- JSW GROUP
- Our surrounding
- Mission, vision and values
- Strategy implementation in 2018
- Sustainable development
- Activities in 2018
- Key financial data
- Results and perspectives by segment
- Consolidated financial statements for the year ended 31 December 2018
- Interactive data – financial
- Interactive data – operating
- Management rules
Ammonium Sulfate – product obtained by removing ammonia from raw coke-oven gas. Used mostly in agriculture as a fertilizer.
Best Available Technique (BAT) – Best Available Technique as defined in Directive 96/61/EC is the most effective and advanced stage in the development of activities and their methods of operation which indicate the practical suitability of particular techniques for providing in principle the basis for emission limit values designed to prevent and, where that is not practicable, generally to reduce emissions and the impact on the environment as a whole.
Coal Production Segment – see Coal Segment
Coal Segment – the Group’s operating segment focused on the extraction and sale of bituminous coal.
CODE OF BEST PRACTICE FOR WSE LISTED COMPANIES – The Code of Best Practice is a „soft” law. This means that companies should comply with its provisions (it is assumed that they accept and commit to this duty when they are listed on the stock exchange) but at the same time the WSE does not impose any sanctions for non-compliance or partial compliance. In accordance with the „comply or explain” principle, even though the companies may not apply certain Best Practices, but if they choose not to apply any of the principles (permanently or temporarily), the company is obligated to inform the market about this fact. A current report (transmitted using the EBI system) should contain not only information about the non-compliance with a principle but also describe the circumstances and the reasons why the principle is not applied and additionally how the issuer intends to remedy the effects of non-compliance and any steps that could reduce the risk of non-compliance with corporate governance principles in the future. Even though non-compliance with the principles is not subject to any sanction (a penalty may be imposed against the issuer only in the case of non-performance or improper performance of its corporate governance reporting obligations), the market may punish the company that fails to comply with corporate governance principles by reducing its valuation.
Cogeneration – technological process involving a simultaneous production of electricity and heat in a CHP (combined heat and power) plant. Cogeneration offers significant savings and environmental benefits due to a lower consumption of fuel used to produce energy.
Coke – fuel produced in the coking process, which involves baking a mixture of special coal types in an airless furnace in the temperature of about 1000°C. The coking process removes volatile parts from coal in the form of gases and the material that remains is pure coke – high-calorie, slow-burning product with a high carbon content. The JSW Group produces the following types of coke.
Coke Production Segment – see Coke Segment
Coke Segment – the Group’s operating segment focused on the production and sale of coke and hydrocarbons.
Coke-oven benzol – liquid product of the coking process, separated from coke-oven gas through absorption in scrubbing oil. Coke-oven benzol is a mixture of light aromatic hydrocarbons obtained in the coal coking process, with variable composition, containing mainly benzene and its alkyl derivatives. Coke-oven benzol is usually used for further processing (distillation) to obtain primarily benzene and its derivatives.
Coke-oven gas – gas obtained during the coal coking process, after removal of liquid products (tar and benzol), sulfur and ammonia. Used in coking plants to fire coking chambers. Excess gas is used as fuel gas in heating stations and combined heat and power plants. It may also be used as raw material for generation of hydrogen or for chemical syntheses.
Coke-oven tar – liquid product of the coal coking process, separated from raw coke-oven gas through condensation. Coke-oven tar is used mostly for further processing through distillation. Other potential applications include: as a reducing agent in metallurgy, as a coal charge wetting agent in coke production, and as fuel for industrial energy sources (individually or in a mixture with other oils)
Coking coal – coal with specific quality parameters and characteristics, used for industrial production of coke.
Coking Segment – see Coke Segment
Commercialization – transformation of a state-owned company into a company wholly owned by the State Treasury (limited liability company or joint-stock company), performed by the State Treasury Minister acting on behalf of the State Treasury. The term is defined in the Commercialization and Privatization Act of 30 August 1996.
Company Bargaining Agreement (ZUZP) – normative agreement regulated in the Labor Code concluded by the employer and trade unions. ZUZP may contain a broader and more advantageous definition of employee rights regulated in the labor code or in other regulations, but it cannot contain any regulations that would be less advantageous for the employee than the the labor law.
Corporate Governance – this term should be considered in three different but closely related aspects.
Corporate Social Responsibility (CSR) – is an approach to the pursuit of business objectives which improves the quality of life of the stakeholders through provision of safe and high quality products and services and does not contribute to the increase of the company’s negative impact on its surroundings. It is a management concept, which takes into account the company’s responsibility for the effect it has on employees, customers, shareholders, local community and the environment. It is a part that the business contributes to the implementation of the policy of sustainable economic growth. It is a philosophy of running business in line with the sustainable growth principles.
Deposit – natural accumulation of minerals in the Earth’s crust or on its surface, in the form and in the area that allow for its economic utilization, now or in the future.
EBITDA – for every calculation period, the sum of the operating result, depreciation and amortization.
Expensable mining pits – mine workings that are used to access operational mining pits. Upon initial recognition, they are measured at the accumulated cost incurred to build them, minus the value of coal mined during their construction measured at the normative production cost of the mined coal. Capitalized cost of expensable mining pits (which are classified as prepayments and accruals) are presented in the consolidated financial statements as a separate item of property, plant and equipment. The expenditures for expensable mining pits are settled pro rata to the production of coal in respective wall areas. This is presented as depreciation in the financial result.
Free on Board (FOB) – prices in the seller’s port for materials loaded on vessel, according to Incoterms 2010
Hard Coal – see Type 35 Coal
Hydrocarbons – products obtained in the coking process; their production levels are closely correlated with the coke production level. Hydrocarbons include coke-oven gas, coke-oven tar and benzol. Other hydrocarbons include ammonium sulfate and liquid sulfur.
JSW Group (Group) – the Capital Group of Jastrzębska Spółka Węglowa
Liquid Sulfur – product of sulfur removal from the coke-oven gas through oxidation of hydrogen sulfide. Liquid sulfur is used as raw material by the chemical and rubber industries.
Mining Area – area in which a business is authorized to extract minerals covered by the concession.
National Court Register (KRS) – a type of a public register run by selected district courts and the Justice Ministry.
Others Segment – see Support Segment
Other Segments – include activities performed by the Group’s entities other than those covered by the Coal and Coke Segments
Parent – Jastrzębska Spółka Węglowa S.A.
Privatization – disposal of shares owned by the State Treasury in companies; the term is defined in the Commercialization and Privatization Act of 30 August 1996.
Recoverable reserves – (1) the portion of measured/industrial resources located in longwall workings, which also includes interlayers up to 5 cm thick; this category is specific to the Polish reserve classification system; (2) Industrial resources multiplied by the industrial resources utilization ratio, considering the sum of possible losses in the mining process; reserves equal to theoretical extraction;
Reserves – the quantity of minerals in a deposit; there are several types of reserves with different level of economic feasibility, precision of exploration and available extraction technology.
Respect Index (RI) – includes socially responsible companies listed on the WSE Main List. Corporate social responsibility is defined as a management strategy and a business approach, which involves building good and lasting relationships based on the mutual understanding of and respect for the wider business environment (i.e. with all stakeholders: employees, suppliers, customers, local communities, shareholders and envisaging care for the natural environment). The Respect Index has been calculated since 19 November 2009. The base date of the index is 31 December 2008. The first RESPECT index value was 1000 points. RESPECT is an income-based index, and thus when it is calculated it accounts for both prices of underlying shares and income from dividend and pre-emptive rights.
Segments – the Group’s operating activity, which is divided into segments, according to the type of products offered and the type of production activity.
Semi-Soft Coal – see Type 34 Coal
Stakeholder – a person or entity, which has interest in the company’s business and carries any risks associated with its operation and any persons or entities, which may be affected by the company through its operation. In contrast to shareholders, who are primarily interested in profit earned from the company’s operations, stakeholders are a much broader group, which includes, among others, its employees, customers, suppliers, public administration, local community and the environment. The term „stakeholder” was first introduced by the Stanford Research Institute in 1963.
Steam Coal – natural material used for electricity and heat generation; a semi-finished product of the coking coal enrichment process; because of its purpose it is also called thermal coal; used mainly by commercial power plants and CHP plants; its usual calorific value is approx. 21 MJ/kg.
Thermal Coal – see Steam Coal
Type 34 Coal – coal with worse coking parameters than type 35 coking coal; it is used for the production of metallurgical coke and fuel coke
Type 35 Coal – coal with excellent coking parameters, adequate as the main raw material for the production of top quality metallurgical coke with low CO2 reactivity levels and high mechanical strength; it is also used to produce high quality foundry coke.
Warsaw Stock Exchange (WSE) – public institution established to ensure the capacity to trade securities (such as shares, bonds, pre-emptive rights etc.) and financial instruments other than securities (options, futures) admitted into trading on the stock exchange.
Warsaw Stock Market Index (WIG) – the first stock exchange index, calculated since 16 April 1991. The initial value of the WIG index was 1000 points. At present WIG includes all the companies listed on the WSE Main List that meet base eligibility criteria. WIG follows the diversification principle, which is aimed at limiting the share of a single company and a single exchange sector. It is an income-based index and thus when it is calculated it accounts for both prices of underlying shares and income from dividend and pre-emptive rights.
WIG20 – an index based on the value of the portfolio of 20 largest and most liquid companies on the WSE Main List. It has been calculated since 16 April 1994. The first index value was 1000 points. WIG20 is a price-based index and thus when it is calculated it accounts only for prices of underlying shares while dividend income is excluded. WIG20 may not include more than 5 companies from a single exchange sector. WIG20 is the base index for WIG20short and WIG20lev indices.
WIG30 – an index based on the value of the portfolio of 30 largest and most liquid companies on the WSE Main List. It has been published since 23 September 2013. The base value of the index was set at 28 December 2012 at 2582.99 points. WIG30 is a price-based index and thus when it is calculated it accounts only for prices of underlying shares while dividend income is excluded. WIG30 may not include more than 7 companies from a single exchange sector, while the share of a single company in the index is limited to 10%.
WIG-surowce (WIG-basic materials) – sub-sector index comprised of companies from the WIG index classified in the „basic materials industry” sector. The sub-index portfolio contains the same blocks of shares as in the WIG portfolio. The base date of the index is 31 December 2010 and the value of the index on that date was 4748.99 points. The sub-index calculation methodology is the same as one used for the WIG index: it is an income-based index and its calculation takes into account both the pricing of the stocks as well as income from dividends and pre-emptive rights.