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Annual Report 2020 You'll Find the Nynas Specialty Oils in Every Other

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Annual Report 2020 You'll Find the Nynas Specialty Oils in Every Other You’ll find the Nynas specialty oils in every other product Annual Report 2020 NET SALES AND OPERATING RESULT Contents SEK million SEK million 18,000 1,500 15,000 1,000 The year in Brief ................................................ 3 12,000 500 9,000 0 Message from the president ........................ 4 6,000 -500 This is how we do it ......................................... 6 3,000 -1,000 Board of Directors’ Report ............................ 8 0 -1,500 -2,000 Sustainable Development report ............ 22 2016 2017 2018 2019 2020 Corporate Governance ................................. 30 Net sales Operating result Board of Directors............................................ 35 Group Executive Committee ...................... 36 UNDERLYING BUSINESS Multi-year overview ........................................ 37 RESULT (ADJUSTED EBITDA)1 Financial Statements ...................................... 38 SEK million Contents Notes ................................................. 48 1,400 Notes ...................................................................... 49 1,200 Assurance .......................................................... 102 1,000 800 Auditor’s report .............................................. 103 600 Definitions and reconciliations of 400 alternative performance measures .....106 200 0 2016 2017 2018 20192 20202 1) For definition please see Board of Directors’ Report p. 10. The formal annual report comprises pages 8 to 102. 2) After IFRS 16. CASH FLOW FROM OPERATING ACTIVITIES SEK million 2,500 2,000 1,500 1,000 500 0 -500 -1,000 2016 2017 2018 2019 2020 NYNAS ANNUAL REPORT 2020 THE YEAR IN BRIEF Challenges and successes in 2020 › Net sales during the year amounted to SEK 12,151 › On September 16, 2020, Neste announced that it million (16,841) due to a 33 per cent lower oil price, had sold its entire shareholding in Nynas to Bitu- lower customer demand due to the Covid-19 mina, a global bitumen company active in more than pandemic and supply constraints as a result of 100 countries. As a result of the ownership changes, sanctions during the first five months and the Bitumina Industries Ltd is now the largest share- reorganisation process throughout the year. holder in Nynas AB, holding 49.999 per cent of the shares. Nynässtiftelsen owns 35.003 per cent of the › The positive health and safety performance trend shares in Nynas AB and PdVSA 14.999 per cent. continued at Nynas in 2020, setting a new record after the previous record in 2019. Nynas has focused › On November 30, 2020, the district court decided on safety culture and improvements in this area for that the Nynas company reorganisation was many years and we are proud of the result, espe- complete, following a creditors’ meeting where the cially under the extraordinary circumstances in 2020. composition proposal was accepted. The court’s decision became effective on January 19, 2021. As a › During 2020 Nynas took great efforts to protect and result, Nynas entered 2021 as a financially strong safeguard at all our operations from Covid-19. We company with secured five-year financing and a managed to keep our production sites open and healthy balance sheet. shift to remote work for other staff without any disruption to activities. From the very beginning of › A main achievement in 2020 was the successful the pandemic our staff had the digital means to continuation of the shift to a new blend of feed- work remotely and in a secure way. stock. Several new crudes have been approved and processed following an impressive change pro- › Nynas filed for company reorganisation at the gramme at the refineries and in our supply chain. District Court on December 13, 2019 when the bank Nynas can now run all our refineries with 100 per financing was withdrawn because of effects from cent non-Venezuelan feedstock without affecting US sanctions. On January 24, 2020, the Court the strict quality demands on product consistency. decided at a creditors’ meeting that the reorganisa- tion should proceed according to plan until March › In addition to investments to support the crude 13, 2020. Due to the complexity of the reorganisa- flexibility programme, we expanded our storage tion, with many different stakeholders and large capabilities at the Nynäshamn refinery with amounts involved, it was extended by the court in 700,000 m3 of crude in our massive caverns – equiv- three-month increments in March, June and alent in size to more than four St Paul’s Cathedrals. September. › The successful turnaround project in our Harburg › On May 12, 2020, the U.S. Department of the refinery during 2020 was conducted during the Treasury’s Office of Foreign Assets Control (OFAC) Covid-19 pandemic. To ensure the health and safety announced that Nynas was no longer blocked of our own staff as well as 800 contractors coming pursuant to the Venezuela Sanctions Regulations. to work on the site, we engaged in extensive on-site After restructuring the ownership of Nynas AB, testing, distancing and safety measures. The testing sanctions were lifted and US persons and companies programme has been implemented at all sites. no longer required authorisation from OFAC to engage in transactions or activities with Nynas AB. This was a crucial step for a successful completion of the reorganisation. 3 NYNAS ANNUAL REPORT 2020 MESSAGE FROM THE PRESIDENT Wrapping up 2020 with good news Nynas entered 2020 facing sanctions, a reor- that has replaced Venezuelan crude oil with other ganisation and enormous challenges that were suitable crudes. soon compounded by a global pandemic. I’m happy to report that the sanctions have been Our change of feedstock was an ongoing activity lifted and the reorganisation is complete. with many projects at our refineries, coupled with Nynas has come out of the year much stronger the major and successful turnaround project in our and more agile and we can finally return our Harburg refinery. This was conducted during the full attention to business. Covid-19 pandemic and to ensure the health and safety of our own staff as well as 800 contractors The last few years have been extremely challenging coming to work on the site, we engaged in extensive for Nynas, starting in 2017 with the US sanctions on on-site testing, distancing and safety measures. We the Venezuelan government and Nynas shareholder, took great efforts to keep Covid-19 out of all of our Venezuelan state oil company PDVSA. This led to operations and managed to keep our production the company’s subsequent reorganisation, filed on sites open and shift to remote work for other staff December 13, 2019 and continuing throughout 2020. without any disruption to activities. From the very beginning of the pandemic our staff had the digital The US sanctions were finally lifted in May 2020 means to work remotely and in a secure way. We as a result of PDVSA divesting 35 per cent to the also executed a number of digitalization projects independent Swedish foundation Nynässtiftelsen to improve internal efficiency as well as integration and retaining only 14.99 per cent of the shares as with customers, for example through product life- required by US authorities. In September, another cycle management, a customer portal for Bitumen, important change in ownership took place when and process improvements related to ordering and specialty bitumen company Bitumina Industries invoicing within Naphthenics. bought 49.99 per cent of the outstanding share capital in Nynas from Neste. Prioritising health and safety I’m very pleased to say that we had an excellent The reorganisation was successfully completed on safety performance in 2020, which is remarkable January 19, 2021, following approval by all our cred- especially under these extraordinary circumstances. itors. Nynas was able to achieve five-year secured The injury frequency (TRIF) rate was the lowest ever financing and a healthy balance sheet with equity of for Nynas and an improvement from the previous SEK 4.5 billion, and we entered 2021 as a financially record in 2019. This achievement follows many years strong company. of working with our safety awareness culture and safety processes. It has been a marathon in sprinter tempo, but we made it to the finish line thanks to everyone’s tireless During 2020 there were several initiatives and efforts. investments to increase energy efficiency and reduce climate impact, for example by investing in new Turnaround and new crudes heater ovens fired with natural gas at our Gothen- During 2020, the organisation did its utmost to burg refinery in preparation for the introduction to manage customer deliveries, but the sanctions and biogas as it becomes available. reorganisation impeded our ability to purchase feed- stocks, resulting in lost business. Today, however, Development also continued on our sustainable with the restriction lifted, Nynas can stabilise the product portfolio with NYTEX® BIO for tyre and rub- new crude slate with long-term contracts, as we ber applications and NYTRO® BIO transformer fluid, move ahead with our crude flexibility programme which are made from renewable sources and fully 4 NYNAS ANNUAL REPORT 2020 MESSAGE FROM THE PRESIDENT biodegradable and recyclable. The ultra-low viscosity and superior heat transfer capacity of NYTRO® BIO 300X, for example, is unique among transformer fluids. We will continue to focus on developing sustainable, next-generation solutions to meet new demands influenced by strong global trends. Back to profitable growth With the reorganisation behind us, we can finally look ahead, focus more on product development, recover market share, grow our volumes, and reinforce our strong brand and reputation among customers. We see potential to grow in Naphthenics in nearly all our customer segments and geographic regions. As the trend to close Group 1 refineries seems to be moving even faster around the world, there is a clear opportunity to grow our volumes. Nynas has already begun fulfilling customer demand with products that are designed to meet the characteristics and performance of the dwindling supply of Group 1 paraffinic oils. Within the Bitumen segment our focus is to secure a consistent, high-quality supply.
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