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Well Positioned for Sustainable Growth

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Well Positioned for Sustainable Growth Well positioned for sustainable growth ANNUAL REPORT AND ACCOUNTS 2020 WHAT’S IN THIS REPORT CONTENTS STRATEGIC REPORT Elementistoday 01 2020highlights 01 Ourbusinessataglance 02 Elementisineverydaylife 04 Chairman’sstatement 06 CEO’sreview 08 RespondingtoCOVID-19 12 Marketreview 14 Ourstakeholders 16 Ourbusinessmodel 18 Section172 20 Ourstrategy 22 Keyperformanceindicators 30 Environmental,Socialand Governanceoverview 32 Non-financialinformation 44 Financialreview 45 Operatingreview 51 P32 Riskmanagement 56 OUR ENVIRONMENTAL, Principalrisksanduncertainties 59 Viabilityandgoingconcernstatement 63 SOCIAL AND GOVERNANCE OVERVIEW CORPORATE GOVERNANCE Chairman’scorporategovernancestatement 64 BoardofDirectors 66 ExecutiveLeadershipTeam 68 CorporateGovernancereport 70 Divisionofresponsibilities 70 Boardleadershipandcompanypurpose 71 Shareholderengagement 75 Composition,successionandevaluation 76 NominationCommitteereport 79 P24 P12 Diversitypolicy 82 AuditCommitteereport 83 HOW WE OUR COVID-19 Directors’Remunerationreport 87 INNOVATE RESPONSE Directors’report 114 Directors’responsibilities 117 FINANCIAL STATEMENTS Independentauditor’sreport 118 Consolidatedincomestatement 128 Consolidatedstatementof comprehensiveincome 128 Consolidatedbalancesheet 129 Consolidatedstatementofchangesinequity 130 Consolidatedcashflowstatement 131 Notestotheconsolidatedfinancialstatements 132 ParentCompanybalancesheet 175 ParentCompanystatementof changesinequity 176 Notestothecompanyfinancialstatements ofElementisplc 177 SHAREHOLDER INFORMATION Alternativeperformancemeasuresand unauditedinformation 183 Fiveyearrecord 185 Shareholderservices 186 Corporateinformation 188 Glossary 189 P23 STRATEGIC PROGRESS Formoreinformation IN 2020 https://www.elementis.com/ STRATEGIC REPORT STRATEGIC 2020 HIGHLIGHTS Well positioned for sustainable growth CORPORATE GOVERNANCE CORPORATE OPERATIONAL HIGHLIGHTS Elementisisaglobalspecialty TheCOVID-19pandemichashadasignificantimpactonmany chemicalscompany.Wedeliver businessesaroundtheworld.Inresponsewehavefocusedon the safetyofourworkforce,maintainingareliablesupplytoour EnhancedPerformanceThrough customers,andoptimisingourfinancialperformancethrough AppliedInnovation;ourproducts a clearself-helpagendafocusedonproactivecostand cashmanagement. makeourcustomers’formulations FINANCIAL STATEMENTS STRATEGIC HIGHLIGHTS look,feelandperformattheirbest. Whilethedemandenvironmentwaschallengingin2020, the implementationofourInnovation,GrowthandEfficiency strategyhascontinuedatpace.Thelaunchof12newproducts, generationof$30mofnewbusinessopportunitiesanddelivery of $15m($10mtemporary)ofcostsavingsdemonstratesthe Grouphasarobustfoundationfromwhichtogrowanddeliver on ourmediumtermfinancialobjectives. SHAREHOLDER INFORMATION REVENUE ADJUSTED ADJUSTED OPERATING PROFIT/(LOSS) NET DEBT3 OPERATING OPERATING PROFIT/(LOSS) BEFORE PROFIT1 MARGIN1 TAX 874 16.1 133 101 65 61 498 822 123 454 751 14.1 85 408 10.9 82 (68.8) (28.2) 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2020 2020 2020 2020 2020 2020 $751m $82m 10.9% $(28.2)m $(68.8)m $408m 2019:$874m 2019:$123m 2019:14.1% 2019:$101m 2019:$61m 2019:$454m 2018:$822m 2018:$133m 2018:16.1% 2018:$85m 2018:$65m 2018:$498m DILUTED EARNINGS ADJUSTED ORDINARY TOTAL LOST TIME ENVIRONMENTAL PER SHARE DILUTED DIVIDEND RECORDABLE ACCIDENTS (LTA) INCIDENTS EARNINGS PER PER SHARE2 INCIDENT RATE SHARE1 (TRIR) 9.5 16.9 8.40 8.55 0.68 2 7.9 12.4 0.48 (11.3) 1 6.5 0.22 – – – – 0.00 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2020 2020 2020 2020 2020 2020 (11.3)c 6.5c 0c 0.68 2 0 2019:7.9c 2019:12.4c 2019:8.55c 2019:0.48 2019:1 2019:0 2018:9.5c 2018:16.9c 2018:8.40c 2018:0.22 2018:0 2018:0 1 Afteradjustingitems–seeNote5 2 RebasedfortheeffectsoftheRightsIssuein2018 3 PleaseseetheAlternativePerformanceMeasuressectiononpage183 Cautionary statement TheAnnualReportandAccountsforthefinancialyearended31December2020,ascontainedinthisdocument(‘AnnualReport’),containsinformation whichviewersorreadersmightconsidertobeforwardlookingstatementsrelatingtoorinrespectofthefinancialcondition,results,operationsor businessesofElementisplc.Anysuchstatementsinvolveriskanduncertaintybecausetheyrelatetofutureeventsandcircumstances.Therearemany factorsthatcouldcauseactualresultsordevelopmentstodiffermateriallyfromthoseexpressedorimpliedbyanysuchforwardlookingstatements. NothinginthisAnnualReportshouldbeconstruedasaprofitforecast. ELEMENTIS PLC 01 ANNUALREPORTANDACCOUNTS2020 | OUR BUSINESS AT A GLANCE Working with our customers and their industries to C solve product performance and sustainability challenges WHO WE ARE WHAT WE DO HOW WE DO IT Elementisisaspecialty Wecreate,makeandsell Combiningouraccessto chemicalscompanywithover specialty chemicalsthatdeliver uniquenaturalmaterials 1,300employeesandoperating realbenefitstoarangeofdiverse with ourleadingrheology at23manufacturingsites productsincludingcosmetics, and technologicalexpertise, acrosstheglobe. coatings,longlifeplastics we deliverEnhanced and manymore.Inallareas PerformanceThroughApplied Foundedin1844,wearelisted of our businessourfocusis Innovationtoallourcustomers ontheLondonStockExchange on creatinginnovativeingredients aroundtheworldinatimelyand andareaconstituentofthe thatdeliverperformance sustainablemanner. FTSE250. improvementsand enhanced sustainabilitycredentials. SALES PersonalCare–21% Chromium–19% Coatings–39% Energy–3% Talc–18% PERSONAL CARE COATINGS OVERVIEW OVERVIEW Wearealeadingglobalsupplierof Wesupplyourrheologymodifiersand rheologymodifiers,basedonnaturaland additivestoindustrialanddecorative syntheticingredients,andantiperspirant coatingsmanufacturers.Ourproducts ADJUSTED OPERATING PROFIT activestopersonalcaremanufacturers. helpmakeindustrialcoatingslastlonger Ourproductshelpmakeskincreams anddecorativecoatingsapplyevenly PersonalCare–33% Talc–16% smoothandantiperspirantswork. andwithenhancedstainresistance. Coatings–45% Chromium–6% $161m $296m Sales Sales $34m $47m Adjusted operating profit Adjusted operating profit Calculationsadjustedforintersegmentalsales, Readmoreonpage51 Readmoreonpage52 corporatecostsandtheEnergybusiness 02 ELEMENTIS PLC ANNUALREPORTANDACCOUNTS2020 | STRATEGIC REPORT STRATEGIC Manufacturing sites PersonalCare,Coatings&Energy Chromium Talc CORPORATE GOVERNANCE CORPORATE FINANCIAL STATEMENTS WHERE WE OPERATE SHAREHOLDER INFORMATION AMERICAS EUROPE ASIA Total number of sites: Total number of sites: Total number of sites: 12 8 3 7PersonalCare,CoatingsandEnergy 4PersonalCare,CoatingsandEnergy 3PersonalCare,CoatingsandEnergy 5Chromium 4Talc TALC CHROMIUM ENERGY OVERVIEW OVERVIEW OVERVIEW Wearethesecondlargestglobal Wesupplyarangeofchromium Wesupplyclayandsyntheticbased supplieroftalcbasedadditivesto chemicalsthatareusedacrossabroad rheologymodifiersforoilandgasdrilling, industrialendmarketsincludinglong rangeofindustrialapplicationstomake and stimulationactivities.Theseproducts life plastics,coatingsandtechnical productsmoredurable.Wearetheonly areformulatedtolubricatethedrillbit, ceramics.Talcadditiveshelpmakelong producerinNorthAmericaandhavea controlformationpressureandremove lifeplasticslighterand stronger,and uniquedeliverysystemthatgenerates cuttingsindrillingfluids. deliverenhancedanti-corrosion significantcustomersafetybenefits. characteristicstocoatings. $133m $147m $24m Sales Sales Sales $17m $6m $(6m) Adjusted operating profit Adjusted operating profit Adjusted operating profit Readmoreonpage53 Readmoreonpage54 Readmoreonpage55 ELEMENTIS PLC 03 ANNUALREPORTANDACCOUNTS2020 | ELEMENTIS IN EVERYDAY LIFE The world of Combiningouraccesstounique naturalresourceswithourmarket Elementis leadinginnovationexpertise, we create performancedriven additivesthatcanbefoundinmany productsusedineverydaylife. BATHROOM 8 14 10 2 3 1 13 4 5 9 15 6 11 12 7 1. HAIR CONDITIONER FANCOR®naturaloilshelpconditionandrepair 8. TILES THIXATROL®helpsbindlargetilestoasurfacefasterandforlonger damagedhair 9. TILE ADHESIVES FINNTALCimproveswaterresistanceandlowersshrinkage 2. SUNSCREEN BENTONEGEL®andBENTONEHYDROCLAY™helpimprove of tileadhesives sunscreenapplicationandboostSPF 10. MIRROR FINNTALCinthecoatingofyourmirrorprotectsthesilverforlonger 3. ANTIPERSPIRANT HighperformanceANTIPERSPIRANTACTIVEShelpkeep 11. TOILET PAPER FINNTALCpreventsformationofstickyimpuritiesin you fresherforlonger papermaking 4. NAIL POLISH BENTONE®organoclaysmakenailpolishapplysmoothly 12. TOILET SEAT OurPLUSTALCincreasesthedurabilityofyourtoiletseat andevenly 13. SHOWER HEAD CHROMICACIDprovidesmetallicshine,corrosionand 5. ANTACIDS ElementisANTACIDACTIVEShelpeasethediscomfortof wearresistance stomachindigestion 14. TOWEL RACK CHROMICACIDprovidesmetallicshine,corrosionand 6. FABRIC SOFTENER RHEOCLEAN®rheologymodifiersmaketowelssofter wearresistance forlonger 15. GREEN TILES CHROMEOXIDEprovidesvividcolourpigmentationforgreen, 7. CERAMICS BENTONE®hectoriteclayprovidesexcellentflowofceramics brownandblacktiles to createmirror-likeglossandsmoothness KITCHEN 4 5 3 8 14 6 2 7 13 11 12 10 15 9 1 1. KITCHEN FLOOR BENTONE®thickenerscreateasmoothconcretelevelling 9. KITCHEN FURNITURE FINNTALCintheedgeprotectionofyourkitchenfurniture surfacefortiles,carpetsorparquet supportsdurability 2. WALL PAINT RHEOLATE®thickenersensurepremiumpaintsapplyevenly, 10. WASHING MACHINE TALCensuresthatyourwashingmachinepartscan smoothlyandwithcompletecover resistdamage 3. TILES BENAQUA®spraydriedhectoriteclaypreventssaggingofwalltiles 11. REFRIGERATOR SODIUMDICHROMATEhelpsrefrigerantcoils 4. KITCHEN CABINET RHEOLATE®thickenerscreateauniformandhighquality
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