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Annual Report 2020

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Annual Report 2020 Annual Report 2020 ORLEN Unipetrol RPA s.r.o. 1 CONTENTS 1 CONTENTS ................................................................................................................... 2 2 COMPANY INFORMATION AND OVERVIEW OF ACTIVITIES ..................................... 3 2.1 EXECUTIVES ......................................................................................................... 4 2.2 MANAGEMENT ...................................................................................................... 4 3 FINANCIAL RESULTS ................................................................................................... 4 4 RISK MANAGEMENT .................................................................................................... 4 5 ANTICIPATED DEVELOPMENTS ................................................................................. 5 6 EVENTS AFTER THE BALANCE SHEET DATE ............................................................ 6 7 OTHER INFORMATION ................................................................................................. 6 7.1 REASEARCH AND DEVELOPMENT ...................................................................... 6 7.2 KEY ENVIRONMENTAL ACTIVITIES ..................................................................... 8 7.3 EMPLOYMENT RELATIONS .................................................................................. 9 7.4 SUBSIDIARIES AS OF 31 DECEMBER 2020 ........................................................10 7.5 INFORMATION ABOUT FOREIGN BRANCHES ...................................................11 8 FINANCIAL STATEMENTS ...........................................................................................11 9 REPORT ON RELATIONS BETWEEN RELATED PARTIES ........................................11 The Annual Report of ORLEN Unipetrol RPA s.r.o. is prepared in accordance with the provisions of section 21 of Act 563/1991 Coll., on Accounting, as amended. ORLEN Unipetrol RPA s.r.o. 2 2 COMPANY INFORMATION AND OVERVIEW OF ACTIVITIES Company name: ORLEN Unipetrol RPA s.r.o. Registered office: Litvínov, Záluží 1, postcode: 436 70, Czech Republic Reg. No. 275 97 075 Registered capital CZK 11,147,964,000 – registered on 5 August 2014 Company formation The merger of CHEMOPETROL, a.s., with its registered office at Litvínov – Záluží 1, Most District, postcode: 43670, Reg. No. 25003887, and UNIPETROL RAFINÉRIE a.s., with its registered office at Litvínov – Záluží 1, postcode: 436 70, Reg. No. 25025139, resulted in the formation of a successor company, UNIPETROL RPA, s.r.o. As a result of the above companies’ merger effective as of 1 January 2007, the assets, including the rights and obligations arising from the labour relations of the acquired companies CHEMOPETROL, a.s. and UNIPETROL RAFINÉRIE a.s., were transferred to UNIPETROL RPA, s.r.o. This information was entered in the Commercial Register on 1 August 2007. As at 1 February 2021 the company changed its business name to ORLEN Unipetrol RPA s.r.o. The sole shareholder is joint-stock company ORLEN Unipetrol a.s., with its registered office at Praha 4, Milevská 2095/5, postcode: 140 00 (until 30 September 2018, the registered office of the Company was at Na Pankráci 127, Praha 4, postcode: 140 00). The Company is part of the consolidation group, ORLEN Unipetrol a.s. The majority shareholder of ORLEN Unipetrol a.s. is Polski Koncern Naftowy ORLEN S.A. Principal objects of business activities: ORLEN Unipetrol RPA is a leading Czech company producing and processing raw materials for the refining, petrochemical, and agrochemical industry, which is also reflected in the abbreviation RPA: refinery, petrochemistry, agrochemistry. The Company primarily supplies motor fuels, fuel oils, bitumen, liquefied petroleum products, oil hydrogenates, other refinery products, olefins and aromatics, agrochemicals, carbon black and sorbents, and polyolefins (high-density polyethylene and polypropylene). ORLEN Unipetrol RPA s.r.o. 3 Changes made in the object of business activities to 31 December 2020: No changes were made in the objects of business activities in 2020. Other changes entered in the Commercial Register in 2020: No other changes were made in the Commercial Register in 2020. Governing body – authorised representatives: 2.1 EXECUTIVES Tomáš Herink in office since 15 March 2017 Tomasz Wiatrak in office since 9 March 2018 Maciej Andrzej Libiszewski in office since 20 March 2018 Katarzyna Woś in office since 20 March 2018 Ryszard Pilch in office since 28 January 2020 Adam Paweł Jarosz in office since 18 February 2020 Changes made in the Commercial Register to 31 December 2020: Marek Eugeniusz Kaszuba termination of office as of 13 January 2020 Przemysław Wacławski termination of office as of 14 January 2020 2.2 MANAGEMENT In the period to which this report relates, the Company’s management comprised its executives. 3 FINANCIAL RESULTS Statement of profit or loss and other comprehensive income The Company’s revenues for the year 2020 amounted to CZK 75 803 million and were by 37 % lower than in the year 2019, mainly due to coronavirus pandemic and turnaround in Litvínov plant. The geographic structure of the Company’s revenues remained unchanged with the majority of sales directed toward EU countries in 2020. The Company’s profit from operations on EBIT level decreased from CZK 1 072 million in 2019 by CZK 7 508 million to CZK (6 436) million for 2020. In the year 2020 the Company’s net loss reached the level of CZK (5 708) million. ORLEN Unipetrol RPA s.r.o. 4 Statement of financial position As of December 31, 2020, non-current assets of the Company amounted to CZK 54 909 million. In 2020, the Company acquired tangible and intangible assets worth CZK 8 351 million. Most investments were done in the downstream segment followed by investments in the retail segment. As of December 31, 2020, total current assets amounted to CZK 25 216 million. The equity of the Company decreased to CZK 43 839 million as at December 31, 2020. 4 RISK MANAGEMENT ORLEN Unipetrol RPA is exposed to financial risks, i.e., mainly foreign currency risk due to the high proportion of sales and purchase in foreign currencies, and commodity risk resulting from time mismatch between transactions of seaborne purchase of crude oil and sales of crude oil products. These risks are mitigated by hedging transactions based on the Company’s hedging strategy. 5 ANTICIPATED DEVELOPMENTS The main development trends of the entire ORLEN Unipetrol Group include the development and increase of petrochemical production, integration of refinery assets, involvement in low- emission energy, hydrogen and circular economies, consistent development of retail sales and strengthening the leading position in the retail market of fuel sales in the Czech Republic and further development of filling station network in Slovakia. Furthermore, the Company emphasises a strong R&D background and the introduction of innovations that will support all activities on a sound financial basis. The main tasks for 2021 include the marketing and sale of the product portfolio of the newly launched polyethylene unit (PE3) in Chempark Záluží, the change in the name and logo of the Unipetrol Group to ORLEN Unipetrol, and the actual completion of the full affiliation to the international ORLEN Group and successful implementation of the targets arising from the new transformation strategy of the ORLEN Group until 2030 published on 30 November 2020. ORLEN Unipetrol RPA s.r.o. 5 6 EVENTS AFTER THE BALANCE SHEET DATE As at 1 February 2021 the company changed its business name to ORLEN Unipetrol RPA s.r.o. No changes have been made in the governing body in the period after 1 January 2021. 7 OTHER INFORMATION 7.1 RESEARCH AND DEVELOPMENT The continued focus of the company’s research and development activities (R&D) is on the areas that are vital for the performance of strategic objectives, which are significant for the entire ORLEN Unipetrol Group’s subsequent successful development. Our company is facing many challenges, which will materially change the business environment. The gradual decarbonisation of the refining and petrochemical industry, to which the entire ORLEN Group has committed itself, is the most impactful requirement. This objective shapes the leading research and development areas, i.e., the manufacture of biofuels and green hydrogen, processing of alternative resources for fuel production, and monomers and polymers as one of the highlights of the circular economy. We are continuously working on new energy- efficiency increasing projects to reduce the consumption of primary energy sources and use the waste heat sources to the fullest extent. High energy efficiency is an essential factor in decarbonisation efforts. We are also developing research infrastructures in our research centres: ORLEN Unipetrol Centre of Research and Education (ORLEN UniCRE) and PIB (Polymer Institute Brno). They focus on essential areas for the future development of the refining and petrochemical industry, contributing to the performance of significant goals related to decarbonisation, circular economy, lower consumption of primary fossil sources, etc. These goals are defined both within the ORLEN Group and as part of the Czech Republic’s objectives and commitments. ORLEN UniCRE focuses, among others, on the manufacture of liquid biofuels as a replacement of fossil diesel oil, gasoline and coal oil. It is intensively seeking to select suitable raw materials and make their qualitative evaluations. The Centre
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