This Annual Report (hereinafter referred to as “the Report”) covers performance of TVEL JSC and its subsidiary companies (hereinafter together referred to as TVEL Fuel Company, TVEL FC, the Company) in 2015.
The purpose of this Report is to present comprehensive
The integrated format of the Report provides detailed description of the Company’s performance in the context of the external environment and shows the impact it makes on the stakeholders.
The Report discloses material information, which is important to those who use this Report to assess the performance of the Company. Survey of internal and external stakeholders was conducted, the map of material matters was drawn up while preparing this Report (for details refer to the Appendices to interaction version of the Report at www.tvel.ru the Section “Finance”, “Annual Report”).
Aspect boundaries and content of the Report were determined by the Committee on Public Annual Reporting involving the Committee of Stakeholders, and agreed on by TVEL JSC subdivisions. Disclosed matters (aspects) are material for all subsidiaries from the Report profile, unless otherwise is specified herein. As compared to the previous reports, certain changes covered disclosure limits for industrial injuries rates (see p. 148). Moreover, KhMZ JSC was withdrawn from the Company’s management profile due to its shares sale.
|Comparative indicators||For 3 years|
|Targets||Are shown for 2016 and the reporting year, where the approved plans are available|
|Report Profile||TVEL JSC, MSZ JSC, ChMP JSC, NCCP JSC, MZP JSC, VNIINM JSC, UEIP JSC, SGChE JSC, AECC JSC, PA ECP JSC, VPA Tochmash JSC, KMZ JSC, EC RGC JSC, EC RGC JSC, UGCMP LLC, NRDC LLC, EDB-Nizhniy Novgorod, Centrotech-SPb JSC, Uralpribor LLC*|
|Priority theme of the Report||Efficiency Based Development Strategy of the Fuel Company|
|GRI Disclosure Level||GRI G4 Comprehensive Option**|
|Date of the previous Report publication||June 2015|
** Conforms to management accounting profile.
** Performance indicators and standard elements are generated and presented in the Report in accordance with Russian Accounting Standards. Financial report data pursuant to the International Financial Reporting Standards (IFRS) are not presented due to later date of generation thereof.
GRI aspects to be disclosed in the report:
1. Economic Performance
2. Market Presence
3. Indirect Economic Impacts
4. Procurement Practices
9. Effluents and Waste
10. Products and Services
12. General Information (Ecology)
13. Supplier and Contractor Environmental Assessment
14. Environmental Grievance Mechanisms
16. Labor/Management Relations
17. Occupational Health and Safety
18. Training and Education
19. Supplier and Contractor Assessment for Labor Practices
20. Labor Practices Grievance Mechanisms
21. Local Communities
23. Public Policy (Political Contributions)
24. Anti-Competitive Behavior
25. Supplier Assessment for Impacts on Society
26. Grievance Mechanisms for Impacts on Society
27. Customer Health and Safety
28. Freedom of Association and Collective Bargaining for Employees
29. Security Assurance Practices
1. Meeting the Demand of Power Grids of the Russian Federation
2. Business Continuity
3. Position in the Global Market
4. International Cooperation in the Field of Peaceful Use of Nuclear Energy
5. Nuclear and Radiation Safety Systems Management
6. Compliance with Requirements of Nuclear and Radiation Safety
7. Decommissioning of Nuclear Facilities
8. RW and SNF Treatment, Rehabilitation of Contaminated Areas
9. Intellectual Capital
10. Innovative Activities
11. Support for Innovative and Technological Potential Development
12. Improvement of Control Mechanisms
13. Enhancement of Information Transparency of Nuclear Industry
14. Public Acceptance of Construction Projects of ROSATOM and its Organizations
15. Improvement of Regulatory Framework in the Sphere of Nuclear Power
16. Implementation of Certain Functions of the State Administration within Specified Activities
17. Provision of Qualified Personnel
18. Social Welfare of Workers
19. Radiation Impact on the Environment
The scope of matters (aspects) had no changes as compared to the previous periods No significant reformulations of the indicators given in previous reports were done. Occupational Health and Safety aspect is important not only for the Company, but also for contractor organizations rendering capital construction services at the Company’s facilities.
Taking into account the surveys in March and November, 2014 among representatives of internal and external stakeholders of TVEL Fuel Company, the map of significant aspects (issues) under GRI G4 Guidelines was prepared. Within the framework of the distance dialogue under the Report concept the new survey among the stakeholders was carried out in November and December 2015, which confirmed the relevance of the chosen essential aspects.
The map was prepared in axes of “materiality for TVEL FC” (average assessment made by managers of the Fuel Company who took part in survey) and “materiality for stakeholders” (external stakeholders’ assessments). Materiality threshold at which an aspect becomes sufficiently important (material) to be disclosed in Annual Report is “above-average”. The proposed rating scale included “high”, “average”, “low” (materiality), “not meaningful”. In figures these stand for “3”, “2”, “1”, “0”. “Above-average” stands for “above 2”.
The priority theme in this Report is the Efficiency Based Development Strategy of the Fuel Company. Under the conditions of market threats and increased competition and in order to perform most important tasks assigned by ROSATOM, TVEL Fuel Company sets itself the long-term and operational goals to improve the efficiency.
Under current conditions on the markets of the front end NFC, as well as with restricted investment resources, the continuous efficiency improvement is a key condition of leadership positions maintenance by TVEL Fuel Company in the international field.
In 2015 the Company started the systematic work to improve the efficiency, which will allow achieving its goals. Details of this work are given in Section “Performance Management “, the results are given in Chapter 4 “Effeciency in Results 2015”.
Stakeholders engagement is an integral element of public reports preparation and day-to-day activity of the Fuel Company. The Stakeholders Commission was established by the Company in 2013 to promote regular feedback on the matters pertaining to the activity of the Company and its public position on specific matters.
The Organization that renders services of independent assurance of non-financial data of the Report was selected through competitive procurement practices.
The Report was approved by the Board of Directors of TVEL JSC.
This Report covers the year of 2015. All prior and future periods are mentioned herein in description of corporate strategy, collation of performance indicators and results, forecasts and risk assessments. In addition to factual information, this Report describes and assesses potential and probable events. Any statements herein other than statement of facts shall be construed as forecasts. Forecasts of this kind are relevant only at the time of publishing. TVEL JSC (unless otherwise specifically provided for by applicable legislation) is not obliged to review or update the said forecasts or factors in any new pieces of information. Actual performance results may differ from the forecasted ones.
The Company appreciates the employees who took part in preparation of this Report, and all participants of public consultations and dialogues. We hope you will find this Report interesting and informative in terms of the new information about TVEL Fuel Company. Our working team is open to your feedback and suggestions on the matters and issues that you would like to see in the next annual report. Please refer to Feedback form in interactive version of the Report at http://tvel.ru/wps/wcm/connect/tvel/tvelsite/finance/annual_report/.