Wibax Annual and Sustainability report

ANNUAL AND SUSTAINABILITY REPORT

2021

WIBAX • 1

OUR BUSINESS IS

GOOD CHEMISTRY

BUSINESS IDEA Our business idea is to sell, purchase, process and distribute chemical products to primary industry throughout Europe.

STRATEGY Our knowledge and resources are primarily focused on liquid chemical products. We import directly from producers, for our own production of products tailored to customer needs, or to tanker terminals in central locations, using logistics solutions of our own to reach the end customer. Our strategy also includes implementing and optimising products alongside the end customer.

2 • WIBAX

TABLE OF CONTENTS A word from the CEO ............................................................................... 5 Sustainability Report ........................................................................ 7-30 - Key events during the year ...................................................................... 9 - Wibax sustainability strategy and process .................................10-12 - Certifications and audits ........................................................................ 13 - External analysis and risk management...................................... 14-15

- Financial sustainability ...................................................................... 16-17 - Environmental sustainability .......................................................... 18-24 - Social sustainability.......................................................................... 25-30 Annual report ...................................................................................... 31-62 - Management report ........................................................................ 32-33 - Group operations ............................................................................. 34-36 - Financial overview............................................................................. 37-40 - Income statement ..................................................................................... 41 - Balance sheet ................................................................................... 42-43 - Cash flow analysis .................................................................................. 44 - Accounting principles and notes to the accounts ................. 45-46 - Notes .................................................................................................... 47-56 - Auditor's report ................................................................................. 58-59 - The board .................................................................................................... 61 - The management team ......................................................................... 62

WIBAX • 3

IEF

1986

BR

EST.

BA

X IN

Wibax is a wholly owned family business

Piteå

Oulu

Skellefteå

REVENUE IN 2021

WI

Kemi

1,490 MSEK

Kokkola Pietarsaari

Örnsköldsvik Vaasa

FINLAND

Härnösand

TANKERS

Hamina Kotka

SWEDEN

NORWAY

Rauma

Gävle

Turku

Skutskär

Kunda

Stockholm

Herre

1 week

Kaskinen

ESTONIA

Norrköping Uddevalla

CONTROLLING THE ENTIRE CHAIN

Göteborg

Helsingborg

DENMARK

Wibax is Sweden's only chemical distributor with its own vehicle fleet.

Malmö

> 800,000 m 3 TERMINAS

26% women 74% men

OFFICES

262

SALTDEPÅER

> 277,900 tonnes of CO 2

Average number of permanent employees in 2021

Fossil CO2 reduction achieved by Wibax customers in 2020 as a result of them switching from fossil heating to heating with bio oil

> 3,000,000 tonnes CONSTANT IMPROVEMENT ISO 9001 ISO 14001 4 • WIBAX

+

Wibax total storage capacity in the cistern parks

=

of chemicals have been handled

29% Reduction share in the fuel mix of Wibax trucks

CEO STATEMENT 2021 has continued to be marked by the pandemic, where we, like many others, have had to adapt our operations. We have periodically had travel and visit bans as well as many employees working from home. Our preventive efforts have worked well as we have avoided infection in the workplace.

Although in terms of sales in the pandemic we have to some extent been forced into a consolidation phase, we as a group have continued to develop and build strength to take further steps in development. We follow sales to budget and have had a stronger result than both what we budgeted for and last year, which is important for continued growth. We also see a stronger liquidity situation despite large investments.

During 2021, we faced continued challenges in the bio oil segment, with limited supplies of raw materials. This had a negative effect on sales in the segment. Profitability has, however, been maintained at an acceptable level.

For chemicals and other product segments such as logistics, we see growth in both sales and profitability. This effect largely compensates for the challenges on the bio oil side, and overall we had a strong year, well above budgetary targets. We have an ongoing, good dialogue with our customers and partners and see great potential to grow further in accordance with our strategic plan for the future.

Wibax has taken the lead in electrifying heavy traffic, with the use of Sweden's, Europe's and perhaps the world's first electric truck with a total weight of 64 tonnes. It was a proud moment for me to be able to be involved and make this possible. I see great potential in the new truck and what it stands for and I am convinced that more customers will want to be part of this journey. Our products and services help other companies to make our world better, something that I would certainly call Good Chemistry.

Jonas Wiklund

WIBAX • 5

6 • WIBAX

SUSTAINABILITY REPORT

PRODUCTS

PRODUCTION

SERVICING/MAINTENANCE

L

CUSTOMER STORAGE/LOGISTICS DEVELOPMENT/KNOWLEDGE

SUSTAINABILITY

Control over the supply chain from producer to end customer, with the customer in focus !

WIBAX's successful business strategy is control over the supply chain from producer to end customer; from transport and storage to production, sales and customer care. Together with our customers, we are constantly developing new solutions with a focus that provides more efficient processes for the customer, better overall economy and lower environmental impact.

8 • WIBAX

KEY EVENTS DURING THE YEAR 64-TONNE ELECTRIC ADR APPROVED TRUCK Wibax, together with Scania, launched a world first - an electric ADR-approved truck with a total weight of 64 tonnes.

SWEDISH TERMINALS USING BIO OIL AND ELECTRICITY In normal operation, all of Wibax' terminals in Sweden operate using bio oil and renewable electricity.

100% RENEWABLE ELECTRICITY IN FINLAND Wibax Tank signed an electricity contract for 100% renewable electricity for Wibax' Finnish terminals.

GREENHOUSE GAS INVENTORY A greenhouse gas inventory for the entire Wibax Group has been completed according to GHG Protocol.

SAFETY DAYS During the autumn, Wibax held "safety days" for all employees in Sweden with the aim of increasing the safety culture.

EY ENTREPRENEUR OF THE YEAR – NORTHERN SWEDEN Wibax CEO Jonas Wiklund, was named northern Sweden's foremost entrepreneur in EY's award EY Entrepreneur of the Year.

LEADER OF THE YEAR NORRBOTTEN Wibax CEO Jonas Wiklund, was named leader of the year in Norrbotten by Norrbotten's Affärer and [i.o.h] organisationsutveckling.

CONVERSION TERMINALS Bunding of the Wibax terminal in Skelleftehamn began in 2021, and was completed in 2022.

VIDEO CREATION PLATFORM To develop our communication, an online studio was introduced to make it easier to create your own information and instructional videos and communicate information in a simpler way.

ISO 9001 AND 14001 FOR THE WIBAX GROUP The Wibax Group was certified according to ISO 9001 and 14001 under a joint certificate.

UPDATED CODE OF CONDUCT Wibax updated the Code of Conduct to clarify our expectations of business partners in terms of human rights, labour law, the environment, anticorruption, health, safety and working environment.

MOBILE STORAGE TANKS FOR BIO OIL Wibax Industrial has built mobile storage tanks for bio oil with systems for safe loading and unloading as well as electric heating.

NEW 74-TONNE CARRIAGE Wibax invested in six new 74-tonne transport vehicles to increase the load weight and thus reduce both the number of road journeys and emissions per tonne transported.

NEW COMBINATION VEHICLE Wibax invested in a new combination transport vehicle for chemicals, enabling an increase in the load weight for some of our combined transports.

THE FIRST FOSSIL-FREE TRANSPORT Wibax has been contracted by a customer for fossil-free transport to and from them, using HVO. BELOVED CHEMICALS Wibax launched the short film series "Beloved Chemicals" with the aim of changing the perception of chemicals and showing what benefits chemicals provide for our environment and society.

FAIR TRANSPORT CERTIFICATION Fair Transport has gone from being a commitment to sustainable transport business to becoming Sweden's first sustainability certification for freight transport by road. Wibax Logistics holds this certification.

WIBAX • 9

OUR SUSTAINABILITY STATISTICS Wibax' sustainability strategy is to conduct sustainable business with a high focus on sustainability in all areas. For Wibax, sustainability and sustainable business means achieving strong economic growth in harmony with environmental and social development.

Wibax' sustainability work follows our guiding principles; forward thinking, participation, sustainability and quality at all stages as well as customer focus, which we summarise in the concept of Good Chemistry.

In order to sustainably achieve the business goals and be able to be a competitive market player, we must work cost-effectively, have an up-to-date product portfolio and an active customer focus. We must be an attractive employer with a strong safety mindset and our customers must be able to trust that Wibax products and services are based on a sustainable supply

chain. We will work for optimised resource utilisation and conscious choices in areas such as product development, purchasing and operative business. Wibax' goal is to be able to provide customers with the best solution in terms of environmental choices, safety, service and good overall economy. Wibax' sustainability strategy can be divided into the three sustainability aspects; economic, social and environmental.

Wibax strives for everything we do to be characterised

by Good Chemistry, both for the company and for the outside world. This sustainability report aims to describe the Wibax Group's sustainability information and our work with Good Chemistry from management to practical implementation.

OUR SUSTAINABILITY PROCESS Wibax works with target management to ensure continuous development and improvement work at all levels within the business. For us, sustainability is not a separate activity but something that permeates all parts of our business.

Wibax' target management model is based on our values, which must permeate both our daily operational work and our strategic goal management work. The target management cistern is supported by six focus areas, all of which are valued as equally important.

Each focus area in turn has one or more strategic goals which state what we are to achieve, these in turn result in a number of key activities that direct us on how we are to achieve the goals.

In order to create participation and forward thinking, it is of great importance that the entire group is involved in the goal management work. Then each employee understands how they themselves can be involved and influence.

TAINABILITY SUS L A NT

SUSTAINAB IAL ILIT C Y SO

EN V I R ON ME

Efficient logistics means fewer empty return journeys, reduced fuel consumption and a lower climate and environmental impact than other alternatives.

The earth's resources are finite and all life on earth depends on chemical processes.

Those of us who work with chemistry must aim to minimise the impact on climate and the environment, while also optimising resource use. Smart use of high-tech knowledge usually fulfills both of these purposes and also results in good overall economy and sustainable development.

Y ILIT AB IN

Through technological know-how and problem solving in close collaboration with customers, we can create greater exchanges and more efficient industrial processes together. This in turn can create growth opportunities and improved overall economy for our customers while optimising resource use.

Security, experience, service and a high level of knowledge must provide the customer with the best solution with the best environmental choice, high safety and good overall economy.

ECONOMIC S US TA

Good chemistry is our collective concept, summarising Wibax values, knowledge and market role, placing the highest demands on safety, quality and environmental work. Good chemistry means that we promise our customers and communities to always work for sustainable development, optimal resource use, minimal environmental impact and optimal environmental options.

That is what Good Chemistry means for us.

AGENDA 2030 The UN has established an agenda for a sustainable society - Agenda 2030 for sustainable development.

The agenda means that all 193 member states of the UN are committed to achieving a socially, environmentally and economically sustainable world by 2030.

The agenda contains 17 goals aimed at eradicating poverty and hunger, realising human rights for all, achieving equality and empowerment for all women and girls, and ensuring lasting protection for the planet and its natural resources.

Wibax' operations and sustainability work can be traced to 10 of the goals in Agenda 2030. This has been done with the support of the SDG Compass. The goals that have been identified are the areas where we as a business see that we can influence and where we have the opportunity to contribute to the fulfillment of the goals.

WIBAX • 11

MATERIALITY ANALYSIS Our materiality analysis is based on several different parameters: Stakeholder surveys, analysis of external factors and self-assessment. Our continuous stakeholder dialogue via customer interviews, daily meetings at chemical deliveries, supplier evaluations and stakeholder surveys give us a picture of stakeholders' expectations and requirements for us as a supplier.

GREATER

Sustainable supply chain

Additional external factors are taken into account, such as laws and requirements, global and state sustainability goals and international guidelines on environmental considerations, human rights, working conditions and business ethics.

Based on our stakeholders' expectations and demands on us as well as our analyses of external factors, we have made a self-assessment where we identified the sustainability aspects that we believe we have the greatest opportunity to influence, these are presented in the image below. The results of the materiality analysis contribute to Wibax' future development.

Safe chemical handling

Energy efficiency

Secure transport Staff well-being Reduced transport emissions

LESSER

IMPORTANCE FOR STAKEHOLDERS

Stakeholder surveys are updated and conducted every three years, the latest stakeholder survey was sent out in the autumn of 2020 to Wibax customers, our employees and also to certain suppliers. The survey focused on Wibax' sustainability work and we asked our stakeholders to specify what they saw as the top priority sustainability aspects for Wibax to focus on. The survey contained aspects of the Agenda 2030

goals that have been identified as relevant to Wibax' operations, as well as a short presentation of how the sustainability aspect is linked to Wibax' operations.

Efficient use of resources Sustainable waste management

Sustainable economic growth

Stricter requirements for ships

Inclusive & equal company

Minimising emissions to water

Developing the fossil-free market

LESSER

WIBAX' ABILITY TO INFLUENCE THE ISSUE

SUSTAINABILITY GOALS Wibax supports the Fossil-Free Sweden declaration.

Our long-term strategic environmental goals are: During normal operation, heating of facilities including cisterns, will be renewable by 2025.

Wibax will strive to become leading in the transition to fossil-free, heavy transports, with the goal of 80% of the shipments that we ourselves carry out being fossil-free by 2030.

Wibax' sustainability goal for 2021 was to reduce fossil fuel CO 2 emissions per tonne transported and to engage in sustainable purchasing.

12 • WIBAX

GREATER

CERTIFICATIONS AND AUDITS ISO CERTIFICATIONS The Wibax Group now has a single certificate covering the quality management system ISO 9001 and the environmental management system ISO 14001.

The sole exception is Wibax' terminal in Kunda, Estonia, requiring minor improvements to be included.

These management systems help Wibax to organise, streamline and assure the quality of operations.

SUSTAINABILITY STATEMENT Wibax Biofuels AB and Wibax Logistics AB hold sustainability statements from the Swedish Energy Agency. A sustainability statement is needed for biofuels to receive benefits such as tax reductions and electricity certificates, and to be counted as zeroemission items in emissions trading.

ISCC Wibax Biofuels AB and Wibax Sales Oy are certified as Trader with Storage with waste / residual materials according to the International Sustainability and Carbon Certification (ISCC) to enable trading in ISCCcertified bio oils with customers. The certification is proof that the companies meet the requirements of RED II and ISCC EU. The ISCC certification is an international and transparent certification that clearly demonstrates compliance with the environmental, social and traceability requirements placed on bio oils.

FAIR TRANSPORT Wibax Logistics' Fair Transport certification means that we meet set quality criteria and that this is continuously followed up via an independent third-party review. The certification ensures that our transports are carried out responsibly, safely and sustainably.

ACHILLES Achilles is an international platform that enables the creation of industry standards for the collection and validation of supplier information within various networks. Wibax is part of the Achilles networks Achilles JQS, for the oil and gas industry, and Achilles Utilities NCE for the energy industry.

THE "KRANMÄRKT" LABEL Wibax' head office in Piteå is using the "Kranmärkt" label, a national sustainability label. Tap water is better for the environment than packaged water, it is also always locally produced and the distribution is very energy efficient.

ECOVADIS Wibax is connected to the Ecovadis platform for thirdparty sustainability assessment. The Ecovadis results are based on a comprehensive questionnaire with documentary evidence, where answers and evidence are reviewed and assessed by Ecovadis. The assessment is divided into the areas of environment, laws and human rights, ethics, and sustainable purchasing.

The assessment in 2021 resulted in a Gold ranking, where Wibax Group ranked in the 94th percentile.

RESPONSIBLE CARE Wibax is connected with Responsible Care, a voluntary, global chemical industry initiative that, in addition to compliance with laws and regulations, requires chemical companies to; • Continuously improve knowledge of the environment, health, safety and performance of our technologies, processes and products during their life cycles to avoid harm to people and the environment.

• Use resources efficiently and minimise waste.

• Report openly on achievements and shortcomings.

• Listen, engage and work with people to understand and address their problems and expectations.

• Collaborate with governments and organisations in the development and implementation of effective regulations and standards, and to meet or go beyond them.

• Provide assistance and advice to promote the responsible handling of chemicals by all who handle and use them along the supply chain.

WIBAX • 13

ENVIRONMENTAL ANALYSIS AND RISK MANAGEMENT Wibax external analysis aims to collect and analyse events in the company's external environment and decide how these should be handled. At Wibax, annual SWOT analyses are carried out to identify strengths, weaknesses, opportunities and threats that must be taken into account. Based on these analyses, a number of risks have been identified that are significant to our business. All risks are included in our target management work, thereby ensuring that there is ongoing work with the identified risks.

Below are the main risks we identified for our operations ahead of 2021.

STRATEGIC RISKS

S

W

O

T

RISK MANAGEMENT

RISKS RELATED TO ENVIRONMENTAL PERMITS Wibax conducts operations subject to permits under the Swedish Environmental Code at all operative locations. Lack of permits and long processing times affect the flexibility of storage and handling.

Violations of applicable environmental laws can lead to criminal penalties and coercive measures.

Compliance with environmental requirements is of great importance in Wibax operations. Without environmental permits, current operations cannot be continued.

Wibax tries to work with foresight and long-term planning so that the permits meet the needs of the operations, both in terms of scope and flexibility, and has dedicated resources to work with permit issues.

CUSTOMER DEPENDENT Strong economic fluctuations and changing customer requirements can increase the risk of reduced sales volumes.

Through close and long-term customer relationships, technical collaborations, a flexible product portfolio and an extensive logistics system, Wibax is better equipped to meet any economic fluctuations.

Furthermore, Wibax strives to offer customers high quality in terms of products and delivery security, with the goal of being competitive.

POLITICAL RISKS The introduction of mileage tax would have a significant impact on our business.

Our terminals are strategically located close to the customer to reduce the need for road transport.

Changes in tax legislation regarding sustainable choices can partly affect the economic opportunities to drive vehicles on renewable fuels, and partly affect opportunities for the sale of bio oils.

Wibax conducts active external monitoring to manage political risks and collaborates with both national and international industry organisations to address these risks.

Business risks may arise as a result of political decisions or changes in the legislation and regulations that apply in the various countries with which Wibax does business.

VALUE CHAIN RISKS FOR PURCHASING That we trade with suppliers who violate the criteria we set for our suppliers via our Code of Conduct, as it is difficult to ensure compliance despite the existing process of supplier control.

14 • WIBAX

Wibax conducts supplier assessments based on, among other things, the Wibax Code of Conduct.

Supplier audits are carried out on significant suppliers.

OPERATING RISKS

RISK MANAGEMENT

RISK OF ACCIDENTS AND ILL HEALTH Wibax employees and contractors are sometimes exposed to hazardous situations that may involve a risk of accidents and/or ill health.

Wibax works actively with work environment issues and there are clear routines for when and how risk assessments are to be performed.

Through training, all employees gain knowledge of the products, materials and equipment that are relevant to each employee's work, which reduces the risks of accidents.

An information sheet is sent out quarterly to inform about, among other things, deviation trends and more serious accidents.

RISK OF ENVIRONMENTAL IMPACT DUE TO RELEASE OF CHEMICALS Emissions to air and water through accidents can negatively affect the land and environment where the emissions occur, and consequently public trust in Wibax and thus the opportunities to continue operations.

With well-trained drivers and the right equipment, the risks of traffic accidents and potential emissions of chemicals as a result are minimised.

To prevent unwanted emissions at depots, the majority of the cistern parks have bunding installed, and there are plans to add bunding to more terminals.

The terminals are continuously riskassessed and the identified possible emission points are handled.

RISK OF INSUFFICIENT SKILLS SUPPLY Being able to retain existing employees, and to recruit new ones with the right skills is a very important prerequisite for Wibax' continued development.

Wibax aims to be the most attractive employer in the industry.

To achieve this, we work with, among other things, skills supply, improving cooperation and communication between departments. We conduct employee surveys regularly, and work based on the results.

RISK OF DEFICIENCIES IN THE SUPPLY CHAIN Deficiencies in the supply chain could affect our ability to supply our customers with the product promised, which can harm us financially and affect our brand.

By working with multiple suppliers of a product the risk of running low on a product is reduced.

RISK OF INSUFFICIENT TECHNICAL DEVELOPMENT One of Wibax' strategic goals is striving to be a leader in the transition to fossil-free heavy logistics, with the goal that 80% of the company's own transports will be fossil-free by 2030. Risks here include the technology not developing at a fast enough pace in this field, meaning that there are no suitable solutions or fossil-free fuels on the market.

Wibax conducts external monitoring of both fuel supply alternatives and technological development to find suitable alternatives to reduce our fossil footprint.

WIBAX • 15

FINANCIAL SUSTAINABILITY For us at Wibax, financial sustainability means being constantly flexible to the customer's needs and being able to adapt quickly in an ever-changing world.

When we focus on value-generating customer solutions based on the customer's needs and requirements, we can actively work to adapt our business for the development of an up-to-date and sustainable product portfolio and logistics system. This is reflected in our financial sustainability strategy.

FINANCIAL SUSTAINABILITY STRATEGY Wibax will achieve set growth targets and be a competitive alternative in the market. The growth goals are achieved through continued development of the product portfolio while the Group remains customerfocused, with a particular focus on cost efficiency and value-generating customer solutions.

PRODUCT PORTFOLIO DEVELOPMENT Wibax has developed a new service concept Mobile Solutions, which means renting out mobile storage tanks for bio oil. These mobile storage tanks are equipped to keep the product warm and have bunding that ensures the absorption of spills in the event of a leak.

Another application is a portable steam boiler for hire - and instead of the steam boiler being powered by fossil energy, Wibax has developed a mobile solution for running a portable steam boiler on fossil-free fuel.

16 • WIBAX

CUSTOMER SATISFACTION At Wibax, the customer is in focus and customer satisfaction is central to our organisation.

We believe that it is important to be attentive and flexible to customer needs and always maintain close dialogue to distinguish specific requirements and wishes in order to give customers what they expect.

Consequently, our strategic goal is that 98% of customers surveyed should feel that they have received what they expected or more from Wibax as a supplier.

This is followed up through frequent customer surveys in the form of telephone interviews where the customer can rate Wibax on various issues related to customer service, safety, product quality and Wibax from a sustainability perspective. In 2021, 120 interviews were conducted with customers in both Sweden and Finland, who were asked to rate Wibax as a company in various contexts. Wibax has continued to achieve our goal of customer satisfaction where 98% of customers have received what they expect or more.

98%

of customers have received what they expect from Wibax or more.

BELOVED CHEMICALS During the year, Wibax produced the film series "Beloved chemicals", a campaign with the aim of showing the benefits that chemicals actually provide to the environment and our society.

The word chemicals is often associated with something bad or dangerous. This is a misleading picture, as very many chemicals have good uses, such as the purification of drinking and wastewater, binding road dust and achieving more sustainable industrial processes.

Frankly, one could say that without chemicals we would have neither clean water to drink nor clean air to breathe.

A TRUSTED SUPPLIER

PAPER & PULP

ENERGY – BIO OIL

ROAD

TRANSPORT

STORAGE

MINING

CHEMICAL INDUSTRY

MUNICIPALITIES & COUNTY COUNCILS

BATTERY INDUSTRY

FOOD

More efficient processes Better total economy OTHER INDUSTRY

REFINERIES & PETROCHEMICAL INDUSTRY

STEEL & METAL

Lowest possible environmental impact WIBAX • 17

GREEN SUSTAINABILITY FUELLED BY GOOD CHEMISTRY Chemistry is everywhere and the life we live today is dependent on chemical processes. We believe that we have a great responsibility to reduce our impact on the environment and work for efficient resource use to help ensure that life as we know it can continue for generations to come.

Through things such as process optimisations, smart logistics solutions with environmentally efficient transports and storage, more environmentally friendly products, conversions of incineration plants from fossil oil to bio oil and sales of bio oil for combustion, we actively contribute to reducing our own and our custo-

96% Of the vehicle fleet monitors driving behaviour

100% Share of vehicles with ignition interlock devices / key cabinets

18 • WIBAX

mers' fossil footprints. We also adapt our product and service range to market needs.

ENVIRONMENTAL SUSTAINABILITY STRATEGY Wibax will conduct active environmental work where everything we do must be permeated by Good Chemistry. We will contribute to reduced greenhouse gas emissions through our own streamlining and choice of technology, but also through sales of carbonneutral products. Environmental sustainability is achieved by pursuing an optimised use of resources and making conscious choices.

Reduction share in Wibax truck fuel mix

29%

Compared to the reduction obligation for diesel which in 2021 was 21% Jan-Aug, 26% Aug-Dec.

98% Share of vehicle fleet which is Euro 6

Kemi Piteå

Oulu

Skellefteå

Kokkola Pietarsaari

Örnsköldsvik Vaasa

FINLAND

Härnösand Kaskinen

Hamina Kotka

SWEDEN

NORWAY

Rauma

Gävle

Turku

Skutskär

ENVIRONMENT-CENTRED LOGISTICS Wibax has 19 sea terminals and depots strategically located along the Swedish and Finnish coasts, as well as a terminal in Estonia. With the help of short road transports to customers along with good planning, combinations of different modes of transport, storage and return flows, we create efficient logistics flows with a low environmental impact.

The goal of Wibax transports and logistics flows is for the transports to be financially sustainable and carried out to the highest possible quality with a low environmental impact. Efficient resource use is one of the ways towards the goal of reducing our fossil footprint and minimising our energy use. When it comes to logistics and transport, we continuously analyse and evaluate our resources in the form of personnel, fuel, vehicles and technical equipment so that they provide the greatest possible environmental benefit.

ECONOMIC DRIVING REDUCES ENVIRONMENTAL IMPACT Wibax Logistics annually transports almost 1 million tonnes of chemical products on the roads in the Nordic region. It is therefore of great importance for Wibax to maintain an economical driving style and reduce the environmental impact of our land transports. Fuel consumption accounts for approximately half of the Group's energy consumption measured in kWh.

Kunda

Stockholm

Herre

ESTONIA

Norrköping Uddevalla Göteborg

TERMINAL

Helsingborg

DENMARK

Malmö

OFFICE

Wibax transports must be carried out to the highest quality possible with as low an environmental impact as possible TRAINING HOURS /DRIVER

+

=

11

DRIVERS PERMANENTLY EMPLOYED

}120

Wibax works to reduce our fuel consumption by regularly coaching our drivers through a system for resource-efficient driving. Wibax drivers are at a high level compared to other drivers in Europe.

Resource-efficient driving means reduced fuel consumption, reduced tyre wear, fewer repairs and maintenance, which results in lower environmental impact.

In addition, Wibax has a tyre agreement with Michelin which means that our fuel consumption and thus our total CO 2 load decreases. The tyres are used optimally so that they last longer, roll more easily and provide a good grip for safe transport. Pattern-cut tyres give an average of 25% more miles and mean just over 25% reduced rolling resistance.

TANKERS

65 WIBAX • 19

64 TONNES OF ELECTRIC HISTORY TOGETHER WITH SCANIA AND REEL

An electric ADR approved truck with a total weight of 64 tonnes was purchased in 2021. In Wibax' operations, transport constitutes a large part of the climate impact, and in order to reduce this impact and achieve the set climate goals, the electrification of heavy trucks is an important piece of the puzzle. With this truck, Wibax can reduce the climate impact by up to 1,370 tonnes of CO2 emissions.

Wibax has worked with Scania for a long time to find an electrified solution for this application. The truck that will enter service in 2022 is the first electric 64-tonne truck to do so. The investment in the truck was made with support from the Vehicle Strategic Research and Innovation (FFI) programme and as part of the REEL project. REEL is a national initiative where leading Swedish players have joined forces to accelerate the transition to electrified emission-free heavy

20 • WIBAX

transport on our roads. The initiative is led by CLOSER, partly financed by FFI, through Vinnova and the Swedish Energy Agency.

The truck will be used primarily to transport products in Piteå and the surrounding area, and between Piteå and Skelleftehamn. The truck is charged from almost empty to full in just under an hour via a 150 kW charger, which means that charging can take place during loading and unloading.

The electric truck's performance and load capacity were made possible by the development of a significantly stronger electric motor. As part of a long-term partnership between Wibax and truck manufacturer Scania, a collaboration will take place to optimise the use of the vehicle over time.

Here, we will continue to work on investigating charging, battery life and route planning, with the goal that Wibax will eventually be able to include more electric vehicles in the vehicle fleet in the most optimal way possible.

OTHER DEVELOPMENT OF THE VEHICLE FLEET In 2021, the vehicle fleet was also expanded in other ways when six new 74-tonne vehicles were put into operation. Higher total weight and thus load weight gives a lower CO 2 emissions per tonne transported. Higher load weight also means fewer transports and thus greater community benefits.

Maximum total gross weight of Wibax trucks 60-64 t 65-68 t 70-74 t > 74 t

We are actively working to implement rail transport in our logistics range and already offer a large number of container transports by rail.

FOSSIL-FREE LAND TRANSPORT WITH WIBAX To succeed in climate change, we must work together to reduce our emissions and reduce our dependence on fossil fuels. Wibax works purposefully to reduce our dependence on fossil fuels and strives to be a leader in the transition to fossil-free heavy road transport. As part of Wibax' work to reduce dependence on fossil fuels, Wibax offers fossil-free land transport by using HVO, to customers who want to reduce their fossil footprint.

69.6 tonnes Average gross weight of Wibax trucks

WIBAX • 21

FOSSIL-FREE HEATING FOR CISTERN STORAGE Wibax stocks a variety of products at our terminals, where certain products for various reasons require heating, stirring and other energy-consuming equipment. In 2021, Wibax terminals accounted for approximately 44% of the Wibax Group's energy consumption measured in kWh, which means that the terminals are large energy consumers.

The cisterns used for products that require heating are insulated to minimise heat loss. During normal operation all terminals in Sweden have been heated using of bio oil or renewable electricity, since the summer of 2021. In Finland, there are plans for energy source conversions, as the recently acquired terminals still have heating based on, among other things, fossil oil.

In addition to the Group storing the company's own chemicals, we also rent out storage capacity and can thus offer customers fossil-free heating of cistern storage in most locations around Sweden.

BIO OIL Wibax Biofuels and Wibax Sales (Finland) have been commissioned to sell bio oil for technical applications and combustion, which for customers means CO 2-neutral emissions.

A key element in marketing bio oils is to motivate customers, who currently heat their plants with fossil fuels, to convert them to use bio oil.

Wibax Industrial has the skills necessary to design and implement conversions. In this way, the customer can have a single partner for conversion, purchase of bio oil, storage and transport. The fact that we own the entire logistics chain also makes us unique in the industry.

These conversions to new, modern equipment and fuel-efficient burners give customers a reduced operating cost, increase production capacity and thus result in a more environmentally friendly process.

CONVERSION AND HEATING

Fossil-free heating of plants and cisterns

→ 22 • WIBAX

=

↓

ENERGY DISTRIBUTION kWh WIBAX GROUP

ENERGY SUPPLY With Good Chemistry in mind, we have set the strategic environmental goal that by 2025, during normal operation our facilities, including tanks, will use only renewable heating. To achieve this, we are actively working to convert facilities to use renewable energy resources.

Wibax Sweden Since 2019, Wibax has had 100% renewable electricity for the entire group in Sweden. This results in a high proportion of green / renewable energy for Wibax in Sweden. In 2021, 92% of the energy used in Sweden for offices, terminals and production was renewable.

Wibax Finland Since 2021, the Wibax Group in Finland has had 100% renewable electricity. Despite this, the energy distribution has changed drastically after the inclusion of the Finnish terminals, as the terminals still largely use fossil fuels. Energy use has increased for the same reason, along with the increase in storage capacity.

(Fuel is excluded) Renewable elec.

Electricity (non-renewable)

District heating

Fossil fuels

Bio oil

Fossil fuels Finland

Tota consumption kWh

35 000 000

100%

30 000 000

80%

25 000 000 60%

20 000 000

40%

15 000 000 10 000 000

20%

5 000 000

0%

0 kWh 2016

2017

2018

2019

2020

2021

2020 - acquisition of nine terminals in Finland

CARBON FOOTPRINT The greenhouse gas inventory of the Wibax Group's operations in 2021 has been carried out in accordance with the Greenhouse Gas protocol. The purpose of the inventory is to assess and map the operations' climate impact based on an established procedure.

DISTRIBUTION OF THE OPERATIONS' CO 2 EMISSIONS

The emissions inventory is delimited based on the operations' ability to influence activities and includes emissions for all Wibax companies from the first of January to the end of December. The emission sources included in the 2021 inventory are grouped here based on: Wibax outbound transport to customers divided between internal and external carriers (based on fuel consumption data and information from external carriers), head office Piteå (property emissions, production consumption, electricity, heating), terminals in Sweden and terminals in Finland (electricity, district heating and the combustion of fossil oil for heating), as well as business trips by car (service vehicles and passenger travel by car).

Thanks to our renewable electricity agreements and conversions to bio oil heating at the terminals in Sweden, emissions from these operational activities remain relatively low. The new electricity agreement for Wibax' operations in Finland has also had a positive impact on the Groups' emissions.

Furthermore, Wibax has updated the calculation methodology for transport emissions per tonne transported.

The current calculation methodology is based entirely on emission and reduction information from fuel suppliers and means fewer assumptions.

Kg CO2 eq / transported tonne

The survey shows, as in previous greenhouse gas inventories, that most of the Groups emissions come from Wibax' transports of products between our terminals and customers. Since the acquisition of Wibax Tank in Finland, the share of emissions from the terminals has increased, at a group level. This is mainly due to the fact that the Finnish operations still use a large amount of fossil oil.

% Internal logistics

Terminals Sweden

External logistics

Terminals Finland

Office / Production

Company cars/travel

10,00 9,00 8,00 7,00 6,00 5,00 4,00 3,00 2,00 1,00 Transport emissions Wibax Logistics 2019

8,28

2020

7,42

2021

7,41

WIBAX • 23

EMISSIONS TO GROUND, AIR AND WATER In 2021, 22 deviations and incidents regarding chemical spills, over fill or leakage connected to Wibax' operations, were reported. No environmental damage was deemed to have occurred from these incidents.

The extent of chemical spills, over fill and leakage has varied, but in most cases meant only a small local discharge within mechanical barriers such as unloading or loading sites and bunding.

A traffic incident with a risk of environmental impact occurred during the year where remediation of the roadway was necessary. In this case, emissions have occurred outside technical barriers. Remediation has taken place immediately after discovery and has resulted in no continued environmental impact after the traffic incident.

Root cause investigations, action plans and follow-up of the effect of measures taken are conducted for all deviations and incidents, in order to reduce the risk as much as possible the risk that a similar event will occur again.

24 • WIBAX

In 2021, Wibax began storing bitumen at the Wibax terminal in Skelleftehamn. During the year, the storage caused a problematic odour in the surroundings. Bitumen is oil that, when mixed with gravel, forms the asphalt that is laid on the roads. Bitumen must be stored at about 155 degrees, which means that some degassing of the cisterns takes place. Market changes in the wake of the pandemic and thus change in oil demand has changed the specification of bitumen, and the new composition of the raw material gives a new distinct smell. Both technical and chemical solutions have been investigated and decisions have been made to install a technical device which will reduce degassing to a minimum.

No discharges to water were reported during the year.

Water used at, for example, Wibax' production facility and for washing of cars is controlled internally and then sent to the municipal treatment plant.

SOCIAL SUSTAINABILITY Wibax' work with social sustainability focuses on always working for an equal and fair society with equality for all, in contexts both large and small.

and based on shared values and how we act in these areas. The code of conduct is available in its entirety on Wibax' website.

We also look at our surrounding communities and how we can contribute to making society better for those closest to us. Not least, employees have a central role in Wibax' sustainability work, as healthy, committed and motivated staff are what make the company successful.

As a distributor, efficient purchases with good longterm supplier relationships are of the utmost importance. We have a large global purchasing network with around a hundred suppliers located in more than 10 different countries, where the majority of suppliers are within the EU.

Our aim is for Wibax to be an attractive employer where employees feel involved, significant, motivated and safe, as well as a professional partner characterised by good quality at all levels.

Within Wibax, no one is allowed to receive or offer customers, potential customers, authorities or other business partners any form of compensation or reward that is contrary to laws and good business practice.

WIBAX SOCIAL SUSTAINABILITY STRATEGY Wibax will be an attractive employer in our field.

Trough actively working with sustanibility, we contribute to better community, and we become more attractive for: suppliers and employers. By controlling our supply chain, we ensure quality and security in distribution, without compromising human rights.

SUSTAINABLE PURCHASES Wibax works actively to ensure that our purchases are ethically sound and that the suppliers we hire comply with laws, conventions and good business practice. To be a potential supplier to Wibax, the supplier must follow and support our code of conduct (CoC) or have a code of conduct that is deemed to be of the same scope as, or more comprehensive than, Wibax' code of conduct. Wibax CoC is based on the fundamental principles of the UN and the Global Compact in areas such as human rights, labour law, the environment, business ethics and anti-corruption measures. Furthermore, these requirements shall, within the limits of our suppliers' influence, also apply to subcontractors and subcontracted suppliers. Our code of conduct is available to all our employees and is also included in the introductory programme for new hires.

In 2021, the Wibax Code of Conduct was updated, providing clearer requirements for our business partners' in areas such as human rights, work, the environment, anti-corruption and health, safety and the working environment. Wibax wants to build relationships with business partners that are mutually beneficial

SUPPLIER ASSESSMENTS AND AUDITS Before signing an agreement with new suppliers, an assessment is made of the supplier based on, among other things, a self-declaration. The assessment must be conducted at least every two years. For larger suppliers, regular site visits are carried out whenever possible, an activity limited by covid-19 in 2021.

Wibax suppliers have a major impact on our business and our ability to manufacture and sell chemicals of the right quality. There are different ways to control the suppliers, e.g. through agreements/contracts, specifications and requirements for certification according to accepted standards. However, a certification is no guarantee that the supplier lives up to our specific requirements and expectations. That is why Wibax works with supplier audits.

The audits aim to ensure that Wibax suppliers meet the requirements we have set in our code of conduct.

Our code of conduct can be summarised as follows and these are focus areas during the audits: 1. Knowledge, quality, safety and environmental awareness must characterise Wibax' operations. Wibax' code of conduct is part of our responsibility for sustainable development. The target group is our own company as well as our suppliers and customers.

2. Wibax and our business partners ensure that employees and others present at our and our suppliers' premises have a safe and healthy work environment.

3. We expect all our business partners and suppliers that we contract to follow our code of conduct and support the UN Global Compact's 10 basic principles.

In addition, these requirements shall, within the limits of our suppliers' influence, also apply to subcontractors and subcontracted suppliers. via control of the supply chain.

In 2021, four supplier audits were performed. Of these, two were on site at supplier locations, and two were so called desktop audits.

WIBAX • 25

SPONSORING Through sponsorship, Wibax wants to contribute positively to society. We see sponsorship as a collaboration that will benefit both parties. All of our sponsorships should be characterised by by Good Chemistry, we strive for an even gender distribution and for collaborations that benefit children and young people regardless of their financial or cultural background.

Wibax continues to sponsor the floorball team Wibax Piteå IBK which carries our name. In 2021, we have also sponsored, among others, Piteå Elite, PIF Women, Young Achievement Norrbotten, the Childhood Cancer Foundation, Piteå Summer Games and Lions. In addition to these, a number of children and youth teams in various sports have also been granted Wibax sponsorship.

WIBAX DRIVER EDUCATION Wibax Logistics, together with the Swedish Public Employment Service, provided tailored education for professional drivers, the Wibax Academy Driver education.

For 8 months, Yrkesakademin in Luleå and Wibax jointly organised the education programme due to the current shortage of educated professional drivers.

Wibax offered 14 people the opportunity to participate. The workplace-based part of the programme was carried out at Wibax and here the participants were trained in areas that apply specifically to tankers. The theoretical parts of the programme as well as driving license training were provided by Yrkesakademin. After completing training in May 2021, a handful of participants had the opportunity to become Wibax employees, and the remaining students went to work for other companies in the region. Wibax is very satisfied with the effort we have made together with the Swedish Public Employment Service to strengthen the skills supply for the local business community.

26 • WIBAX

STUDENTS Wibax gave a guest lecture at Luleå University of Technology and talked to the students about the company, our sustainability work and a possible future within Wibax. During the Strömbackaskolan Sustainability Week, we visited the students of the Vehicle and Transport programme and talked about Wibax sustainability work.

Wibax has also participated in a digital recruitment fair "Hemlängtan", with the aim of showing who we are and attracting future employees who wish to move north.

In the spring of 2021, a master's student in industrial economics at Luleå University of Technology did a degree project with a focus on quality development.

The thesis was titled "Successful implementation of ISO 9001" and was carried out in conjunction with all subsidiaries and departments being included in the ISO 9001 and ISO 14001 certificate. The study has examined how to successfully implement the quality management system ISO 9001 with the help of employee commitment.

WIBAX • 27

EMPLOYEES ATTRACTIVE EMPLOYER Wibax' values are the force we need to develop a shared, strong and lasting culture that both supports the business and motivates our employees. Wibax wants to be a workplace where everyone feels a sense of belonging, appreciation and pride and where all employees are part of teams working towards a common goal.

All employees must have equal conditions, rights and development opportunities, and Wibax must put the skills of all employees to good use, thereby increasing efficiency and productivity. A safety factor for Wibax employees is the fact that we follow collective

27%

UNFOCUSED Employees who love to do things but do not know what to do.

COMMITTED Employees who love their job and do it very well.

ENERGY

11%

SATISFIED Employees who know what to do and do it.

8%

BORED Employees who do not know what to do and do not care.

PASSENGERS Employees who know what to do but do not care enough to do it.

A sustainable business is built by committed employees who act responsibly to live up to expectations and wishes from the surrounding community, a key element of a sustainable and value-generating business. One of several focus areas that our working groups dealt with as part of improvement work in 2021, is the planning and follow-up of work being done.

EMPLOYEE SURVEY In order to continue to develop and improve as an organisation and employer, the views of our employees are very important to us. Every two years, we conduct an employee survey to understand our employees' experiences of team efficiency, leadership, commitment and the organisational and social work environment.

Commitment results show that Wibax has a large proportion of satisfied and committed employees.

44%

10%

bargaining agreements applicable to the industry and that our business is conducted in accordance with current legislation.

CLARITY

R EMBE DEC LENGE L A CH

R BE

BR RY UA

W IB

AX W

ER

L

E M M

G AU

US T

EX ER CI SE

E PAD

SU

R

EL

BI NG O SU MM ER B I NGO

P OU GR R SU M M E

G BIN

JUNE

O

M

IL APR

PA D

RE

EX E

LECTU

L

INE

OO

RCI SE O NL

SC H

AY

R STEP CHALL S ENG E

SK I

GE LLEN

YM G

OCTO BE

AX

X GYM

CH MAR

HA RC TE IN

IB

WIBA

JULY

28 • WIBAX

FE

STEP E NG CALLE

MB SEPTE

In 2021, the wellness year consisted of themed activities where employees had the opportunity to try different forms of exercise and activities such as; slalom skiing, wake-up training, a winter challenge that consisted of performing cardio-intense physical activity three times a week, outdoor group workouts, padel, summer bingo, a pedometer competition, a walkthrough of Wibax' own gym and a digital lecture on the subject of stress, thoughts and joy.

M

JANU ARY

W

HEALTH CARE To promote good health and well-being in the workplace, Wibax has an active wellness programme where we offer wellness grants and carry out joint wellness activities with a focus on habits and lifestyle.

NO VE

R EMBE DEC

26%

EMPLOYEES • Average number of full-time equivalent (vs 221 in 2020) • 26% women • The average age is 45

of the employees are women

MANAGERS The diagram below shows the development of the number of women among Wibax managers.

24% women THE SHARE OF FEMALE MANAGERS 30 25 20 15 10 5 0 %

2016

2017

2018

2019

2020

2021

DRIVERS The table below shows the gender distribution among Wibax drivers at our terminal locations in Sweden. In 2021, 19% of our drivers were women.

19% of Wibax drivers are women

2021 100 80

Women

60

Men

40 20 0 %

PITEÅ

SKELLEFTEÅ

Ö-VIK

HÄRNÖSAND

SKUTSKÄR

NORRKÖPING

UDDEVALLA

Women

Parental leave Parental leave in Sweden in 2021 increased for women but decreased for men compared with the previous year. The distribution of the total hours of parental leave in 2021 shows that women have taken 66.52% and men 33.48%. Finland had no parental leave in 2021.

Men

33,5 %

66,5 %

WIBAX • 29

EQUAL TREATMENT Wibax must be free from discrimination, harassment and retaliation that has anything to do with any of the grounds for discrimination, gender, transgender identity or expression, ethnicity, religion or other belief, disability, sexual orientation and age.

The work must be conducted at all levels and the attitude must be characterised by equal treatment and diversity as well as respect and dignity towards the individual and their integrity. Mapping of discrimination risks has been carried out and updates are conducted on an ongoing basis. A plan for measures is included as part of the Work Environment Plan.

the 2021 survey show a good organisational and social work environment.

RISK OBSERVATIONS Systematic work environment initiatives require capturing observations of risk in the business, in order to prevent the risk of accidents in the long term.

In 2021, we had a goal of reaching 100 work environment-related risk observations and the result was 103 reported risk observations.

WORK ENVIRONMENT AND SAFETY CULTURE In 2021, Wibax held safety days for all employees in Sweden with the aim of increasing employees' risk awareness and creating a safe working environment together, both for ourselves and our employees (safety days in Finland will be held in 2022). Over several days, the employees gathered for lectures on general safety, the risks that exist in our business and a lecture on how the brain works. The safety days also consisted of several smaller workshops where employees gathered in small groups to discuss different risk scenarios, tried to extinguish a fire and participated in other activities to increase risk awareness.

ORGANISATIONAL AND SOCIAL WORK ENVIRONMENT INDEX (OSI) In our employee survey, we also evaluate whether we have a functioning organisational and social work environment. The purpose is to detect early signs of factors that can lead to poor health. The results from

RISK OBSERVATIONS:

100

OUR GOAL

103

RESULTS

THE LTI TREND OVER THE LAST 6 YEARS 14

LTI (LOST TIME INJURY FREQUENCY) LTI (Lost Time Injury Frequency) is calculated based on the ratio between the number of accidents that have led to absence of at least one day, where a medical examination was required, during the accounting period and the total working hours. The ratio is calculated relative to one million working hours.

12 10 8 6 4 2 0 %

30 • WIBAX

2015

2016

2017

2018

2019

2020

2021

For the Wibax Group, LTIF is 9.6 for 2021, caused by four (4) accidents.

ANNUAL REPORT

WIBAX AB 556262-9674

The Board of Directors and the President may hereby submit the annual report and consolidated accounts for the financial year 2021-01-01--2021-12-31.

BOARD OF DIRECTORS REPORT WIBAX GROUP

WIBAX HOLDING OY

WIBAX

WIBAX

WIBAX

WIBAX

WIBAX

WIBAX

WIBAX

WIBAX

CHEMICALS

BIOFUELS

LOGISTICS

INDUSTRIAL

PRODUCTION

WIBAX AS

SALES OY

TANK OY

WIBAX TANK AS

THE NATURE AND FOCUS OF THE BUSINESS The core business of the Wibax Group is sales, import, production and distribution of bio oils and chemicals with a particular focus on bulk liquid products. The Group continues on the path taken to strengthen its market positions with existing operations.

OWNERSHIP The Wibax Group is wholly owned by Bo Wiklund, Jonas Wiklund, Andreas Wiklund and David Wiklund.

WIBAX GROUP AB The parent company Wibax AB was registered in 1986 but changed its name to Wibax Group AB in 2021. The head office is located on company owned property in Piteå, housing offices, production premises, warehouses, workshops and washing halls. The parent company is responsible for purchasing, product development, administration, quality and environmental work as well as safety and protection.

WIBAX CHEMICALS AB Wibax Chemicals AB is a wholly owned subsidiary of Wibax Group AB and handles all sales of liquid chemical products and salts. The company also focuses more on specialty chemicals, where our own products

32 • WIBAX

in combination with our collaboration agreement with Suez offer our customers a wide range of specialty and functional chemicals.

WIBAX BIOFUELS AB Wibax B iofuels AB is a wholly owned subsidiary of Wibax Group AB and offers a wide range of bio oils, mainly for combustion as well as technical expertise for implementation and optimisation. For our customers who seek to transition away from fossil fuels, we offer total solutions, leading up to operational bio oil facilities WIBAX LOGISTICS AB Wibax Logistics is a wholly owned subsidiary of Wibax Group AB, whose primary role is to cover the group's needs for road transport, and also perform certain external logistics assignments. The company holds a very high standard and quality in its vehicles and has experienced and competent staff. The company is one of the most comprehensive tanker companies in Sweden with the capacity to transport most frequently used chemicals to the process industry. Wibax Logistics AB is also responsible for the operation and maintenance of the group's terminals in Sweden.

WIBAX INDUSTRIAL AB Wibax Industrial is a wholly owned subsidiary of Wibax Group AB and a complement to Wibax' other operations. The company's main role is to add value to the group's sales through total solutions in service and maintenance as well as repairs and cleaning. The company performs service and maintenance assignments in a number of areas in industrial environments.

The company also offers a total solution for the conversion of boilers from fossil fuel to biofuel and assists with design, installation, start-up, optimisation and evaluation. Additionally, the company is a mechanical and technical partner for Wibax' production and terminals.

WIBAX PRODUCTION AB Wibax Production AB is a wholly owned subsidiary of Wibax Group AB. The quality-certified production facilities are located in Piteå and include know-how, machinery, production halls and warehouses. We both manufacture and prepare chemicals tailored to customer needs. A strength of Wibax' production is our ability to manufacture and tailor products to customer requirements, with high quality, cost efficiency and great flexibility and a high degree of purity. Wibax strategy is to process chemicals in such a way that we add a higher value to our products, it is one of the ways in which we create Good Chemistry.

WIBAX AS Wibax AS is a wholly owned subsidiary in Norway within the Wibax Group. The company focuses on products in industrial water and process treatment, primarily in corrosion, deposits and microbiology control.

WIBAX HOLDING OY Wibax Holding Oy is a holding company wholly owned in Finland within the Wibax Group. The Finnish subgroup Wibax Holding Oy includes the companies; Wibax Sales Oy, Wibax Tank Oy and Wibax Tank AS. WIBAX SALES OY Wibax Sales Oy is a wholly owned subsidiary of Wibax Holding Oy in Finland and is a sales company that offers products primarily to major stakeholders in the forest, steel, mining, paper and pulp and pulp industries. Additionally, the sales company offers products for heating, water treatment and dust binding.

WIBAX TANK OY Wibax Tank Oy is a wholly owned subsidiary of Wibax Holding Oy in Finland. The company is responsible for the operation and maintenance of the group's terminals in Finland and Estonia. The well-established and unique total solution that Wibax has offered in Sweden since 1986, consisting of storage, monitoring, transport and product sales, is also sought after by customers on the Finnish side. Wibax can now also offer the Finnish market a sustainable total solution and thereby achieve faster growth and deeper long-term collaborations.

WIBAX TANK AS Wibax Tank AS is a wholly owned subsidiary of Wibax Tank Oy in Estonia, offering storage and handling of chemicals and other liquid products within Estonia.

Major customer groups are the forest industry and other processing industries.

WIBAX • 33

THE GROUP'S OPERATIONS The corona pandemic has continued to affect us all in 2021. We have focused on taking measures to ensure the health of our employees and the Group's operations. Financially, the impact has been minor, and measures taken have successfully prevented the spread of infection in the workplace.

To prepare the group for the future, an organisational change has been implemented from 1 January 2021.

We changed the name of the group parent company Wibax AB to Wibax Group AB and transitioned sales of chemicals and production to separate companies.

Our Finnish companies Wibax Sales Oy and Wibax Tank Oy were placed under a Finnish group structure, Wibax Holding Oy, which is wholly owned and controlled by Wibax Group AB. Major challenges have persisted, especially related to procurement of raw materials for the bio oil segment.

Thanks to a broad product portfolio, we have nevertheless succeeded well in supplying our customers and even though the budgetary sales targets have been difficult to reach, profitability has improved.

The acquisition of Baltic Tank, now Wibax Tank OY, in 2020, has strengthened Wibax' position in the Finnish market in 2021, alongside our Finnish sales company.

The group has really flourished and we see a positive response from our customers. So far, this has resulted in major sales growth within the Finnish group, partly from the acquired company but above all from increased sales. We strongly believe in our unique concept with full control of the supply chain and are really looking forward to continuing to develop it in Finland.

INVESTMENTS In 2021, Wibax invested in an electric truck with a total weight of 64 tonnes, this is the first of its kind to be put into operation. We see great potential in the truck and its opportunities to contribute to reduced CO2 emissions for both Wibax and our customers.

In Skelleftehamn, a project has been started to add bunding to our terminal areas, with completion expected in 2022. The bunding is a preventive safety project that aims to prevent emissions in the event of a leak.

At the end of 2021, Wibax acquired another terminal in Hamina, Finland. The terminal lies in a a strategically important location in an growing area and is located in the middle of our existing terminal areas in Hamina.

BUSINESS DEVELOPMENT 2021 was a year when many eyes were turned to northern Europe. Many news items from northern Sweden, Finland and Norway have covered new establishments of heavy industry. Who would have thought that the first new steelworks established in Europe in 45

34 • WIBAX

years would be located in Norrbotten? Or that a completely new basic industry in the form of the battery sector is emerging in Mo in Rana, Narvik, Skellefteå, Vaasa and Hamina to name a few current projects.

More than anything, major stakeholders want to access the green energy that we can offer for new production sites in the Nordic region.

Wibax, with 19 strategically located terminals in Sweden, Finland and Estonia, is in a good position to support these new business start-ups with products, storage and transport services.

2021 was a year marked by global logistics disruptions due to the pandemic sweeping across the world. This year, Wibax has also shown how important it is to have a local presence and control over the logistics chain.

The fact that Northvolt in 2021 chose Wibax as its strategic partner and chemical supplier is further proof of how important logistics management and delivery security are for customers. Wibax is now stronger than ever and has managed to wisely navigate the challenges that have arisen in terms of container shortages, product shortages and pandemic restrictions that have affected staff, customers and suppliers.

Work on the strategic growth plan that Wibax developed based on the board's goals for 2025, continues with further focus on growth and profitability. The outcome so far has exceeded high expectations. This is a real show of strength and proof that our business model continues to deliver results, which bodes well and builds security for the future. Together we create our sustainable future.

EXPECTED FUTURE DEVELOPMENT In accordance with our strategic plan, the Group will continue to grow strongly in the coming years. A source of worry is the current situation with the war in Ukraine and we hope that it does not worsen or spread to other parts of Europe. The impact on us has been relatively minor thus far and we hope it will remain that way.

We have a strong business model, as proven by our growth in Finland, where it is appreciated by customers. Never has a secure supply chain been as appreciated as it is today, which is why we consider it natural to keep expanding our concept. We will be able to offer even better service to our customers in the future.

QUALITY, SAFETY AND ENVIRONMENT Permit matters and communication with authorities has been an important and significant part of our work in 2021 for several of Wibax' facilities, just as in previous years. During the year, the Department of Quality, Safety and the Environment worked actively with puting a greater focus on safety issues and recruited a safety engineer. We have gathered the en-

tire Swedish operation for "Safety Days" where we had lectures and group exercises with the aim of improving our safety culture. Additionally, we have introduced regular safety representative meetings and produced an instructional video describing the entire procedure from product order, via loading and transport to unloading the product at a customer location. We have carried out the annual external and internal audits for ISO 9001, ISO 14001 and ISCC and our safety manager has held ADR and YKB refresher courses. During the year, our ISO certifications were audited, and following the audit, the Wibax Group is now covered by a single certificate. Furthermore, our sustainability coordinator has carried out the company's first greenhouse gas inventory according to the GHG Protocol.

OPERATING PERMITS Wibax conducts production and storage of chemicals that require a permit because the activities are defined as environmentally hazardous activities under the Environmental Code. In Piteå we store and manufacture chemicals, in other locations we engage in with storage and handling of chemicals. Six of the facilities are Seveso operations. Our permits are of the utmost importance in order to be able to conduct the type of business that we do. The group's main environmental impact is emissions to air via the transports that are carried out as part of our business.

WIBAX CHEMICALS AB 2021 has, for us as for many others, been a year marked

by Covid -19. We have not been able to meet in person to the extent we wanted, but even so, the business and relationships with our customers have continued to develop. In 2021, challenges arose for many companies as raw material prices increased significantly due to high energy costs and significantly higher costs for container shipping from Asia. Wibax has nevertheless, thanks to our wide network of suppliers, been able to maintain high delivery security. A growth area during the year, where we see great potential for further growth is the battery industry. Wibax Chemicals has, among other things, signed an agreement with Northvolt which will mean large volume increases in the coming years. We see a continued development towards the battery industry where we collaborate with more customers and where Wibax total solution concept with storage and logistics fits in well.

WIBAX LOGISTICS AB 2021 has been a year of continued growth and development within the logistics company. A significant factor is the continued investment in the development of our vehicle fleet and terminals with the aim of creating a sustainable basis for the group's continued growth and achieving future goals.

Vehicle investments have proceeded according to plan, in accordance with our goal of a safe, sustainable and efficient vehicle fleet. In December, we launched the first heavy-duty truck with a total weight

of 64 tonnes, together with Scania. The investment should be seen as a first step in a strategic electrification initiative for our logistics. Furthermore, we have continued to adapt the vehicle fleet to the new regulations for increased total weight, an effort that will continue in 2022. As part of an extensive streamlining effort, the operational management of the haulage company was reorganised during the year. This has resulted in a positive earnings trend and improved leadership, and the work that will continue in 2022.

Our position as one of Sweden's most comprehensive bulk suppliers has been further strengthened through continued investments in our terminals for storage of liquid products. The terminals are an important strategic investment and a foundation for achieving the group's growth targets. During the year, we adapted and commissioned tanks for storage at Haraholmen, Skelleftehamn and Malmö. Installation of bunding at the Skelleftehamn terminal began during the year and will be completed in 2022.

Our strength lies in being able to offer the combination of transport and storage of liquid products, using our own resources exclusively. A business model that we have developed over the years and which contributes to our strong position in the market. This makes Wibax Logistics a unique company in the industry with distinctive breadth, skills, flexibility and high delivery security. Strengths that, combined with the group's flows and return flows from external customers yield sustainable logistics solutions.

WIBAX PRODUCTION AB We have focused on safety and adapted our working procedures to minimise the spread of Covid-19. The pandemic has also caused changes in the market for some of our raw materials, which has meant that we have had to work on finding new qualified suppliers.

Volumes have been stable during the year and we have succeeded well in meeting our customers' needs for delivery security and quality. This lays the foundation for continued trust from our customers and growth for Wibax' production companies. To meet future customer requirements, made an investment during the year, in a new facility for the preparation of chemicals. We have developed a strategic growth plan for the year 2025 where several activities key to achieving our growth targets have been identified.

WIBAX BIOFUELS AB For Wibax Biofuels, 2021 has been characterized by an ongoing search for products to sell. The market imbalance that developed during the pandemic has worsened and demand has been significantly greater than supply, which in turn has led to sharply rising prices. Even so, we have been relatively successful in securing raw materials and with our storage capacity, we have been able to provide deliveries to our customers. The fact that we have a number of products in our portfolio has also meant that we have succeeded

WIBAX • 35

in gaining market share, which will especially show in 2022. The customer market continues to grow strongly and if we can continue to benefit from our marketleading position and unique product mix will mean continued positive development for Wibax Biofuels.

WIBAX INDUSTRIAL AB Wibax Industrial offers total solutions where we convert boilers from fossil fuel to biofuel. During the year, we worked with mobile solutions that shortened implementation times for customers who sought to quickly abandon fossil oils. The conversion contracts are an area of focus for us and we see a continued need for the industrial and district heating sector to replace fossil oils with bio oils.

The number of cleaning contracts has grown geographically throughout Sweden and can include everything from cleaning industrial heat exchangers to cleaning bio oil tanks. Thanks to our mobile solutions, we can deliver products to the customer even when the primary tank is closed, for instance during cleaning or inspection.

In 2021, we have acquired certification according to the quality management system ISO 9001 and the environmental management system 14001.

WIBAX HOLDING OY In 2021, travel restrictions eased to the point that we could finally visit each other on site instead of just meeting over Teams and by phone. Despite limited physical meetings, cross-border cooperation has worked well and the Finnish-Estonian terminal operations feel like a natural and integrated part of Wibax.

In the autumn, we were able to hold our annual Autumn Conference in Finland as well, where we jointly discussed important issues such as health, safety and growth. Hopefully we will have the opportunity in 2022 to hold a joint event where we gather the entire Wibax staff at the same time.

The market remains positive to Wibax' offer of products and storage on the Finnish market. We see a continued enormous growth potential and continue to

36 • WIBAX

implement the Wibax model that has been successful in Sweden also in the Finnish market, a concept that is proven to work and is sought after among our customers.

WIBAX TANK OY As in our Swedish range of terminals, Wibax Tank Oy mainly offers storage and handling of chemicals and biological oils in Finland. The largest customers are mainly found in the forest industry and other processing industries. Despite the pandemic, operations during the year were stable and at a relatively normal level. Significant investments have been made in Kotka and in Kokkola. For repairs new investments, we strive for energy-efficient solutions, in order to reduce our environmental impact.

WIBAX SALES OY Wibax Sales Oy works mainly with the pulp and paper industry, other focus areas are the mining and metal industry as well as energy production and road maintenance. Sales developed very favorably during the year thanks to a strong focus on bulk products and sustainable bio oils. These are areas where the group's expertise in storage, logistics and customer service is of great benefit. By working closely with Wibax Tank Oy, we have been able to offer creative total solutions for the market, thereby achieving rapid growth.

WIBAX TANK AS Wibax Tank AS offers storage and handling of chemicals and other liquid products in Estonia. Major customer groups are the forest industry and other processing industries. Despite the pandemic, operations during the year were stable and at a relatively normal level. Surveys of new potential customers are ongoing to improve capacity utilisation.

WIBAX AS Wibax has stable sales in Norway, geared towards primary industry, with products ranging from bulk chemicals to specialty chemicals. In 2021, we conducted basic market research in Norway and see it as an interesting market to continue to develop.

FINANCIAL OVERVIEW

WIBAX GROUP Operating income - Operating profit 1 600 000

160 000

2000-2021 1 400 000

140 000

1 200 000

120 000

1 000 000

100 000

800 000

80 000

600 000

60 000

400 000

40 000

200 000

20 000

0 2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

0 2000

KSEK

KSEK

Operating income EBIT

WIBAX GROUP Key ratios 45,0 40,0

2000-2021

35,0 30,0 25,0 20,0 15,0 10,0 5,0

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

0,0

Profit/loss after financial items Equity ratio Return on capital employed

WIBAX • 37

WIBAX CHEMICALS AB Operating income - Operating profit 600 000

50 000

2021

45 000

500 000

40 000 35 000

400 000

30 000 25 000

300 000

Operating income EBIT

20 000 200 000

15 000 10 000

100 000

5 000 0

0 KSEK

KSEK

2021

WIBAX LOGISTICS AB Operating income - Operating profit 400 000

Operating income EBIT 40 000

2000-2021

350 000

35 000

300 000

30 000

250 000

25 000

200 000

20 000

150 000

15 000

100 000

10 000

50 000

5 000

0

38 • WIBAX

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

0 2000

KSEK

KSEK

WIBAX BIOFUELS AB Operating income - Operating profit 600 000

30 000

2010-2021 500 000

25 000

400 000

20 000

300 000

15 000

200 000

10 000

100 000

5 000

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

KSEK

0 2010

0

Operating income EBIT

KSEK

WIBAX SALES OY Operating income - Operating profit 160 000 140 000

10 000

2013-2021

8 000

120 000 6 000

100 000 80 000

4 000

60 000

Operating income EBIT

2 000

40 000 0

20 000 0 2021

2020

2019

2018

2017

2016

2015

2014

2013

KSEK

-2 000 KSEK

WIBAX TANK OY Operating income - Operating profit 140 000 120 000

40 000

2020-2021

35 000 30 000

100 000

25 000

80 000

20 000 60 000

15 000

40 000

10 000

20 000

5 000 0

0 KSEK

Operating income EBIT

2020

2021

KSEK

WIBAX • 39

FINANCIAL OVERVIEW MULTI-YEAR COMPARISON GROUP, KSEK

Operating income EBIT EBITDA Profit after financial items Profit margin % Balance sheet total Equity ratio,% Return on total capital employed,% Average number of employees

2021 2020 1,490,180 1,301,586 139,025 118,995 212,746 164,161 130,073 107,850 7,4 8,8 1,361,749 1,205,005 32,5 29,9 10,5 9,9 243 249

2019 1,334,779 72825 112,286 66,444 5,2 834,282 35,7 8,8 214

2018 1,174,643 78,855 113,683 72,657 6,5 748,638 35,4 10,7 184

2017 847,234 45,575 74,142 39,121 4,9 677,711 32,3 6,8 179

2019 593,194 28,747 50,083 23,596 4,2 545,162 37,2 5,3 62

2018 593,922 43,636 62,889 38,027 6,8 488,761 37,6 9,0 52

2017 448,540 27,655 41,307 37,160 8,8 491,434 34,2 8,8 50

MULTI-YEAR COMPARISON PARENT COMPANY, KSEK

Operating income EBIT EBITDA Profit after financial items Profit margin % Balance sheet total Equity ratio,% Return on total capital employed,% Average number of employees

2021 124,336 8,033 30,737 9,013 11,3 484,439 53,0 2,9 55

2020 655,118 74,577 96,738 69,716 11,4 617,562 41,0 12,3 64

PROPOSED ALLOCATION OF RESULTS The following earnings are available for the Annual General Meeting to appropriate:

Amount

Result carried forward 50,411 Result for the year 23,724 74,135 The Board and the CEO propose that the available earnings be appropriated as follows: Carried forward 74,135 As regards the Company’s results and financial position in general, please refer to the following financial statements with supplementary information and notes to the financial statements.

40 • WIBAX

INCOME STATEMENT

GROUP

Note OPERATING INCOME Net sales Activated work for own account Other operating income O PERATING COSTS Raw materials and consumables Other external expenses Personnel costs Depreciation/write-down of tangible and intangible fixed assets Other operating expenses Operating profit PROFIT FROM FINANCIAL ITEMS Profit from shares in group companies Dividend on shares in associated companies Interest income Interest expenses and similar items Profit after financial items

PARENT COMPANY

2021

2020

1,404,582 2,778 82,820 1,490,180

4,5 6 7 8 9

2 3

10 11

2021

2020

1,221,366 1,521 78,699 1,301,586

79,551 1,152 43,633 124,336

611,209 43,909 655,118

-972,200 -98,690 -189,945

-899,355 -61,373 -161,637

-9,942 -28,586 -51,845

-484,202 -18,470 -49,098

-73,721 -16,599 139,025

-45,166 -15,060 118,995

-22,704 -3,226 8,033

-22,161 -6,610 74,577

4,169 5 51 -13,177 130,073

226 261 -11,632 107,850

4,169

168

1,781 -4,970 9,013

1,126 -6,155 69,716

Year-end appropriations Profit before tax

12

130,073

107,850

20,001 29,014

-28,564 41,152

Tax on profit for the year Result for the year

13

-26,594 103,479

-24,725 83,125

-5,290 23,724

-8,884 32,268

WIBAX • 41

BALANCE SHEET

Note

GROUP 2021

PARENT COMPANY 2020

2021

2020

ASSETS FIXED ASSETS INTANGIBLE ASSETS Expenses for software Goodwill

14 15

7,785 2,233 10,018

5,178 2,842 8,020

5,429

1,855

5,429

1,855

111,726 241,960 5,728 17,700 377,114

109,840 297,130 5,869 24,744 437,583

82,052 82,052

26,131 26,131

TANGIBLE FIXED ASSETS Land and buildings Plant and machinery Equipment, tools, fixtures and fittings Ongoing new construction

16 17 18 19

436,520 357,914 50,640 27,998 873,072

385,748 369,770 48,580 34,763 838,861

FINANCIAL ASSETS Other long-term securities

20

100 100

105 105

Aktier i koncernföretag

21

Total fixed assets

883,190

846,986

464,595

465,569

30,714 126,695 25 157,434

48,827 92,311 21 4,261 145,420

-

48,827 4,261 53,088

269,641 4,584 2,033 21,322 297,580

164,638 2,533 2,126 20,896 190,193

497 8 3,385 3,890

85,613 13,292 98,905

23,545

22,406

15,954

-

478,559

358,019

19,844

151,993

1,361,749

1,205,005

484,439

617,562

CURRENT ASSETS INVENTORIES ETC. Raw materials and consumables Prepared goods and goods for sale Ongoing work on behalf of others Advances to suppliers CURRENT RECEIVABLES Accounts receivable Tax receivables Other receivables Prepaid expenses and accrued income

22

Cash and bank balances

23

Total current assets TOTAL ASSETS

42 • WIBAX

Note

GROUP 2021

PARENT COMPANY 2020

2021

2020

EQUITY AND LIABILITIES EQUITY Share capital (12,000 shares) Other equity including profit for the year

24 1,200 441,016 442,216

1,200 359,036 360,236

-

-

RESTRICTED EQUITY Share capital (12,000 shares) Reserve fund

-

-

1,200 240 1,440

1,200 240 1,440

UNRESTRICTED EQUITY Balanced gain or loss Result for the year

-

-

50,411 23,724 74,135

35,143 32,268 67,411

442,216

360,236

75,575

68,851

-

-

185,497 42,616 228,113

191,582 42,982 234,564

26

91,093 91,093

89,004 89,004

4,476 4,476

4,620 4,620

27 28

422,293 41,250 463,543

451,332 41,250 492,582

129,640 129,640

36,627 150,090 186,717

28

59,402 203,979 33,750 67,766 364,897

59,503 120,008 25,693 57,979 263,183

20,360 11,137 2,448 1,080 2,399 9,211 46,635

20,553 55,172 26,818 1,987 4,431 13,849 122,810

1,361,749

1,205,005

484,439

617,562

Total equity UNTAXED RESERVES Accumulated depreciation in excess of plan Tax allocation reserves PROVISIONS Provisions for deferred tax LONG-TERM LIABILITIES Overdraft facilities Other liabilities to credit institutions Other long-term liabilities CURRENT LIABILITIES Liabilities to credit institutions Accounts payable Liabilities to group companies Current tax liabilities Other current liabilities Accrued expenses and prepaid income

TOTAL EQUITY AND LIABILITIES

25

29

WIBAX • 43

CASH FLOW ANALYSIS

GROUP

PARENT COMPANY

2021

2020

2021

139,025 73,136 56 -13,177 -26,148 172,892

118,995 46,147 261 -11,632 -13,586 140,185

8,033 22,704 1,781 -4,970 -5,434 22,114

74,577 22,247 1,126 -6,155 -8,857 82,938

CASH FLOW FROM CHANGES IN WORKING CAPITAL Increase (-) / Decrease (+) of inventories Increase (-) / Decrease (+) of operating receivables Increase (+) / Decrease (-) of operating liabilities Cash flow from working capital

-12,014 -107,387 101,714 -17,687

83 28,749 -21,933

95,015 -76,175

-976 -5,008 10,326

Cash flow from operating activities

155,205

147,084

40,954

87,280

-109,212 1,185 -108,027

-7,958 -189,800 309 -70 -96,570 1,887 -292,202

-9,430 72,026 -327 -26,742 35,527

-7,958 -3,348 309 -75,089 231 -85,855

-29,039 -17,000

195,261 -7,737 -20,000

-46,039

167,524

-20,450 -36,627 -17,000 13,550 -60,527

7,712 -9,167 -20,000 20,030 -1,425

1,139 22,406 23,545

22,406 22,406

15,954 15,954

-

OPERATING ACTIVITIES Operating profit Adjustments for items not included in cash flow, etc.

Interest received Interest paid Tax paid Cash flow from operating activities before changes in working capital

INVESTMENT ACTIVITIES Provided shareholder contributions Acquisition of subsidiaries Divestment of subsidiaries Divestment of line of business Acquisition of intangible fixed assets Acquisition of tangible fixed assets Sale of tangible fixed assets Cash flow from investing activities FINANCING ACTIVITIES Other liabilities to credit institutions Borrowings and repayments (net) Overdraft facilities Dividend paid Received/submitted group contributions Cash flow from financing activities

Cash flow for the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year

44 • WIBAX WIBAX

2020

-

NOTES NOTE 1 ACCOUNTING PRINCIPLES Amounts in KSEK unless otherwise noted.

GENERAL ACCOUNTING PRINCIPLES The annual report has been prepared in accordance with the Annual Accounts Act and the general guidelines from the Swedish Accounting Standards Board 2012:1 (K3).

The parent company is the holder of the Group's cash pool account, the subsidiaries' share of cash pool accounts is recognised as cash/bank balance and overdraft facility.

CLASSIFICATION Fixed assets, long-term liabilities and provisions essentially only consist of amounts that are expected to be recovered or paid after more than twelve months from the balance sheet date.

sed at the sum of future minimum lease payments.

In the parent company, all leasing agreements, both financial and operational, as well as operational leasing agreements are recognised.

INTANGIBLE AND TANGIBLE FIXED ASSETS Tangible fixed assets are recognised at acquisition value less accumulated depreciation and any write-downs. Component depreciation is applied to buildings. Land is not depreciated. Linear depreciation is made on a depreciable amount (acquisition value less estimated residual value) over the useful life of the assets as follows:

Current assets and current liabilities essentially consist only of amounts that are expected to be recovered or paid within twelve months from the balance sheet date.

Intangible Land and buildings Plant and machinery Equipment, tools, fixtures and fittings

VALUATION PRINCIPLES ETC. Assets, provisions and liabilities have been valued at their acquisition value unless otherwise stated below.

The difference between depreciation according to plan and recorded depreciation is recognised as balance sheet appropriations.

DEFINITION OF KEY RATIOS Return on capital employed Operating profit with additions for financial income as a percentage of total capital.

FINANCIAL INSTRUMENTS Financial instruments are valued on the basis of their acquisition value. The instrument is recognised in the balance sheet when the company becomes a party to the contractual terms for the instrument. Financial assets are removed from the balance sheet when the right to receive cash flows from the instrument has expired or been transferred and the company has substantially transferred all risks and rewards associated with ownership. Financial liabilities are removed from the balance sheet when the obligations have been settled or otherwise ceased.

Equity ratio Total equity + (100% - current corporation tax rate on untaxed reserves)) / Total assets.

LEASING The Swedish Accounting Standards Board general guide- lines on accounting for leases apply.

In the Group, assets that are leased through a financial leasing agreement are recognised as tangible fixed assets while future leasing fees are recognised as liabilities. At the first reporting occasion, the asset and liability are recogni-

4-5 years 20-70 years 5-50 years 3-7 years

INVENTORY The inventory is stated at the lowest acquisition value per the first in- first out- principle (FIFO) or fair value respectively.

Thus, obsolenscence risk has been taken into consideration.

WIBAX • 45

RECEIVABLES Receivables are stated at the lower of nominal value and the amount by which they are expected to be received.

RECEIVABLES AND LIABILITIES IN FOREIGN CURRENCY Receivables and liabilities in foreign currency have been translated at the exchange rate on the balance sheet date.

CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash and bank balance.

CONSOLIDATED FINANCIAL STATEMENTS Subsidiary companies are companies in which the parent company directly or indirectly holds more than 50% of the votes, or otherwise has a controlling influence over its operative and financial management. Accounting for subsidiaries is normally based on the acquisition accounting method This method means that the acquisition of a subsidiary company is viewed as a transaction whereby the parent company indirectly acquires the subsidiary’s assets and assumes its debts. From the moment of acquisition, the acquired company’s revenues and costs, identifiable assets and debts, as well as any goodwill or negative goodwill, is included in the consolidated accounts.

RENTAL INCOME Rental income from the investment properties is recorded linearly in accordance with the terms and conditions of current lease agreements.

INCOME Revenue has been recognised at the fair value of amounts received or receivable and is recognised if the Company is likely to benefit from the financial advantages and the income can be reliably estimated.

Remuneration in the form of interest, royalty or dividend is recognised as revenue when it is probable that the company will enjoy the financial benefits that are associated with the transaction and when the income can be reliably estimated.

Interest is recognised as income according to the so-called effective interest method. Royalty is allocated in accordance with the financial significance of the agreement in question.

Dividend is recognised as revenue when the company’s right to payment is ensured.

INCOME TAXES Total tax consists of current tax and deferred tax. Taxes are recognised in the income statement except when an underlying transaction is recognised directly in equity, whereby associ- ated tax effects are recognised in equity.

Current tax Current tax refers to income tax for the current financial year and the part of the income tax for previous financial years that has not yet been recognised. Current tax is calculated at the tax rates applying at the balance sheet date.

Deferred tax Deferred tax is income tax that refers to future financial years as a result of previous events. It is recognised using the balance sheet method. According to this method, deferred tax liabilities and deferred tax assets are recognised on temporary differences arising between the book value of assets and liabilities and their value for tax purposes and for other tax deductions or deficits.

Deferred tax receivables are recognised net against deferred tax liabilities only if they can be settled by a net amount.

46 • WIBAX

Deferred tax is calculated on the basis of the applicable tax rate at the balance sheet date. Effects of changes to current tax rates are recognised in the period when the change was entered into law. Deferred tax receivables are recognised as a financial fixed asset and deferred tax liabilities are recognised as a provision.

Deferred tax assets regarding loss carry forwards or other future tax deductions are recognised to the extent that it is likely that the deductions can be offset against future tax surpluses.

Due to the connection between accounting and taxation, the deferred tax liability attributable to untaxed reserves is not recognised separately.

PROVISIONS Provisions are recognised as obligations to third parties that are attributable to the financial year or previous financial years, and which on the balance sheet date are either ensured or probable but whose amounts or payment dates are uncertain.

CASH FLOW ANALYSIS The cash flow analysis is made according to the indirect method. The recognised cash flow only includes transactions that have involved incoming or outgoing payments.

Cash and cash equivalents also include disopsable deposits with banks and other financial insitutions as well as short term investments listed on a public market, with a maturity date less than three months from the date of acquisition.

REMUNERATION TO EMPLOYEES Remuneration to employees refers to all types of payments made by the company to its employees. The company’s remuneration includes salaries, paid holidays, paid leave of absence, bonuses and remuneration after termination of employment (pensions). This remuneration is recognised as it is earned. Remuneration to employees after termination of employment refers to defined-contribution or defined-benefit pension plans. Plans where fixed fees are paid and there is no obligation, neither legal nor constructive, to pay any amount over and above these fees are classified as defined-contribution plans. Other plans are classified as defined benefit pension plans. The company makes no other long-term payments to employees.

ESTIMATES AND ASSESSMENTS The preparation of financial statements and application of accounting principles is often based on estimates, assessments and assumptions by management, which are deemed as being reasonable at the time when they were made.

Estimates and assessments are based on experience and various other factors, which under current circumstances seem reasonable. The result of these is then used to assess the recognised values of assets and liabilities that are not readily apparent from other sources. The actual outcome may differ from these estimates and assessments Estimates and assumptions are regularly revised. No significant sources of uncertainty in estimates and assumptions on the balance sheet date are deemed to entail a significant risk of substantial adjustment in the recognised amounts for assets and liabilities in the next financial year.

GROUP CONTRIBUTIONS Group contributions received and paid are recognised as appropriations.

NOTE 2 NET SALES 2021

2020

GROUP Net sales - Of which transport subsidies

1,404,582 16,978

1,221,366 16,982

PARENT COMPANY Net sales - Of which transport subsidies

79,551 -

611,209 16,982

NOTE 3 OTHER OPERATING INCOME 2021

2020

GROUP Exchange gains Rental income Miscellaneous Amount

16,382 55,091 11,347 82,820

18,714 50,741 9,244 78,699

PARENT COMPANY Exchange gains Rental income Miscellaneous Amount

3,144 33,277 7,212 43,633

7,787 34,793 1,329 43,909

NOTE 4 FEES AND REIMBURSEMENT TO AUDITORS 2021

2020

GROUP Ernst & Young Audit assignments Tax advice Other services Amount

787 179 140 1,106

587 3 42 632

PARENT COMPANY Ernst & Young Audit assignments Tax advice Other assignments Amount

240 179 140 559

305 3 308

2021

2020

15,411

12,886

33,700

31,515

806

1,059

448 389

834 1,202

NOTE 5 LEASING AGREEMENTS

GROUP Assets held via operating leases During the year, the company's leasing costs amounted to Fees due - within five years PARENT COMPANY Assets held via operating leases During the year, the company's leasing costs amounted to Fees due - within a year - later than one year but within five years

WIBAX • 47

NOTE 6 EMPLOYEES AND PERSONNEL COSTS 2021

2020

26 29 55

30 34 64

125 26

123 24

Finland Men Women

25 8

12 22

Norway Men Women

1 -

1 -

Estonia Men Women

2 1

2 1

188 243

185 249

Share of women in%

Share of women in%

12,5 21

12,5 21

PARENT COMPANY Board and CEO Other employees Sum, 1) Social expenses (of which pension costs) 2)

3,205 31,073 34,278 16,118 5,612

3,201 30,146 33,347 14,893 4,977

GROUP Board and CEO Other employees Amount Social expenses (of which pension costs) 3)

8,284 114,409 122,693 49,962 13,147

7,758 106,199 113,957 45,526 12,571

AVERAGE NUMBER OF EMPLOYEES PARENT COMPANY Men Women Total in parent company SUBSIDIARY Sweden Men Women

Total in subsidiaries Group total GENDER DISTRIBUTION IN COMPANY MANAGEMENT PARENT COMPANY Board Other senior executives SALARIES, OTHER BENEFITS AND SOCIAL COSTS

1) Personnel costs have been reduced by the amount of state aid received 0 (590).

2) Of the parent company's pension costs, 546 (prev. year 573) pertain to the company's board and CEO regarding 2 (2) people.

3) Of the Group's pension costs, 778 (prev. year 770) pertain to the company's board and CEO regarding 3 (3) people.

There are no material terms concerning severance payments or similar arrangements for board members or other members of the respective senior management teams.

48 • WIBAX

NOTE 7 DEPRECIATION OF TANGIBLE AND INTANGIBLE FIXED ASSETS

GROUP Intangible Buildings Machinery Equipment PARENT COMPANY Intangible Buildings Machinery Equipment

2021

2020

3,230 24,218 31,027 15,246 73,721

1,623 5,341 25,198 13,004 45,166

1,780 2,525 17,003 1,396 22,704

1,008 1,941 17,985 1,227 22,161

2021

2020

-16,158 -441 -16,599

-14,508 -552 -15,060

-3,226 -3,226

-6,402 -208 -6,610

2021

2020

116,993 7,321

82,717 87,540

2021

2020

51 51

261 261

1,781 1,781

1,126 1,126

2021

2020

-12,533 -644 -13,177

-10,106 -1,526 -11,632

-4,596 -374 -4,970

-6,088 -67 -6,155

NOTE 8 OTHER OPERATING EXPENSES

GROUP Exchange losses Miscellaneous Amount PARENT COMPANY Exchange losses Miscellaneous Amount

NOTE 9 PURCHASES AND SALES BETWEEN GROUP COMPANIES

GROUP The parent company's sales related to group companies The parent company's purchases related to group companies

NOTE 10 OTHER INTEREST INCOME AND SIMILAR ITEMS

GROUP Interest income Amount PARENT COMPANY Interest income Amount

NOTE 11 INTEREST EXPENSES AND SIMILAR ITEMS

GROUP Interest expenses Miscellaneous Amount PARENT COMPANY Interest expenses Miscellaneous Amount

WIBAX • 49

NOTE 12 APPROPRIATIONS PARENT COMPANY Group contribution received Group contribution paid Change in depreciation in excess of plan Tax allocation reserve, provision for the year Tax allocation reserve, return for the year Amount

2021

2020

45,140 -31,590 6,085 -8,792 9,158 20,001

20,030 -37,166 -13,796 2,368 -28,564

2021

2020

-26,594 -446

-24,725 -11,509

130,073 -26,405

107,850 -22,649

-189 -26,594

-2,076 -24,725

20,4%

22,9%

-5,290 144

-8,884 -27

29,013 -5,977

41,152 -8,807

687 -5,290

-77 -8,884

18,2%

21,6%

2021

2020

10,926 -197 5,223 60 16,012

6,740 70 3,245 -626 1,497 10,926

-5,747 152 -2,621 -11 -8,227 7,785

-4,764 425 -1,408 -5,747 5,179

7,042 327 5,223 -415 12,177

5,843 0 1,497 -298 7,042

-5,187 219 -1,781 -6,749 5,428

-4,363 184 -1,008 -5,187 1,855

NOTE 13 TAX ON PROFIT FOR THE YEAR

GROUP , current tax expenses Of which deferred tax Reconciliation of effective tax: Recognised profit before tax Tax on the profit for the year according to the current tax rate Tax effect of: - Other non-deductible expenses / non-taxable income Recognised effective tax Effective tax rate PARENT COMPANY , current tax expenses Of which deferred tax Reconciliation of effective tax: Recognised profit before tax Tax on profit for the year according to the current tax rate 20.6% (21.4%) Tax effect of: -Other non-deductible expenses / non-taxable income Recognised effective tax Effective tax rate

NOTE 14 CAPITALISED EXPENSES FOR DEVELOPMENT WORK ETC.

GROUP Accumulated acquisition values: -At the beginning of the year -New acquisitions -Acquisition of subsidiaries -Divestments and disposals -Reclassifications -Exchange rate differences Scheduled accumulated depreciation: -At the beginning of the year -Divestments and disposals -Depreciation for the year according to plan -Exchange rate differences Recognised value at year-end PARENT COMPANY Accumulated acquisition values: -At the beginning of the year -New acquisitions -Reclassifications -Divestments and disposals Scheduled accumulated depreciation: -At the beginning of the year -Divestments and disposals -Depreciation for the year according to plan Recognised value at year-end

50 • WIBAX

NOTE 15 GOODWILL

GROUP Accumulated acquisition values: -At the beginning of the year -Goodwill on acquisition of subsidiaries Scheduled accumulated depreciation: -At the beginning of the year -Depreciation for the year according to plan Recognised value at year-end

2021

2020

3,854 3,854

809 3,045 3,854

-1,012 -609 -1,621 2,233

-809 -203 -1,012 2,842

2021

2020

434,865 4,354 65,601 5,705 510,525

97,886 106,954 193,230 -267 37,062 434,865

-49,117 -24,217 -671 -74,005 436,520

-20,732 -23,457 267 -5,195 -49,117 385,748

132,513 8,889 -5,013 136,389

97,886 940 33,687 132,513

-22,673 535 -2,525 -24,663 111,726

-20,732 -1,941 -22,673 109,840

2021

2020

553,404 34,049 -6,431 -13,582 166 567,606

460,446 42,347 9,702 -6,678 47,587 553,404

-183,634

-161,838 -1,639 5,028 -25,185 -183,634 369,770

NOTE 16 BUILDINGS AND LAND

GROUP Accumulated acquisition values: -At the beginning of the year -New acquisitions -Acquisition of subsidiaries -Divestments and disposals -Reclassifications -Exchange rate differences Scheduled accumulated depreciation: -At the beginning of the year -Acquisition of subsidiaries -Divestments and disposals -Depreciation for the year according to plan -Exchange rate differences Recognised value at year-end PARENT COMPANY Accumulated acquisition values: -At the beginning of the year -New acquisitions -Reclassifications - Divestments and disposals Scheduled accumulated depreciation: -At the beginning of the year -Divestments and disposals -Depreciation for the year according to plan Recognised value at year-end

NOTE 17 PLANT AND MACHINERY

GROUP Accumulated acquisition values: -At the beginning of the year -New acquisitions -Divestments and disposals -Reclassifications -Exchange rate differences Scheduled accumulated depreciation : -At the beginning of the year -Acquisition of subsidiaries -Divestments and disposals -Depreciation for the year according to plan -Divestments and disposals -Exchange rate differences Recognised value at year-end

-31,027 5,008 -39 -209,692 357,914

WIBAX • 51

PARENT COMPANY Accumulated acquisition values: -At the beginning of the year -New acquisitions -Divestments and disposals -Reclassifications Scheduled accumulated depreciation: -At the beginning of the year -Divestments and disposals -Depreciation for the year according to plan Recognised value at year-end

2021

2020

433,753 -96,836 17,751 354,668

364,237 26,619 -133 43,030 433,753

-136,624 40,920 -17,003 -112,707 241,961

-118,695 56 -17,985 -136,624 297,129

2021

2020

91,190 18,804 -21,718 1,624 89,900

82,230 17,782 119 -11,744 2,803 91,190

-42,611 18,597 -15,246 -39,260 50,640

-39,263 -46 9,703 -13,005 -42,611 48,579

13,541 299 -1,246 1,624 14,218

10,441 747 -450 2,803 13,541

-7,673 579 -1,396 -8,490 5,728

-6,880 434 -1,227 -7,673 5,868

In 2021, the parent company received a grant of 516 KSEK in climate investment support.

NOTE 18 EQUIPMENT, TOOLS, FIXTURES AND FITTINGS

GROUP Accumulated acquisition values: -At the beginning of the year -New acquisitions -Acquisition of subsidiaries -Divestments and disposals -Reclassifications Scheduled accumulated depreciation: -At the beginning of the year -Acquisition of subsidiaries -Divestments and disposals -Depreciation for the year according to plan Recognised value at year-end PARENT COMPANY Accumulated acquisition values: -At the beginning of the year -New acquisitions -Divestments and disposals -Reclassifications Scheduled accumulated depreciation : -At the beginning of the year -Divestments and disposals -Depreciation for the year according to plan Recognised value at year-end

NOTE 19 NEW CONSTRUCTIONS IN PROGRESS 2021

2020

GROUP At the beginning of the year Acquisition of subsidiaries Reclassifications New acquisitions Exchange rate differences Recognised value at year-end

34,763 -58,866 52,005 96 27,998

63,387 7,173 -88,950 53,153 34,763

PARENT COMPANY At the beginning of the year Reclassifications New acquisitions Recognised value at year-end

24,744 -33,487 26,443 17,700

56,471 -81,018 49,291 24,744

52 • WIBAX

NOTE 20 INVESTMENTS IN EQUITY SECURITIES

GROUP Accumulated acquisition values: -At the beginning of the year -Acquisition of subsidiaries -Reclassifications Recognised value at year-end

2021

2020

105 -5 100

100 5 105

2021

2020

26,131 58,667 -2,746 82,052

14,945 11,306 -120 26,131

NOTE 21 SHARES IN GROUP COMPANIES

PARENT COMPANY Accumulated acquisition values: -At the beginning of the year -Purchase -Sale Recognised value at year-end

Specification of the parent company's holdings of shares in group companies Referring to the holding share of the capital, which also correlates with the share of votes for the total number of shares.

Subsidiary /Corp ID no. / HQ /No. of shares Wibax Logistics AB, 556375-5080, Piteå, 2,000 shares Wibax Recycling AB, 556499-9257, Piteå, 1,000 shares Wibax Perf. Chem. AB, 556547-9705, Piteå, 1,000 shares Wibax Industrial AB, 556346-1747, Piteå, 1,000 shares Wibax Biofuels AB, 556729-0894, Piteå, 1,000 shares Wibax AS, 913456300, Skien (NOR), 100 shares Wibax Production AB, 559261-3821, Piteå, 1,000 shares Wibax Chemicals AB, 559261-3813, Piteå, 1,000 shares Wibax Holding OY, 3150976-6, Jakobstad (FIN), 100 shares

Equity 23,814 80 2,216 1,909 41,438 359 16,919 44,904 57,111

Result for the year 2,365 -545 8 7 1,458 24 8,014 44,804 2,448

in% 100 100 100 100 100 100 100 100 100

Recognised value 220 768 228 104 11,274 109 8,905 100 60,344 82,052

2021

2020

21,322 21,322

-

355 20,540 20,895

3,385 3,385

13,292 13,292

NOTE 22 PREPAID EXPENSES AND ACCRUED INCOME

GROUP Advances customers/suppliers Other items Amount PARENT COMPANY Other items Amount

NOTE 23 CASH AND BANK BALANCES 2021

2020

GROUP Balances available at banks and other credit institutions Amount

23,545 23,545

22,406 22,406

PARENT COMPANY Balances available at banks and other credit institutions Amount

15,954 15,954

0

The parent company is the holder of the Group's cash pool account, the subsidiaries' share of cash pool accounts is recognised as cash/bank and overdraft facilities.

WIBAX • 53

NOTE 24 EQUITY

SHARE CAPITAL The share capital consists of 12,000 shares with a quota value of SEK 100 GROUP Closing balance according to last year's balance sheet Adjustment of results in previous years Translation difference Dividend Result for the year At year-end

PARENT COMPANY Closing balance according to last year's balance sheet Dividend Result for the year At year-end

Share capital

Translation reserve

Other equity incl. result for the year

In total

1,200

-1,054

360,090 -5,069

360,236 -5,069 570 -17,000 103,479 442,216

570

1,200

-17,000 103,479 441,500

-484

Share capital

Reserve fund

Unrestricted equity

1,200

240

1,200

240

67,411 -17,000 23,724 74,135

NOTE 25 UNTAXED RESERVES 2021

2020

PARENT COMPANY Accumulated depreciation in excess of plan:

185,497

191,582

Tax allocation reserves: - Provisioned in tax year 2015 - Provisioned in tax year 2016 - Provisioned in tax year 2017 - Provisioned in tax year 2018 - Provisioned in tax year 2019 - Provisioned in tax year 2020 - Provisioned in tax year 2021 Amount

8,579 1,438 2,311 7,700 13,796 8,792 228,113

9,158 8,579 1,438 2,311 7,700 13,796 234,564

2021

2020

GROUP Land and buildings Plant and machinery Untaxed reserves Amount

22,160 2,479 66,454 91,093

22,856 2,613 63,534 89,003

PARENT COMPANY Land and buildings Plant and machinery Amount

1,997 2,479 4,476

2,007 2,613 4,620

NOTE 26 PROVISION FOR DEFERRED TAX

Deferred tax liabilities

NOTE 27 CREDIT GRANTED Overdraft facilities The amount granted on overdraft facilities in the Group amounts to SEK 150 million (SEK 130 million) and in the Parent Company to SEK 150 million (SEK 130 million).

54 • WIBAX

NOTE 28 OTHER LIABILITIES TO CREDIT INSTITUTIONS 2021

2020

GROUP Due date, within one year from the balance sheet date Maturity date, one to five years from the balance sheet date Maturity date, later than five years from the balance sheet date Amount

59,402 390,043 73,500 522,945

59,503 418,173 73,650 551,326

PARENT COMPANY Due date, within one year from the balance sheet date Maturity date, one to five years from the balance sheet date Maturity date, later than five years from the balance sheet date Amount

20,360 56,140 73,500 150,000

20,553 76,440 73,650 170,643

2021

2020

GROUP Personnel-related liabilities Other items Amount

32,806 34,960 67,766

30,019 27,960 57,979

PARENT COMPANY Personnel-related liabilities Other items Amount

8,229 982 9,211

7,790 6,059 13,849

NOTE 29 ACCRUED EXPENSES AND PREPAID INCOME

NOTE 30 PROPOSED APPROPRIATION OF THE COMPANY'S PROFIT OR LOSS

The Board and the CEO propose that the available profit, 74,135 (KSEK), be appropriated as follows: Carried forward Amount

74,135 74,135

NOTE 31 PLEDGED ASSETS

GROUP Property mortgages Floating charges Assets with retention of title Amount PARENT COMPANY Property mortgages Floating charges Amount

2021

2020

1,137,156 246,281 89,144 1,472,581

1,137,156 246,281 79,476 1,462,913

127,740 155,000 282,740

127,740 155,000 282,740

2021

2020

1,362

1,362

No

No

NOTE 32 CONTINGENT LIABILITIES

GROUP Contingent liabilities Continget liabilities Norway PARENT COMPANY Contingent liabilities

WIBAX • 55

NOTE 33 NUMBER OF SHARES

PARENT COMPANY Number of shares (pcs) Quota value (SEK)

2021

2020

12,000 100

12,000 100

2021

2020

73,721 70 -655 73,136

45,166 888 93 46,147

22,704

22,161 86 22,247

NOTE 34 CASH FLOW STATEMENT - ADJUSTMENT FOR ITEMS NOT INCLUDED IN THE CASH FLOW

GROUP Depreciation Capital results Translation differences etc.

Amount PARENT COMPANY Depreciation Capital results Amount

-

22,704

Piteå 2022-05-24

Anders Snell Chairman of the Board

Rolf Back, Board member

Andreas Wiklund , Board member

Our auditor's report has been submitted 2022-05-25 Ernst & Young AB

Magnus Holmgren Chartered Accountant

56 • WIBAX

Bo Wikund, Board member

Stina Blombäck, Board member

Lars-Erik Aaro, Board member

David Wiklund , Board member

Jonas Wiklund CEO

WIBAX • 57

AUDITOR'S REPORT To the Annual General Meeting of WIBAX AB Corporate ID No. 556262-9674

REPORT ON THE ANNUAL ACCOUNTS AND THE CONSOLIDATED ACCOUNTS Statements We have performed an audit of the annual accounts and consolidated accounts for Wibax Group AB for the financial year 2021.

solidated accounts and to ensure that they give a fair presentation in accordance with the Annual Accounts Act. The Board of Directors and the Chief Executive Officer are also responsible for such internal control as they determine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error.

In our opinion, the annual accounts and consolidated accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the parent company and the Group as of 31 December 2021 and their financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act. The statutory administration report is consistent with the other parts of the annual accounts and consolidated accounts.

In preparing the annual accounts and consolidated accounts, the Board of Directors and the CEO are responsible for the assessment of the company’s and the Group’s ability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. However, the going concern basis of accounting is not applied if the Board of Directors and the CEO intend to liquidate the company, to cease operations, or have no realistic alternative but to do so.

We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company and the Group.

Auditor's responsibilities Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA and generally accepted auditing standards in Sweden will always detect a material misstatement if one exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts.

Basis for opinions We have conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibilities under these standards are further described in the Auditor’s responsibilities section. We are independent of the parent company and the Group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.

Information not pertaining to the annual accounts or consolidated accounts The Board of Directors and the CEO are responsible for this information. This information consists of the Sustainability Reportand can be found on pages 6-14 in the annual accounts.

Our statement regarding the annual accounts does not consider this information and we make no statements regarding the validity of this additional information.

During our audit of the annual accounts, we are required to read the information identified above and consider whether this information is, in any material respect, incompatible with the annual accounts. When reviewing this information, we also take into account other information that we have obtained during our audit process and assess whether this additional information appears to contain any material error.

If we, based on the review that we have performed pertaining to this information, come to the conclusion that this additional information contains any material error, we are obligated to report it. We have nothing to report on this matter.

Responsibilities of the Board of Directors and the CEO It is the responsibility of The Board of Directors and the Chief Executive Officer to prepare the annual accounts and con-

58 • WIBAX

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. Additionally, we: • Identify and assess the risks of material misstatement of the annual accounts and consolidated accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of the company’s internal control relevant to our audit in order to design audit procedures that are appropriate under the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors and the Chief Executive Officer.

• Draw a conclusion regarding the appropriateness of the Board of Directors’ and the Chief Executive Officer’s use of the going concern basis of accounting in preparing the annual accounts and consolidated accounts. We also draw a conclusion, based on the audit evidence obtained, as to whether any material uncertainty exists related to events or

conditions that may cast significant doubt on the company’s and the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the annual accounts and consolidated accounts or, if such disclosures are inadequate, to modify our opinion about the annual accounts and consolidated accounts. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause a company and a group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the annual accounts and consolidated accounts, including the disclosures, and whether the annual accounts and consolidated accounts represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated accounts. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our opinions. We are responsible for the management, supervision and execution of the group audit. We are solely responsible for our statements.

We must inform the Board of Directors of, among other matters, the planned scope and timing of the audit. We must also inform of significant audit findings during our audit, including any significant deficiencies in internal control that we identified.

REPORT ON OTHER STATUTORY AND REGULATORY REQUIREMENTS Statements In addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Directors and the Chief Executive Officer of Wibax AB for the financial year 2021 and the proposed appropriations of the company’s profit or loss.

We recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory administration report and that the members of the Board of Directors and the Chief Executive Officer be discharged from liability for the financial year.

Basis for opinions We have carried out the audit in accordance with generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the section “Auditor’s responsibilities”. We are independent of the parent company and the Group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.

Responsibilities of the Board of Directors and the CEO The Board is responsible for the proposal for appropriations of the company’s profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company’s and the Group’s type of operations, size and risks place on the size of the parent company’s and the Group’s equity, consolidation requirements, liquidity and general position.

The Board of Directors is responsible for the company’s organisation and the administration of the company’s affairs. This includes among other things continuous assessment of the company’s and the Group’s financial situation and ensuring that the company’s organisation is designed so that the accounting, management of assets and the company’s finan-

cial affairs otherwise are controlled in a reassuring manner.

The Chief Executive Officer shall manage the ongoing administration according to the Board of Directors’ guidelines and instructions and among other matters take measures that are necessary to fulfil the company’s accounting in accordance with law and handle the management of assets in a reassuring manner.

Auditor's responsibilities Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Chief Executive Officer in any material respect: • has undertaken any action or been guilty of any omission which can give rise to liability to the company, or • in any other way has contravened the Companies Act, the Annual Accounts Act or the Articles of Association.

Our objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby our opinion about this, is to assess with a reasonable degree of assurance whether the proposal is in accordance with the Companies Act. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the Companies Act. As part of an audit in accordance with generally accepted auditing standards in Sweden, we exercise professional judgement and maintain professional scepticism throughout the audit. The examination of the administration and the proposed appropriations of the company’s profit or loss is based primarily on the audit of the accounts. Additional audit procedures performed are based on our professional judgement with a starting point in risk and materiality. This means that we focus the examination on such actions, areas and relationships that are material for the operations and where deviations and violations would have particular importance for the company’s situation. We review and examine decisions made, the basis for decisions, actions taken and other circumstances that are relevant to our opinion concerning discharge from liability. As a basis for our opinion concerning the Board of Directors’ proposed appropriations of the company’s profit or loss, we examined whether the proposal is in accordance with the Companies Act. Auditor's opinion on the Statutory Sustainability Report The Board is responsible for the sustainability report on pages 6-14 and for ensuring its preparation in accordance with the Annual Accounts Act. We have conducted our review in accordance with the FAR recommendation RevR 12 Auditor’s Opinion on the Statutory Sustainability Report. This means that our review of the sustainability report is different from and substantially smaller in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that this review provides sufficient basis for our opinion.

A sustainability report has been prepared.

Piteå, 25 May 2022 Ernst & Young AB

Magnus Holmgren Chartered accountant

WIBAX • 59

60 • WIBAX

WIBAX GROUP BOARD OF DIRECTORS BO WIKLUND Board member Engineer Founder and partner in the WIBAX Group.

ANDERS SNELL Chairman of the Board since 2011.

Master of Science in Chemistry at KTH Senior consultant Anders Snell Business Consultant. Other board roles: Board member ÅF, Executive member of the ÅForsk Foundation Previous employment: Senior Vice President BillerudKorsnäs, Senior Vice President Assi Domän, CEO Grycksbo, Finpappersbruk, CEO Norrsundet Bruks AB

JONAS WIKLUND Board member and partner in The WIBAX Group.

STINA BLOMBÄCK Board member since 2015.

Master of Science in Chemistry at KTH. CEO, Senior Consultant for Brännbacken Projekt AB. Other board roles include Luleå Energi AB and Part Construction AB. Previous employment: Sustainability and Energy Director Billerud-Korsnäs AB, CEO Billerud Karlsborg AB.

DAVID WIKLUND Board member and partner in The WIBAX Group.

ROLF BACK Board member since 1995.

Doctor of Economics from the Stockholm School of Economics. Has held a number of CEO positions in companies of various sizes and in various industries, including a number of board assignments. Has been head of research at GIIHR, Stockholm University and professor at Luleå University of Technology. Member of the Royal Academy of Engineering Sciences (IVA) and the Norrbotten Academy.

ANDREAS WIKLUND Board member and partner in The WIBAX Group.

LARS-ERIC AARO Board member since 2016.

Mining engineer (M.Sc.) from Luleå University of Technology. Previous employment: Sales Director for the ÅF Group anda member of Group Management, Group President and CEO of LKAB, senior positions within Secoroc, Boliden and AssiDomän.

Member of the Academy of Engineering Sciences (IVA) and holder of a honorary doctorate at LTU.

WIBAX • 61

MANAGEMENT TEAM

JONAS WIKLUND

CEO Wibax Biofuels AB CEO Wibax Chemicals AB

MAGNUS SUNDSTRÖM

ANNICA PETTERSSON

CEO Wibax Logistics AB

FREDRIK NORDSTRÖM

CEO Wibax Industrial AB

FREDRIK NYBERG

CCO Wibax Group AB CEO Wibax Holding Oy

62 • WIBAX

DAVID WIKLUND

CEO Wibax Group AB

Chief of HR, WIBAX GROUP AB

MARKUS HOLMLUND

ANDREAS WIKLUND

Chief of House Property, Wibax Group AB

ANNA BERGVALL

Chief of QSE, WIBAX GROUP AB

URBAN HAUGEN

CEO Wibax Production AB

COO Technology, Wibax Group AB

ULF BRORSSON

KRISTOFFER ÖVERHEM

Chief of Sourcing and Supply, Wibax Group AB

CFO, Wibax Group AB

production/graphics: mawix art · print: ågrenshuset · photo: birgitta holmström et.al. · translation · language consulting

OUR BUSINESS IS GOOD CHEMISTRY HEAD OFFICE: Batterigatan 12, 941 47 Piteå · Phone switchboard +46(0)911-250 200 www.wibax.com