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Annual Report 2015 How Far a Drop of Oil Took One Company

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Annual Report 2015 How Far a Drop of Oil Took One Company Made with Nynas oil Made with Nynas oil Made with Nynas oil Made with Nynas oil How far a drop of oil took one company Annual Report 2015 When you have a magical substance that can dissolve, purify, lubricate, cool, insulate, bind and protect why would you burn it up? Nynas is a different kind of oil company. Working together with our customers, we make full use of oil’s potential to help create valuable applications for customers and society as a whole. Wherever you look, you’ll see products and services made – or made possible – using Nynas naphthenic oils and bitumen. We’ve made it our business to unlock oil’s potential and provide value to our customers around the world. NYNAS ANNUAL REPORT 2015 3 Directors’ reporT Financial calendar Quarterly Report, Q1, 1 January – 31 March 2016 13 May, 2016 Annual Report 2015 24 May, 2016 Quarterly Report, Q2, 1 January – 30 June, 2016 26 August, 2016 Quarterly Report, Q3, 1 January – 30 September, 2016 18 November, 2016 The Annual Report is available online at nynas.com, where a printed copy can also be ordered, as well as other publications. NYNAS ANNUAL REPORT 2015 4 DIRECTORS’ report Financial overview MSEK 2015 2014 2013 2012 2011 Net sales 16,248 22,522 19,527 24,471 23,223 Operating result before depreciation (EBITDA)1 1,265 1,336 533 655 1,032 Net income before tax 464 466 -285 -52 454 Net income 346 279 -305 -34 313 Cash flow from operating activities 1,763 534 174 698 -454 Cash flow after financing activities 279 -11 -31 353 -1,343 Cash capital expenditures 1,483 546 227 477 907 Net debt 3,117 3,421 3,406 3,457 3,692 Working capital 2,474 3,654 3,606 3,720 4,236 Return on average capital employed 11.7 13.2 1.8 3.7 9.9 (12 months rolling), % Return on capital employed, % 8.4 9.8 -0.6 3.6 9.1 Return on equity, % 8.1 8.3 -12.1 -5.6 8.6 Net debt/equity ratio, % 82 100 106 97 99 Equity to assets ratio, % 37 30 34 35 35 Number of full-time employees 817 854 872 881 871 1) Excluding non-recurring items NYNAS ANNUAL REPORT 2015 6 NYNAS ANNUAL REPORT 2015 5 DIRECTORS’ report The year in brief % 11.7Return on average capital employed, 12 months rolling (13.2%) MSEK1,265 Operating result before depreciation (EBITDA) and excluding non-recurring items (1,336) MSEK 346 Net income improved (279) 6.4% Total sales volume increase (9%) 6 NYNAS ANNUAL REPORT 2015 DIRECTORS’ report Content Annual Report 2015 Nynas in brief Sustainability 26 Content Financial information 49 Intro 3 Environmental measures 28 Multi-year overview 50 Financial calendar 4 Safety 32 Financial statements 51 Financial overview 5 Research and development 34 Accounting policies 61 The year in brief 6 Employees 36 Notes 69 Our business 8 Profit distribution 114 Risk management 40 Auditors report 115 Message from the president 16 Glossary and definitions 116 Corporate governance 42 Nynas history 118 Directors’ report Board of directors 47 Economic environment 18 Group executive committee 48 Nynas strategy 19 Group results 21 Financial position 22 Naphthenics 24 Bitumen 25 NYNAS ANNUAL REPORT 2015 NYNAS ANNUAL REPORT 2015 7 OUR BUSINESS 215,000,000 1.25 billion people today use Nynas oil-assisted electricity, every day. Even more people use Nynas oil in running shoes, toothpaste, ballpoint pens, roads, paint, sunglasses – the list is endless. Wherever you look, you’ll see products and services made – or made possible – using naphthenic oils and sustainable bitumen. 8 NYNAS ANNUAL REPORT 2015 OUR BUSINESS Together, we bring value to life Our core competence is to refine heavy crude oil into a balanced mix of long-lasting, high-performance specialty products for sustainable use. Helping our customers develop applications that bring immense value to society. 215,000,000 drivers on the road with Nynas oil in their tyres 7.5 billion 18 million diapers per year made with Nynas oil cars manufactured every year with Nynas oil in their grease newspapers printed with 1,600,000,000 Nynas oil every year NYNAS ANNUAL REPORT 2015 9 OUR BUSINESS Naphthenics A world of possibilities The NSP (naphthenic specialty products) range includes highly processed oils with outstanding properties that make them suitable for a wide range of applications. The oils are highly soluble, ideal for use at low temperatures and they comply with stringent environmental requirements. Purifying Nynas’ ability to purify oils and attain a colourless product is in high demand for many chemical and technical applications such as for adhesives and printing inks. 10 NYNAS ANNUAL REPORT 2015 OUR BUSINESS Insulating and cooling Transformer oils are used in electrical applications for the insulation and cooling of power and distribution transformers. Dissolving The high solubility of Nynas oils is an advantage when manufacturing various types of synthetic rubber and compounds used to make car tyres. Lubricating Nynas base oils are used as a component in cutting fluids for metal-working, hydraulic oils, greases and other industrial lubricants. NYNAS ANNUAL REPORT 2015 11 OUR BUSINESS Bitumen The road to sustainable performance We are continuously developing bitumen and its performance in a wide range of applications. Our long-standing focus on bituminous binders has earned us the reputation of being the bitumen specialist. Protecting Nynas’ bitumen products are used for roofing felt and various anti-corrosion applications such as pipe insulation. 12 NYNAS ANNUAL REPORT 2015 OUR BUSINESS Binding Bitumen binders are used for asphalt applications in the construction and maintenance of motorways, runways and bridges. ReSolution for the future Nynas ReSolution is a package of products and services to help customers boost the sustainable performance of their projects with ways to reduce temperature, reinforce durability and reuse material. NYNAS ANNUAL REPORT 2015 13 OUR BUSINESS Nynas refineries Partner refineries Naphthenic oil hubs Naphthenic oil depots Nynas bitumen supply points Four sales network established, with refineries and access to additional supplies offices all around the world. through long-term supply agreements. 14 NYNAS ANNUAL REPORT 2015 OUR BUSINESS Being closer to our customers 3 3 20 15 Partner Naphthenic oil Naphthenic oil Nynas bitumen supply refineries hubs depots points in Europe 14 third-party supply points across + northern Europe NYNAS ANNUAL REPORT 2015 15 MESSAGE FROM THE PRESIDENT Improved safety performance Strong cash flow generation Increased sales volumes Improved production reliability Successful turnarounds in Nynäshamn and Harburg South Harburg North takeover Decision to invest in bitumen truck loading in Harburg 16 NYNAS ANNUAL REPORT 2015 MESSAGE FROM THE PRESIDENT Welcome to the Nynas family inally, at midnight on 31 December 2015, Nynas 2015 with over 200,000 working hours performed, on took over the northern part of the former Shell time and budget and without any accidents. refinery in Hamburg-Harburg. This marked F the end of an over five-year long journey that Solid financials started with the first negotiations in 2010. Already on The good operational and safety performance in our 2 September 2013, the European Commission approved manufacturing units in 2015 was mirrored by a strong the takeover and since 1 January 2014, Nynas has been performance in sales and overall company financials. operating the base oil manufacturing plant. But most Operating result (EBITDA), before non-recurring items, importantly, the final stage in the takeover process put amounted to SEK 1,265 million (1,336). However, the an end to the uncertainty among colleagues working positive net effect of SEK 290 million resulting from at the site. By mid-January we could finally celebrate unrealised hedge gains that we had back in 2014 more the welcoming of all Harburg than offset inventory write-offs. employees to the Nynas family. The comparative amount for ”... good operational 2015 is only around SEK 35 million Production turnaround so this was another significant I would like to thank all of these and safety improvement in operational employees for their patience and performance despite highly high morale during this period performance ...” volatile oil markets in the second of uncertainty and for keeping half of 2015. the operational and safety I would like to take this performance up, especially with so much happening at opportunity to thank all of our staff for another year the Harburg site last year. of very good performance. The Nynas growth journey All units were down for a turnaround in the second continues. The integration of the Harburg refinery is a half of 2015 and the first hydrotreater successfully major step towards supporting our global naphthenics restarted on Christmas Day. The second hydrotreater business and towards enabling quality bitumen sales in was scheduled to follow one month later and a third in Northern Europe. The opening of a new bitumen truck the second week of February. In order to have all the loading facility in June this year will be the final step of necessary hydrogen for the units available our partner, that expansion. Linde, built a hydrogen production unit on site, which It is now time to consolidate, get all units to operate started production in December. The work to enable flawlessly, integrate and optimise our production and the distillation column to run naphthenic crude started logistical networks and further improve the way we simultaneously in 2015 with start-up scheduled for early serve our customers. May 2016. Harburg was not the only extremely busy place. The Nynäshamn refinery had a turnaround earlier in Gert Wendroth, President NYNAS ANNUAL REPORT 2015 17 DIRECTORS’ report Economic environment Nynas sales are dependent on the economic development in a broad range of industrial sectors as well as infrastructure investments.
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