Miquel y Costas & Miquel S A : Informe anual 2022

2022

ANNUAL REPORT

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A MORE COMPREHENSIVE AND SUSTAINABLE REPORT

This Annual Report covers the performance of the Miquel y Costas Group during the 2022 financial year. On this occasion, the information is presented in the form of a comprehensive report that includes the financial data, milestones and most relevant indicators in the different areas of activity, and their connection to the Group's sustainability policy and vision, in a single document.

This comprehensive reporting system transmits the consideration of sustainability as a transversal value in the organisation's activity, present in all its decisions and actions. This is how it is set out in the business purpose of Miquel y Costas, reworded in 2021 in response to the needs of the current society and to serve the Group in the years to come.

The new business purpose is To apply the necessary knowledge to cellulose to provide society with products that collaborate in the sustainability of the planet and improving the environment. In addition to environmental impact, the complete document reformulating the business purpose also highlights its commitment to society and good corporate governance. Thus, Miquel y Costas is taking on the definition of "sustainability" from the triple perspective of ESG (environmental, social and governance), aligning itself with the standards of the main international organisations, headed up by the United Nations Sustainable Development Goals (SDGs) and the reporting criteria of the Global Reporting Initiative (GRI).

In accordance with this interpretation, the 2022 Annual Report integrates the sustainability factor into all the Group's actions. For example, the environmental criterion is currently inseparable from the group's activity in areas like quality, innovation and production: all products are developed with maximum respect for and with a view to having a

minimum impact on the environment. Proof of this is its outstanding score granted by the Carbon Disclosure Project (CDP) in the areas of "Water Security", "Forest" and "Climate Change", all of which are above average for companies in this sector. As set out on the following pages, in 2022, significant achievements were made in savings of natural resources and the reduction of emissions and disposal of waste in the different processes of the value chain. Another example of the multi- disciplinary linking of environmental sustainability is the growing relevance of energy efficiency, in a financial year particularly marked by the financial impact of high energy costs.

In the social field, this Report details both actions aimed at guaranteeing a safe, healthy and egalitarian working environment for the whole workforce and other initiatives aimed at the creation of value in the local communities in which Miquel y Costas operates. Once again, its commitment to the well-being and progress of both groups forms part of the organisation's purpose, mission and values.

Finally, in the area of management and good corporate governance, we would like to highlight the updating of our Code of Ethics in 2022, which reinforces the Group's commitment to conducting its activities in accordance with solid ethical values, compliance with current legislation, respect for the principles of the Universal Declaration of Human Rights and alignment with the United Nations 2030 Agenda.

This Annual Report supplements the information set out in the Non-financial Information Statement, and is proof of the commitment to transparency and accuracy taken on by the Miquel y Costas Group in its Code of Ethics.

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CONTENTS

LETTER FROM THE CHAIRMAN 5

OUR ORIGINS 10

MIQUEL Y COSTAS GROUP 14

A QUICK RECAP OF THE YEAR 19

BUSINESS PURPOSE 22

LINES OF BUSINESS 29

QUALITY AS A DISTINGUISHING FEATURE 35

RESEARCH, DEVELOPMENT AND INNOVATION 38

THE PLANET 42

PEOPLE, OUR MOST VALUABLE ASSET 58

GOOD GOVERNANCE AND CODE OF ETHICS 68

THE MIQUEL Y COSTAS & MIQUEL FOUNDATION 76

INVESTMENT, THE KEY TO THE FUTURE 79

STOCK MARKET 82

FINANCIAL & ECONOMIC DATA 85

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LETTER FROM THE CHAIRMAN

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