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Versalis Group Structure Versalis Annual Report 2020 English translation for reference only. Should there be any inconsistency between the Italian and English versions, the Italian version shall prevail. Mission Versalis SpA is Eni's chemical company operating globally in the basic and intermediate chemical sectors, plastics, rubbers and renewable sources chemistry. It focuses on development of an integrated technological platform in line with its strategy. Governance Versalis, leader in Italian chemical sector and one of the main international players, is a company wholly owned and controlled by Eni SpA and subject to its direction and coordination. Versalis Corporate Governance is structured according to the traditional model, which- notwithstanding the tasks of the Shareholders‘ meeting - assigns management responsibility to the Board of Directors, supervisory functions to the Board of Statutory Auditors and the statutory audit functions to independent auditing company. Corporate bodies (1) (1) BOARD OF DIRECTORS Sharehol BOARD OF STATUTORY AUDITORS CHAIRMAN ders’ CHAIRMAN Marco Petracchini(5) Meeting Giulia De Martino CHIEF EXECUTIVE OFFICER STATUTORY AUDITORS Adriano Alfani(3) Angelo Cremonese Alberto Luigi Gusmeroli DIRECTORS (NON-EXECUTIVE) ALTERNATE STATUTORY AUDITORS Cristiana Argentino Roberto Colussi Rosanna Fusco Livia Anna Schivardi Luigi Piro SUPERVISORY BODY(4) INDIPENDENT AUDITORS(2) Francesco di Ciommo CHAIRMAN PwC SpA Marco Fiorani Antonio Cristodoro (1) Appointed by the Shareholders’ Meeting of April 15, 2019 for a three-year period which expires upon the approval of the financial statements for the year 2021. (2) Appointed by the Shareholders’ Meeting of July 11, 2018 for a three-year period which expires upon approval of the financial statements for the year 2021. (3) Appointed by co-option by the Board of Directors of December 23, 2020 with effects from January 1, 2021. (4) Organizational Notice N°1/2020 of July 13, 2020. (5) Appointed by co-option by the Board of Directors of February 1, 2021. 2 Index | DIRECTORS’ REPORT 4 Company profile 6 Highlights 11 Versalis group structure Operating Review 13 Annual performance 15 Technical investments Financial Review of Versalis Group 16 Profit and loss account 20 Reclassified balance sheet 24 Reclassified cash flow statement 27 Financial review of Versalis SpA 37 Risk factors and uncertainties 41 Business outlook 42 Other information 43 Commitment to sustainable development 50 Technological innovation | CONSOLIDATED FINANCIAL STATEMENTS 54 Consolidated financial statements 59 Notes on consolidated financial statements 121 Report of independent auditors English translation for reference only. Should there be any inconsistency between the Italian and English versions, the Italian version shall prevail. Versalis | Directors’ Report | Highlights COMPANY PROFILE Activity Versalis is Eni's chemical company operating globally in the basic and intermediate chemical sectors, plastics, rubbers and renewable sources chemistry. It focuses on development of an integrated technological platform in line with its strategy. Versalis is the main chemical Italian company operating globally in the basic and intermediate chemicals sectors, plastics, rubbers and renewable sources chemistry. In details, it operates in production and trading of intermediates, polyethylene, styrenics, elastomers and renewable sources chemistry. The Company interacts with markets by offering global strategies and a product portfolio oriented towards satisfying a constantly evolving market, focusing on R&D and Licensing activities and further expanding its technological and business influence globally. To achieve these goals, Versalis relies on its expertise in the industrial area, its wide range of proprietary technologies, a wide-reaching distribution network and post-sales service activity. As part of a wider Eni strategy, for Versalis circularity is a decisive factor from an integrated and synergistic perspective ranging from use of resources and processes up to product life cycles, and it includes eco-design, feedstock diversification and recycling of polymers. Versalis commitment is highlighted by participation in innovative initiatives and programs. They include the Alliance to Help End Plastic Waste, a revolutionary project uniting major chemical companies and operators along the entire value chain of the sector to speed up the transition towards a global circular economy and make its contribution to the fight against dispersion of plastic waste in the environment, with specific focus on marine litter. Countries of activity Versalis Group is present with manufacturing plants in Italy (Brindisi, Crescentino, Ferrara, Mantova, Porto Marghera, Porto Torres, Priolo, Ragusa, Ravenna), in France (Dunkerque), in Germany (Oberhausen), in UK (Grangemouth), in Hungary (Szàzhalombatta) and in South Korea; with Research Centers and Units in Italy (Brindisi, Ferrara, Mantova, Novara, Ravenna, Rivalta Scrivia); sales networks in Angola, Austria, Belgium, China, Czech Republic, Congo, Denmark, France, Germany, Ghana, Great Britain, Greece, Hungary, India, , Italy, Mexico, Poland, Slovak Republic, Romania, Russia, Singapore, Spain, Sweden, Switzerland, Turkey, United Arab Emirates and United States of America. Business model 4 English translation for reference only. Should there be any inconsistency between the Italian and English versions, the Italian version shall prevail. Versalis | Directors’ Report | Highlights Versalis operates in manufacturing and marketing petrochemical products (intermediates, polyethylene, styrenics elastomers and Biotech). In the Intermediates Business Unit, the main objective is to ensure adequate availability of monomers to cover the needs of the downstream businesses. In detail, olefins (ethylene and butadiene) are integrated with the elastomer and polyethylene business, and aromatics are integrated with the phenol/hydrogenated derivatives and styrene business. The Versalis Group is among the leading European manufacturers of polystyrene and polyethylene, used mainly for flexible packaging, and is one of the world leaders in elastomers, covering almost all the major sectors (especially the automotive industry). Thanks to Biotech business unit, Versalis continues its commitment to strengthen its competitive position in chemical from renewable sources, creating synergies between its research projects, and to develop technological platforms in line with the development strategy undertaken in recent years. Intermediates Polyethylene Styrenics Elastomers Biotech Basic monomers Semi-Finished Highly versatile, Elastic polymers Commitment to obtained from industrial products light and recyclable used for a variety of renewable cracking, destined for obtained from plastic materials, applications, such sources in the use in important ethylene and used in with good chemical field industrial processes to the production of a mechanical as tires, footwear, starts by produce plastic wide range of characteristics stickers, recognizing and materials and other finished products, construction and components needed such as packaging and high insulating automotive enhancing the for rubber, fibers, Film (for agricultural, properties, used in components, tubes, molecular solvents and food and industrial the production of electrical cables, complexity of lubricants products), bottles, industrial and food appliances, bio-based containers, and packaging modifiers and feedstock, with compounds for the materials, additives for plastic the goal to appliances, materials and construction and develop automotive industries insulation, bitumen, synthetic electrical and latex for paper innovative supply electronic devices, coating and chains, and car parts. molded foam. technologies and products within the framework of a circular economy. Versalis leverages this approach also to foster full integration with local communities, offering real opportunities for growth. English translation for reference only. Should there be any inconsistency between the Italian and English versions, the Italian version shall prevail.5 Versalis | Directors’ Report | Highlights HIGHLIGHTS Safety Versalis Group's constant commitment to the safety of people continued in 2020. Ten accidents occurred in 2021, of which five related to contractor personnel, linked to episodes mainly attributable to behavioral reasons. During the year, 21 out of 23 sites achieved the goal of “one year without employee accidents”, including Brindisi (eleventh consecutive year) and Szàzhalombatta (tenth consecutive year). News of the year Versalis joined the Circular Plastics Alliance Versalis joined the Circular Plastics Alliance (CPA) to actively contribute to boost plastic recycling in Europe and, at the same time, develop the market for secondary raw materials. By joining CPA, Versalis submitted its voluntary pledges in line with its circular economy strategy that is defined by three main pillars: eco-design, recycling technologies and alternative feedstocks. Invix™, bioethanol-based disinfectant at Crescentino On July 2020, in the plant in Crescentino, Versalis started to produce new hand disinfectant, marketed under Invix™ brand, to meet the growing demand for sanitizers as result of the spread of Covid-19 pandemic. Invix™, developed on the formulation of the World Health Organization and authorized by the Ministry of Health, is a Surgical Medical Device, having ethanol from vegetable raw materials as an active ingredient. The product acts as an effective disinfectant, thanks
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