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2020 IFRS Financial Statements LyondellBasell Industries N.V. LyondellBasell Industries N.V. Financial Report For the Year Ended 31 December 2020 1 LyondellBasell Industries N.V. CONTENTS 1 About LyondellBasell 4 2 Report of the Board of Directors 4 2.1 Operational and Financial Overview 4 2.1.1 Segment Analysis 7 2.1.2 Financial Condition 12 2.1.3 Outlook 17 2.2 Risk Factors 18 2.3 Our Strategy 27 2.4 Sustainability 28 2.5 Human Capital 28 2.6 Research and Development 30 2.7 Governance Report of the Board of Directors 30 2.7.1 Evaluation of the Board of Directors and its Individual Members 38 2.7.2 Compensation of the Board of Directors 38 2.8 Corporate Governance and Risk Management 41 2.8.1 Corporate Governance Statement 41 2.8.2 Code of Conduct 42 2.8.3 Conflicts of Interest 42 2.8.4 Related Party Transactions 42 2.8.5 Dutch Corporate Governance Code 43 2.8.6 Shareholders and General Meeting of Shareholders 46 2.8.7 Takeover Directive; Anti-Takeover Provisions and Control 47 2.8.8 Risk Management 47 2.8.9 Audit of Financial Reporting 50 2.8.10 Statements of the Board of Directors 51 Consolidated Financial Statements 54 Consolidated Statement of Income 55 Consolidated Statement of Comprehensive Income 56 Consolidated Statement of Financial Position 57 Consolidated Statement of Changes in Equity 59 Consolidated Statement of Cash Flows 61 1 General 63 2 Summary of Significant Accounting Policies 63 3 Critical Accounting Estimates and Judgments 72 4 Financial Risk Management 74 5 Revenue 82 6 Expenses by Nature 83 7 Employee Benefit Expenses 83 8 Share-Based Compensation Granted to Directors and Employees 83 9 Directors' Remuneration 87 10 Other (Income) Expense, Net 90 11 Finance Costs 90 12 Income Tax Expense 91 13 Earnings per Share 92 14 Intangible Assets 94 15 Property, Plant and Equipment 96 16 Leases 97 17 Investments in Associates and Joint Ventures and Acquisition of Joint Operations 98 2 LyondellBasell Industries N.V. 18 Financial Assets and Liabilities by Category 102 19 Credit Quality of Financial Assets 102 20 Derivative and Non-Derivative Financial Instruments 103 21 Inventories 103 22 Trade and Other Receivables 104 23 Cash and Cash Equivalents 105 24 Equity Attributable to the Owners of the Company 105 25 Non-Controlling Interests 107 26 Borrowings 108 27 Deferred Income Tax 114 28 Retirement Benefit Obligations 117 29 Trade and Other Payables 124 30 Provisions 125 31 Contingencies and Commitments 126 32 Related Parties 127 33 Segment and Related Information 128 34 Subsequent Events 131 A Appendix A 132 Corporate Financial Statements 137 1 General 140 2 Goodwill and Investments 140 3 Cash and Cash Equivalents 141 4 Equity Attributable to Equity Holders 141 5 Long-term Debt 143 6 Group Company Loans 143 7 Deferred Income 144 8 Commitments and Contingencies not included in the Balance Sheet 144 9 Independent Auditor's Fees 145 10 Directors' Remuneration 146 Other Information 147 3 LyondellBasell Industries N.V. 1. About LyondellBasell LyondellBasell Industries N.V. is a global, independent chemical company and was incorporated, as a Naamloze Vennootschap, under Dutch law on 15 October 2009. Unless otherwise indicated, the "Company," "we," "our," "us" and "LyondellBasell" are used in this report to refer to the businesses of LyondellBasell Industries N.V. and its consolidated subsidiaries. We are one of the world's top independent chemical companies based on revenues. We participate globally across the petrochemical value chain and are an industry leader in many of our product lines. Our chemicals businesses consist primarily of large processing plants that convert large volumes of liquid and gaseous hydrocarbon feedstocks into plastic resins and other chemicals. Our chemical products tend to be basic building blocks for other chemicals and plastics, while our plastic products are used in large volumes as well as smaller specialty applications. Our customers use our plastics and chemicals to manufacture a wide range of products that people use in their everyday lives including food packaging, home furnishings, automotive components, paints and coatings. Our refining business consists of our Houston refinery, which processes crude oil into refined products such as gasoline, diesel and jet fuel. We also develop and license chemical and polyolefin process technologies and manufacture and sell polyolefin catalysts. Our financial performance is influenced by the supply and demand for our products, the cost and availability of feedstocks and commodity products, global and regional production capacity, our operational efficiency and our ability to control costs. We have a strong operational focus and, as a producer of large volume commodities, continuously strive to differentiate ourselves through safe, reliable and low-cost operations in all our businesses. We purchase large quantities of natural gas, electricity and steam which we use as energy to fuel our facilities. We also purchase large quantities of natural gas liquids and crude oil derivatives which we use as feedstocks. The relatively low cost of natural gas-derived raw materials in the U.S. versus the global cost of crude oil-derived raw materials has had a significant positive influence on the profitability of our North American operations. We manage our operations through six operating segments. Our reportable segments are: • Olefins and Polyolefins-Americas ("O&P—Americas"). Our O&P—Americas segment produces and markets olefins and co-products, polyethylene and polypropylene. • Olefins and Polyolefins-Europe, Asia, International ("O&P—EAI"). Our O&P—EAI segment produces and markets olefins and co-products, polyethylene and polypropylene. • Intermediates and Derivatives ("I&D"). Our I&D segment produces and markets propylene oxide and its derivatives, oxyfuels and related products, and intermediate chemicals; such as, styrene monomer, acetyls, ethylene oxide and ethylene glycol. • Advanced Polymer Solutions ("APS"). Our APS segment produces and markets compounding and solutions, such as polypropylene compounds, engineered plastics, masterbatches, colors and powders, engineered composites and advanced polymers, which includes Catalloy and polybutene-1. • Refining. Our Refining segment refines heavy, high-sulfur crude oil and other crude oils of varied types and sources available on the U.S. Gulf Coast into fuel products including gasoline and distillates. • Technology. Our Technology segment develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts. 2. Report of the Board of Directors 2.1 Operational and Financial Overview This discussion should be read in conjunction with the information contained in our Consolidated Financial Statements and the accompanying notes elsewhere in this report. During 2020, we demonstrated financial and operational resilience against the challenging backdrop of a global pandemic, the associated recession, volatile oil prices and significant capacity additions in our industry. Early in 2020, as the virus became more widespread, our leadership team established three principles to guide our actions in the short term. These were to (i) protect our employees, both from the virus in the workplace and also from widespread layoffs; (ii) prioritize cash flow and keep our commitments to our shareholders; and (iii) take action to strengthen the company for the future. Our manufacturing operations have been designated as an essential industry to support society’s needs during the pandemic in the majority of the regions in which we operate. Our performance was supported by consumer-driven demand for many of our products and the recovery in demand for durable goods during the second half of the year. Our Refining and Oxyfuels & Related Products businesses suffered from the unprecedented decline in demand for transportation fuels that began during March 2020 due to the pandemic. During the year, we advanced our growth agenda through the formation of joint ventures in China and on the U.S. Gulf Coast. 4 LyondellBasell Industries N.V. Our strengths in operational excellence, cost management and capital discipline served us well as we quickly adapted to dynamic conditions by minimizing working capital and bolstering liquidity by rapidly accessing capital markets and efficiently generating cash. We honored commitments to maintain an investment grade credit rating and continued to fund dividends and capital investments with cash from operations. Significant items that affected results in 2020 relative to 2019 include: • Olefins and Polyolefins—Americas (“O&P—Americas”) and Olefins and Polyolefins—Europe, Asia, International (“O&P—EAI”) results declined primarily due to a decline in olefin and polyolefins margins; • Intermediates and Derivatives (“I&D”) segment results declined due to margin decreases primarily driven by our intermediate chemicals and oxyfuels and related products businesses; and • Refining segment results declined due to lower refining margins and a $582 million non-cash impairment charge which was recognized during the third quarter of 2020. Other noteworthy items include the following: • Launched production at our U.S. Gulf Coast high-density polyethylene plant using LyondellBasell's next- generation Hyperzone technology during the first quarter of 2020; • In April 2020, issued $2,000 million of guaranteed senior notes to bolster liquidity. Net proceeds from the sale of the notes totaled $1,974 million; • In April 2020, repaid $500 million outstanding under our Senior Revolving Credit Facility and
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