial statements and concluded that the investment in Raspadskaya met all criteria for being recognised as an asset
held for distribution to owners. Consequently, the Company accounted for its investment in Raspadskaya according to IFRS 5 “Non-current Assets Held
for Sale and Discontinued Operations”.
Distributable Reserves
$US million
2021
2020
OJSC Mining and Metallurgical Company Timir
Accumulated profits
10,016
9,835
Reorganisation reserve
(584)
(584)
Since 2013 the Company has owned a 51% ownership interest in the joint venture with Alrosa for the development of iron ore deposits in the Yakutia
Unrealised profits
(8,200)
(8,200)
region in Russia. The Company’s consideration for this stake of 4,950 million roubles was recognised in the amount of $149 million being the present
31 December
1,232
1,051
value of the expected cash outflows at the exchange rate as of the date of the transaction. During 2013-2019 the Company paid deferred installments
for this acquisition. In 2019, the Company paid the final tranche of 480 million roubles ($7 million of purchase consideration and $1 million of interest
Dividend income from Evraz Group S.A. in the amount of $8,200 million (Note 6) did not constitute a qualifying consideration and was distributed out of
charges).
the profit resulting from sale of assets (EVRAZ NTMK and Raspadskaya) to parent and, therefore, this income is excluded from the Company’s
276
distributable reserves at 31 December 2021 and 2020.
277
Meet EVRAZ
EVRAZ in figures
Strategic report
Corporate governance
FINANCIAL STATEMENTS
Additional information
ANNUAL REPORT & ACCOUNTS 2021
4. EQUITY (CONTINUED)
6. RELATED PARTY TRANSACTIONS (CONTINUED)
Distributable Reserves (continued)
In 2020, non-cash transactions included the following:
In February 2020 the directors became aware that certain dividends paid in 2018 and 2019 totaling $1,447 million had been made otherwise than in
accordance with the Companies Act 2006. The directors duly checked the sufficiency of distributable reserves before each distribution, but due to
an administrative error the interim accounts were not filed at Companies House prior to payment. To rectify these breaches, in February 2020
In January 2020, a US dollar-denominated loan, which was received from Evraz Group S.A. in 2019, amounting to $474 million was
the Company filed the interim accounts in respect of each dividend payment. In addition, a special resolution was planned to be proposed at
converted into a loan denominated in roubles.
the Annual General Meeting of the Company’s shareholders in June 2020 to authorise the appropriation of distributable profits for the payment of
In March 2020, EVRAZ plc and Evraz Group S.A. signed an assignment agreement and the outstanding balances payable to Evraz Group S.A.
the relevant dividends and remove any right for the Company to pursue shareholders or directors (the ‘Director Release’) for repayment. Due to
for the purchase of EVRAZ NTMK and Raspadskaya (Note 3) and for the transfer of loans in 2019 were converted into a loan in the amount
the uncertainty caused by the effect of COVID-19 on the Company’s ability to conduct an in-person meeting of shareholders this resolution was
of $3,124 million.
postponed to a more convenient time. It is expected that the special resolution will be proposed at the Annual General Meeting of the Company’s
In April 2020, EVRAZ plc transferred to Evraz Group S.A. its obligations under loans payable to EVRAZ ZSMK amounting to $66 million for
shareholders in June 2022. The Director Release will constitute a related party transaction under the Listing Rules of the UK Listing Authority and
consideration of $64 million. An amount of $2 million was recognised as non-operating gain in the separate statement of comprehensive
under IFRS. The overall effect of the special resolution will be to return all parties to the position they would have been in had the relevant dividends
income.
been made in full compliance with the Companies Act 2006.
In December 2020, Evraz Group S.A. reassigned $750 million under a loan receivable from EVRAZ plc to ENA plc.
5. SHARE-BASED PAYMENTS
Dividend Income
As disclosed in Note 21 of the consolidated financial statements, the Group has Incentive Plans under which certain employees (“participants”) can be
Evraz Group S.A.
EVRAZ NTMK
Raspadskaya
Total
gifted shares of the Company. In 2021 and 2020, the Company recognised share-based compensation expense amounting to $12 million and
$11 million, respectively, as a cost of investments in subsidiaries with a corresponding increase in equity.
Dividends receivable at 31 December 2019
$ -
$ 629
$ -
$ 629
Dividend income accrued in 2020
-
2,083
46
2,129
Dividends received by cash
-
(1,735)
(42)
(1,777)
Tax withheld
-
(193)
(4)
(197)
6. RELATED PARTY TRANSACTIONS
Non-cash offset
-
-
-
-
Related parties of the Company include its direct and indirect subsidiaries, associates and joint venture partners, key management personnel and
Foreign exchange gain/(loss)
-
(80)
-
(80)
other entities that are under the control or significant influence of the key management personnel and the Company’s ultimate controlling parties.
Dividends receivable at 31 December 2020
$ –
$ 704
$ –
$ 704
Dividend income accrued in 2021
–
1,540
480
2,020
Loans Received from Related Parties
Dividends received by cash
–
(2,019)
(224)
(2,243)
The following movements in loans payable to related parties were in 2020-2021.
Tax withheld
–
(225)
(24)
(249)
Foreign exchange gain/(loss)
–
–
2
2
Loans
Dividends receivable at 31 December 2021
$ –
$ –
$ 234
$ 234
Balance at
received
Balance at
31
from
31
December
related
Interest
Repayment
Non-cash
Forex
December
US$ million
Currency
Interest rate
Maturity
2020
parties
expense
of loans
transactions
(gain)/loss
2021
In April, July and October 2021, EVRAZ NTMK declared and fully paid dividends in the amount of 24.8 billion roubles ($324 million), 66.1 billion roubles
($891 million) and 22.5 billion roubles ($325 million).
Direct subsidiary
Evraz Group S.A.
USD
1.93-2.64%
2021- 2023
$ 2,736
$ 1,220
$ 57
$ (669)
$ −
$ −
$ 3,344
In February, June, August 2020 EVRAZ NTMK declared dividends in the amount of 31.9 billion roubles ($499 million), 38.4 billion roubles
($556 million), 23.6 billion roubles ($324 milion), respectively, which were paid in 2020, and in December 2020 NTMK declared 52.4 billion roubles
Indirect subsidiaries
($704 million), which were paid to EVRAZ plc in 2021.
East Metals A.G.
USD
2.55%
2023
−
550
13
(6)
−
−
557
ENA plc
USD
1.93%
2023
750
−
13
(93)
−
−
670
In May, September and December 2021, EVRAZ plc accrued its share in the dividends declared by Raspadskaya in the amount of 3.5 billion roubles
($48 million), 14.3 billion roubles ($196 million) and 17.4 billion roubles ($236 million) respectively. As of 31 December 2021, the dividends declared
EVRAZ KGOK
USD
1.92%
2025
−
375
3
(378)
−
−
−
in December 2021 amounting to $234 million were outstanding.
$ 3,486
$ 2,145
$ 86
$ (1,146)
$ −
$ −
$ 4,571
In May and September 2020, EVRAZ plc accrued its share in the dividends declared and fully paid by Raspadskaya in the amount of 1.7 billion roubles
($24 million) and 1.7 billion roubles ($22 million), repectively.
Offset of Liabilities with Evraz Group S.A.
Loans
During 2020 there were a number of transactions between EVRAZ plc and its direct subsidiary Evraz Group S.A.:
Balance at
received
Balance at
31
from
31
In February 2020, EVRAZ plc repaid $25 milion to Evraz Group S.A. in respect of the liabilities for the purchase of EVRAZ NTMK (Note 3).
December
related
Interest
Repayment
Non-cash
Forex
December
In March 2020, EVRAZ plc and Evraz Group S.A. signed an assignment agreement and the remaining balances payable to Evraz Group S.A.
US$ million
Currency
Interest rate
Maturity
2019
parties
expense
of loans
transactions
(gain)/loss
2020
for the purchase of EVRAZ NTMK and Raspadskaya (Note 3) and for the transfer of loans were converted into a loan amounting to
Direct subsidiary
$3,124 million. An amount of $2 million was recognised as foreign exchange gain in the separate statement of comprehensive income
Evraz Group S.A.
USD
1.93-4.95%
2021-2023
$ 528
$ 815
$ 89
$ (596)
$ 1,900
$ −
$ 2,736
(Note 6, Loans Received from Related Parties);
Evraz Group S.A.
RUB
6.4%
2020
−
−
2
(459)
474
(17)
−
In April 2020, EVRAZ plc transferred to Evraz Group S.A. its obligations under loans payable to EVRAZ ZSMK amounting to $66 million for
consideration of $64 (Note 6, Loans Received from Related Parties);
Indirect subsidiaries
During 2020 EVRAZ plc purchased Raspadskaya shares from Evraz Group S.A. for total consideration of $28 million of which $6 million were
East Metals A.G.
USD
3.00-5.06%
2020
418
466
8
(892)
−
−
−
not settled at 31 December 2020.
EVRAZ ZSMK
RUB
4.56%
2021
−
64
−
−
(66)
2
−
During 2020 EVRAZ plc and Evraz Group S.A. concluded agreements, under which the above mentioned mutual payment obligations were offset
ENA plc
USD
1.93%
2023
−
−
−
−
750
−
750
resulting in a net liability payable to Evraz Group S.A. in the amount of $6 million, which was fully settled in 2021.
$ 946
$ 1,345
$ 99
$ (1,947)
$ 3,058
$ (15)
$ 3,486
278
279
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