Contents. About GCT. Who we are? 5 Our history 6 Our product 8 Our vision 11. Management Analysis

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2 Contents About GCT About this report Who we are? 5 Our history 6 Our product 8 Our vision 11 Management Analysis Our strategy 13 Our goals 14 Corporate Governance 15 Phosphate and Fertilizers in the World Phosphate market review 18 World fertilizers consumption 20 Company Profile Phosphate minning site 22 Processing plants 24 GCT production 25 GCT sales 28 Quality management 30 Financial Overview Financial indicators 32 Funding and liquidity 33 Working capital management 34 Personal expenses and employees 34 Investment Projects 35 GCT report 2012 on line This report is also available in HTML format and as a PDF download on our website

3 Environmental Performances GCT s Environmental strategy 38 Objectives 38 GCT s Environmental plan (2009/2016) 39 Phosphogypsum disposal management 40 Water resources preservation Research and Development Objectives 42 GCT portfolio of licenses 42 Partnership with universities 43 Quality improvement and product innovation 44 Uranium extraction from phosphoric acid 45 New research centers 45 Environmental researches 46 Partenership Projects partnership 48 GCT s subsidiaries 49 TIFERT Phosphoric Acid Project 50 Sustainable Human Development Social commitment 52 Manpower 54 Training 55 Safety and security management 56 Implementation of corporate 57 Social responsibility

4 ABOUT THIS REPORT This report illustrates the main activities in terms of research, production, marketing, human resources management and environment protection, during the last three years 2010, 2011 and During the years 2011 and 2012, the Tunisian economy endured the effects of the global slowdown and was also heavily impacted by the revolution and especially by the political instability. The social troubles, the innumerable sit-in and the movements of the unemployed persons in the country and particularly in the phosphate mining basin have impacted phosphate production and transportation. Consequently, GCT plants are not continuously feeded in phosphates and they were unable to run at the cruising speed. Despite all these events, GCT plants are well maintained and are able to produce around 1.7 Million T P 2 per year. At the end of this year, GCT is preparing to start TIFERT after the completion of production units and continue the construction of the new plant of GTSP in M Dhilla despite multiple hindrances. GCT is today focusing on its strategic policy to diversify its values and markets: Purified phosphoric acid (PPA) plant with a capacity of v TP 2 per year v GSSP, sulfured fertilizers Partnerships with its stakeholders are the cornerstone of our success. The environmental aspect exalted officials GCT looking for environmental solutions for all issues related to the different types of waste such as: solid liquid and gaseous. GCT considers environmental protection a priority and a source of value creation. GCT assumes that scientific research is the backbone of industrial development. The full integration of sustainable development concept based on three pillars: environment, social and economics. GCT have defined values to guide its actions: v creative, v open, v responsible, v entrepreneurial. 3

5 About GCT WHO WE ARE? OUR HISTORY OUR PRODUCTS OUR VISION

6 WHO WE ARE? 6.5 million tons phosphates Groupe Chimique Tunisien (GCT) is a proudly Tunisian producer and exporter of phosphoric acid and fertilizers derivatives. It ranks among the most important Tunisian companies and the most important phosphate industry companies in the world. GCT is internationally respected for competing vigorously in world markets built on the profitable and responsible beneficiation of phosphates for the sustained benefit of all stakeholders. It processes about 6.5 million tons of Tunisian phosphate rock per year, into Merchant Grade Phosphoric acid (MGA), Di-Ammonium Phosphate (DAP), Mono-Ammonium Phosphate (MAP), Triple Super Phosphate (TSP) and also feed phosphate product : Di-Calcium Phosphate (DCP), Mono-Calcium Phosphate (MCP). Moreover, GCT produces Agricultural Grade Ammonium Nitrate and Porous Ammonium Nitrate mainly for the local market. GCT has 4 production sites located in southern Tunisia (Gabes, Sfax, Skhira and M dhilla) and employs 6939 people at the end of GCT mission is defined as follows: w Create high added value from Tunisian rock phosphate mined ; w Export phosphoric acid and solid fertilizers worldwide ; w Create jobs and improve social life. 5

7 OUR HISTORY More than Sixty years of expertise in phosphate industry Incorporation of SIAPE Launching of TSP plant (Sfax) 1962 Incorporation of ICM 1971 Launching of ICM plant (Gabes) GCT origin goes back as far as 1947 when a state-owned chemical company (SIAPE) was incorporated and started production of Triple Super Phosphate (TSP) in 1952 at Sfax, providing added value to the Tunisian phosphate rock mined by Compagnie des Phosphates de Gafsa (CPG), which ranked fifth largest phosphate rock producer in the world Launching of EG plant (Gabes) Incorporation of SAEPA Launching of SAEPA plant (Gabes) Incorporation of ICG 1985 Launching of ICG plant (M dhilla) Incorporation of EG Merger by absorption of ICM, EG and ICG by SIAPE Merger by absorption SAEPA by SIAPE SIAPE becomes GCT 6

8 Overseas expansion, equity stakes in: SACF (China) CIL (ex GFCL) (India) TIFERT (Tunisian Indian Fertilizers) (Tunisia) During the 1970 s and 1980 s, the Tunisian state pursued investment in additional production units: in 1972, a new plant under the name of ICM 1 started production of Merchant Grade Phosphoric acid (MGA) in Gabes. Gabes industrial platform is currently the largest manufacturing facility of GCT. The expansion in Gabes and elsewhere has been as follows: MGA: Four additional plants began production: ICM II in 1974, SAEPA in 1979, ICM IIl in 1982 and SIAPE 2 (Skhira) in Di-Ammonium Phosphate (DAP): A first plant began production in 1979 SAEPA I, followed by a second one (Engrais de Gabes) in Agricultural grade Ammonium Nitrate: SAEPA II began production in Triple Super Phosphate: A second plant began production in M dhilla ICG in The consolidation of Tunisian phosphate industry took place through: The merger by absorption of ICM, EG,ICG by SIAPE in The merger of SIAPE and SAEPA to form Groupe Chimique Tunisien (GCT) in GCT business also expanded overseas to highgrowth countries: China SACF (1985) and India CIL (2003) where GCT invested in order to consolidate its market position. In 2006, a Phosacid joint venture was incorporated under the name of Tunisian Indian Fertilizers (TIFERT), which the objective is to build a phosphoric acid plant in Skhira near to the GCT existing plant. GCT is also investing in a new TSP project in Tunisia with a capacity of MT/year expected to be in operation in

9 OUR PRODUCTS PHOSPHORIC ACID TRIPLE SUPER PHOSPHATE (TSP) CHEMICAL ANALYSIS CHEMICAL ANALYSIS Designation Element Concentration Phosphorus Pentoxide P % Calcium Oxide CaO 0.5% max Designation Element Concentration Phosphorus Pentoxide P 2 (T) 47% min Soluble Water & Citrate P 2 Sulfuric Acid H 2 SO 4 3% max (SW+C) 46% min Iron Oxide Fe 2 O 3 0.5% max Soluble Water P 2 (SW) 43% min Aluminium Oxide Al 2 O 3 0.9% max Magnesium Oxide MgO 1.4% Fluorine F 0.4% Carbon C 0.06% max Moisture H 2 O 4% max Free Acid P 2 4% max Screen Analysis : % by weight 1-5 mm 94% min Specific Gravity 1,7 g/cm 3 at 25 C 8

10 MONO-AMMONIUM PHOSPHATE (MAP) DI-AMMONIUM PHOSPHATE (DAP) CHEMICAL ANALYSIS CHEMICAL ANALYSIS Designation Element Concentration Total Nitrogen N 11% min Phosphorus Pentoxide P 2 (T) Soluble Water & Citrate P 2 Soluble Water (SW+C) 52% min 52% min P 2 (SW) 49% min Moisture H 2 O 1,7% max Screen Analysis : % by weight 1-4 mm 95% min 4-5 mm 5% max Designation Element Concentration Total Nitrogen N 18% min Phosphorus Pentoxide P 2 (T) Soluble Water & Citrate P 2 Water Soluble (SW+C) 46% min 46% min P 2 (SW) 43% min Moisture H 2 O 1,7% max Screen Analysis : % by weight 1-4 mm 95% min 4-5 mm 5% max 9

11 2012 DI-CALCIUM PHOSPHATE (DCP) MONO-CALCIUM PHOSPHATE (MCP) CHE MICAL ANALYSIS C H EM IC A L A NA LY SIS Designation Phosphorus Calcium Fluorine Moisture Lead Arsenic Cadmium Mercury Insoluble Hydrogen Chloride Soluble Citrate Screen Analysis : Element P Ca F H2O Pb As Cd Hg HCl Concentration 17,5% min 22% min 0,2% max 3% max 5 ppm max 1 ppm max 10 ppm max 0,1ppm max Designation Element Concentration Phosphorus P 22% min 0,9% max 98% min 38% min Calcium Ca 15% min Fluorine F 0,2% max Moisture H2O 3% max Lead Pb 5 ppm max Arsenic As 5 ppm max Cadmium Cd 10 ppm max Mercury Hg 0,1ppm max Insoluble Hydrogen Chloride HCl 0,9% max Screen Analysis : % by weight <1 mm % by weight <1 mm 90% min 90% min AGRICULTURAL AMMONIUM NITRATE (AAN) C H EM IC A L A NA LYSIS Designation Phosphorus Soluble water P2O5 (WS) Element Concentration Total Nitrogen N 33,5% min Ammoniacal Nitrogen N Nitrogen 16,75% min Nitric Nitrogen N Nitric 16,75% min Moisture H2O 0,3% max Screen Analysis : % by weight 1-4 mm 95% min POROUS AMMONIUM NITRATE (PAN)! CHE MICAL ANALYSIS Designation Total Nitrogen Element N Ammoniacal Nitrogen N Nitrogen Nitric Nitrogen NNitric Moisture H2O Fuel Absorption Bulk Density Screen Analysis : % by weight 1-2 mm Concentration 34,5% min 17,30% min 17,20% min 0,3% max 10% 650 g/l 92% min 10

12 OUR VISION GCT is internationally recognized in the world market as a producer of phosphoric acid and fertilizers. Its global reputation must be consolidated by a profitable and responsible phosphate exploitation sustained for the benefit of all stakeholders. Identify and communicate a clear vision is one of the most important functions wich can perform an entrepreneur. Creating a clear and effective value brings many benefits to our company and leads to improved productivity and efficiency. However, to build its own vision, GCT evolves according to the following visions: Gradual increase in the processing capacity of phosphates roch to exceed 10 million tons by 2016, Strict environmental monitoring to achieve the objectives while respecting environmental conditions, Ensure the sustained growth profitability by a clear decisions, Ensure a good health protection and safety occupation to the employees and the society. 11

13 Management s Analysis 2012 OUR STRATEGY OUR GOALS CORPORATE GOVERNANCE ORGANIZATION CHART

14 OUR STRATEGY In 2060, around ten billion people will live on this planet. This population growth is associated with enormous global challenges but we also see many opportunities, especially for the fertilizer industry. In order to meet the pressing needs of the future population, through the development technology, GCT improved different varieties and kind of fertilizers from phosphoric acid and ammonia : w DAP is the most common and popular fertilizer w TSP is phosphate with only one fertilizing element : Phosphorus w MAP is the binary fertilizer with two fertilizing elements : Nitrogen and Phosphorus w AN is ammonium nitrate with two types of Nitrogen : ammoniacal and nitric In the other hand, our fertilizers can be enriched with macro and micro nutrients : (S, Mg, Ca, B, Zn, Mn...) in order to enhance the level land fertilizers elements associated to the good proportion of micronutients according to the soil requirements. GCT strategy combine economic success, social responsibility and environmental protection. Soustainability is becoming as a key factor for growth and value creation. GCT acts in accordance with the following strategic principles : w Add value to its custumers by good communication, w Innovate to make its customers more successful, w Drive sustainable solutions, w Take responsibility for its own personal development, w Keep up-to-date and invest in its capabilities. 13

15 OUR GOALS Phosphate rock is extracted from Gafsa mining basin, before being railed to the Acid Plant in Gabes, Skhira,Sfax and M Dhilla for use as a raw material in phosphoric acid production. To achieve manufacturing excellence, the cost optimization, the quality assurance, the environmental compliance and the human capital are the backbone of the industrial development. The growth of the company depends heavily on the success of the following main operations : w Increasing productivity while reducing costs and saving the environment ; w Supporting development while preserving financial equilibrium ; w Contribute to improved regional economic development ; w Reduce specific consumption of energy use ; w Ensure strict compliance with environmental requirements ; w Adopting the best technologies in the proccessing plants. GCT combines economic success, social responsibility and environmental protection. 14