1、2021ANNUAL REPORTTRAFIGURA GROUP PTE. LTD.Financial and business highlights1Trafigura Group Pte. Ltd. and the companies which it directly or indirectly owns investments in are separate and distinct entities. In this publication, the collective expressions Trafigura, Trafigura Group, the Company and

2、the Group may be used for convenience where reference is made in general to those companies. Likewise, the words we, us, our and ourselves are used in some places to refer to the companies of the Trafigura Group in general. These expressions are also used where no useful purpose is served by identif

3、ying any particular company or companies.1. Trafiguras financial year ran from 1 October 2020 to 30 September 2021. 2. The Energy segment incorporates our Oil and Petroleum Products and Power and Renewables divisions.3. Million metric tonnes.4. Total employee numbers are calculated as an average ove

4、r the financial year and comprise employees of consolidated Trafigura Group businesses, operations and offices. MATSA, Porto Sudeste and Impala joint venture employees are excluded as these assets are not consolidated in the Trafigura Group financial accounts. Puma Energy was consolidated in Trafigu

5、ras balance sheet from 30 September 2021. As at 30 September 2021, the current total number of Group employees was 13,268 (9,037 Trafigura and 4,231 Puma Energy).Group revenue$231.3bn$147.0bn in 2020$171.5bn in 2019Underlying EBITDA$6.9bn$6.1bn in 2020$2.0bn in 2019Underlying EBITDA margin2.97%4.13%

6、 in 20201.18% in 2019Net profit$3.1bn$1.6bn in 2020$0.9bn in 2019Energy segment revenue as a percentage of Group revenue261%57% in 202065% in 2019Oil and Petroleum Products total volume traded3330.3mmt269.8mmt in 2020274.9mmt in 2019Total non-current assets$15.0bn$11.1bn in 2020$10.8bn in 2019Metals

7、 and Minerals revenue as a percentage of Group revenue39%43% in 202035% in 2019Non-ferrous concentrates and refined metals total volume traded22.8mmt20.9mmt in 202019.9mmt in 2019Total assets$90.1bn$57.0bn in 2020$54.2bn in 2019Average number of employees over the year49,0318,619 in 20205,106 in 201

8、9Total Group equity$10.6bn$7.8bn in 2020$6.8bn in 2019Bulk minerals total volume traded82.7mmt76.7mmt in 202077.3mmt in 2019Overview02 At a glance03 What we doReport of the Board of Directors04 Statement from the Executive Chairman and Chief Executive Officer06 Financial review12 Operational review1

9、4 Marketplace review 18 Performance review18 Oil and Petroleum Products22 Metals and Minerals 26 Power and Renewables30 Shipping and Chartering 32 Assets and investmentsCorporate governance40 Board of Directors and CommitteesRisk management and funding model42 How Trafigura manages risk46 Finance to

10、 meet diverse business needsFinancial statements48 Contents50 Report of the auditor 58 A. Consolidated statement of income58 B. Supplementary statement of income information59 C. Consolidated statement of other comprehensive income60 D. Consolidated statement of financial position61 E. Consolidated

11、statement of changes in equity62 F. Consolidated statement of cash flows63. G. Notes to the consolidated financial statementsContentsOil and Petroleum Products330.3mmtTotal volume tradedAt a glanceNorth America8Offices1,625EmployeesEurope19Offices2,150EmployeesMiddle East3Offices1,280EmployeesAfrica

12、10Offices295EmployeesLatin America28Offices2,528EmployeesAsia & Australia16Offices1,153EmployeesFounded in 1993, Trafigura is one of the largest physical commodities trading and logistics groups in the world. Our core business is supported by a number of assets, investments and alliances to comp

13、lement and enhance these activities. In 2021, the Group employed over 9,000 people across 48 countries.Metals and Minerals 105.5mmtTotal volume tradedPower and Renewables 1.7GWRenewable energy securedShipping and Chartering 4,834Fixtures Group owns and operates a number of mining assets, terminals a

14、nd vessels that complement its core business activities.Impala Terminals is a multimodal logistics provider focused on export-driven emerging markets. It owns and operates ports, port terminals, warehouses and transport assets.Galena Asset Management provides investors with specialised alternative i

15、nvestment solutions through its investments in real assets and private equity funds.Nyrstar is a global multi-metals mining and smelting business, with a market-leading position in zinc and lead.A global oil and petroleum products company, with a network of bulk storage terminals, airports and servi

16、ce stations.A joint venture owned by, Trafigura, Frontline and Golden Ocean, TFG Marine provides competitively priced, premium marine fuels at key hubs along the worlds major shipping routes.Nala Renewables is a 50:50 joint venture between Trafigura and IFM investors that invests in on-shore wind, s

17、olar and power storage projects.Business activities1Assets and investments1. FY2021 performance figures.Overview2VALUECREATIONGLOBALNETWORKAccess to marketsFinancialand riskmanagementTransparencySecurity of supplyESG data and assuranceAccess to expertiseSOURCETRANSFORMDISTRIBUTECUSTOMERSPRODUCERSWha

18、t we doAt the heart of global supply, Trafigura connects the world with the vital resources it needs. Through our Oil and Petroleum Products, Metals and Minerals, and Power and Renewables divisions, we deploy infrastructure, skills and a global network to move commodities from where they are plentif

19、ul to where they are needed most, forming strong relationships that make supply chains more efficient, secure and sustainable. Annual Report 20213Trafiguras service-oriented approach, global logistical strength and reliability as a supplier helped to forge relationships with many counterparts and cu

20、stomers during the first phases of the pandemic. These relationships have continued to strengthen in recent months as demand ramps up and presents additional complexities. The Groups trading desks once again capably managed extreme market volatility across a broad spectrum of commodities and perform

21、ed exceptionally well regardless of market conditions. Fundamental to this performance were our strong risk controls, including conservative value at risk of less than one percent of Group equity, and the depth of our market knowledge and expertise, incorporating the increased use of data analytics.

22、 For our operational assets, however, this was another challenging year as staff levels, supply chains for critical inputs and logistics all continued to experience high levels of disruption due to COVID-19 related operational issues. Safety performance was also negatively impacted and I am saddened

23、 to report that three employees and three contractors lost their lives at work during the year, including four fatal incidents at mining operations. This simply is not good enough and safety improvement plans are being implemented across our operations to align performance with the very high safety

24、standards to which we aspire. The Nyrstar smelting business continued to make progress with a restorative capital investment programme, but faced COVID-19 related operational issues and was squeezed by high energy prices towards the end of the year. Our portfolio of fixed assets underwent significan

25、t change during the year. We are proud to have created a world-class copper mining complex through our investments over more than 15 years at the MATSA mining venture in Spain. In September, we announced the sale of Trafiguras stake in the operation to Sandfire Resources subject to receipt of regula

26、tory approvals. We also recapitalised and consolidated Puma Energy into the Group. Together with new management and a revised strategic focus, Puma Energy is now on a firmer financial footing from which to build its business in key markets. Trafiguras performance in 2021 again set new records in ter

27、ms of volumes handled and overall profitability. We also made excellent progress over the course of the year in further diversifying our business to play a meaningful role in the ongoing energy transition. It was a year that saw the global economy recovering from the shock of COVID-19, albeit uneven

28、ly in different regions, and one in which underlying fragilities in global supply chains were laid bare as demand rebounded whilst logistics and supply struggled to keep pace. This environment once again demanded exceptional levels of customer service, risk and supply chain management from our teams

29、, to provide security of supply to our customers despite ongoing disruptions and supply-demand imbalances. Profit, turnover and volumes handled across our trading divisions for the year were the highest in our history, consolidating the strong performance in FY2020 and demonstrating a structural reb

30、asing of the quality and consistency of the companys financial performance and service to suppliers and customers. Our core Oil and Petroleum Products and Metals and Minerals business divisions continued to fire on all cylinders, while our recently established Power and Renewables division recorded

31、a strong inaugural result. A number of factors contributed to our trading success, but above all, the scale and resilience of our business benefitted from a flight to quality, both in terms of customer relationships and financial liquidity. Jeremy WeirExecutive Chairman and Chief Executive OfficerSt

32、atement from the Executive Chairman and Chief Executive OfficerAnother year of record performance, further business diversification and a growing customer base4Statement from the Executive Chairman and Chief Executive OfficerHigher metals prices contributed to an improved financial performance from

33、our mining assets. However, raising sufficient liquidity to operate with commodity prices at elevated levels is clearly a challenge for the sector. Our commitment to transparency, responsibility and robust governance and the strength of our global network and customer relationships again enabled Tra

34、figura to secure the capital to support revenues of over USD230 billion, working with over 140 banks. Our strong profit has also further strengthened our balance sheet, with retained earnings taking Group equity above USD10 billion for the first time.We progressed with a number of new ventures. The

35、Nala Renewables joint venture with IFM Investors appointed a CEO, built out its management team and launched its first projects, including an investment in Swift Current Energy a developer of solar and wind power energy projects in North America. We made a major investment in H2 Energy, a pioneer in

36、 creating green hydrogen ecosystems for fuel-cell trucks, establishing a joint venture that is developing plans to expand into other European countries in the near future. We continued to invest in new technologies, including mobility, energy storage and carbon abatement. These investments are strat

37、egically important as they help us understand the changing dynamics and new opportunities that will reshape the industries we supply over the coming years.We also invested to facilitate new sources of supply of the critical metals that are required for many aspects of the energy transition. In nicke

38、l, a key component of lithium-ion batteries for electric vehicles, we supported the construction of a nickel sulphate plant at the Terrafame mine in Finland. Our investment in the Prony Resources nickel and cobalt mine in New Caledonia helped to secure the sustainable future of the operation, by acq

39、uiring a minority stake and helping to secure long-term financing, technical and customer support, in collaboration with local stakeholders and the French government. In addition, we stepped up our pioneering efforts to develop responsible sourcing of cobalt in the Democratic Republic of the Congo,

40、through our agreements with the state-owned entity established for this purpose, Enterprise Gnrale du Cobalt, and international NGO Pact.We recognised the need for continued investment in low-cost and relatively low-carbon intensity sources of oil and gas. This is in line with our expectation that t

41、hese sources of energy will continue to be required for some years to come, to bridge the worlds growing energy needs while the energy transition to low- and zero-carbon fuels takes place. This included acquiring a 10 percent minority interest in Vostok Oil. Vostok Oil is developing oil and gas reso

42、urces using methods that are expected to reduce the carbon intensity of its production to approximately 25 percent of the global average for new oil projects, based on current estimates.Finally, we are continuing to strengthen our approach to environmental, social and governance (ESG) risks and oppo

43、rtunities across our operations and value chains. During 2021, we enhanced our governance structure by establishing a dedicated ESG Committee of the Board, which I chair. The committee provides direction for the Groups ESG policy, strategy and performance and will ensure a consistent approach to ris

44、k management across the organisation. Our commitments to reduce Scope 1 and 2 greenhouse gas emissions by 30 percent by 20231, independently verify the alignment of our leading responsible sourcing programme with international sustainable procurement standard ISO20400, and invest in a pipeline of re

45、newable power generation projects enabled us to secure our first sustainability-linked financing. Announced in March 2021, 34 financial institutions participated in a USD5.5 billion European revolving credit facility which rewards the Group with discounted financing costs if sustainability targets a

46、re achieved. Progress in setting a Scope 3 emissions reduction target by 2023 has moved ahead of schedule, enabling us to set a new target to reduce total shipping emissions intensity by 25 percent by 2030, compared to the adjusted 2019 IMO industry baseline2. This new target encompasses over 83 per

47、cent of Trafiguras reported Scope 3 emissions in 20203 and will see the emissions intensity profile of our owned and third-party leased shipping fleet decline by 48 percent compared to the 2008 IMO industry baseline. This compares favourably to the IMO industry target of a 40 percent emissions inten

48、sity reduction over the same timeframe. As one of the worlds largest charterers of tankers, gas and bulk carrier vessels, we continued our high level of engagement in the global debate and efforts to decarbonise shipping, including as a leading member of the “Getting to Zero” coalition and key propo

49、nent of its Call to Action, signed by over 200 companies. As a founding member of the First Movers Coalition, an initiative announced by President Biden at COP26 and led by Presidential Special Envoy for Climate John Kerry and the World Economic Forum, Trafigura has also committed to convert six ves

50、sels, 18 percent of our current owned fleet, to use zero-emissions fuels by 2030.These activities form a broad and solid platform not only for strong profitability today but also for responsible future growth aligned with the needs of a rapidly changing world. I would like to thank all of our customers