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Annual Report 2017 Nynas Makes the Most of Every Drop Of Nynas makes the most of every drop of oil Annual Report 2017 NYNAS ANNUAL REPORT 2017 Contents Financial calendar Financial calendar ............................................ 2 Release Date Report 2017 Highlights .............................................. 3 23 February Quarterly Report, Q4 2018 Year-end report 2017 Financial overview ....................................... 3 .................................................................................... This is Nynas ................................................... 4 2 May Quarterly Report, Q1 2018 1 January–31 March 2018 Naphthenics ................................................... 8 .................................................................................... Bitumen .......................................................... 12 23 August Quarterly Report, Q2 2018 1 January–30 June, 2018 Operations .................................................... 16 .................................................................................... 15 November Quarterly Report, Q3 Message from the President ............... 18 2018 1 January–30 September Strategy .......................................................... 20 2018 Sustainability .............................................. 22 Board of Directors’ Report ................... 26 Sustainable Development report ....... 39 Corporate Governance ............................ 45 Board of Directors .................................... 50 Group Executive Committee ................ 51 Multi-year overview ................................ 52 Financial Statements ............................... 53 Accounting policies .................................. 63 Notes ................................................................ 70 Auditor’s report ....................................... 117 Glossary and definitions ...................... 121 Definitions and reconciliations of alternative performance measures ..................................................... 123 Cover photo: Among other benefits, Nynas base oils make it possible to manufacture various types of greases with excellent low temperature properties and an outstanding yield. 2 NYNAS ANNUAL REPORT 2017 THE YEAR IN BRIEF 2017 highlights › Total product sales volumes increased by › Net income was positive with SEK 7 per cent compared to the previous year. 10 million (75). › Net sales increased to SEK 14,990 million › Investment initiated in a bitumen PMB (12,525), as a consequence of higher oil plant and additional tank capacity in prices and higher sales volumes. Drammen, Norway. › Operating result before depreciation › Nynas successfully issued additional (EBITDA) amounted to SEK 1,218 million senior unsecured bonds of SEK (1,009), excluding extraordinary non- 450 million within its existing bond recurring items of SEK -266 million (-147). loan, now utilising the total frame amount of SEK 1.1 billion. Financial overview MSEK 2017 2016 2015 2014 2013 Net sales 14,990 12,525 16,248 22,522 19,527 Operating result before depreciation (EBITDA)1 1,218 1,009 1,265 1,336 533 Net income before tax 15 105 464 466 -285 Net income 10 75 346 279 -305 Cash flow from operating activities 2 -464 1,763 534 174 Cash flow after financing activities -462 -1,625 279 -11 -31 Cash capital expenditures 428 1,055 1,483 546 227 Net debt 5,471 4,895 3,117 3,421 3,406 Working capital 3,341 3,163 2,474 3,654 3,606 Return on average capital employed (12 months rolling), % 6.5 6.2 11.7 13.2 1.8 Return on capital employed, % 3.4 3.3 8.4 9.8 -0.6 Return on equity, % 0.3 2.0 8.1 8.3 -12.1 Net debt/equity ratio, % 155 134 82 100 106 Equity to assets ratio, % 29 31 37 30 34 Number of full-time employees 1,016 1,013 817 854 872 1) Excluding non-recurring items Definitions, see page 114 3 NYNAS ANNUAL REPORT 2017 THIS IS NYNAS Most oil companies turn their crude oil into fuels. We prefer not to have our oil burnt. Nynas transforms its crude oil into long-lasting products for various applications. 4 NYNAS ANNUAL REPORT 2017 THIS IS NYNAS Nynas transformer oils are used for the insulation and cooling of power and distribution transformers. 1.25 billion people use electricity distributed with the help of Nynas transformer oils. 5 NYNAS ANNUAL REPORT 2017 THIS IS NYNAS Nynas refines crude oil into high-performance bitumen and naphthenic specialty products that are used for everything from lubrication for wind farm turbines, to asphalt applications, printing inks and metalworking fluids. 6 NYNAS ANNUAL REPORT 2017 THIS IS NYNAS Nynas develops highly engineered and sustainable bitumen binders for asphalt applications in the construction and maintenance of motorways, roofs and bridges. 7 NYNAS ANNUAL REPORT 2017 NAPHTHENICS Our naphthenic specialty oils are suitable for a wide range of applications in all kinds of industries. These highly processed oils have a high degree of solubility, are ideal for use at low temperatures and they comply with stringent environmental requirements. As the global market leader in naphthenic specialty oils, Nynas is well placed to meet the growing demand from international customers for consistent, high quality products worldwide. Napht henics NYNAS ANNUAL REPORT 2017 NAPHTHENICS Lubricating Nynas base oils are used as a main component in cutting fluids for metalworking, greases and other industrial lubricants. Dissolving The high solubility of Nynas oils is an advantage when manufacturing various types of synthetic rubber and compounds used to make car and commercial vehicle tyres. Insulating and cooling Transformer oils are used in electrical applications for the insulation and cooling of power and distribution transformers. Napht henics NYNAS ANNUAL REPORT 2017 NAPHTHENICS Nynas ensures service, quality and reliable deliveries worldwide Global span Nynas has a supply network with depots, hubs and production sites that span the world to help ensure service, quality and reliable deliveries. Through the company’s Global Order Local Delivery (GOLD) setup, Nynas is able to supply any type of oil to almost any place in the world. The supply chain process is monitored at each step in which the product is handled, for consistency and guaranteed delivery. 250 million vehicles on the road with Nynas oil in their tyres 18 million cars are manufactured every year with Nynas oil in their grease Where the wind blows Nynas oils play a vital role in producing clean energy. In wind power, for example, our naph- thenic oils are used to lubricate wind turbines. Naphthenic oils are also used in the insulation and cooling of transformers that connect wind farms to transmission grids. Our oil helps keep wind turbines turning, playing a vital role in the utilisation of renewable energy 10 NYNAS ANNUAL REPORT 2017 NAPHTHENICS High performance oils Base oil is a key ingredient in specialty lubricants and metalworking fluids. Our naphthenic base oils consistently offer customers the right balance of viscosity and solvency for high performance. Nynas has developed the NYBASE® range of products, which can be used in a wide range of applications, filling the market gap left by a dwindling supply of Group 1 base oils. Base oils are a key ingredient in lubricating greases Partnerships that 1.25 billion people use transform electricity distributed Our focus on high quality and top delivery with the help of Nynas performance has customers returning for more. Nynas has been supplying trans- transformer oils former oil to Australia’s largest manufac- turer of power and distribution transform- ers for more than two decades. Transformer oil is a critical component in the cooling and insulation systems of transformers. Nynas recently provided the company with oil for very large power transformers destined for a new wind farm. The farm will provide enough clean energy for more than 100,000 homes. Nynas supplies insulating oil for power transformers 11 NYNAS ANNUAL REPORT 2017 NYNAS ANNUAL REPORT 2017 BITUMEN BITUMEN Three hundred and sixty million square metres of road are resurfaced with Nynas bitumen every year and we are certain there will be a need for even more resurfacing in the future. While the industry consolidates, Nynas continues to invest in developing new, highly engineered, sustainable bitumen products to meet the market needs of today and tomorrow. Bitum en NYNAS ANNUAL REPORT 2017 BITUMEN Binding Bitumen binders are used for asphalt applications in the construction and maintenance of motorways, runways and bridges. Protecting Nynas’ bitumen products are used for roofing felt and various anti-corrosion applications such as pipe insulation. Bitum en NYNAS ANNUAL REPORT 2017 BITUMEN Zero injuries Nynas’ strong focus on employee safety extends to our customer and contractors’ employees as well. Together we are working to reach the goal of zero injuries. One important initiative is Partnership in Safety, with the aim of ensuring the safety of transport vehicle drivers and others handling hot bitumen. This includes presentations on how to deliver bitumen safely. There are also sched- uled inspections of unloading sites to ensure adherence to the requirements specified by Eurobitume, the Euro- pean association of bitumen producers. Rooftop oasis Bituminous membranes are used to protect roofs from water and roots. Green walls and rooftops are An estimated 700 increasingly becoming a welcome billion euros will be addition to the concrete urban jungle. Covered with moss, herbs or invested in Europe’s grass, green rooftops not only add core road network colour to grey cities, but also have
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