GROUP OVERVIEW GROUP OVERVIEW 2 Financial and operational highlights ..........3 What we do ..........................................................4 Business model ...................................................6 Where we operate .............................................7 Chairman’s statement ......................................8 Chief Executive’s strategic review ............. 11 Responding to COVID-19 .............................. 17 Case studies ....................................................... 19 Market context ................................................. 25 Our strategy ...................................................... 32 Our ESG principles and commitments ..... 37 Stakeholder engagement ............................ 39 Key performance indicators .......................43 PUMA ENERGY ANNUAL REPORT 2020 GROUP OVERVIEW FINANCIAL AND OPERATIONAL HIGHLIGHTS Financial highlights Operational highlights Two years into our five-year transformation plan, we delivered a US$2.8M 14,533K M3 75% solid financial performance and achieved Operating profit Throughput volumes Engagement with 3 key operational improvements as we (2019 US$-327m) (2019 14,195k m ) employee survey continued to transform our business while dealing with the unprecedented challenges of COVID-19. US$533M US$1,205M US$1.4M EBITDA (including discontinued Gross profit Invested in learning operations and excluding IFRS 16 (2019 US$1,265m) and development 3 impact) (2019 US$530m) Delivering on our commitments • Protecting customers and employees during US$143M US$78.9M the pandemic Organic capital expenditure, net Operational improvements 20,118K M3 (2019 US$146m) in 2020 • Continuing to deliver high-quality and Sales volumes competitively priced fuels, lubricants and (2019 22,441k m3) other products for customers 0.47 • Supporting communities US$2,037M Lost Time Injury Net tangible fixed assets Frequency Rate (LTIFR) • Completing AU$425m divestment of Australia US$9,944M (2019 US$2,421m) fuels business on time Net sales (2019 US$14,598m) • Generating a total of US$355m net cash inflow from divestments • Delivering US$65m costs savings • Prepaying US$300m 3-year term loan maturing in May 2021 PUMA ENERGY ANNUAL REPORT 2020 GROUP OVERVIEW WHAT WE DO 1 Marine storage 10 Energy accessibility for communities From giving the people who visit our retail sites 2 Inland storage 11 Renewable and hybrid power a great experience to working closely with 3 Retail generation for industry 4 Commercial 12 Energy storage and management industrial businesses to help them optimise 5 Lubricants their operations – we focus on delivering 6 Aviation 7 Bitumen the very best for our customers. Video link to: 8 LPG What we do animation 6 9 Refining 10 3 4 1 2 7 9 8 12 11 5 4 Infrastructure Downstream Future Energies Working as their trusted partner, we meet the needs of our From great shopping destinations for local communities to fuel We are energising communities in new ways. To support the energy Infrastructure customers through our world-class global and lubricants for global businesses – we provide a wide range transition, we are powering our own assets with renewables and network of storage facilities on five continents. of energy solutions to our retail and commercial customers. working with our industrial and commercial customers to develop more reliable and sustainable energy solutions for their businesses. Supported by global functions Our global functions provide best-practice support and guidance for our business units, aligned to our purpose and customer-led strategy. PUMA ENERGY ANNUAL REPORT 2020 GROUP OVERVIEW WHAT WE DO 44 7,100+ Countries in Employees and which we operate contractors To meet the current and future energy needs of our different customers, we are organised into three core business units: Infrastructure, Downstream and Future Energies. Infrastructure Downstream Future Energies Our Infrastructure business unit To this end we serve our Our Downstream business solutions for businesses in Our Future Energies business Through Future Energies we is the home for our world-class Downstream business unit, unit focuses wholeheartedly different segments. focuses on the new world of aim to play a leading part in the network of major storage providing essential security on providing the very best sustainable energy – for our transition to renewable energy • Retail terminals. In Infrastructure, of supply. We also look to energy solutions for retail, business, for our Downstream solutions across our chosen we focus on making the most maximise opportunities to commercial and industrial • Commercial and Infrastructure customers high-potential markets. of these assets in order to attract new customers customers in our chosen high- • Lubricants and for the communities in 5 optimise value creation. from around the world. potential countries. To grow and • Aviation which we live and work. lead here, we develop and • Bitumen deliver compelling customer value propositions – from an • Storage and Refining outstanding end-to-end retail experience to targeted energy 18 5.5M M3 34 2,545 922 87 5 US$5M >3,000 Countries Storage Terminals Retail sites Convenience Airports Countries with Future Invested to install Potential sites capacity stores served Energies projects solar assets and identified implemented batteries in 2020 PUMA ENERGY ANNUAL REPORT 2020 GROUP OVERVIEW BUSINESS MODEL Our way of creating value for our stakeholders Guided by Taking into account Creating value by For all our stakeholders Our purpose Our six capitals • Generating revenues - Future Energies, • Making social Customers We are guided and inspired Together the six capitals and profits from: e.g. solar investments We deliver high-quality, by our purpose of provide a full picture of - Fuel products and - Transportation • Contributing to competitively priced products energising communities value across the Group. services, e.g. oil, and storage communities and services to our customers to help drive growth and – quickly and reliably. We add lubricants, bitumen • Recruiting, training, prosperity by sustainably value by ensuring we are always - Non-fuel products developing and serving our customers’ there for our customers and are and services, e.g. rewarding our people needs in high-potential easy to do business with. countries around the world. convenience retail Communities We contribute significantly to our Our market context Financial Our people strength communities, through local taxes We live in an exciting, and employment. We also add fast-changing world in value as a long-term, responsible 6 need of the right energy partner engaging in many social, solutions. Read more here environmental and educational Customer-led strategy programmes. We have a clear three-part Employees transformation plan to Our people are well rewarded Customers and Physical deliver our customer- communities assets and enjoy the opportunity focused strategy. to develop their skills and entrepreneurship to achieve Underpinned by our values their full potential. They OPERATIONAL FOCUSED NEW BUSINESS We live our values every day. contribute in many ways to EXCELLENCE GROWTH DEVELOPMENT They get to the heart of our Customer Lead by our diverse, collaborative, Collaboration Agility Read more here way of energising communities focus example customer-focused company. around the world. Our ESG framework Natural Our products Shareholders and commitments resources and brands Financial stability and We are embedding our sustainable business practices Environmental, Social are critical to our success. We and Governance (ESG) aim to create long-term value for framework across all Key strengths drive us forward our shareholders by managing our operations. Our customer focus Our presence in high- Our energetic Our great our business growth carefully and maximising returns Read more here and relationships potential countries spirit people on investment. PUMA ENERGY ANNUAL REPORT 2020 GROUP OVERVIEW Downstream Infrastructure 3 ) WHERE WE OPERATE Retail Convienience Storage Airports Lubricants Bitumen Terminals stations stores capacity (m In exciting, fast-changing parts of the world, we West Americas Belize 15 3 1 • Belize 1 26,000 provide the energy solutions our customers need Chile – – – • El Salvador 2 318,000 Colombia 103 – 2 • Guatemala 4 298,600 to succeed. We organise Downstream into two core El Salvador 101 33 1 • • Honduras 2 133,800 Guatemala 284 32 1 • Panama 1 86,700 regions: West (the Americas) and East (Africa and Honduras 216 25 – • • Puerto Rico 2 395,200 Asia). Infrastructure is organised globally. Future Nicaragua 52 36 1 • • US Virgin Islands 1 4,700 Panama 74 20 1 • Europe Energies operates in the Americas, Africa and the Puerto Rico and US Virgin Islands 322 286 4 • Estonia 2 894,600 Spain – – – • Finland 1 250,000 Middle East and Asia-Pacific. United Kingdom ––– • Norway 1 95,100 East United Kingdom 4 1,625,300 Angola 79 79 4 • • Africa Benin 16 – 1 • • Ghana 4 168,700 Botswana 41 21 4 • Mozambique 2 276,700 Republic of the Congo 34 4 – • • Namibia 2 122,200 7 Congo DRC – – 1 • Tanzania 2 85,900 Eswatini 24 – 1 Middle East & Asia-Pacific Ghana 84 16 1 • Australia* 1 240,500 Ivory Coast 34 1 – • • Myanmar 1 91,000 Lesotho 34 11 – • United Arab Emirates 1 412,100 Malawi 61 60 2 • 34 5,525,100 Mozambique 30 24 8 • *Under construction, planned capacity. Namibia 61 53 3 • Nigeria – – 1 • Senegal 5 5 2 • South Africa 110 92 8 • Tanzania 57 13 8 • Future Energies Zambia 58 32 3 • • Zimbabwe 89 45 5 • Australia