Annual report 2015

VATION · INNOVA VATION · INNOVA VATION · INNOVA VATION · INNOVA VATION · INNOVA V OINNOVA

OVA VATION · INNOVA VATION · INNOVA VATION · INNOVA VATION · INNOVA VATION · INNOVA VATIO TION · INNOVA VATION · INNOVA VATION · KVALITET V I ALLA STEG · INNOVA VATION · IN HINN NNOVA VATION T · INNOVA VATION · INN I OVA VATION · INNOVA VATION · INNOVA VATION · INNOVA V OV VATION · INNOVA VATIO TION ION · INN INNO NOVATION T · INNOVA VATION · INNOVA VATION · INNOVA VATIO OTION ON · INN IN OVA VATI TION ON · INNOVA VATION N · INN IN OVA VATION · INNOVA VATION · INNOVA VATION · · INN INNO OVATION ON · INNOVA VATION · INNO OVATION · INNOVA VATION · INNO OVATION · IN I OINN NNO OVATION N

H

O

O

H

O

O

H

O

O

H

O

O

H

O

H

O

O

QUALITY

2015 ANNUAL REPORT

O

GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY HEMISTR GOD KEMI GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CH CHEMISTRY GOOD CHEMISTRY GOD KEMI GOOD D CHEMISTRY G GOD KEMI GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEM CH CHEMISTRY GOOD CHEMISTRY GOD KEMI GOOD CHEMIST CHEMISTRY STRY GOD KE KEMI GOD KEMI GOOD CHEMISTRY GOD KEMI MI GO GOOD OOD CHEMISTR CHEMISTRY GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY ISTRY GOD KEM KEMI GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD OOD CHEMISTR CHEMISTRY GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY STRY GOD KE KEMI GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY HEM GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GO GOD KEMI GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHE CHEMISTRY GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY YG GOD KEMI GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD D CH CHEMISTRY RY GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY TRY GOD KEMI KE

commitment commitment mmitment commitment mmitment it t commitment omm mitmen comm mmitment mitme com mmitment itme com mmitment tm commitment om tm commitment commitment commitment

TABLE OF CONTENTS Statement by the CEO ........................................ 6 Administration Report.................................... 7-11 Financial Overview........................................ 12-14 Income Statement .............................................15 Balance Sheet.............................................. 16-17 Cash Flow Statement ........................................18 Accounting Principles and Notes to the Financial Statements ...................19 Notes............................................................. 20-27 Audit Report . .................................................... 28 Board of Directors ............................................ 29 Management Team............................................ 30

WIBAX • 3

MARKET

WIBAX HEAD OFFICES WIBAX OFFICES WIBAX TERMINAL FOR LIQUID PRODUCTS

Kiruna

WIBAX TERMINAL FOR DRY PRODUCTS

PITEÅ Skellefteå Örnsköldsvik Östersund

Vasa Ånge Härnösand Gävle

Borlänge Frövi Karlstad

Stockholm

Herre Norrköping Skövde Uddevalla Falkenberg Alvesta Viborg

4 • WIBAX

Malmö

Rauma

Kotka

GOOD CHEMISTRY GOES ALL THE WAY BUSINESS CONCEPT Our business concept is to buy, sell, process and distribute chemical products to basic industries in Europe.

STRATEGY Our knowledge and resources are specifically focused on liquid chemical products. Imports take place directly from producers for our own production of directly-customised products or to centrally located tanker terminals with our own logistics solutions for the end-customer. The company’s strategy is also to implement and optimise the product for the end-customer

$FKLOOHV -46

WIBAX • 5

STATEMENT BY THE CEO

WIBAX’S 30TH ANNIVERSARY This year, Wibax celebrates its 30th anniversary and a lot has happened since it started in 1986. Our pursuit of our interim objectives continued during 2015 and we have taken a major step whereby the current pace is even higher.. We continue to invest in logistics by acquiring terminals in both Härnösand and Skutskär. These terminals play a major role in our growth and competitiveness as they enable further expansions into new markets. We have acquired the company Silvex Energy AB which traded in tall oil based products. The company, which was renamed Wibax Biofuels AB, offers bio-oils mainly for incineration, and technical expertise for system implementation and optimisation.

Our endeavours to decrease our environmental impact continue and the terminals are a part of this as their proximity to our customers is a major benefit not only environmentally but obviously also competitively. We’re planning a transition to more biofuels in our vehicles and we are currently converting a large part of our fleet of vehicles to use HVO instead of fossil fuels. This year, we invested in a so called HCT vehicle of 74 tons gross weight after being granted an exemption. We are happy to play our part in moving the development forward and are of the opinion that it is important both for our environment as well as to strengthen Sweden’s competitiveness in the international export market.

We offer our customers a broad spectrum of specialty and performance chemicals. This is possible in part thanks to our cooperation agreement with GE Water & Process Technologies, which means that we can, in a natural way, grow into new markets as well as through our self-produced products.

The developmental work of new commercial and technical products continues and we are seeing increased interest for most of our self-produced products. Right now developmental work is ongoing with anti-foam agents among other things.

Production has increased and will continue to do so with more capacity and new products but where the existing product portfolio is in focus.

There is undoubtedly a tough and challenging future ahead of us which will put great demands on our dedication towards the task and the flexibility of the work. Our investments in logistics is going to play a very important role enabling further expansions of new products through investments in tank capacity and other infrastructure.

Our ambition is to achieve our stated objectives and we will do this with the help of the great commitment and confidence in the future which exists in the company.

Piteå, February 2016

Jonas Wiklund

6 • WIBAX

WIBAX AB 556262-9674

The Board and the CEO hereby submit the annual accounts and consolidated accounts for the financial year2015-01-01--2015-12-31.

ADMINISTRATION REPORT WIBAX GROUP WIBAX AB

WIBAX Logistics AB

WIBAX Tech AB

WIBAX Industrial AB

WIBAX Performance Chemicals AB

WIBAX Biofuels AB

WIBAX OY

WIBAX AS

WIBAX ApS

NATURE AND FOCUS OF OPERATIONS The Wibax Group’s core operations are sales, imports, production and distribution of chemicals, particularly liquid products in bulk. The Group will continue to strengthen its market positions with its existing operations.

OWNERSHIP The Wibax Group is 100% owned by Bo Wiklund, Jonas Wiklund, Andreas Wiklund and David Wiklund.

WIBAX AB The parent company was registered in 1986 and the head office is situated in the company’s own properties in Piteå. The properties contain offices, production facilities, warehouses, workshops and wash halls. The parent company is responsible for purchasing, production, stockholding, sales, administration, quality and the environment as well as safety and protection.

WIBAX Logistics AB Wibax Logistics is a wholly-owned subsidiary of Wibax AB whose main task is to meet the group’s land transportation needs but also performs some external logistics operations.

The company has very high standards including the quality of its vehicles with experienced and competent personnel. The company is one of the most comprehensive tanker transportation companies in Sweden with the capacity to transport most of the common chemicals for the processing industry. Wibax Logistics AB is also responsible for the operation and maintenance of the Group’s terminals.

WIBAX Tech AB Wibax Tech is a wholly-owned subsidiary of Wibax AB and is at the head of the Group, providing support for new commercial products and technology. Development of new applications is a priority area that enables significant growth for the Group. The company also supports customers with product implementation and equipment for process optimisation.

WIBAX Industrial AB Wibax Industrial is a wholly-owned subsidiary of Wibax AB and complements Wibax’s other operations. Its main mission is to add value to Group sales by offering complete solutions for system cleaning and other cleaning operations. In addition, the company operates as a mechanical and technical partner for our production and terminals with sound knowledge of

mechanics, concrete and surface protection. Wibax Industrial carries out servicing and maintenance missions within a wide range of areas in industrial environments and using high-tech products is able to prevent, renovate and protect equipment made from metal and concrete.

WIBAX Performance Chemicals AB Wibax Performance Chemicals AB is a wholly-owned subsidiary of Wibax AB. The company offers a broad spectrum of special and performance chemicals. The focus is on products for industrial water and process treatment, primarily in the fields of corrosion, deposition and microbiology control as well as self-produced anti-foaming and chemical cleaning products.

This is possible in part thanks to our cooperation agreement with GE Water & Process Technologies, as well as through products we have developed ourselves.

WIBAX Biofuels AB Wibax Biofuels AB is a wholly-owned subsidiary of Wibax AB, offering bio-oils mainly for incineration, technical skills for implementation as well as optimisation.

WIBAX OY Wibax OY is wholly-owned subsidiary of Wibax AB and is a sales company that works mostly with the pulp and paper industry, mining and metal industry as well as with products for water treatment and road maintenance in Finland.

WIBAX AS Wibax AS is a wholly-owned subsidiary of Wibax AB and was set up in connection with the signing of our cooperation agreement with GE Water & Process Technologies. The company focuses on products for industrial water and processing, primarily in the fields of corrosion, deposition and microbiology controls.

WIBAX ApS Wibax ApS is a wholly-owned subsidiary of Wibax AB and was set up in connection with the signing of our cooperation agreement with GE Water & Process Technologies. The company focuses on products for industrial water and processing, primarily in the fields of corrosion, deposition and microbiology controls.

WIBAX • 7

THE GROUP’S ACTIVITIES

PRODUCTION

A sharp fall in the price of oil at the end of 2014 and beginning of 2015 had a negative impact on our planned growth in bio-energy. Despite a colder winter than previous years, our sales have not increased to the extent we had hoped, partly on account of most customers choosing a fossil fuel alternative due to the low price.

During the past year, the production of our own products increased with two new production facilities. One of these facilities produces anti-foam agents which are primarily used in the pulp and paper industry. The facility can produce tailor-made products to meet many specific customer requirements. It is also possible to produce batches of various sizes suitable for both testing volumes and for customers with a high consumption. The other facility produces magnesium sulphate which is also used by the pulp and paper industry. The finished product is one of Wibax’s oldest self-produced products but the production process is new and the quality is now of an even higher standard. In addition to the new facilities, production has carried out a number of activities within LEAN work which have resulted in a better work environment, greater cost efficiency and lower emissions to the environment.

In September, Silvex AB was acquired, a company that concentrates mainly on selling pitch oils, a residual product from the distillation of tall oil. The company name was changed to Wibax Biofuels AB. The acquisition of Silvex is important for Wibax and fits well into our product portfolio. Other bio-oils that were previously sold by Wibax Energy have as of the start of 2016 been transferred to Wibax Biofuels in order to highlight and focus on bio-oils.

In connection with the acquisition of the company, the company Wibax Energy also changed its operations to focus more on pure speciality chemicals. To highlight this, the company name was also changed to Wibax Performance Chemicals.

During the year, we have continued our development of logistics with investments in primarily terminals. We can now add Härnösand and Skutskär to our locations map. Operations in Härnösand started up quickly after the acquisition. The reconstruction and adaptation of the Skutskär terminal is in progress.

Our ambition to have more self-produced products has continued and we have committed a lot of our technical resources to this development. Production has been subjected to a number of upgrades and building extensions in order to improve accessibility to the facilities as well as increase efficiency. We now have a really impressive and cost-effective product portfolio.

INVESTMENTS We have pursued our strategic development of logistics with continued investments in terminals to which we can add a further two terminal locations during 2015. We have also developed and invested in our production in order to improve accessibility and increase efficiency. In September, Silvex AB was acquired, as previously mentioned, a company active in the bio-energy sector.

8 • WIBAX

MARKET Looking at the operating year 2015 from a general perspective, demand has been stable and most sectors express cautious optimism for the future. Our largest customer segment, pulp and paper, is making considerable investments in order to increase production volumes. As in previous years, Wibax, with a good supply of raw materials, has succeeded in satisfying market demand and has managed to exploit the possibilities that presented themselves when our customers were looking for competitive alternatives. Price trends have in general been modest during the operating year where a slight price increase has been noted and accepted by the market.

EXPECTED FUTURE DEVELOPMENT Strategic investments and decisions have marked this year and will produce results within the foreseeable future. The licences for our activities, and particularly for terminals, is a factor that plays a significant role for our potential to succeed. Licence applications require major work that may vary considerably over time before they are completed, which may result in that certain new business activities may take longer than planned.

QUALITY, SAFETY AND ENVIRONMENT

WIBAX TECH AB

Licence issues and communication with the authorities for several of Wibax’s terminals have been an important and significant part of our work in 2015 and will continue to be so during 2016. In respect of the terminals, decontamination in Skutskär was completed in the autumn with good results. In Norrköping, we carried out exercises with the Rescue Services intervention units with good results and in Härnösand, a new unloading site has been constructed. In Skutskär, a new double jacketed storage tank for storage of sulphuric acid has been built.

Several preliminary studies have been conducted during the year for the purpose of increasing the proportion of our self-produced products. These projects are ready to be activated as soon as market conditions are optimal. Product development of silicone-based anti-foam agents has resulted in new, improved qualities. Wibax Tech has adapted the department in order to offer the best support for the new sales organisations within the Wibax Group.

For products, in production and for distribution, quality assurance has continued to improve. Procedures and working methods for Wibax’s MBO programs have been improved.

Energy mapping of all of Wibax’s activities has begun with the objective to reduce the consumption as well as the environmental impact.

Wibax Energy has during the year changed its name to Wibax Performance Chemicals in preparation for a reorganisation in 2016. Wibax Performance Chemicals has continued to grow during the year despite the impact of fossil fuel prices on the market, reducing incentives, which has resulted in the postponement of investments related to conversions.

ENVIRONMENTAL IMPACT Wibax is engaged in the production and storage of chemicals that are subject to licence. The production unit in Piteå is a class A facility and has a licence for the production and storage of chemicals. Our depots in Skellefteå, Örnsköldsvik, Härnösand, Skutskär, Norrköping and Uddevalla are class B facilities where we have licences to handle and store chemicals.

Our depot on Haraholmen, Piteå, is a class C facility where we operate under a reporting requirement. In June 2014, Wibax invested in a terminal facility in Malmö where we currently have a reported case (class C facility) and the licence process is in progress. Our licences are of the utmost importance in order to be able to conduct the type of activities that we do.

WIBAX PERFORMANCE CHEMICALS AB

We have nevertheless strong hopes for growth as there is a clear desire to phase out and replace fossil fuels with biomass fuels, not least within the industry and transport sector. The number of storage locations for bio-oil has increased during the year with Rauma in Finland. From 2016, all bio-oils will be transferred to a single company and Wibax Performance Chemicals will be restructured into a company with a more exclusive focus on speciality chemicals. Through our cooperation agreement with GE, we can offer our customers a wide range of specialty and performance chemicals. With a focus on growth, we are also working on new commercial products and we are seeing increased interest for most of our selfproduced products.

WIBAX • 9

WIBAX BIOFUELS AB During the year, Wibax acquired Silvex AB, whose activities are mainly focused on selling pitch oils, a residual product from the distillation of tall oil. The investment is important for Wibax Biofuels, which offers bio-oils mainly for incineration and pitch oils will be a good fit for our product portfolio. Silvex has changed its name to Wibax Biofuels AB and during 2016 the other bio-oils that were previously sold by Wibax Performance Chemicals (previously Wibax Energy) will be transferred to Wibax Biofuels in order to highlight and focus on bio-oils.

commissioning of an HCT (High Capacity Transport) tanker by the end of the year. This vehicle transports bio-oils along Norrland’s coastline with special authorisation from the Swedish Transport Administration for up to 74 tons gross weight.

The project aims to collect experiences from heavier transports, decision data for future legislative changes. It is important for Wibax to participate and point out the advantages of more efficient and environmentally friendly transport.

WIBAX INDUSTRIAL AB Wibax Industrial offers complete solutions for service and maintenance, cleaning and surface protection of metals and concrete.

We also offer reconstructions of existing piping systems and optimisation of burner equipment and accessories. Together with Wibax Biofuels, we can now also offer a complete solution for converting various furnaces from fossil fuel to biofuel. Together with the customer, product requirements are analysed and we help with the installation, start-up, optimisation and evaluation and provide storage and logistics solutions.

During the year we have noticed an increased interest in polyurea, which has many unique properties for surface coating and therefore can be used on a variety of surfaces. During the year we carried out a number of major concrete and maintenance operations in the steel industry and installation work and mechanical maintenance work in the pulp and paper industry with really good outcomes. System cleaning operations were performed more quickly and effectively with optimised equipment and using our unique and self-produced products which are customised according to the needs of the customers.

WIBAX OY Wibax OY works primarily with the pulp and paper industry and during the year we conducted the first successful test run with complexing agents for pulp bleaching. Other focus areas are the mining and metal industries as well as water treatment and road maintenance. Through cooperation with GE Water & Process Technologies, we are working with, among other things, oil refineries where our services are highly valued. Our objective is to grow quickly by offering customers competitive product concepts based on the Group’s expertise in storage, logistics and customer service.

Our efforts to have modern and optimised vehicles as well as good coaching of our drivers can be seen clearly in both lower fuel consumption and a reduced environmental impact.

During the period 2012-2015, our carbon dioxide emissions per transported ton have decreased by as much as 15%.

We have continued our work with railway transport. The transports are carried out with leased carriages as well as containers that are primarily transported by rail. We continue our efforts to implement the railway as an alternative form of transport for Wibax Logistics, although the technical conditions have not really existed, particularly during the winter months.

Investments in vehicles have continued according to plan and in accordance with our ambition to have a modern and for our activities well-adapted vehicle fleet with high efficiency, reliable delivery and with the lowest environmental impact possible.

Our position as one of Sweden’s largest bulk suppliers has been strengthened through investments in further terminals located in Härnösand and Skutskär. The Härnösand terminal was put into operation by the end of the summer and Skutskär will be partly operational at the start of 2016 with a new double jacketed storage tank for storing sulphuric acid. In Skutskär, construction of more storage tanks will continue for the remainder of 2016. These two terminals supplement our extensive national network of storage locations for liquid products. In March, embankment work was completed around all storage tanks in Norrköping. The terminals are an important strategic investment, necessary to achieve Wibax’s growth objective.

Noticeable for this work has been the adaptation of the vehicle fleet to the new regulatory framework for higher gross weight, from 60 tons to 64 tons. This has resulted in reconstructions of existing vehicles as well as investments in brand new ones. The conversion work to increase load weight will continue in 2016.

Particularly noticeable among the vehicle investments is the

Our strength lies in the combination of transportation, storage and our wide-ranging knowledge. Knowledge that has been developed over the years and has contributed to our strong position in the market. This makes Wibax Logistics a unique company in the sector with the range, expertise, flexibility and strength to develop further.

WIBAX LOGISTICS AB

2015 has been an exciting year marked by continued development. Noticeable is the ongoing investment in the new terminals to create a necessary basis for the Group’s continued growth.

10 • WIBAX

WIBAX • 11

FINANCIAL OVERVIEW

WIBAX GROUP Operating income – Operating profit/loss 1 000 000 900 000

50 000

1991-2015

45 000

WIBAX GROUP KPI 45,0 40,0

2015

2014

2013

2012

2011

2010

2009

2008

kSEK

2007

0

2006

5 000 2005

100 000 2004

10 000

2003

200 000

2002

15 000

2001

300 000

2000

20 000

1999

400 000

1998

25 000

1997

500 000

1996

30 000

1995

600 000

1994

35 000

1993

700 000

1992

40 000

1991

800 000

0 kSEK

Operating income Operating profit/loss (EBIT)

1995-2015

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

Profit/loss after financial items % of sales

5,0

Equity ratio, % Return on total capital

12 • WIBAX

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

0,0

700 000 600 000

WIBAX AB Operating income – Operating profit/loss

35 000

2000-2015

30 000

500 000

25 000

400 000

20 000

300 000

15 000

200 000

10 000

100 000

5 000 0 2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

kSEK

2000

0

kSEK

Operating income Operating profit/loss (EBIT)

WIBAX LOGISTICS AB Operating income – Operating profit/loss 200 000 180 000

20 000

2000-2015

18 000

160 000

16 000

140 000

14 000

120 000

12 000

100 000

10 000

80 000

8 000

60 000

6 000

40 000

4 000

20 000

2 000 0 2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

0 kSEK

kSEK

Operating income Operating Results (EBIT)

WIBAX AB Investments 50 000 45 000

2000-2015

40 000 35 000 30 000 25 000 20 000 15 000 10 000 5 000 2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

kSEK

2000

0

WIBAX • 13

FINANCIAL OVERVIEW MULTI-YEAR COMPARISON, GROUP, kSEK

2015 2014 2013 2012 2011 Operating income 709,427 628,548 618,473 606,506 550,322 Operating profit/loss (EBIT) 47,139 46,118 39,909 47,821 29,233 Operating profit/loss before depreciation (EBITDA) 70,574 68,690 62,676 61,854 42,006 Profit/loss after financial items 39,256 41,295 32,636 39 478 21,603 Profit/loss as % of net sales 5.7 6.8 5.4 6.8 4.1 Balance sheet total 469,879 430,474 367,415 405,232 320,411 Equity ratio, % 39.4 38.2 38.3 30.8 29.7 Return on total capital, % 9.5 11.4 10.9 12.8 9.2 Average number of employees 154 162 148 139 135

MULTI-YEAR COMPARISON, PARENT COMPANY, kSEK

Operating income Operating profit/loss (EBIT) Operating profit/loss before depreciation (EBITDA) Profit/loss after financial items Profit/loss as % of net sales Balance sheet total Equity ratio, % Return on total capital, % Average number of employees

KEY FIGURES - DEFINITIONS

2015 435,810 20,558 30,911 13,530 3.2 363,514 31.9 5.1 43

2014 406,761 29,692 39,717 25,016 6.4 342,928 29 8.9 39

2013 2012 2011 419,813 483,014 468,103 13,788 26,927 17,047 24,401 37,571 26,944 7,709 19,354 10,084 1.9 4.2 2.3 294,897 309,443 276,725 31 28.4 26.7 5.1 9.2 6.3 40 44 46

Equity Ratio Adjusted equity as a percentage of balance sheet total.

Return on total capital Profit/loss after financial items plus interest expenses as a percentage of the average balance sheet total.

PROPOSAL FOR RESULTS APPROPRIATIONS The Board of Directors and the CEO propose that the available remaining profit, 34,286 (kSEK), be allocated as follows:

To be carried forward TOTAL As regards the company’s profit/loss and position otherwise, please refer to the following income statement and balance sheet with accompanying supplementary disclosures and notes to the financial statements.

All amounts are given in kSEK unless otherwise stated.

14 • WIBAX

34,286 34,286

INCOME STATEMENT

GROUP Note

OPERATING INCOME Net Sales 1 Capitalised work for own account Other Operating Income 2

2015

2014

PARENT COMPANY 2015

2014

683,984 4,296 21,147 709,427

610,135 5,464 12,949 628,548

418,249 - 17,561 435,810

392,739 11 14,011 406,761

-486,166 -31,184 -109,441 -23,435

-425,450 -32,184 -97,158 -22,572

-344,757 -25,157 -28,567 -10,353

-322,322 -18,099 -24,233 -10,025

-12,063 47,138

-5,066 46,118

-6,418 20,558

-2,390 29,692

5 -2,636 -5,252 39,255

- 3,044 -7,867 41,295

-2,174 -4,854 13,530

971 -5,647 25,016

Appropriations 11 Profit/loss before tax 39,255 41,295

13,766 27,296

-18,000 7,016

-9,443

-6,142

-1,560

Profit/loss for the Year 30,049 31,852

21,154

5,456

OPERATING COSTS Raw Materials and Consumables Other External Costs 3.4 Personnel Costs 5 Depreciation of Tangible and Intangible Assets 6 fixed assets Other Operating Costs 7 Operating Profit/loss 8 PROFIT/LOSS FROM FINANCIAL ITEMS Dividends from shares in associated companies Interest income 9 Interest expenses and similar profit/loss items 10 Profit/loss after financial items

Tax on annual profit/loss

12

-9,206

WIBAX • 15

BALANCE SHEET

GROUP Not

2015-12-31

2014-12-31

PARENT COMPANY 2015-12-31 2014-12-31

ASSETS FIXED ASSETS INTANGIBLE FIXED ASSETS Expenditure on software Concessions, patents, licences, trademarks and similar rights Goodwill

13

1,583

855

14 15

761 312 2,656

- - 855 1,083 502

TANGIBLE FIXED ASSETS Buildings and Land 16 Machinery and other technical facilities 17 Equipment, Tools and Installations 18 New Construction in Progress 19

78,247 143,976 26,137 31,679 280,039

79,559 138,989 25,578 6,282 250,408

283,533

502

78,247 108,262 1,821 31,090 219,420

79,559 108,151 1,761 6,282 195,753

13,055

3,568

13,055

3,568

233,558

199,823

57,369 31,846 - - - 57,369 31,846

41,672

FINANCIAL FIXED ASSETS Shares in Group Companies 20 Shares in Associated Companies 100 100 Deferred Tax Assets 738

838 100 Total Fixed Assets

1,083

251,363

CURRENT ASSETS INVENTORY ETC. Raw Materials and Consumables Finished Goods and Merchandise Ongoing work on behalf of others Advances to suppliers

44,559 8,385 16 303 53,263

SHORT-TERM RECEIVABLES Accounts Receivable 125,791 116,007 Receivables from Group Companies Tax Receivables 441 1,273 Other Receivables 1,449 21 Prepaid Expenses and Accrued Income 21 5,402 4,441

133,083 121,742 CASH AND BANK BALANCES

22

41,672

70,701 26,082 0 15 1,303 98,101

76,716 22,457 1,199 2 1,045 101,419

9

14

Total Current Assets

186,346

179,111

129,956

143,105

TOTAL ASSETS

469,879

430,474

363,514

342,928

16 • WIBAX

GROUP Not

2015-12-31

2014-12-31

PARENT COMPANY 2015-12-31 2014-12-31

EQUITY AND LIABILITIES

RESTRICTED EQUITY 23 Share Capital (12,000 shares) 1,200 1,200 1,200 Restricted Reserves 111,485 102,756 Statutory Reserve 240

112,685 103,956 1,440

1,200 240 1,440

NON-RESTRICTED EQUITY Profit/loss brought forward Profit/loss for the Year

42,538 30,049 72,587

28,677 31,852 60,529

13,131 21,154 34,285

16,675 5,456 22,131

Total Equity

185,272

164,485

35,725

23,571

UNTAXED RESERVES 24 Accumulated Additional Depreciation Tax Allocation Reserves

84,462 18,328 102,790

82,286 15,270 97,556

PROVISIONS Provisions for Deferred Taxes

33,023 33,023

30,476 30,476

1,660 1,660

1,562 1,562

NON-CURRENT LIABILITIES Bank Overdraft Facilities 25 Other Liabilities to Credit Institutions 26

68,024 101,738 169,762

14,344 90,933 105,277

105,448 71,800 177,248

73,499 64,160 137,659

11,701 12,201 101 650 36,032 85,953

13,066 10,514 20,922 20,918 81,822 130,236

7,360 9 23,719 3,414 5,106 6,483 46,091

7,360 66,298 3,695 5,227 82,580

363,514

342,928

59,240 59,240 113,045 105,000 45,081 217,366 164,240

59,240 100,000

CURRENT LIABILITIES Liabilities to Credit Institutions 26 Advance payments from Customers Trade Payables Current Tax Liabilities Other Current Liabilities Accrued Expenses and Deferred Income 27

TOTAL EQUITY AND LIABILITIES

469,879

430,474

PLEDGED ASSETS AND OTHER CONTINGENT LIABILITIES Pledged Assets for Own Liabilities and Provisions Real Estate Mortgages Chattel Mortgages Assets with Ownership Reservations Total

59,240 122,545 47,102 228,887

Contingent Liabilities Contingent Liability Norway

1,362

1,362

none

159,240

none

WIBAX • 17

CASH FLOW ANALYSIS

GROUP

PARENT COMPANY

2015-12-31 2014-12-31 2015-12-31 2014-12-31 OPERATING ACTIVITIES Operating Profit/Loss 47,138 46,118 20,558 29,692 Adjustment for items not included in the cash flow etc.

23,347 26,151 10,179 11,052 Interest Received -2,636 3,044 Interest Paid -5,252 -7,867 Interest -7,028 -4,676 Paid Tax -6,828 -4,772 -6,044 -1,462 Cash-Flow from Operating Activities before 55,769 62,674 17,665 34,606 changes in operating capital CASH-FLOW FROM CHANGES IN OPERATING CAPITAL Increase (-)/Decrease (+) of Inventory Increase (-)/Decrease (+) of Operating Receivables Increase (+)/Decrease (-) of Operating Liabilities Cash-Flow from Operating Activities

4,106 -11,341 -48,414 120

-28,579 -10,960 41,326 64,461

9,826 3,318 -36,489 -5,680

-16,199 -3,566 34,580 49,421

INVESTMENT ACTIVITIES Acquisition of subsidiaries Acquisition of Intangible Fixed Assets -1,056 -735 Acquisition of Buildings and Land -126 -7,670 Acquisition of Tangible Fixed Assets -53,685 -41,304 Acquisition of Financial Fixed Assets -738 Cash-Flow from Investment Activities -55,605 -49,709

-9,487 -703 -126 -33,598

-1,569 -382 -7,670 -29,703

-43,914

-39,324

FINANCING ACTIVITIES Borrowings and Amortisations (net) 10,805 105 Other Liabilities to Credit Institutions 53,680 -6,857 Bank Overdraft Facilities Dividend Paid -9,000 -8,000 Received (+)/ Made (-) Group Contribution Cash-Flow from Financing Activities 55,485 -14,752

7,640 31,949 -9,000 19,000 49,589

7,550 -5,704 -8,000 -3,950 -10,104

-5 14 9

-7 21 14

This Year’s Cash-Flow Liquid Funds at Beginning of the Year Liquid Funds at End of Year

18 • WIBAX

0 0 0

0 0 0

ACCOUNTING PRINCIPLES AND NOTES TO THE FINANCIAL STATEMENTS GENERAL ACCOUNTING PRINCIPLES The annual accounts have been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Accounting Standards Board’s general recommendations 2012:1 (K3).

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

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

LEASING The Swedish Accounting Standards Board’s general recommendations on the accounting of leasing agreements have been applied.

In the Group, assets that are leased through financial leasing agreements are recognised as tangible fixed assets while future leasing expenses are recognised as liabilities. On initial recognition, assets and liabilities are entered at the amount of the future minimum lease payments.

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

INTANGIBLE AND TANGIBLE FIXED ASSETS Tangible fixed assets are recognised at their acquisition values less accumulated depreciation and possible write-downs. Land is not depreciated. Straight-line depreciation is made on the depreciable amounts (acquisition value less estimated residual value) over the lifetime of the assets as follows: Product rights Buildings and Land Machinery and other technical facilities Equipment, Tools and Installations

5 years 20-70 years 5-20 years 3-7 years

The difference between depreciation according to plan and reported depreciation is recognised as appropriations.

INVENTORY The inventory is entered at the lower value according to the FIFO principle and fair value. The risk of obsolescence has thereby been taken into account.

RECEIVABLES Receivables are reported at the lesser of either the nominal value or the amount at which they are estimated to be received.

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

LIQUID FUNDS Liquid funds include cash and bank balances.

CONSOLIDATED ACCOUNTS The consolidated income statement and balance sheet include all companies in which the parent company directly or indirectly holds more than half of the voting rights as well as companies in which the Group has a controlling influence in other ways, and a significant portion of the profit from their operations.

ACQUISITION METHOD The consolidated accounts have been prepared in accordance with Swedish Accounting Standards Council recommendations for consolidated accounts. All company acquisitions have been reported in accordance with the acquisition method. Untaxed reserves reported in the individual group companies are divided in the Group balance sheet into a capital component and a tax component. The capital component is recognised in restricted reserves. The tax component is recognised as provisions under the heading Deferred Tax Liabilities.

RENTAL INCOME Rental income from the investment properties is recognised using the straight-line model in accordance with the conditions stated in the respective rental agreement.

INCOME Income is reported to the extent that it is probable that the financial benefits will be credited to the company and the income can be calculated in a reliable manner.

WIBAX • 19

NOTES NOTE 1 NET SALES

THE GROUP Net Sales - Of which transport allowance

2015

2014

683,984 17,318

610,135 13,256

PARENT COMPANY Net Sales - Of which transport allowance

418,249 17,318

392,739 13,256

NOTE 2 OTHER OPERATING INCOME

THE GROUP Exchange Gains Rental Income Others Total

2015

2014

11,316 9,537 294 21,147

3,711 7,724 1,514 12,949

PARENT COMPANY Exchange Gains Rental Income Others Total

5,583 12,191 -213 17,561

2,661 10,921 429 14,011

2015

2014

461 57 110 628

261 96 276 633

121 57 25 203

163 96 136 395

NOTE 3 FEES AND EXPENSES REMUNERATION TO AUDITORS

THE GROUP Ernst & Young Audit Assignment Tax Consultancy Services Other Services Total PARENT COMPANY Ernst & Young Audit Assignment Tax Consultancy Services Other Assignments Total

20 • WIBAX

NOTE 4 LEASING AGREEMENTS

2015 PARENT COMPANY Assets held through Operating Leasing Agreements During the year, the company’s leasing expenses amounted to 635 Fees due - within one year 465 - later than one year but within five years 988

2014

1,117 383 1,173

NOTE 5 EMPLOYEES AND PERSONNEL EXPENSES

AVERAGE NUMBER OF EMPLOYEES

2015

PARENT COMPANY Men Women Total in parent company

26 17 43

23 16 39

100 11 111 154

110 13 123 162

Ratio women as %

20 17

Ratio women as %

SUBSIDIARIES Men Women Total in subsidiaries Group total GENDER DISTRIBUTION IN SENIOR MANAGEMENT

PARENT COMPANY Board of Directors Others Senior Executives

2014

15

SALARIES, OTHER REMUNERATIONS AND PAYROLL OVERHEAD COSTS PARENT COMPANY Board of Directors and CEO Other Employees Total, 1) Payroll Overhead Costs (of which pension costs) 2)

2,091 17,500 19,591 8,434 1,977

1,758 15,209 16,967 7,036 1,604

SUBSIDIARIES Board of Directors and CEO Other Employees Total Payroll Overhead Costs (of which pension costs)

820 54,522 55,342 18,807 3,386

800 51,409 52,209 19,230 3,223

THE GROUP Board of Directors and CEO Other Employees Total Payroll Overhead Costs (of which pension costs) 3)

2,911 72,022 74,933 27,241 5,363

2,558 66,619 69,177 26,266 4,827

1) Personnel costs have decreased with the receipt of government subsidies 0 (0).

2) The parent company’s pension costs refer to 205 persons (prev. year 257), the company’s Board of Director and CEO refer to 2 (2) persons.

3) The Group’s pension cost refer to 205 persons (prev. year 257), the company’s management refer to 2 (2) persons.

WIBAX • 21

NOTE 6 DEPRECIATION OF TANGIBLE AND INTANGIBLE FIXED ASSETS

THE GROUP Intangible Buildings Machinery Inventory Total

2015

2014

228 1,437 12,303 9,467 23,435

1,364 11,551 9,657 22,572

PARENT COMPANY Intangible Buildings Machinery Inventory Total

121 1,437 8,069 725 10,352

1,364 8,066 595 10,025

NOTE 7 OTHER OPERATING COSTS

THE GROUP Exchange Rate Losses Others Total

2015

2014

12,066 -3 12,063

4,280 786 5,066

PARENT COMPANY Exchange Rate Losses Others Total

6,421 -3 6,418

2,319 71 2,390

2015

2014

49,020 53,050

49,018 71,419

2015

2014

NOTE 8 PURCHASES AND SALES BETWEEN GROUP COMPANIES

THE GROUP Parent company sales related to Group companies Parent company purchases related to Group companies

NOTE 9 OTHER INTEREST INCOME AND SIMILAR PROFIT/LOSS ITEMS

THE GROUP Interest income Currency Exchange Differences Others Total

226 -2,878 16 -2,636

692 2,351 1 3,044

PARENT COMPANY Interest income Currency Exchange Differences Others Total

167 -2,357 16 -2,174

588 383 971

NOTE 10 INTEREST COSTS AND SIMILAR PROFIT/LOSS ITEMS

THE GROUP Interest Costs Currency Exchange Differences Others Total

2015

2014

5,926 -259 -415 5,252

7,022 618 227 7,867

PARENT COMPANY Interest Costs Currency Exchange Differences Others Total

4,988 -248 114 4,854

5,315 160 172 5,647

22 • WIBAX

NOTE 11 APPROPRIATIONS

2015

2014

Group Contributions Received 19,000 Group Contribution Paid Changes in Additional Depreciation -2,176 Tax Allocation Reserve, annual provision -9,158 Tax Allocation Reserve, annual cancellation 6,100 Total 13,766

-3,950 -15,882 -2,368 4,200 -18,000

NOTE 12 TAX ON PROFIT/LOSS FOR THE YEAR

THE GROUP Profit/loss reported before tax

2015

2014

39,255

41,295

Tax on profit/loss for the year according to the applicable tax rate Tax effect of: - Other non-deductible costs/non-taxable income Tax Reported

-8,636

-9,085

-570 -9,206

-358 -9,443

Effective tax rate

23.5%

22.9%

PARENT COMPANY Profit/loss reported before tax

27,297

7,016

Tax on profit/loss for the year according to the applicable tax rate (22%) Tax effect of: - Other non-deductible costs/non-taxable income Tax Reported

-6,005

-1,544

-137 -6,142

-16 -1,560

Effective tax rate

22.5%

22.2%

2015

2014

1,980 916 2,896

1,245 735 1,980

-1,125 -188 -1,313 1,583

-1,125

1,627 703 2,330

1,245 382 1,627

-1,125 -121 -1,246 1,084

-1,125

2015

2014

NOTE 13 CAPITALISED EXPENDITURE ON DEVELOPMENT WORK AND SIMILAR WORK

THE GROUP Accumulated acquisition value: -At the start of the year -New acquisitions

Accumulated Depreciations according to plan: -At beginning of year This Year’s Depreciations according to plan

Reported value at end of year PARENT COMPANY Accumulated acquisition values: -At beginning of year -New acquisitions

Accumulated Depreciations according to plan: -At beginning of year This Year’s Depreciations according to plan

Reported value at end of year

-1,125 855

-1,125 502

NOTE 14 CONCESSIONS, PATENTS, LICENCES, TRADEMARKS

THE GROUP Accumulated acquisition values: -New acquisitions

Accumulated Depreciations according to plan: This Year’s Depreciations according to plan

Reported value at end of year

825 825

-

-64 -64 761

-

WIBAX • 23

NOTE 15 GOODWILL

THE GROUP Accumulated acquisition values: -New acquisitions -Goodwill that existed at the time of acquisition of subsidiaries

Accumulated Depreciations according to plan: -Goodwill that existed at the time of acquisition of subsidiaries This Year’s Depreciations according to plan

Reported value at end of year

2015

2014

121 600 721

-

-360 -49 -409 312

-

NOTE 16 BUILDINGS AND LAND

2015 THE GROUP Accumulated acquisition values: -At beginning of year 92,747 -New acquisitions 126 -Reclassifications

92,873 Accumulated Depreciations according to plan: -At beginning of year -13,188 This Year’s Depreciations according to plan -1,438

-14,626 Reported value at end of year 78,247 PARENT COMPANY Accumulated acquisition values: -At beginning of year 92,747 -New acquisitions 126 -Reclassifications

92,873 Accumulated Depreciations according to plan: -At beginning of year -13,188 This Year’s Depreciations according to plan -1,438

-14,626 Reported value at end of year 78,247

2014

84,700 7,670 377 92,747 -11,824 -1,364 -13,188 79,559

84,700 7,670 377 92,747 -11,824 -1,364 -13,188 79,559

NOTE 17 MACHINERY AND OTHER TECHNICAL FACILITIES

THE GROUP Accumulated acquisition values: -At beginning of year -New acquisitions - Disposals and Rejects -Reclassifications

Accumulated Depreciations according to plan: -At beginning of year - Disposals and Rejects This Year’s Depreciations according to plan

Reported value at end of year

2015

2014

219,077 13,030 -754 4,731 236,084

183,275 27,301 -4,673 13,174 219,077

-80,087 182 -12,203 -92,108 143,976

-70,364 2,038 -11,761 -80,087 138,990

PARENT COMPANY Accumulated acquisition values: -At beginning of year 164,054 -New acquisitions 3,835 - Disposals and Rejects -560 -Reclassifications 4,731

172,060 Accumulated Depreciations according to plan: -At beginning of year -55,903 - Disposals and Rejects 174 -Reclassifications This Year’s Depreciations according to plan -8,069

-63,798 Reported value at end of year 108,262

24 • WIBAX

131,033 22,767 -2,920 13,174 164,054 -49,704 1,867 -8,066 -55,903 108,151

NOTE 18 EQUIPMENT, TOOLS AND INSTALLATIONS

THE GROUP Accumulated acquisition values: -At beginning of year -New acquisitions -Acquisition of subsidiaries - Disposals and Rejects

Accumulated Depreciations according to plan: -At beginning of year -Acquisition of subsidiaries - Disposals and Rejects This Year’s Depreciations according to plan

Reported value at end of year

2015

2014

45,748 11,047 721 -6,098 51,418

41,719 7,933

-20,171 -433 4,816 -9,493 -25,281 26,137

-13,612

PARENT COMPANY Accumulated acquisition values: -At beginning of year 5,800 -New acquisitions 785 - Disposals and Rejects

6,585 Accumulated Depreciations according to plan: -At beginning of year -4,039 - Disposals and Rejects This Year’s Depreciations according to plan -725

-4,764 Reported value at end of year 1,821

-3,904 45,748

2,886 -9,445 -20,171 25,577

4,970 866 -36 5,800 -3,471 27 -595 -4,039 1,761

NOTE 19 CONSTRUCTION IN PROGRESS

THE GROUP At the start of the year Reclassifications New purchases Reported value at end of year

2015

2014

6,282 -4,731 30,128 31,679

13,728 -13,552 6,106 6,282

PARENT COMPANY At the start of the year Reclassifications New purchases Reported value at end of year

6,282 -4,731 29,539 31,090

13,728 -13,552 6,106 6,282

2015

2014

3,568 9,487 13,055

1,998 1,570 3,568

SPECIFICATION OF PARENT COMPANY’S SHAREHOLDINGS IN GROUP COMPANIES Refers to the ownership share of the capital, which also corresponds to the number of votes for the total number shares.

Subsidiaries / Corp. ID. No. / Reg. Office / Number of Shares Equity Profit/loss for the Year as % of

Reported value

Wibax Logistics AB, 556375-5080, Piteå, 2,000 shares 27,224 89 100 Wibax Tech AB, 556499-9257, Piteå, 1,000 shares 614 168 100 Wibax Perf. Chem. AB, 556547-9705, Piteå, 1,000 shares 12,864 136 100 Wibax Industrial AB, 556346-1747, Piteå, 1,000 shares 1,527 414 100 Wibax Biofuels AB, 556729-0894, Piteå, 1,000 shares 7,440 -1,100 100 Wibax OY, 2546247-1, Kotka (Finland), 1,000 shares 1,027 859 100 Wibax AS, 913456300, Skien (Norway), 100 shares 175 41 100 Wibax ApS, 35842489, Karlslunde (Denmark), 1,000 shares 213 47 100

220 143 228 104 9,487 2,644 109 120 13,055

NOTE 20 SHARES IN GROUP COMPANIES

Accumulated acquisition values: -At beginning of year -Purchases Reported value at end of year

WIBAX • 25

NOTE 21 PREPAID EXPENSES AND ACCRUED INCOME

THE GROUP Insurance premiums Advance payments customers/suppliers Other items Total

2015

2014

749 1,757 2,896 5,402

334 1,161 2,946 4,441

PARENT COMPANY Insurance premiums Other items Total

347 956 1,303

328 717 1,045

9 0 9

14 0 14

NOTE 22 CASH AND BANK BALANCES Cash Available balances with banks and other credit institutions Total

NOTE 23 EQUITY

Share Capital Restricted Reserves THE GROUP Closing balance according to the previous year’s balance sheet 1,200 102,755 Changes in acquisitions 643 Adjustment between restricted and unrestricted reserves 8,087 Dividend Profit/loss for the Year Foreign currency conversion differences foreign companies

Unrestricted Reserves

At beginning of year 1,200 111,485

Share Capital Statutory Reserve PARENT COMPANY Closing Balance according to balance sheet of the previous year 1,200 240 Dividend Profit/loss for the Year 21

72,587

At beginning of year

1,200

60,530 -825 -8,087 -9,000 30,049 -80

Unrestricted equity 22,131 -9,000 154

240

34,285

NOTE 24 UNTAXED RESERVES

2015

2014

84,462

82,286

Tax Allocation Reserves: -Provision for tax in 2010 -Provision for tax in 2012 500 -Provision for tax in 2013 3,666 -Provision for tax year 2013 2,636 -Provision for tax year 2014 2,368 -Provision for tax year 2015 9,158

6,100 500 3,666 2,636 2,368

Accumulated Additional Depreciation:

Total

102,790

97,556

NOTE 25 CREDIT GRANTED Bank Overdraft Facilities The granted amount of bank overdraft facilities in the Group amounts to SEK 115 million (SEK 100 million) and for the parent company SEK 115 million (SEK 100 million).

26 • WIBAX

NOTE 26 OTHER LIABILITIES TO CREDIT INSTITUTIONS

THE GROUP Due date, within one year from balance sheet date Due date, one to five years from balance sheet date Due date, more than five years from balance sheet date Total

2015

2014

17,331 53,748 42,360 113,439

19,137 49,277 34,720 103,134

PARENT COMPANY Due date, within one year from balance sheet date Due date, one to five years from balance sheet date Due date, more than five years from balance sheet date Total

7,360 29,440 42,360 79,160

7,360 29,440 34,720 71,520

NOTE 27 ACCRUED EXPENSES AND DEFERRED INCOME

THE GROUP Personnel-Related Liabilities Other items Total

2015

2014

16,820 4,102 20,922

16,357 4,561 20,918

Parent Company Personnel-Related Liabilities Other items Total

4,254 2,229 6,483

3,801 1,426 5,227

Piteå 2016-04-12

Anders Snell Chairman of the Board

Bo Wiklund Board Member

Rolf Back Board Member

Jonas Wiklund Chief Executive Officer

Stina Blombäck Board Member

My audit report was submitted on 10 May 2016

Mats Lundin Authorised Public Accountant

WIBAX • 27

AUDIT REPORT To the annual general meeting of

WIBAX AB

Corporate Identity Number 556262-9674 REPORT ON THE ANNUAL ACCOUNTS AND CONSOLIDATED ACCOUNTS I have carried out an audit of the annual accounts and consolidated accounts for Wibax AB for the fiscal year 2015-01-01-2015-12-31.

The Board of Directors’ and the Chief Executive Officer’s responsibility for the annual accounts and consolidated accounts.

The Board of Directors and the Chief Executive Officer are responsible for preparing annual accounts and consolidated accounts that give a true and fair view in accordance with the Swedish Annual Accounts Act, as well as for the internal control that the Board of Directors and Chief Executive Officer deem necessary to prepare annual accounts and consolidated accounts that are free from material misstatements, irrespective of whether this is due to irregularities or errors.

The Auditor’s responsibility My responsibility is to comment on the annual accounts and consolidated accounts based on my audit. I have conducted the audit in accordance with the International Standards on Audi ting and generally accepted auditing standards in Sweden.

These standards require that I comply with ethical requirements and plan and carry out the audit in such a way as to achieve reasonable assurance that the annual accounts and the consolidated accounts are free from material misstatements.

An audit entails obtaining audit evidence through various measures regarding amounts and other information in the annual accounts and consolidated accounts. The auditor chooses which measures to perform, for example by assessing the risks of material misstatements in the annual accounts and consolidated accounts, irrespective of whether these are due to irregularities or errors. During this risk assessment, the auditor gives consideration to those aspects of the internal control that are of relevance to the manner in which the company prepares the annual accounts and consolidated accounts in order to give a true and fair view in order to draw up audit procedures that are appropriate for the circumstances, but not for the purpose of making a statement on the effectiveness of the company’s internal control. An audit also includes an evaluation of the appropriateness of the accounting principles that have been used and of the reasonableness of the Board of Directors’ and the Chief Executive Officer’s estimates in the accounts, as well as an evaluation of the overall presentation of the annual accounts and the consolidated accounts.

I consider that the audit evidence that I have obtained is sufficient and appropriate as a basis for my statements.

Statements In my opinion, the annual accounts and consolidated accounts have been prepared in accordance with the Swedish Annual Accounts Act and give, in all essential respects, a true and fair view of the financial position of the parent company and the Group as of 31 December 2015, and of their financial earnings and cash flows for the year in accordance with the Swedish Annual Accounts Act. The administration report is in agreement with the other sections of the annual accounts and consolidated accounts.

28 • WIBAX

I therefore recommend to the annual general meeting that the income statement and balance sheet for both the parent company and the Group should be adopted.

REPORT ON OTHER STATUTORY AND REGULATORY REQUIREMENTS AND OTHER STATUTES In addition to my audit of the annual accounts and consolidated accounts, I have also carried out an audit of the proposed allocation of the company’s profit or loss, as well as the Board of Directors’ and Chief Executive Officer’s administration of Wibax AB for 2015-01-01--2015-12-31.

The Board of Directors’ and Chief Executive Officer’s responsibility The Board of Directors is responsible for the proposed allocation of the company’s profit or loss, and the Board of Directors and Chief Executive Officer are responsible for the administration of the company in accordance with the Swedish Companies Act. The Auditor’s responsibility My responsibility is, with reasonable assurance, to express my opinion on the proposed allocation of the company’s profit or loss, as well as the administration of the company, based on my audit. I have carried out the audit in accordance with generally accepted auditing standards in Sweden.

As a basis for my statement on the Board of Director’s proposed allocation of the company’s profit or loss, I have examined the Board’s reasons as well as a selection of the evidence supporting these, in order to assess whether the proposal complies with the Swedish Companies Act. As a basis for my statement on discharge from liability, I have, in addition to my audit of the annual accounts and consolidated accounts, examined significant decisions, actions taken and circumstance of the company in order to be able to determine the liability, if any, to the company of any Board Member or the Chief Executive Officer. I have also examined whether any Board Member or the Chief Executive Officer has, in any other way, acted contrary to the Swedish Companies Act, the Swedish Annual Accounts Act or the Articles of Association.

I consider that the audit evidence I have obtained is sufficient and appropriate as a basis for my statements.

Statements I recommend to the annual general meeting that the profit be dealt with in accordance with the proposal in the administration report and that the Members of the Board and the Chief Executive Officer be discharged from liability for the financial year.

Piteå 10/5 2016

Mats Lundin Certified Accountant

THE BOARD OF DIRECTORS OF WIBAX GROUP

ANDERS SNELL Chairman of the Board since 2011 MSc Engineering Chairman of the Board ÅFORSK. Board Member Ångpanneföreningen.

Previous positions: Technical Director, Assi Domän, Technical Director Billerud Site Manager Gruvöns bruk, Skärblacka Bruk, Karlsborgs Bruk, CEO Grycksbo, Norrsundet Bruks AB, Production Manager and Operations Engineer Skutskärsverken.

STINA BLOMBÄCK Board member since 2015 MSc Engineering in Chemistry, graduated from the Royal Institute of Technology.

CEO, Senior Consultant for Brännbacken Projekt AB. On several other Board of Directors, among others, Luleå Energi AB and Part Construction AB. Previous positions: Sustainability and Energy Director, BillerudKorsnäs AB, CEO, Billerud Karlsborg AB

ROLF BACK Board Member since 1995.

Doctor of Economics Previous positions: A number of CEO posts at, among others, Ahlsell, Åhlens and Wasa Försäkringar.

Head of Research GI – IHR, Stockholm University, Professor, Luleå Technical University.

Board Member, Academy of Engineering Sciences, and Chairman of the Board, Noak.

BO WIKLUND Board Member Engineer Founder and Owner.

55% shareholding in WIBAX Group.

WIBAX • 29

MANAGEMENT TEAM

30 • WIBAX

JONAS WIKLUND CEO Wibax Group

MAGNUS SUNDSTRÖM Managing Director Logistics

DAVID WIKLUND Managing Director Biofuels

TOMAS SANDSTRÖM Senior Strategic Purchaser

ANDREAS WIKLUND COO Production

DAVID ÖQUIST CCO

ANNICA PETTERSSON Chief of HR

CAROLINE HÄGGSTRÖM Chief of SEQ

KRISTOFFER ÖVERHEM CFO

HANS HENRIKSSON CPO

URBAN HAUGEN COO Tech

FREDRIK NORDSTRÖM COO Industrial

GREGER SOHLMAN Business developer

production: mawix art · photos: magnus sundström and others

GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CH GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOD GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHE GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CH GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOD GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHE GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CH GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOD GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHE GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CH GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOD GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHE GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CH GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOD GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHE GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CH GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOD GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHE GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CH GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOD GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHE GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOO GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMIST MAIN OFFICES: Batterigatan 12, 941 47 Piteå · Tel vx. +46(0)911-250 200 · Fax +46(0)911-250 299 www.wibax.com