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Nayara Energy Annual Report 2020-21

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Nayara Energy Annual Report 2020-21 Resilient Today for a Brighter Tomorrow NAYARA ENERGY LIMITED ANNUAL REPORT 2020-21 RESILIENT TODAY FOR A BRIGHTER TOMORROW While COVID-19 brought unprecedented disruption to the worlds of commerce and governance, Nayara Energy found itself agile and reinvented - not only to navigate well through a year marked by challenges, but also to persevere determinedly with its focused agenda. 2 RESILIENT TODAY Resilience is an attribute that is not built overnight and may not be visible on the surface. The real character of an organisation is unleashed when faced with challenges. While COVID-19 brought unprecedented disruption to the worlds of commerce and governance, Nayara Energy found itself agile and reinvented - not only to navigate well through a year marked by challenges, but also to persevere determinedly with its focused agenda. Backed by the building blocks of growth established over recent years, Nayara Energy has demonstrated remarkable resilience, driving robust initiatives that speak to our true potential. At Nayara Energy, growth must always be inclusive. As a result, we prioritise the wellbeing and socio-economic development of our communities. To us, providing them with due support through the current pandemic, has been extremely important. Our focused initiatives with local administrations and various government departments have been fundamental in building resilience within many households during the crisis. Despite the various challenges of a highly unusual year, Nayara Energy delivered commendable performance for our shareholders in FY2021. A BRIGHTER TOMORROW Energy is fundamental to mankind’s progress. As a leading energy provider, Nayara Energy augurs future growth by embracing technology, and encouraging innovation that meets the energy and petrochemical needs of India’s growing population. Our future is truly underpinned by the opportunities of a reforming energy sector within the country, our own operational and functional excellence, and our highly capable talent. Leveraging the opportunities ahead of us and using our transformational strategies to make the best use of our resources, we are prepared for a journey towards a brighter tomorrow. 3 WHO WE ARE WE ARE A DYNAMIC AND NEW-AGE DOWNSTREAM COMPANY Nayara Energy is a new-age downstream energy & petrochemicals company of international scale with a unique mix of young and experienced minds and a robust foundation of best-in-class infrastructure and processes with a desire to deliver excellence, every step of the way. Nayara Energy owns and operates India’s second-largest single-site, state-of-the-art refinery, and one of the most modern and complex refineries in the country. With businesses straddling across the hydrocarbon value chain, from refining to retail, we are primely positioned to realise our vision for delivering crude to chemicals. As the fastest growing pan India fuel retail network, Nayara Energy is powering India’s growing energy demands. Driving inclusive growth, providing a safe environment and delivering value for our stakeholders, including society-at-large, is at the heart of what we believe in. We continue to partner with our the communities through various sustainable development projects, in the areas of health & nutrition, education & skill development and sustainable livelihoods & environment, playing a pivotal role in improving their quality of life. OUR VALUES 4 ENERGETIC We are constantly looking at better ways to shape tomorrow, today and we do this with a sense of zeal and determination. By making a tangible difference through our products, services, and interactions; we are determined to continually energise the lives of our stakeholders. XTRAORDINARY Pivotal in our journey towards an ‘xtraordinary’ future is our creative, diligent and high- potential workforce that constantly asks the question, “Is there a better way of doing things?” COURAGEOUS We welcome new challenges and chase big dreams with conviction. Taking bold steps to succeed in the ever-changing Indian and global energy markets is what makes us stronger, faster and better. ETHICAL We honour commitments. Be it in our dealings with the environment, people or community, we always do things the right way - with integrity, consistency and transparency. LEAD We lead by example. By being proactive, taking ownership of our actions, and building a team that is future-ready, we challenge the status quo to always stay one-step ahead of the rest. Nayara Energy owns and operates India’s second-largest single-site, state-of-the-art refinery, and one of the most modern and complex refineries in the country. 5 CONTENTS CORPORATE OVERVIEW Key Performance Indicators 10 Chairman’s Note 12 CEO’s Message 16 Board of Directors 20 Management Committee 22 BOARD’S REPORT 26 FINANCIAL STATEMENTS Independent Auditor’s Report on Standalone Financial Statements 70 Standalone Financial Statements 78 Independent Auditor’s Report on Consolidated Financial Statements 142 Consolidated Financial Statements 147 Form AOC-1 213 AGM NOTICE 214 CORPORATE OVERVIEW NAYARA ENERGY LIMITED ANNUAL REPORT 2020-21 KEY PERFORMANCE INDICATORS Achieved 85% capacity despite a drastic drop in product demand Processed 6 new grades of crude increasing our crude basket during the year Kicked off phase 1 of asset development project revamping the FCC and LPG Treatment Units; and setting up a new Propylene Recovery Unit (PRU); and a new Polypropylene Unit (PP) Reaffirmation of our domestic credit rating of ‘AA’ by CARE amidst uncertain global environment showcasing stable outlook of the company Achieved the milestone of 6000+ retail fuel stations Launched new and enhanced Nayara Branded fuel stations On the face of industry wide de-growth, the Retail Business delivered a volume growth of 3% year-on-year 10 CORPORATE OVERVIEW BOARD’S REPORT FINANCIAL STATEMENTS Completed major shutdown under the “Turnaround 2020” programme without any major safety related incident. 4747 LTI Free days for employees till FY 2021 All our 30 marketing locations were certified to Quality (ISO 9001), Environment (ISO 14001) and Occupational Health & Safety (ISO 45001). CII adjudged us as the National Energy Leader for last two consecutive years since we have been winning Excellent Energy Efficient Unit Award for four years successively 11 NAYARA ENERGY LIMITED ANNUAL REPORT 2020-21 CHAIRMAN’S NOTE The impact of the pandemic on the global oil industry was severe and unprecedented. World oil demand has partially recovered but it is still a very turbulent and dynamic period. The environment has been very challenging for Nayara and we are by no means unscathed. The performance that has been delivered and our financial position is attributable to the courage and agility of the Nayara team, its leadership and the support of our owners. Dear Shareholders, Last year was like no other in recent history. As the situation began to improve and businesses started recovering in early 2021, India found itself at the centre-stage of the second wave of the COVID-19 pandemic. The unforeseen spike in cases overwhelmed the nation, consuming its resources and healthcare infrastructure, compelling many States to return to complete or partial lockdowns. We have lost cherished employees and feel and share the grief of their families. Amidst this humanitarian crisis, we salute the spirit and tireless efforts of countless frontline workers in combatting the virus. With the vaccination programme well under way, there is hopefully a path that will allow us to live alongside this awful virus. The impact of the pandemic on the global oil industry was severe and unprecedented. World oil demand has partially recovered but it is still a very turbulent and dynamic period. The environment has been very challenging for Nayara and we are by no means unscathed. The performance that has been delivered and our financial position is attributable to the courage and agility of the Nayara team, its leadership and the support of our shareholders. 12 CORPORATE OVERVIEW BOARD’S REPORT FINANCIAL STATEMENTS TONY FOUNTAIN Executive Chairman 13 NAYARA ENERGY LIMITED ANNUAL REPORT 2020-21 CHAIRMAN’S NOTE Resilience in a crisis Through this crisis, it is to the credit of the Management that we kept all of our operations running. Indeed against the backdrop of overall decline, our fuel retail business grew by 3%. Despite challenges of depleting demand and availability of heavy crude oil in FY2021, our refinery in Vadinar operated above 85% capacity. The refinery also successfully delivered a scheduled shutdown, with over 10000 contract workforce on site, during the first wave without spreading infection. We have continued to deliver the required financial liquidity to support and grow our business as well as maintain stability We remain committed to help make through this turbulent period. We maintained the AA India a petrochemical hub of the world. credit rating vindicating the progress made in our financial Aligned with the Government of India’s transformation journey. vision of Atmanirbhar Bharat, our focus The significant investments in digitization and automation in the last three years really paid off as we were able to seamlessly is to build a world-class integrated move to work-from-home (WFH) and close the books in petrochemical complex to fulfil India’s a record time. The goal is to automate every aspect of our growing demand for petrochemicals. There business to build a future-ready organization. is now concrete progress in delivering the We remain committed to help make India a petrochemical hub first phase polypropylene expansion of the world. Aligned with the Government of India’s vision of Atmanirbhar Bharat, our focus is to build a world-class of our journey. integrated petrochemical complex to fulfil India’s growing demand for petrochemicals. There is now concrete progress in delivering the first phase polypropylene expansion of our journey. A Key milestone is the appointment of Thyssenkrupp, Toyo and Technip as partners for this programme. Support to Communities During these extraordinary times, we have driven a multi-pronged support strategy to provide Covid relief in and around Vadinar.
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