Beruflich Dokumente
Kultur Dokumente
READERS NEEDS
Future Outlook
Performance
Strategy
Operating Context
YOUR REPORT
Value impact
BUSINESS VALUE
Game Changers
(long-term)
Management Plans
(medium-term)
Stewardship
assessment
Business As Usual
(short-term)
ANNUAL REPORT
Typical approach
Structured around Integrated Reporting content elements
Retains traditional components (Chairmans statement etc) within the Integrated Reporting framework
Incorporates the financial and non-financial data necessary to understand all components of business value
No direct change to supporting reports such as the financial statements and corporate responsibility
report (though there may be an opportunity to cut clutter from both)
FINANCIAL
STATEMENTS
CORPORATE
RESPONSIBILITY
OTHER REPORTS
2013 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International
provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis--vis third parties, nor does KPMG International have any such
authority to obligate or bind any member firm. All rights reserved. Printed in the United Kingdom.
Challenges:
Is sufficient detail provided to understand the relative
importance of each group of assets / activities to the
value of the business?
Is the analysis sufficient to put the elements of the
business into context?
Do the components of the business model described
link through to the rest of the report?.
Generation
National Grid and others
Transmission
National Grid and others
Distribution
National Grid and others
Supply
National Grid and others
Subtransmission
customer 26 kV/69 kV
Corporate Governance
Generating station
Generator
transformer
Business Overview
Physical
Primary customer
4 kV, 13 kV and 35 kV
Substation
transformer
Commercial
Useful Information
14
Financial Statements
Secondary customer
120 V/240 V
Distribution lines
15
Source: National Grid plc Annual Report and Accounts 2010/11, pages 14-15
All extracts from published reports should be read in conjunction with the full report itself including its notes
2013 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International
provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis--vis third parties, nor does KPMG International have any such
authority to obligate or bind any member firm. All rights reserved. Printed in the United Kingdom.
hy
dr o
c
oc
coal
coal
GTL Diesel
GTL Naphtha
GTL Kerosene (jet fuel)
GTL LPG (liquid petroleum gas)
Chemical value-adds
Base oils
Paraffins
Waxes
+ cobalt catalyst
-t
gas
o- liquids ( GT
Sasol
Slurry Phase
FT Reactor
L)
gasification
and reforming
gasification
and
reforming
Syngas production
Using steam and oxygen at high
temperatures, coal is gasified
and natural gas reformed to
produce synthesis gas
(syngas is a mixture of carbon
monoxide and hydrogen).
syngas
syngas
syncrude
Chemical products
Product
workup
Ethylene
Polyethylene
Polypropylene
Polyvinyl Chloride
n-Butanol
Alcohol, acetic acid,
ketones
Comonomers
ar bon f eedst
natural gas
Our proprietary
Fischer-Tropsch (FT)
technology
Sasol GTL
(gas-to-liquids)
process
A proprietary version of
Sasols low-temperature
Fischer-Tropsch (FT) process,
used with an advanced iron
or cobalt catalyst, to convert
synthesis gas into waxes and
related petrochemical streams
for producing and marketing
waxes and diesel.
co
a l- t
Sasol CTL
(coal-to-liquids)
process
o- liquids (
)
CT L
+ iron catalyst
Sasol
Advanced
Synthol
Reactor
(SAS TM)
syncrude
chemical building
blocks
co-products
Coal gasification and
the FT process produce
co-products for recovery
and beneficiation.
fuel components
crude oil
Chemical
workup
Ammonia
Methanol
Crude tar acids
Sulphur
Explosives
Fertilisers
Refine
and
blend
Petrol
Diesel
LPG
Illuminating paraffin
Bitumen
Fuel oil
Markets
Sasol markets products
directly to the consumer,
as well as to commercial
and industrial customers,
thereby integratingits
upstream and downstream
activities.
Fuel products
New Energy
Water
Corporate governance
New Energy
Innovation
Research
Refer to our key performance indicators for more details on our performance against targets and page 78
for details on our energy efficiency initiatives.
Challenges:
36
37
Figure 2.10: Risk, strategy and performance (within the tolerance levels set by the Board)
Figure 2.10: Risk, strategy and performance (within the tolerance levels set by the Board)
Strategic risk
management
Disclosure of risks
to all Stakeholders
Regional, operational, service divisions and new project strategic risk reviews on a quarterly basis
Regional, operational, service divisions and
project
risk reviews
ondiscussed
a quarterly
Topnew
10 risks
andstrategic
risk mitigating
actions
atbasis
quarterly business reviews
Top 10 risks and risk mitigating actions discussed at quarterly business reviews
Hazard identification
and risk assessment
in terms of SIMRAC
AUS\NZ 4360
Strategic risk
management
Audit Committee
Risk Review
Disclosure
of risks
Audit Committee Risk Review
to all Stakeholders
Risks from the
Group Executive Committee Risk Review
external environment
Group Executive Committee Risk Review
Project risk
management guidline
and HAZOPS
Exploration site
risk assessments
Gold Fields Integrated Annual Review for the 12 months ended 31 December 2011
Gold Fields Integrated Annual Review for the 12 months ended 31 December 2011
Risk Area
Aspirations
Optimise our assets
Risk Area
Optimise our assets
Safety
Zero Harm
Safety
Environment
Gold Delivery
Securing our future
Licence to
operate
Ethics and
Corporate
Governance
Growing Gold Fields
Zero Harm
Zero Harm
Health
Zero Harm
Zero Harm
Zero Harm
Environment
Zero Harm
Zero Harm
Zero Level 5Moz
4 and by
5 incidents
2015
Gold Delivery
95% compliance
5Moz by 2015
N C E 25%
NC ESecuring
25%
our future
Health
Human
Resources
Aspirations
Tolerance level
Human
Pipeline of scarce and
criticalcover
skillsratio
Pipeline ofResources
scarce and
60% successor
critical skills
for top Global
250 employees
leader
Licence to
in sustainable
Global leader
Full compliance
with all
operate
gold
mining
in sustainable
legal and
community
gold Ethics
miningand
commitments
Full compliance
SOX and
Corporate
substantial compliance to
Full compliance
SOX and
No material / significant
Governance
King III
substantial compliance
to
failures
King
III
Growing
Gold Fields
Tolerance level
Targets
2010
Targets
2011
FIFR Zero
FIFR Zero
0.11
SIFR0.12
25% less 1
Zero Harm
2.22 LTIFR2.64
SIFR 25% less 1
25% less 1
4.39 2 MTIFR
4.69
LTIFR 25% less 1
25% less 1
7.16 22013 MHSC
5.68 milestones
MTIFR 25% less 1
Zero Harm
for Silicosis & NIHL
2013 MHSC milestones
On track On track
for Silicosis
& NIHL
Zero
Level 4 and
5 incidents
Zero
Zero
Zero
95% compliance Zero
3.5Moz
3.5Moz
NC E 15% - 20%
3.5
16%
Nil
N C E3.5
15% - 20%
25%
60%
70%
Full compliance
100%
No material / significant
failures
Nil
Capital Projects
Project delivered on time /
budget
Mergers &
Proper assessment of risk
Acquisitions
and returns commensurate
1
South Africa only other regions are subject to a 20% reduction
3
target
SIFR,reduction
LTIFR and MTIFR
South Africa only other regions are subject
to for
a 20%
Internal Rate of Return
2
target for SIFR, LTIFR and MTIFR
Restatement LTIFR previously reported 4as
4.38 and
MTIFRArea
previously
Global
Business
Rating system
as 7.09.
see p4 for explanation
Restatement LTIFR previously reportedreported
as 4.38 and
MTIFRPlease
previously
reported as 7.09. Please see p4 for explanation
2010
2011
0.11
2.22
4.39 2
7.16 2
0.12
2.64
4.69
5.68
On track
On track
Zero
Zero
3.5
16%
3.5
25%
50%
70%
100%
100%
Nil
Nil
On track
On track
On track
On track
On track
On track
37
Transparency and accountability
Gold Fields Integrated Annual Review for the 12 months ended 31 December 2011
Gold Fields Integrated Annual Review for the 12 months ended 31 December 2011
All extracts from published reports should be read in conjunction with the full report itself including its notes
2013 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International
provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis--vis third parties, nor does KPMG International have any such
authority to obligate or bind any member firm. All rights reserved. Printed in the United Kingdom.
STAKEHOLDER
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Page
Page
86 86
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SHAREHOLDERS
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Reasons
Reasons
for engagement
for engagement
To provide
To provide
relevant
relevant
andand
timeous
timeous
information
information
to current
to current
andand
future
future
shareholders.
shareholders.
Types
Types
of engagement
of engagement
LocalLoand
cal ainternational
nd internatioroadshows.
nal roadshows.
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ing invesand
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its holding
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to ensure
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methodologies,
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the effective
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and and
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leveraging
of opportunities.
of opportunities.
CrossCrossreferencing
referencing
REGULATORS
REGULATORS
Reasons
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for engagement
for engagement
To maintain
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good
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relationships
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regulators
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and and
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regulatory
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thereby
thereby
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retaining
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and and
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COMMUNITIES
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Stakeholder overview
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Reasons
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for engagement
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ips twill
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ate N edbGroups
ank Grouintegrated
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ted environmenand
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ain infrom
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essNedbank
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cial initiatives.
GRI GRI
FSSS:
FSSS:
FS5 FS5
GRI GRI
G3.1G3.1:
: 1.2 1.2
CrossCrossreferencing
referencing
Denitions
Denitions
andand
abbreviations
abbreviations
Pages
Pages
449449
455
455
Types
Types
of engagement
of engagement
Building
Building
Africas
Africas
most
most
admired
admired
bank
bank
by by
ourour
staff,
staff,
clients,
clients,
shareholders,
shareholders,
regulators
regulators
andand
communities.
communities.
CrossCrossreferencing
referencing
Cultural
Cultural
sustainability
sustainability
Pages
Pages
136136
151
151
CrossCrossreferencing
referencing
CLIENTS
CLIENTS
Types
Types
of engagement
of engagement
Reporting
Reporting
standard
standard
GRI G
G3.1:
RI G4.14,
3.1: 44.15,
.14, 4.15,
4.16,4.16,
4.174.17
N edbank
N edbFoundation
ank Foundatioongoing
n ongosupport
ing suppof
ortprojects
of projeand
cts ainteraction
nd interactwith
ion waitwide
h a wvariety
ide variof
etynon-prot
of non- prand
ot agovernment
nd government
organisations.
organisations.
Environmental/Sustainability
Environmental/Sustainabipartnerships
lity partnershwith
ips wWWF-SA,
ith W W F-Cambridge
SA, Cambrid
Programme
ge Programfor
meSustainable
for SustainaLeadership,
ble LeadersUNISA
hip, UN ISA
Advisory
Advisory
Council
Council
on Business
on Business
and and
Climate
Climate
Change
Change
and and
the United
the United
Nations
Nations
Environment
Environment
Programme
Programme
Finance
Finance
Initiative
Initiative
(UNEP
(UNEP
FI). FI).
RiskRisk
andand
balance
balance
sheet
sheet
management
management
Pages
Pages
372372
423
423
CrossCrossreferencing
referencing
Social
Social
sustainability
sustainability
Pages
Pages
112112
135
135
CrossCrossreferencing
referencing
Environmental
Environmental
sustainability
sustainability
Pages
Pages
96 96
111
111
16 16
Stakeholder overview
Stakeholder overview
I 15
FIN
nd
e
sa
I 1a5nc
nk
FINrm
r
ba anderfo nce e yea
A
RO E
s p
a h
e S bank cial rform ng t ear and
e
ri he y O A
RO E
lp
g t R and
cia
A
rin
RO
n new
R116Rb1n1i6nbneiw
loan loan
Great
Great
place
place
payopayo
uts uts
to c to c
to bank
to bank
lient lient
s s
eral feerealinfecereianscerseareses re
tainetaine
Gen Gen
d at od at o
r belor belo
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heir hheir h
3 89 A
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9A
s TMs
omesomes
13 13
sincesince
20092009
throuthrou
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restrruecstturu
recstures
ClienCtliseenrvt isceervice
scoresscores
increiancrea
sed asced ac
ross raol ss al
1 57 185679 8re6t9airle, 7t ail , 7
l buslinbeusssiensesses
Great
Great
place
place
4 8 b4 8 b
usin usin
ess bess b
to work
to work
anki anki
ng anng an
net net d 2 7dco2r7pcorpt e rat e
ExtenExten primparriym- calriye-nctl ioeranaitno
g
g
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ded ded
t ar t ar
ban ban
ent ent
king king
elopm
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ls sk
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veild
hou hou
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clin clin
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59 br5a9nbran
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92
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92 in ec
onom
4m
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tu
in e
rn
con
s
omic
tu
prot
rn
s
Reasons
Reasons
for engagement
for engagement
Great
Great
place
place
to invest
to invest
eS
Ou Ou
tpe tpe
r fo r fo
rm rm
ed ed
lar lar
g g
Sust Sust
ain ain
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wt wt
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17 17
NEDBANK
NEDBANK
GROUP
GROUP
INTEGRATED
INTEGRATED
REPORT
REPORT
2011
2011
NEDBANK
NEDBANK
GROUP
GROUP
INTEGRATED
INTEGRATED
REPORT
REPORT
2011
2011
1 Vision
Where are we trying to get to? Focus on what the business
should look like after management has implemented its
strategy. Help readers understand the rationale for following
the vision (including any changes to previous strategies) and
the assumptions about the future on which it is based.
2 Starting point
This is the base from which the business is starting its
journey, including its strengths and exposures, focussing on
those aspects of the business that are directly relevant to
the strategy. A good description here provides a basis for
understanding how business activities and resources will
need to change as a result of following the strategy.
3 Delivery
Leading reports help readers understand the milestones on
the journey to delivering the change, and an explanation of
how the key risks and opportunities are being managed and
the impact they could have on the strategic goal. This should
form the basis for identifying the operational performance
indicators that show readers how the business has
progressed in delivering the strategy.
The following example from ITV demonstrates the unique
aspects of its business strategy.
Transforming ITV
3
1
2
Drive new
revenue streams
by exploiting
our content
across multiple
platforms,
free and pay
This is managements
opportunity to explain
how it is enhancing the
business model.
Ourstrategy
continued
Reduce complexity
and cost.
Continually improve key areas of customer service
Converge and simplify processes and ensure disciplined
expense management
Upgrade our technology with a multi-year program that will make
us a more agile, efficient and competitive business by simplifying
banking, finance and risk systems, processes and tools
45.5
46.2
44.5
43.9
43.4
Mar
2009
Sep
2009
Mar
2010
Sep
2010
Mar
2011
43.5
Sep
2011
100
Enhance our
reputation.
Improving our customer outcomes
Invest in our people leadership and skill development, diversity
and volunteering
2011 HIGHLIGHTS
Awarded Best Low Fee Bank Account for NAB Classic Banking by CHOICE for the
second consecutive year
Customer satisfaction
Personal Banking Australia
Very or fairly satisfied (%)
74.1
69.0
Mar
2009
NAB
74.1
70.8
Sep
2009
75.4
72.8
Mar
2010
77.2
78.2
74.8
74.7
73.8
Sep
2010
Mar
2011
78.5
Sep
2011
2011 HIGHLIGHTS
Progressed simplification of the mortgage process for our customers and our frontline bankers
Removed mortgage exit fees and introduced fairer credit card charges
Awarded Most Satisfied Customers of the Major Banks by Canstar Blue
Awarded Best Career Development Program for the Academy (NABs learning and
development centre) in the 2011 Australian Banking and Finance Awards
Contributed over 25,000 volunteer days to the community, worth more than $8 million
Included in the Dow Jones Sustainability Index (Asia Pacific Index top-ten leaders and
the World Index), and the Carbon Disclosure Project Performance and Disclosure Indices
Published our third Reconciliation Action Plan, setting out 22 commitments
for the year ahead
PERSONAL BANKING
By listening to our customers and maintaining
our commitment to do the right thing, we
have enhanced our reputation and expanded
the NAB family. Ms Silvester, from Forest Hill in
Victoria, broke up with Westpac after 30 years.
I just got sick of paying this extra money
each month and I just felt I wasnt getting
the personal service. Ms Silvester, new
NAB customer
Performance
Challenges:
Is the analysis of performance on a basis consistent
with to the operational reality of the business
and on a basis that can be projected forwards by the
reader by applying a set of operational assumptions?
Have all aspects of corporate strategy been addressed?
Does underlying performance provide a balanced
perspective from which the future outlook can
be assessed?
2013 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International
provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis--vis third parties, nor does KPMG International have any such
authority to obligate or bind any member firm. All rights reserved. Printed in the United Kingdom.
10
0VS
QFSGPSNBODF
Overview
Reserves statement
Financial performance
Group revenue
MMboe
MMboe
MMboe
Proved(2)
Proved plus Probable(3)
Contingent resources(4)
1,610.2
2,136.5
Key metrics
2011 reserves replacement ratio
Organic 2011 reserves replacement ratio(6)
Three year reserves replacement ratio
Three year organic reserves replacement ratio
Reserves life
Annual production(7)
Net acquisitions and divestments
%
%
%
%
Years
MMboe
MMboe
(5)
2010
1,308.5
1,680.1
1,813.8
Change%
(1.2)
(4.2)
17.8
Proved
Proved plus
Probable
75
76
84
102
20
63.7
(0.6)
(10)
(6)
57
88
25
63.7
(2.3)
(Woodside share)
1,292
1,328
1,308
1,296
1,227
Reserves (MMboe)
2011
1,292.4
Proved reserves
Dry gas(8)
Condensate(9)
Oil
Bcf(10)
Total
MMbbl(11)
MMbbl
6,450
122.3
54.6
1,308.5
105
2.6
13.7
MMboe(12)
34.6
72
1.1
0.0
13.7
(3)
0.0
(0.1)
(0.6)
(218)
(8.7)
(16.8)
(63.7)
6,406
117.2
51.4
1,292.4
08
09
10
08
09
10
1,610
1,680
1,651
1,703
1,688
Reserves (MMboe)
07
bN
Dry gas
Condensate
Oil
Bcf
MMbbl
MMbbl
8,298
(28)
246.9
Total
MMboe
(2.7)
(8.3)
38.1
(6.8)
250.2
5.7
31.0
92.0
(44)
(1.4)
(2.0)
(11.2)
130.7
2,136.5
9,788
288.6
09/10
897.8
10/11
968.7 1,007.3
10/11
10/11
677.9
09/10
116.4
116.1
142.7
147.0
08/09
768.9m
1,089.3
07/08
768.9
843.9
824.9
07/08
1,089.3m
972.9
International
Total
08/09
09/10
652.8
701.2
824.9m
843.9m
P16
+0.5%pts
Volume
+0.3%pts
+0.1%pts
Analysis This year we grew market share across all areas of our clothing
business, as we offered customers greater choice at the same unrivalled
quality and value. More information on our clothing performance is set out
on page 16.
Analysis Our food market share increased this year as customers did more
of their shopping with M&S, recognising the great value and quality we offer.
Our performance in this area is detailed on page 20.
4PVSDF,BOUBS8PSMEQBOFM$MPUIJOHBOEGPPUXFBSTIBSFXF"QSJM
4PVSDF,BOUBS8PSMEQBOFM'PPEBOE%SJOLTIBSFXF"QSJM
90
85
79
80
Average score is
75
70
72
Apr
74
May
76
76
Jun
Jul
Aug
78
77
Sep
Oct
79
79
Nov
Dec
Analysis In April 2010 we rebased our mystery shopping scores to help us target even
higher standards of customer service. This year we conducted around 6,800 visits to
stores and have seen a steady improvement in performance over the course of the
year, with average scores increasing by 11%.
N
-0.3%
10/11
20.7m
09/10
21.0m
08/09
21.6m
07/08
21.8m
81
Jan
82
Feb
83
Mar
1,813.8
315
1,248
(0.7)
111.2
11
Total
11
712.9
UK
08/09
International
07/08
UK
bCO
Analysis This year we have set out a commitment
to deliver c.3% UK space growth per annum
until2015/16. This programme will help us
createa store portfolio that delivers a leading
multi-channel shopping experience.
Marks and Spencer Group plc Annual report and nancial statements 2011
All extracts from published reports should be read in conjunction with the full report itself including its notes
2013 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International
provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis--vis third parties, nor does KPMG International have any such
authority to obligate or bind any member firm. All rights reserved. Printed in the United Kingdom.
Future outlook
This part of the report should provide a basis for readers
to form their own views on the long-term prospects of the
business. The information in this section is central to readers
understanding of business value. But businesses have
traditionally been wary of sharing this type of information.
This is understandably a difficult area given the legal and
regulatory environment in which businesses operate. We
believe the approach outlined below can make it easier for
businesses to manage these concerns.
Challenges:
Are assumptions expressed in sufficient detail that
readers can understand the impact of flexing them?
Does the description of existing operations also
support this?
Does the outlook help readers form their own
views to the extent possible on the longterm elements of a valuation assessment as well as
the short-term?
2011
2010
2009
20151
2,397
2,695
2,835
3,074
2,640
2,100
404
689
964
US Patent expir y
Nexium
Crestor
2016
Toprol-XL/Seloken
Expired
Atacand
2012
182
216
263
Symbicort
846
721
488
Zoladex
Expired
Seroquel IR
2012
Seroquel XR
39
46
54
3,344
3,107
3,074
2017 (formulation)2
779
640
342
Synagis
570
646
782
Prilosec/Losec
Expired
38
47
64
Cardiovascular
2011
2010
2009
2014
2014
20205
1,042
1,422
1,395
Crestor
2017
2012
2017
2,534
2,201
1,782
Expired
Expired
Expired
2012
Expired
N/A
2018 (formulation)
2019 (Turbuhaler device)
2012 (combination)
2018 (formulation)
2019 (Turbuhaler device)
2017 (combination)
2018 (formulation)
2019 (Turbuhaler device)
Expired
169
(diabetes add on
to DPP-IV)
837
808
1,621
1,459
733
Zoladex
Expired
Seroquel IR
2012
Expired
2012
Seroquel XR
2017 (formulation)
2017 (formulation)
N/A
401
301
Synagis
2015 (composition)
2015 (composition)
2015 (composition)
405
392
300
Prilosec/Losec
Expired
Expired
Expired
660
660
641
651
718
705
744
792
* Patents are or may be challenged by third parties and generics may be launched at risk. See the Principal risks and uncertainties section from page 130. Many of our products are subject
to challenges by third parties. Details of material challenges by third parties can be found in Note 25 to the Financial Statements from page 184.
#
Additional patents relating to the stated products may have terms extending beyond the quoted dates.
1
Licence agreements with Teva and Ranbaxy Pharmaceuticals Inc. allow each to launch a generic version in the US from May 2014, subject to regulatory approval.
2
Licence agreements with Handa and Accord allow each to launch a generic version in the US from 1 November 2016 or earlier upon certain circumstances, subject to regulatory approval.
3
Aggregate revenue for the EU, Canada and Japan.
4
Expiry in major EU markets.
5
PTE application pending.
Patent expiries
The tables above set out certain patent expiry dates and sales for our
key marketed products. The expiry dates relate to the basic substance
patent relevant to that product unless indicated otherwise. The expiry
dates shown include any PTE and Paediatric Exclusivity periods.
Data exclusivity
In addition to patent protection, Regulatory Data Protection (RDP
or data exclusivity) is an important IP right which arises in respect
of data which is required to be submitted to regulatory authorities
in order to obtain marketing approvals for our medicines. Signicant
investment is required to generate such data (for example, through
conducting global clinical trials) and the use of this proprietary data
is protected from use by third parties (such as generic manufacturers)
for a number of years in a limited number of countries. The period
of such protection and the extent to which the right is respected
differs signicantly between these countries. We believe in enforcing
our rights to RDP and consider it an important protection for
our inventions, particularly as patent rights are increasingly
being challenged.
The period of RDP starts from the date of the rst marketing approval
from the relevant health authority and runs in parallel to any pending
patent protection. RDP would generally be expected to expire prior to
patent expiry in all major markets. If a product takes an unusually long
time to secure marketing approval or if patent protection has not been
secured, expired or lost, then RDP may be the sole IP right protecting
a product from copying as generics should not be approved and
marketed until RDP has expired.
Compulsory licensing
Compulsory licensing (the overruling of patent rights to allow
patented medicines to be manufactured and sold by other parties)
is increasingly being included in the access to medicines debate.
We recognise the right of developing countries to use the exibilities
in the World Trade Organisations Agreement on Trade-Related
Aspects of Intellectual Property Rights (TRIPS) (including the Doha
amendment) in certain circumstances, such as a public health
emergency. We believe that this should apply only when all other ways
of meeting the emergency needs have been considered and where
healthcare frameworks and safeguards are in place to ensure that the
medicines reach those who need them.
> dapagliozin#
> dapagliozin#
Gastrointestinal
> tralokinumab
> Entocort
> Nexium
(CAT-354)
181
799
1,822
562
Line
Extensions
> Axanum
> Brilinta/Brilique
PEGASUS-TIMI
> Crestor #
> dapagliozin/
metformin FDC #
> dapagliozin#
> Nexium
(GERD)
Business Review
Expired
163
Phase III/
Registration
> Brilinta/Brilique
> dapagliozin#
Infection
Neuroscience
Oncology
> AZD5099
> AZD5847
> MEDI-534
> MEDI-550
> MEDI-557
> MEDI-559
> AZD9773#
> CXL#
(CEF104)
> AZD1446
> AZD3241
> AZD3839#
> AZD5213
> MEDI-578
> AZD2423
> AZD3480#
> AZD6765
> TC-5214 #
> NKTR-118#
> TC-5214 #
> Diprivan #
> EMLA#
> AZD4547
> AZD8931
> fostamatinib# **
> MEDI-575 #
> selumetinib#
> Caprelsa
> Faslodex
(ARRY-424704)
> MEDI-551#
> MEDI-565 #
> MEDI-573#
Respiratory &
Inammation
(CAZ104)
> FluMist/Fluenz
> Zinforo #
(ceftaroline)
> AZD1480
> AZD2014
> AZD3514
> AZD5363#
> AZD8330#
Business Review
Toprol-XL/Seloken
Atacand
Symbicort
Phase II
> AZD2927
> AZD4017
(elevated CRP)
Nexium
Phase I
> AZD2820#
(adjunct)
(monotherapy)
> MEDI-3617#
> moxetumomab
pasudotox#
(CAT-8015)
> olaparib
> selumetinib#
(AZD6244)
(ARRY-142886)/
MK2206
> AZD2115
> MEDI-546 #
> MEDI-551#
> MEDI-570#
(vandetanib)
> RanmarkTM #
(denosumab)
> Faslodex
(AZD6244)
(ARRY-142886)
> Iressa
> Iressa
(treatment beyond
progression)
> tremelimumab#
> AZD1981
> AZD2423
> AZD5069
> AZD5423
> AZD8683
> benralizumab#
> fostamatinib#
(MEDI-563)
> Oxis
> Symbicort
(asthma/COPD)
> Symbicort
(COPD)
> Symbicort
(SMART)
> mavrilimumab#
(CAM-3001)
> MEDI-8968
> sifalimumab#
#
(MEDI-545)
> tralokinumab
(CAT-354)
New ling
Launched
Reclassied
# Partnered product.
* Kombiglyze XRTM in the US; KomboglyzeTM FDC in the EU.
** Added to pipeline table after starting Phase II in January 2012.
Source: AstraZeneca Annual Report and Form 20-F Information 2011, pages 35 and 57
All extracts from published reports should be read in conjunction with the full report itself including its notes
2013 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International
provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis--vis third parties, nor does KPMG International have any such
authority to obligate or bind any member firm. All rights reserved. Printed in the United Kingdom.
Explaining
results
sensitivities
focus
more
the overall
of the business rather than
Flow at Risk (CFaR)
limit,
whichon
is described
in noteshape
28 Financial
vice versa. These sensitivities should therefore be used with care.
risk management
in the nancial
statements.
When required under
detailed
operational
considerations.
For example, recognizing
this strategy, we use interest rate swaps, including cross currency
Estimated impact on FY2011 profit after taxation
that
one
part
of
the
business
is
likely
to grow faster than
interest
rate
swaps,
to
convert
a
xed
rate
exposure
to
a
oating
of changes of:
US$M
rate exposure.others
As at 30 can
June 2011,
wereaders
had US$0.8
billion
of xed
help
to
adjust
their
expectations of overall
US$1/bbl on oil price
43
interest borrowings that had not been swapped to oating rates,
margins
earned.
US1/lb on aluminium price
20
arising principally
from legacy
positions that were in existence prior
to the merger that created the DLC structure.
US1/lb on copper price
18
1
80
0.5
138
22
24
The impact
of the
commodity
priceReport,
movements
in FY2011
Source:
BHP
Billiton
Annual
2011,
page 86
is discussed in section 3.6 Operating results.
- EBITDA
1.4 - 1.6 bn
- ROCE
> 15%
ECO+ (innovation)
80%+ of pipeline is ECO+2
ECO+ (running business)
5-7% annually
- China sales
Energy efficiency
- Innovation sales
Greenhouse-gas emissions
-25% (absolute) by 2020, compared to 2008
- EBA sales
> 1 bn
demonstrated solid growth in sales in China in 2011. DSM saw 23 See page 224 for a definition of ECO+
The High Performance Norm (79% favorable) is the composite of the top 25%
DSM has a clear focus on China, where the company has set a
target to double sales to a level of at least USD 3 billion by 2015.
In 2011 DSM made good progress toward this target: China
sales increased 23% to USD 2.0 billion. To support this growth
DSM intends to invest USD 1 billion in China in this strategy
period. DSM will also increase its presence in other markets,
doubling or even trebling revenues in India, Latin America and
Russia.
www.dsm.com
29
All extracts from published reports should be read in conjunction with the full report itself including its notes
2013 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International
provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis--vis third parties, nor does KPMG International have any such
authority to obligate or bind any member firm. All rights reserved. Printed in the United Kingdom.
In many regions there are already extensive compliancebased disclosures covering governance and remuneration
reporting. Nevertheless, there is still scope for companies
to use an Integrated Reporting approach to improve their
reporting within their local compliance framework.
Challenges:
Compliance requirements can lead to generic
disclosure offering little that is specific to the
organization. Disclosures need to stay focussed and
relevant to the company and its business value.
Setting a tone that reflects the importance the board
places on the maintenance and enhancement of
long-term shareholder value.
Demonstrating the connection between the
decision-making processes and the businesss
and opportunities
2013 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International
provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis--vis third parties, nor does KPMG International have any such
authority to obligate or bind any member firm. All rights reserved. Printed in the United Kingdom.
Board
Nomination
Remuneration
Sustainability
11 Directors
3 Directors
3 Directors
3 Directors
3 Directors
Global experience
Senior management or equivalent experience in multiple global
locations, exposed to a range of political, cultural, regulatory and
business environments.
Our focus on the safety and health of our workforce, our fundamental drive for sustainability across all our business operations, our
concern for the environment and communities within which we work, and our management of operational risks are reected through
our remuneration policy and structures.
12 Directors
4 Directors
3 Directors
3 Directors
3 Directors
The diagram below illustrates how BHP Billitons remuneration policy and structures serve to support and reinforce the six key drivers
of our strategy.
12 Directors
4 Directors
3 Directors
3 Directors
3 Directors
Our strategy is to own and operate large, low-cost, expandable, upstream assets diversied by commodity, geography and market.
4 Directors
3 Directors
3 Directors
3 Directors
Financial acumen
Senior executive or equivalent experience in nancial accounting and
reporting, corporate nance and internal nancial controls, including
an ability to probe the adequacies of nancial and risk controls.
12 Directors
4 Directors
3 Directors
3 Directors
3 Directors
Capital projects
Experience working in an industry with projects involving large-scale
capital outlays and long-term investment horizons.
10 Directors
3 Directors
3 Directors
2 Directors
3 Directors
11 Directors
4 Directors
3 Directors
2 Directors
3 Directors
12 Directors
4 Directors
3 Directors
3 Directors
3 Directors
4 Directors
1 Director
0 Directors
0 Directors
2 Directors
4 Directors
1 Director
2 Directors
2 Directors
1 Director
10 Directors
3 Directors
3 Directors
3 Directors
3 Directors
Remuneration
Board remuneration committee membership or management
experience in relation to remuneration, including incentive programs
and pensions/superannuation and the legislation and contractual
framework governing remuneration.
Mining
Senior executive experience in a large mining organisation combined
with an understanding of the Groups corporate objective to create
long-term value for shareholders through the discovery, development
and conversion of natural resources.
Oil and gas
Senior executive experience in the oil and gas industry, including in depth
knowledge of the Groups strategy, markets, competitors, operational
issues, technology and regulatory concerns.
Marketing
Senior executive experience in marketing and a detailed understanding
of the Groups corporate objective to create long-term value for
shareholders through the provision of innovative customer and
market-focused solutions.
Public policy
Experience in public and regulatory policy, including how it
affects corporations.
12 Directors
4 Directors
3 Directors
3 Directors
3 Directors
Total Directors
12 Directors
4 Directors
3 Directors
3 Directors
3 Directors
Director qualifications
US, 3 Directors
Australia, 5 Directors
UK, 2 Directors
South Africa, 1 Director
Source: BHP Billiton Annual Report, 2011, pages 112 and 130
Drivers of strategy
12 Directors
Supported by
remuneration policy
Strategy
Track record of developing and implementing a successful strategy,
including appropriately probing and challenging management on the
delivery of agreed strategic planning objectives.
NON-FINANCIAL
Governance
Commitment to the highest standards of governance, including
experience with a major organisation, which is subject to rigorous
governance standards and an ability to assess the effectiveness
of senior management.
Our purpose is to create long-term shareholder value through the discovery, acquisition, development and marketing of natural resources.
FINANCIAL
GROWTH
PEOPLE
SUSTAINABILITY
WORLD-CLASS
ASSETS
FINANCIAL
STRENGTH AND
DISCIPLINE
PROJECT PIPELINE
GROWTH OPTIONS
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112 | BHP BILLITON ANNUAL REPORT 2011
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