Annual Report 2021

Because we care
Contents

Our company 3
Letter from the Chairman 4
Message from the CEO 6
Our markets 10
Key facts & figures 12
Financial facts 14
Yearly highlights 16
Corporate governance 20
Management 22

Sustainability 26

Our purpose  27
Because we care  28

Care for our business partners30

Legal and compliance 31
Quality management 32

Care for our people and the communities we live in33

Health & Safety 34
Our culture 38
Talent development and capability-building  42
Community engagement 45

Care for the environment and our planet47

Climate impact 48
Waste and wastewater 50
Sustainable portfolio 50
External validation  56
Sustainable packaging 56

GRI57

1 CALDIC ANNUAL REPORT 2021

 Because Our company
we care
This Annual Report puts our purpose ‘Because we care’
center stage. In 2021 we laid the foundation for this
maxim which articulates the positive impact Caldic
aims to deliver to our employees, our business partners
and the communities we operate in. The stories and
activities presented on the following pages illustrate our
approach to fulfilling our purpose ‘Because we care’.

The cover of this year’s Annual Report symbolizes our

purpose in a visually abstract way by bringing together
two primary colors, red and yellow. These blend
smoothly into warm orange, the iconic color reflected in
our company logo. Orange combines the energy of red
and the feeling of care and attention to detail expressed
by yellow. It represents our passion, creativity and
dedication to inspire solutions across our key markets
and applications. It also symbolizes the connections we
make and our relentless commitment to going the extra
mile to deliver the optimal result by bringing together
people, products and solutions. These endless connections
are given powerful visual illustration in this report.
We hope you will enjoy the read!

CALDIC ANNUAL REPORT 2021 2

Letter from the chairman

“I am confident that Caldic will planning (ERP) platform (AX Dynamics), with further
roll out anticipated across remaining geographies
Ireland and a cleanroom for filling pharmaceutical solvents
in Belgium. In Malaysia, we opened our new office

emerge as a stronger, more globally ‹ A new value-add pricing tool was rolled out across
Europe through excellent cross-functional collaboration
equipped with several application and product testing
labs to inspire innovation in food, personal care and

relevant player in the specialty ‹ New procurement techniques were deployed that
successfully delivered on improvements in our
industrial applications.
In October, the company announced the acquisition of

ingredients and chemicals distribution ‹

purchasing processes
Following the integration of BrandNu and BNL Sciences,
Scott Chemicals, with its strong presence in New Zealand
and Australia, helping Caldic to reinforce its market share

and solutions space” internal knowledge-sharing and pharma trainings laid a

solid foundation for joint commercial cross-promoting
in this geography.

initiatives to drive our strategic roadmap Governance

‹ We fully supported the sale transaction of Caldic In 2021 there was one change in the composition of the
2021 was another excellent year, despite the continued impact of the COVID-19 by Goldman Sachs Asset Management to Advent Board of Directors. Djonie Spreeuwers stepped down at the
pandemic and headwinds caused mainly by supply chain issues and product International end of November. On behalf of the Board, I would like to
availability. Against the backdrop of these critical challenges, the company was thank Djonie for her support in the past few years. Bogáta
With respect to the latter, on behalf of the Board, I would Baranyi was appointed as a Non-Executive Board member.
able to realize a robust business performance in 2021.
like to express our gratitude to the Executive Leadership
Team and the project team. They were fully committed and Looking ahead
It was also an extraordinary year in light of the announcement of the proposed change worked diligently on the transaction process, securing what Against the backdrop of the close of the sale transaction of
in ownership of Caldic. Our focus throughout the year was, as it will always remain, the we believe to be the most desirable outcome for Caldic. Caldic to Advent International, our strong performance in
The future prospect of Caldic merging with Latin 2021, and the prospect of broadening our geographic
health and safety of our employees and the communities in which we operate, as well
America-based GTM provides an excellent platform coverage to include Latin America while merging with GTM,
as care for our customers and principals. to accelerate the company’s further growth in the top I am confident that Caldic will emerge as a stronger, more
three global players in life science ingredients and globally relevant player in the specialty ingredients and
Xavier Urbain specialty chemicals. chemicals distribution and solutions space. Our strong
Chairman of the Board leadership and highly motivated team provide an excellent
Strategic partnerships basis to pursue the new joint strategy to deliver impactful
Important steps were taken to drive our sustainable growth and sustainable value to our stakeholders across the value
Solid business performance agenda in 2021. We extended our agreement with Kerry to chain, because we care.
Overall, the company delivered a very good performance. Asia Pacific to market the savory and sweet flavor portfolio
Strong demand across our markets drove improved profits for food applications. In the same region, we partnered with
even though EBITDA was impacted by additional costs Oterra, formerly Chr. Hansen, to provide food solutions
related to transport shortages and sourcing of temporary with natural colors in New Zealand.
labor. COVID-19-related restrictions continued to impact
parts of the food market, and food service in particular was In Europe, we extended our partnership with Ingredion
The Board of Directors
again seriously hit by lockdowns around the world. Our to include the industrial and pharma markets. Meanwhile,
Pharma business grew strongly versus 2020 and BrandNu KLK became our European partner for the excipients range Xavier Urbain
Chairman of the Board
and BNL Sciences are now fully integrated in Caldic. in pharma. Caldic DACH stretched the Cargill partnership
to Switzerland, leveraging our presence at the Food Mike Ebeling Tania Howarth
Overall revenue increased by more than 4% off the back Ingredients Europe 2021 exhibition, held in Frankfurt in Non-Executive Board member Non-Executive Board member
of strong demand in most segments. Gross Margin as a early December, to showcase our commitment. While we
percentage improved to 25.6%, resulting in an EBITDA of continue to develop our portfolio of sustainable products, Adam Dawson Olav van Caldenborgh
€102.6m for 2021, an increase of €11.9m (+13,2%) versus we signed an agreement with cleantech innovator Celtic Non-Executive Board member Non-Executive Board member
2020. The Caldic team can be proud of these results. Renewables for the European distribution of a bio-solvents
range, creating opportunities to support our customers in Mario Preissler Alexander Wessels
Our key achievements in 2021 included the following: advancing their sustainability journey. Non-Executive Board member Executive Board member - CEO
‹ From a business systems perspective, big steps were
taken to integrate various Caldic entities and recent To leverage these partnerships, investments were made Bogáta Baranyi Bernard Witte
acquisitions into the common enterprise resource in state-of-the-art GMP pharma facilities in the USA and Non-Executive Board member Executive Board member - CFO

CALDIC ANNUAL REPORT 2021 4 5 OUR COMPANY

Message of the CEO

“A record year, accelerating growth stakeholders and increase our positive impact on the
environment and society at large in the coming four years.
Despite the continuing challenging market circumstances,
the financial resilience provided by Caldic’s multi-market

and continuing to build a performance Our achievement of the milestones for 2021 set in our
Strategic Roadmap bears witness to our ambition to inspire
and geographical coverage, combined with its diversified
supplier and product portfolio, have enabled Caldic to

culture for a future-fit organization solutions in life science. It is also a testament to the
way our people delivered value-add together with our
deliver very strong results in 2021. In the twelve months to
31 December 2021 Caldic and its subsidiaries contributed

in a year of continued global external world-class supply partners and customers. This underlines
our unique proposition, encapsulated in our purpose
operating income from continuing operations of € 980,3
million (2020: € 892,9 million) and operating result of

challenges” ‘Because we care’. € 102,6 (2020: € 90,6 million) to the Group’s results.

Our strategic focus Our commitment to our business partners

Our employees’ commitment to implementing our strategy Our partners’ satisfaction is key to our performance, and
“I’m very proud that our teams responded swiftly and effectively to the challenging helped us to strengthen our position in the life sciences customer- and principal-centricity therefore take center
external circumstances of this year. We successfully fulfilled an increasing number of and industrial markets and to progress on our path to stage in our culture. There was extensive evidence of
customer requests despite unprecedented disruptions in the global supply chains and value creation. this throughout 2021. In Malaysia, our R&D team was
‹ Our turnover grew, and we realized above market growth recognized by our principal, Dow’s Home Care division,
ongoing COVID-19 restrictions. Customer interactions occurred largely online, and for
in the life science segments, Food, Pharma and Personal for the development of an all-purpose, multi-functional
many of our people working from home remained the default. While we were looking to Care, taking this particular part of our portfolio to about cleaner formulation, which received the qualification
acquire like-minded companies, our private equity investor, Goldman Sachs Investment 70% share ‘outstanding initiative’. And in the UK, Belgium and Canada,
Management, announced the agreement to sell Caldic to Advent International. In this ‹ We gained a number of new principals in all regions,
enabling us to expand our portfolio offering to new
eventful year, we further improved our market share and financial performance.”
geographies and subsegments
‹ The Caldic branded products and our ‘value add’
Alexander Wessels solutions continued to grow, bringing their contribution
CEO Caldic 2021 presented challenges that exceeded what we had close to 40% of total turnover
faced in 2020. As a company, we were able to build on the ‹ Both gross profit as well as EBITDA improved strongly
experience acquired in the prior year with respect to
handling the continued impact arising from the COVID-19 As we move forward, implementing our Strategic Roadmap
pandemic in the workplace. From the start of the year, we 2021–2024, we aim to become even more customer-
operated in a very agile and methodical manner, dealing and principal-centric, deliver unrivalled solutions, drive
with the challenges through good teamwork at both global sustainable growth, and be a great place to work. This is
and local level. I am proud that, thanks to the tremendous our commitment to our people, our business partners and
efforts of our people and the disciplined observance of a sustainable planet, because we care.
health and safety guidelines worldwide, we achieved our
priority objective of protecting our people. Our financial performance
The year 2021 can be characterized as another challenging
In this extraordinary year, we also managed to further year, with strong growth in a dynamic environment.
strongly and organically improve our turnover and EBITDA, Although the pandemic continued to pose unprecedented
even against the backdrop of critical raw material challenges for our people and the communities where we
shortages, which intensified during the year. We took a operate, the dedication, resilience and flexibility of our
number of impactful actions, including improved pricing teams and the solid fundamentals of our business model
management and rigorous working capital management. resulted in a strong performance. Compared to 2020, many
of the economies we operate in showed a strong rebound
2021 also marked the first year of the execution of our in growth in 2021. Global shipping disruptions and input
Strategic Roadmap 2021–2024, which helps us address the shortages kept the industry from expanding production in
challenges and seize the opportunities from the major line with the rapid growth in demand for manufactured
global shifts taking place in the specialty ingredients and goods. The imbalance between strong demand and supply
chemical distribution and solutions industry we operate in. at the global levels, has intensified shortages and led to
This roadmap will create long-term value for our price volatility, affecting many countries and sectors.

CALDIC ANNUAL REPORT 2021 6 7 OUR COMPANY

Message of the CEO

flower bouquets and personal thank-you notes were sent to the Europe region participated, recording their physical Finally, I would like to thank Goldman Sachs Asset
various of our customer development teams in recognition activities as a team, that took them on a 290 km trip across Management for their trust in our Strategic Roadmap and
of their significant efforts to ensure timely delivery of New Zealand. Earlier in the year the North-America team for their professional guidance throughout the divestment of
materials to our customers. All these efforts resulted in virtually climbed the Everest. Caldic. Our interaction with our new private equity investor,
industry-leading Net Promotor Scores. Advent International, gives us the confidence that together
During this extraordinary year, we continued our efforts to be with Latin America-based GTM, a significant force is
Our commitment to sustainability a strong talent-building company. More than 325 employees emerging that will shape industry standards and will
Last year’s Annual Report highlighted our approach to in Europe enrolled in the Sales Academy, which is designed accelerate the value-add impact of products and solutions
sustainable growth. In 2021, through our data collection, we to enable our customer-facing teams to continuously grow in the life science and industrial markets. And, by keeping
established the baseline for some of our key sustainability on both the professional and the personal level while our care at the heart of what we do, we believe that we are
performance indicators, enabling us to start measuring our delivering an excellent customer experience. Thanks to the well placed to firmly position ourselves as a leading
progress in executing this part of our strategy, in support success of this initiative, in 2022 the Asia Pacific teams will full-service, value-add solutions provider across the globe.
for the United Nations Sustainable Development Goals. join the learning paths of the Sales Academy. Our senior
leadership teams were provided with 360-degree feedback Alexander Wessels
In 2021 we took further steps towards a more positive reviews, supported by professional external guidance on CEO Caldic
climate impact by shifting to LED-light and renewable self-reflections and follow-up actions.
energy sources. In October we passed the first milestone:
70% of our global electricity consumption now comes from In this Annual Report, we have tried to showcase some
renewable sources, supplied by wind, solar and water of our amazing people, who put our purpose ‘Because we
power. Some of our sites actually use 100% renewable care’ into practice day by day. And we have tried to make
electricity. this account as globally inclusive and diverse as possible
across age, gender, ethnicity, and functions – a celebration
Despite facing constraints on the staging of live events in of how inspiring solutions can come in all shapes, sizes
a number of countries, we volunteered to work at local food and disciplines.
banks, picking and sorting food boxes. In other places, we
collected plastic waste and pieces of trash along riverbeds. Our leadership
We extended our contribution to the communities in which This year we strengthened our Executive Leadership Team
we live beyond the donation of money and goods and will with the appointment of Dr. Veronika Zuegel, who joined us
continue to expand this support when the COVID-19 in May as CHRO on an interim basis. In September, Steve
constraints are lifted. Owen, Co-CEO of Caldic North America, retired. I would
like to thank him for his contribution and wish him success
We are committed to continuing our journey to climate- in his new phase of life.
neutral operations and making our actions along the way
more transparent. This is a clear commitment to contribute At corporate level, our team of supporting staff directors
to a more sustainable world, and we will give regular expanded. Maxime Toth, Peter Becker and Birgit Kamp
account of our progress in future Annual Reports. joined us to drive the Strategic Program, IT and Corporate
Communications areas respectively.
Our commitment to our people
In 2021, our main priority remained the health, safety Our gratitude
and wellbeing of our employees and their families. On behalf of the Executive Leadership Team, I would like to
We continued to provide training and protective measures express our gratitude to our employees, who showed
to our on-site employees to ensure a safe working tremendous resilience, solidarity, and flexibility throughout
environment, and guaranteed that all sites complied with the year. As a company, we continued to transform our
social distancing requirements. For those employees who organization while maintaining our focus on unlocking value
worked from home we ensured regular online check ins on in the life science and industrial markets, because we care.
people’s wellbeing. Months on end working away from the
team created challenging circumstances that we tried as I would also like to thank our customers and principals for
much as possible accommodate to. In May-June we the trust they place in us. Their loyalty and commitment
organized a global Virtual Challenge; 350 employees in motivate us to do our best, every day. Bernard Witte CFO Caldic and Alexander Wessels CEO Caldic

CALDIC ANNUAL REPORT 2021 8 9 OUR COMPANY

Our markets
Our products create possibilities and deliver solutions all around the world. We have been doing this for
more than fifty years now. And we see every day as an opportunity to do it better. Over the years, we have
evolved from our origins in base chemicals to our current position in specialty ingredients and chemicals
with high added value. Today, we deliver innovative and sustainable solutions in life science, in food,
pharma and personal care, as well as in the industrial markets across the globe.

Food solutions Pharmaceutical solutions Personal care solutions Industrial solutions

From natural colors to plant-based proteins and from From specialty solvents to active pharmaceutical From botanical extracts to film formers and from From activated alumina to titanium dioxide and from
antioxidants to functional starches, Caldic’s product ingredients (APIs) and from excipients to intermediates, organic oils to pigments, the Caldic product and solvents to antioxidants, the breadth of our product
and service portfolio provides a broad range of as a global, full-service solution provider Caldic is services portfolio enables our technical experts to portfolio ensures we can meet requirements across
solutions to customers in the food processing, committed to help customize pharmaceutical products meet the high quality and originality requirements a wide range of applications. For essential products for
food service and retail. Our specialty ingredients portfolio in finished dosage form, whether as tablets, capsules of the personal care industry. Our range of innovative coatings and inks, plastics, rubber, lubricants and water
covers all key functional properties, such as appearance, or liquid solutions. The manufacturing of high-purity and high-quality raw materials, coupled with our unique treatment, Caldic customers and principals alike can
nutrition, stabilization, taste and texture. Whether our chemicals and the distribution of raw materials are our know-how, sourcing expertise and high quality service draw on years of experience and know-how to develop
customer is looking to develop a clean-label bread roll, a core strengths, but we always go the extra mile to find and support, guarantees that our customer’s personal tailored solutions. Our application specialists are
plant-based burger or a low-calorie ice-cream, our local the exact solution to address customer requirements. care product is the shining star. committed to working together with our partners to
R&D experts are committed to co-create products Our full range of services and our product portfolio develop solutions that address specific and often unique
delivering the right formulation for any food product. enable us to support customers across a wide range of Our formulation specialists are committed to working needs relating to formulations, packaging, production
Our in-house technical laboratories, test kitchens and pharmaceutical solutions. together with customers to design solutions that stand and storage.
production facilities, combined with our in-depth out in the personal care industry, supported by our
application know-how and market understanding, Our extensive portfolio of high-quality products and long-term partnerships with raw material producers. Markets
enable our food technologists to inspire solutions our global network of sites equipped with facilities such Adhesives & Sealants Agrochemicals
across the globe. as clean rooms, filling and repacking lines, Good Markets Chemical Industry Coatings & Construction
Manufacturing Practice (GMP)-certified manufacturing Hair Care Skin Care Oil, Gas & Water Treatment Plastics & Rubber
Market segments services and Good Distribution Practice (GDP) Makeup Toiletries Surface Treatments
Bakery Beverages warehousing enable our technical experts to support Other Industries (e.g., cleaning, paper, textile)
Confectionary Dairy customers and principals in every stage of the development Caldic brand
Fruit preserves Ice cream & frozen desserts of new products. Calsil® Caldic brands
Animal nutrition Nutrition Silicone solution used in cosmetics Calsil® A silicone solution used in industrial applications
Savory Markets such as Construction & Coatings and Chemicals
Biopharm Biotech Caltherm® A range of heat transfer fluids used in a
Caldic brands Pharmaceutical Animal health wide variety of applications, e.g., plastic, rubber and
Dadex® Customized natural and synthetic antioxidant Consumer healthcare Nutraceutical processing industries
blends to provide shelf stability
Damin-Aide® Enrichment blends that include vitamins,
minerals and functional ingredients
Pectacon® Stabilizer systems for use in blends for
texture, stabilization and taste

CALDIC ANNUAL REPORT 2021 10 11 OUR COMPANY

Key facts & figures

€1Bn
TURNOVER

10
Value add

21
player in specialty
TOP

ingredients and distribution &

chemicals solutions
GEOGRAPHIC
POSITION BUSINESS model PRESENCE COUNTRIES

Europe, North America and Asia Pacific

11%
2021
EBITDA margin Food Personal care
MARKETS

Growth strategy:
organic and
through
acquisitions
7% EBITDA
CAGR
Strong
Life Science
focus 75%
ORGANIC GROWTH
Pharma Industrial

PEOPLE AND PRODUCTS VALUE-ADD CAPABILITIES

1,100 30,000+ 5,000+ 20,000+ Manufacturing

services
Technical and
application
Distribution
and supply
FTE CUSTOMERS SUPPLIERS PRODUCTS support chain services
400+
10+
Repacking, filling, Formulation Warehousing (e.g.
Marketing & labeling, mixing, and product GMP for pharma),
Sales team blending development regulatory support,
CALDIC BRANDS quality control

CALDIC ANNUAL REPORT 2021 12 13 OUR COMPANY

Three year summary

Financial facts

Balance sheet as at 31 December 2021 Other financial data & ratios

(x € 1,000) 2019* 2020* 2021* (x € 1,000) 2019* 2020* 2021*

Fixed assets 279.564 251.853 277.878

Inventories 112.844 97.139 132.783 Net interest bearing debt 6.426 -75.897 -75.330
Receivables 136.025 130.103 168.384 Working capital 138.251 107.075 125.523
Cash and bank 57.260 143.479 145.912 Capital employed 417.815 358.928 403.400
EBITDA (normalised) 77.581 90.622 135.762
Total assets 585.693 622.574 724.957
Cash flow before financing activities 8.291 120.413 17.539

Group equity 350.789 359.413 407.847 (in %)

Provisions 29.904 36.639 30.876 Gross margin 23,8 25,4 24,3
Long term liabilites 55.163 60.517 65.583 Operating margin 7,2 8,6 9,0
Lease liabilities 30.697 38.773 40.007 Solvency ratio 59,9 57,7 56,3
Amounts owed to credit institutions 8.523 7.065 4.999 Return on capital employed 15,4 21,3 21,8
Other short term liabilities 110.617 120.167 175.644 Return on equity 49,1 6,1 10,1
Interest coverage 5,3 8,5 21,1
Total equity and liabilities 585.693 622.574 724.957
Net interest bearing debt/EBITDA 0,1 -0,8 -0,6

*Unaudited full pro-forma IFRS figures

Profit and loss account

(x € 1,000) 2019* 2020* 2021*

Total operating income 899.496 892.857 980.266

Cost of raw materials 685.441 666.168 741.946

Gross margin 214.055 226.689 238.321

Total operating expenses 136.474 136.067 135.762

EBITDA (normalised) 77.581 90.622 102.558

Depreciation 13.153 14.155 14.651

EBITA (normalised) 64.428 76.467 87.908

Definitions
Net interest bearing debt Long-term liabilities plus Amount owed to credit
institutions less Cash and banks
Working capital Inventories plus Receivables less Other short-term liabilities
Capital employed Working capital plus Fixed assets
EBITDA Operating result plus Depreciations
Gross margin Gross margin as percentage of Total operating income
EBITDA margin EBITDA as percentage of Total operating income
Solvency ratio Group equity as percentage of Total assets
Return on capital employed Operating result as percentage of Capital employed
Return on equity Result after taxation as percentage of Group equity
Interest coverage Operating result divided by Financial income and expenses
Net interest bearing debt / EBITDA Net interest bearing debt divided by EBITDA

CALDIC ANNUAL REPORT 2021 14 15 OUR COMPANY

Yearly highlights

Caldic France and Caldic Benelux

Caldic is appointed exclusive enter an exclusive distribution
distribution partner of cosmetic agreement with Oxiris for
ingredient developer and antioxidants in France and Belgium.
manufacturer GREAF for their active With this new collaboration, we
ingredients in the UK and France. expand our current portfolio of
GREAF uses advanced techniques, antioxidants for the pharmaceutical
innovative active ingredients and industry.
superior skincare solutions to
beautify the skin.

01
January 04 16
One year after joining the Caldic group, September
February
Arlès Agroalimentaire officially changes
its name to Caldic Ingredients France.
This leading provider of food
ingredients and functional additives
solutions in France had been acquired
by Caldic in October 2019.

2021 21
01
September

January Kerry and Caldic New Zealand

enter into an exclusive distribution
agreement for their functional food
Caldic and Cargill sign an agreement, ingredients range. Thanks to
making us the exclusive solution a strong customer focus and
provider for Cargill’s complete ensuring all opportunities are
Gerkens Cocoa and Chocolate maximized, the partnership
products for food manufacturers in is extended to their flavor range.
Lithuania, Latvia and Estonia.

CALDIC ANNUAL REPORT 2021 16 17 OUR COMPANY

Yearly highlights

Caldic enters into a definitive

agreement to acquire Scott
Chemicals, solution provider of
specialty chemicals for industrial
and life science applications.
With this agreement, we expand
our reach with new locations in Goldman Sachs Asset Management
New Zealand, Australia, China sells Caldic to Advent International.

04
and the Philippines. In 2014, Advent International
acquired GTM, the largest

01
October
November
Caldic partners with Celtic
Renewables for the distribution of
independent specialty chemicals
distributor in Latin America.
Under Advent’s ownership, together

high purity bio-solvents with an we will have the opportunity to

Caldic New Zealand becomes

22
extremely low carbon footprint. continue and further accelerate
distribution partner for Oterra’s range
These bio-solvents are produced by our growth.
of natural colors and coloring foods.
Oterra, formerly known as Chr. Hansen Celtic Renewables’ first production

22
Natural Colors, is the global leader
October facility based in Scotland. Read more
of naturally sourced colors for food, on page 51.
beverages, dietary supplements
and pet food.
November

2021 October
2021
30
November
In October Caldic Malaysia moves After a pandemic-related break of
to a new location. Due to the nearly two years, we attend the
covid pandemic, the opening is Food Ingredients Europe 2021
celebrated with a low-key exhibition in Frankfurt. Our on-trend
ceremony. The new premises solutions, from breakfast to midnight
include two offices, four warehouses feasts, are carefully created to
and enough space for three inspire our customers.
laboratories: one for Personal Care,
one for Food, and one for Industrial
applications.

CALDIC ANNUAL REPORT 2021 18 19 OUR COMPANY

 Corporate
governance
Within Caldic, corporate governance is organized and secured through a
number of bodies. These bodies enable an effective balance of proactive
strategic foresight and agility, ensuring that the leadership team can seize
opportunities when they arise. Caldic focuses on ensuring transparency,
proper checks and balances, and an inclusive environment.

The ultimate responsibility for the management, general development and finance. It is responsible for the execution
affairs, culture, direction and long-term performance of of the strategy as approved by the BoD and also for
Caldic lies with the Board of Directors (BoD). This consists organizational development with a view to positioning the
of two Executive members, the Group CEO and Group company for today as well as the future. Review and
CFO, and seven Non-Executive members. assessment of current business strengths and weaknesses,
as well as of threats and opportunities, falls within the remit
The role of the BoD is to manage the company by of the ELT, which supports the BoD in its responsibility to
balancing the interests of various stakeholders. This means, take strategic decisions and to secure the resources
among other things, that it is responsible for achieving the required to act upon them.
strategic objectives, managing the risks associated with the
company, financing the company, complying with applicable The ELT is comprised of the Group CEO, Group CFO,
rules and regulations, and engaging in corporate social Group HRO, each of the Regional CEOs, and the Pharma
responsibility matters that are relevant to the organization. business CEO.
The Executive members of the BoD are accountable for
these deliverables to the Non-Executive members of the The ELT members are supported by a Senior Leadership
BoD and the General Meeting of Shareholders. Team (SLT) in each of the regions (Asia Pacific, Europe and
North America) as well as for the Pharma Business Group.
In 2021 the Board established three Committees to Besides the regional CEO, the SLT comprises each of
cover key areas in greater detail: an Audit Committee, the regional functional heads. The SLT ensures that the
a Remuneration Committee and an ESG Committee. regions are managed in a transparent, professional and
Each committee is chaired by a Non-Executive member. ethical manner.

The BoD supervises the Executive Leadership Team (ELT). At a global level, Caldic has various functions to drive
Its responsibility is to liaise with the ELT to review and programs and initiatives that benefit from a worldwide
approve the proposed strategy including the underlying approach. These functions are: Legal & Compliance, IT,
tactics and financial planning, with strategic target-setting. Strategic Programs, HR, QHSE (Quality, Safety, Health &
Environment) and Corporate Communications. These teams
The ELT comprises senior leaders with a wide range of are responsible for the governance and global processes in
competencies and skills in international business, market each of their functional areas.

CALDIC ANNUAL REPORT 2021 20 21 OUR COMPANY

Management
“Caring makes the difference
Executive Leadership Team in how we see each other and
how we view the world”

John Gorman
CEO Pharma

“Our purpose ‘Because we care’ articulates

our collective and individual commitment
to go the extra mile in everything we do for
our colleagues, customers, principals and
communities, as well as the environment
and society at large”
“Care is about our employees, who work
Alexander Wessels
Group CEO
with passion at Caldic. I consider it my
responsibility to care about my colleagues.
I fully commit to offer them a safe working
environment and to support their career
evolution through learning programs”
“Caldic’s compass has always been,
Laurent Pasqualini
and will always be, the happiness of CEO Europe
society, people, employees and
customers, because we care”

Bernard Witte
Group CFO “Our care is about people, and makes me
feel that I’m working for and with the right
company. It’s all about growth, learning,
getting better and attaining the next level”

Veronika Zuegel
CHRO ai

“Because we care about our

employees, customers and
principals, we will build a better
future for all”
“We take care of
Jill Wuthmann our employees because
CEO North America
they take care of the
Caldic family”

Wilco Langschmidt
CEO Asia Pacific

CALDIC ANNUAL REPORT 2021 22 23 OUR COMPANY

Management
“Care for me brings
Staff together understanding, empathy
and eye for detail, to do things
better, every day“

“Because we care’ means to me Birgit Kamp

doing the right thing, even when Communications Director

no one is looking. It means acting with

respect and integrity, and treating
people with dignity”

Samera El Idrissi
Legal & Compliance Director

“We care to build long-standing

partnerships, driving impactful added
value for all our stakeholders”

Aldrik Vervat
Strategy and M&A Director

“It is because we care that we

give the best service to our principals,
the best product to our customers,
and the best of ourselves in everything
we do”

Maxime Toth
“We care for our planet,
Strategic Program Director wanting to pass it on
to the next generation
in a safe, healthy and
sustainable way”

Henk Boden
“Because we care’ means doing QHSE Director

the right things, and doing them

right. But also listening, learning,
improving and growing together”
“Because we care, we are committed to an
Peter Becker inclusive culture in which all people are respected,
CIO
engaged and empowered to develop themselves.
Within our diverse teams, we learn, grow and
celebrate our achievements together”

Femke Krabbenborg
HR Director

CALDIC ANNUAL REPORT 2021 24 25 OUR COMPANY

 Our purpose
Our purpose, Because we care, lies at the foundation of our
perspective on sustainability. These three words articulate precisely
how we value the relationship with our stakeholders. It also
expresses what drives us to go the extra mile day in, day out,
to deliver on our promise to inspire impactful solutions that create

Sustainability
value in the life science and industrial formulations markets.

Our purpose underlines our commitment to each and every a baseline assessment for some topics in 2021, we also
one of our stakeholders, starting with our people and the identified and commenced several initiatives to drive
communities we live in, widening out to include our improvements in our sustainability performance. During
business partners such as customers and principals, and 2021 we continued to collect data for the other areas for
ultimately encompassing the environment and our planet. which we yet have to define the baseline and the
This commitment informs our sustainability agenda and associated programs aimed at making progress against
helps us drive our daily operations. the relevant environment, social or governance metrics.

This Annual Report reflects the activities we undertook in This Annual Report takes a deeper dive into some of the
2021 to fulfill our commitments to our stakeholders, areas in which we make progress during 2021. In the
capturing the efforts we are making to do better, every day, coming years, we will make our sustainability strategy more
in our journey towards a more sustainable future. explicit and will provide more transparency on our progress
and the milestones we have achieved.
Material topics
Based on insights from both internal and external sources, The UN Sustainable Development Goals
we determined the topics and issues that are most material The recently published Intergovernmental Panel on Climate
to our business, and on which we could have the most Change (IPCC) Report and the discussions at the United
impact in 2021. As the COVID-19 pandemic and the Nations Climate Change Conference (COP26) held in
devastating war in Ukraine sadly illustrate, we live in an Glasgow in November 2021 clearly demonstrate that our
uncertain and constantly changing world. Materiality helps planet faces massive economic, social, and environmental
us report on the sustainability issues that matter most to challenges. To deal with these, the United Nations has
our business and stakeholders. formulated 17 Sustainable Development Goals (SDGs)
to define global priorities and aspirations for 2030.
A topic is material to Caldic if it meets two conditions. Governments and private and public organizations
Firstly, if it impacts our business significantly in terms of worldwide have agreed to work on these goals.
growth, cost or risk. Secondly, if it is important to our
stakeholders - such as investors, principals, customers, At Caldic, we have identified six SDGs to which our
society (citizens, NGOs and governments) and our company can contribute, as shown on the next page.
employees - and they expect us to take action on the issue. Our strategic roadmap aims to reconcile financial stability
with social and environmental sustainability and to create
Further to our initial materiality assessment, we prioritized enduring value for our stakeholders across the value chain,
a number of sustainability topics. While we established as the case studies in this Annual Report highlight.

Because we care

27 SUSTAINABILITY
 Care for our business partners
Important actions Goals for 2024
Because we care, we work in close Global compliance program: we are Program to drive compliance awareness,
partnership with our customers and committed to deliver value-add solutions, including annual trainings and sign-off for
principals, looking at the world from in compliance with all applicable Code of Conduct.
their perspective as we search for regulations so as to meet our partners’ Implementation of quality management
inspiring solutions that will add business requirements in a compliant and systems.
measurable value to their businesses. ethical manner, and in accordance with
the agreed quality standards.

Because Care for our people and the communities we live in

we care
Important actions Goals for 2024
Because we care, we value our people, Implementation of safety awareness ‹ Zero Lost Time Incidents (LTIs)
providing them with a workplace program, focus on reducing Lost Time ‹ Drive safety awareness and promote
where health & safety is paramount, Incidents (LTIs). safety culture
where talent is stimulated, and where Programs to promote employee ‹ Total of two working days of voluntary
accountability and performance are engagement and talent development, work every year per employee
recognized and rewarded. and community engagement through ‹ A minimum of two projects per region
voluntary work in support of local per year
initiatives.

Care for the environment and our planet

Important actions Goals for 2024
Because we care, we help protect the Our focus lies on the increased use of ‹ Minimum 50% renewable energy use.
planet by embracing the principles of renewable energy sources as well as on Other energy consumption to be
sustainability, designing products, reducing CO2 emissions. CO2-neutral by 2024.
services and processes with these Furthermore, we aim to reduce waste ‹ 20% reduction of CO2 footprint per
in mind. and wastewater and work to develop mt of shipped product in 2024 vs 2020.
a more sustainable portfolio offering with ‹ 50% reduction of waste and wastewater
a lower carbon footprint. per mt shipped in 2024 vs 2020.
All Caldic locations are externally ‹ Year-on-year growth of 10% in
validated by means of EcoVadis sustainable product offering.
assessments. ‹ All Caldic locations to achieve EcoVadis
Continuous work on improvements that Gold status by 2024.
deliver a positive impact on our climate
(e.g. packaging).

Our sustainability ambitions and goals are an integral part of our strategic roadmap 2021–2024

CALDIC ANNUAL REPORT 2021 28 29 SUSTAINABILITY

 Care for our business partners

Legal and
compliance
Legal and Compliance encompasses topics such as Code of Conduct,
Speak Up (our whistleblowing tool), antitrust, anti-corruption, sanctions

Care for our

and data privacy. As part of our Corporate Governance we also look at
Data Security, Risk management and contingency planning. In 2021 our

business partners
focus was on the latter three subjects in particular.

The organizational structure described in the governance Legal topics and, more importantly, compliance as a key
paragraph of this Annual Report forms the foundation of our subject, are put on every employee’s radar by means of
company. The corporate structure and various bodies that communication and training. Quarterly updates, which take
manage our organization have been put in place to ensure a deeper dive into certain subjects, provide a channel to
sufficient independence and controls to comply with legal create topical awareness and understanding. They are
requirements and good corporate governance guidelines. supplemented by the trainings provided at various
In that light, in 2021 an ESG (Environmental, Social and moments in the year, starting with the onboarding program,
Governance), Audit and Remuneration Committee were which encompasses several trainings on compliance

Because we care, established. Every Committee is chaired by one or more

Non-Executive Board members. In addition to this, in the
topics including the Code of Conduct. In addition to the
onboarding trainings, each year various employees are
we always go the extra mile to make it easier course of 2021 we also implemented Management selected to take part in the annual Compliance Training.
for our customers and principals at every step Regulations and a Delegation of Authority to promote In 2021 we achieved a 93% completion rate. Furthermore,
of the process and to make their products empowerment while ensuring the necessary controls. throughout the year, specific trainings and presentations
were provided to various functions and teams, such as
excel in the market, however specialized the
Within Caldic we review our policies every two years. Regional Management teams, the Global HR team, the
requirement. Customization is in our DNA.
In 2021 the Code of Conduct, Data Protection policies, Board of Directors, the Executive Leadership Team and
Our solutions, carefully sourced and Speak Up Policy and Compliance Manual were thoroughly the Audit Committee.
customized to specifications whenever reviewed and amended wherever required. The Compliance
required, are backed by outstanding research Manual is a practical guide that sets out the basic Risk Assessments and audits are carried out on an
requirements with which each location needs to comply. ongoing basis. The travel constraints imposed by the
& development, technical & regulatory
In order to ensure commitment to our core values and COVID-19 pandemic meant that audits and other checks
support, and customer service. More polices, every employee is requested to sign the Code were by and large carried out remotely.
importantly, they are also supported by of Conduct on a yearly basis.
a strong corporate governance foundation
on which every Caldic employee receives
training, so as to ensure a compliant
business environment.

• Legal and compliance

• Quality management

CALDIC ANNUAL REPORT 2021 30 31 SUSTAINABILITY

Care for our business partners

Quality
management
While our attention to legal and compliance supports our partners in doing
business with Caldic in a compliant and ethical manner, quality management
is another equally important area of focus.

Caldic and all Caldic entities operate in accordance with

global standardized quality certification schemes.
level. In the event that major non-conformities are raised
during certification audits, actions are reported and Care for our
people and our
The specific quality certificates depend on the scope of controlled at Group level.
activities at entity level, such as sites that manufacture
industrial speciality formulations or others dedicated to the In 2021, we introduced a Risk Analysis based on the
processing of food ingredients. The global scheme covers
the required standards such as ISO certification (e.g. 9001,
14000 and 22000), GFSI, CSR, RC, REACH and beyond.
Merieux NutriSciences databases for food ingredients.
For every product or product group, the risk is evaluated
with respect to food safety, food fraud and food contact,
communities
All Caldic entities operating across our three regions met not only for the single product, but, if applicable, also in
the requirements in 2021, in line with previous years. combination with other ingredients, based on our own or
our customer’s formulation. This new service provides our
Quality Management System certification is performed at customers with an additional quality and safety assurance.
entity level. Based on activities and customer requirements,
each entity has its own QMS and local certification. Furthermore, in 2021 we extended our QHSE reporting
Depending on the type of certification scheme, certification system by introducing a module for complaints. In this
audits are carried out by internationally accredited third section, both quality as well as environment-related issues Because we care,
parties. Additionally, internal audits are conducted as part can be reported. The structure of this section enables we value our people, providing them with
of internal improvement programs. The ownership of every us to identify product-related issues along the entire
a workplace in which health and safety
QMS lies at entity level, while expiry is monitored at Group supply chain.
are paramount, talent is stimulated, and
accountability and performance are
recognized and rewarded. Moreover, we
look beyond our own employees to the
communities in which we operate in order
to ensure that these people also receive
our support.

• Health & Safety

• Our culture
• Talent development
• Community engagement

CALDIC ANNUAL REPORT 2021 32 33 SUSTAINABILITY

Care for our people and our communities

Health
and Safety
The safety of our people is paramount. We value every employee and
want to provide everyone with a workplace where safety comes first.
We firmly believe that the care for safety lies in our own hands.
And we believe it is our individual and collective responsibility, every day,
everywhere, to keep ourselves and others around us safe. This applies
both inside and outside the workplace. We want everyone to come home
safely after each working day, returning in good health to enjoy the
company of their beloved ones.

With this in mind, in 2021 we established a Health and For the industrial markets. investments were made in our when it comes to participation and commitment to work
Safety program with a focus on people, processes and plant in Hemiksem (Belgium) to enable under-loading safely. Safety is everyone’s responsibility, as underlined by
tools to steer performance improvements. In terms of tools, of solvents, delivering a significantly safer and more the Life Saving Rules. Violation of the Life Saving Rules
the program provides a newly introduced set of 10 Life environmentally friendly way of working, as highlighted by results in interventions for both employees and contractors,
Saving Rules, recordings of LTIs (Lost Time Injuries), and the case study on the following pages. In addition to this, who are instructed to comply with the LSR on Caldic sites.
a safety awareness training program that was kicked off traffic lights were installed at some other sites to make
during the summer of 2021. The initial focus of the training dock loading safer, as were railings in order to support Driving safety culture
program was on leadership, securing endorsement and safe car parking. Furthermore, the use of new antistatic In 2021 we started the development of a safety awareness
example-setting at the highest level. Further steps were clothing now provides a safe solution to mitigate the risk training program, drawing on specialist external support.
taken to ensure management support and employee of explosion (ATEX) in the loading and unloading areas of This program will be rolled out in the coming years through
awareness, along with adoption of the Life Saving Rules, one of our food production sites. a train-the-trainers approach, with internal safety
by means of webinars and individual sign-off on the part champions driving local initiatives and support being
of all participants. Life Saving Rules provided to reinforce awareness and motivation. Our
The introduction of the Life Saving Rules (LSRs) follows ambition is to create consistency regarding the ‘language
In 2021 the topic of safety was kept high on the agenda in from our strong conviction that every injury and incident of safety and risk’ used across the company, to implement
team meetings, during site visits by management (despite is preventable. Working safely is a pre-requisite of any best practices globally and likewise to globally align on our
travel constraints caused by COVID-19), as well regular employment. We are aware that safety is a challenge in our rules, standards and approaches.
communication through internal channels. There was a workplace environment: we have not yet been able to bring
sharp focus on the number of LTIs, driving awareness down the number of LTIs to zero, and so we must continue In addition to the implementation of the global program,
and understanding of our goal to achieve zero LTIs. In 2021 to strive for excellence. Following rules and instructions is we are developing multiple-year, site-specific initiatives
we recorded a total of 12 LTIs versus 17 the previous year. critical to a safe workplace. Statistics demonstrate that the customized to reflect the relevant type of operations and
All LTIs were minor injuries such as cuts, bruises and implementation of LSRs is effective in preventing incidents. risk profile. All these initiatives should ultimately contribute
sprains. With a goal of zero LTIs, every LTI is regarded to embedding and internalizing safety deeply into our
as one too many. In addition to the LSRs, our focus lies on facilities, culture, as per the DuPont Bradley Curve.
equipment and tools that are designed, operated and
During the year, a number of initiatives were taken to maintained to a high safety standard. We encourage
improve the safety of the workplace environment. everyone to lead by example and to show strong leadership

CALDIC ANNUAL REPORT 2021 34 35 SUSTAINABILITY

Impact case | Safety

Stepping up
in safety while
stepping down
for bottom
loading Stefaan de Leebeeck, Plant jeopardize safety, health and the volatile vapors and helps ensure a
Manager of the Hemiksem site environment if not handled clean, healthy working environment.
in Belgium, oversaw the creation of appropriately. To mitigate potential
One of the main hazards of industrial oxygenated this ground-breaking project, designing hazards and address regulatory “By providing a cone with an extraction
the new installation together with requirements, Caldic Benelux system, we guarantee that the loading
and hydrocarbon solvents is flammability. Operations Manager Hans Merckx. built a new installation that enables area remains vapor-free,” explains
To ensure an accident-free environment, Caldic Their engineering backgrounds and bottom loading of trucks – an Stefaan as he surveys the newly built
is committed to the highest safety standards to extensive expertise in handling solvents investment that delivers a triple win system. “The extraction system, which
were instrumental in developing the from a safety, health and environment is connected to an active carbon filter,
protect employees from exposure to harmful innovative concept, while the production perspective. combined with the under-level loading
substances. A new bottom bulk method and installation were outsourced. ensures that the environmental impact
introduced in September 2021 ensures safe In contrast with splash loading via of VOCs is minimal. This offers the
Accident-free workplace the upper side of the truck, the possibility to handle strong-scented
loading processes of flammable substances.
“Safety is paramount for securing an bottom bulk loading method is products. The actual capacity of the
accident-free workplace environment,” conducted via the bottom of the truck. carbon filtering system anticipates the
explains Stefaan. “While it has always This new installation enables us to potential to capture VOCs from other
been high on Caldic’s agenda, the minimize the generation of static operational activities on the same site in
safety and overall wellbeing of our charge, the formation of vapor and the the future. Our current VOC reduction
people in the workplace has recently risk of product contamination. The amounts to two tons per year.
received heightened attention.” upscale of the weighing bridge facility Eventually we will be able to triple the
Safety interventions may range from ensures permanent monitoring of VOC capture in order to deliver our
smaller investments, such as the loading activities. An electronic device environmental contribution. This

“The most important thing

ergonomic design of control panels for serves as independent overfill protection installation is future-proofed in terms of
machine operators, to switching from and automatically stops at the safety, health and environmental

is that our people return

diesel to electric, zero-emission forklift required volume load. “This is risk requirements: a triple win.”
trucks. Everything is done with safety, management measure greatly increases

home safe and sound” health and the environment in mind. the reliability of our bulk loading Too passionate to retire
“The most important thing is that our system,” observes Stefaan. With his passionate and energetic
people return home safe and sound. approach, it is hard to imagine that
Stefaan de Leebeeck Reducing VOC pollution
I think we’re currently managing this, Stefaan will be reaching retirement age
Plant Manager Hemiksem, Belgium
but it remains our job to stay alert While they were working on the new at the end of 2022. “This job is the
and keep on improving in this area.” installation, Stefaan and Hans also crowning glory of my entire career,” he
came up with a solution for the volatile says. “After 13 years with Caldic, I still
Mitigating hazards organic compounds (VOCs) that are see so many opportunities to improve
Solvents are crucial in many industrial released when loading – another the site and the working environment of
processes, providing key functionalities potential risk for the health of our our employees. In this job, all the pieces
for a wide variety of everyday product employees and the environment. of the puzzle come together for me: it’s
applications – from personal care As a result, the investment was where quality, operations, environment
cosmetics and pharmaceuticals to extended to incorporate a fume and safety meet.” Whether he will stay
adhesives, cleaners, paints, and inks. extractor that is redirected to an active on a little longer has not yet been
Without solvents, such products carbon filtering system to capture decided, but one thing is sure: people
would not perform effectively. While these VOCs. This system safeguards like Stefaan are the driving force behind
solvents are multifunctional, they are employees and contractors working Caldic and are the most valuable assets
also high-risk materials than can on-site against the risk of inhaling toxic a company can wish for.

CALDIC ANNUAL REPORT 2021 36 37 SUSTAINABILITY

 Impact case | Culture

Care for our people and our communities

Collaboration
Our culture is the winning
At Caldic, we focus on creating a workplace where people can feel that they
formula
belong, make a positive impact and take pride in the work they do. We celebrate
our successes, learn from our failures, and work collaboratively to continuously
When exploring ideas to ramp up our commercial
improve ourselves and the solutions we provide for our stakeholders.
partnership with one of our business partners, teamwork
and collaboration led to an inspiring new packaging solution
Our training and coaching programs facilitate continuous we have embedded the Culture Wheel in all phases of the for our customer and a Global Excellence Award for the
performance improvement and learning, while developing employee journey. The Culture Wheel figures in onboarding team involved.
all our employees and selectively attracting new, diverse training, posters displayed at our locations worldwide,
talent is at the heart of our people strategy. a foldable hexagon-shaped Culture Wheel to put on
desks and meeting room tables, and digital company
As part of our strategic roadmap 2024, we set clear goals updates and trainings.

“When everyone is moving forward together,

for the further development of the Caldic Company
Culture. Our aim is to create and maintain a positive, Global Excellence Awards
performance-based and purpose-driven culture in In 2021 we organized the Global Excellence Awards, an success takes care of itself”
which employees are highly engaged and support the annual recognition program at global level which is run in
organization in achieving the company goals while enjoying Desiree Matheson
addition to existing regional recognition programs.
Customer Development Manager
opportunities to develop themselves at both the personal Because we care for our people, we attach importance
and the professional level. to recognizing team achievements that contribute to the Besides her focus on developing new Perseverance and teamwork
attainment of our strategic goals, helping us advance on blend solutions, another idea occurred Through perseverance and masses of
Values & behaviors our roadmap 2021–2024. The business cases that were to Desiree Matheson, Customer teamwork, Desiree and the operations
With these values at front of mind, 2021 was the year in submitted all demonstrated how our core values and Development Manager, while she was team were able to acquire the production
which we kicked off our Employee Engagement & Culture behaviors are clearly tied to our business performance. walking round her local health food store. line equipment needed to make this a
program. Through a series of webinars, we introduced the These include putting the customer first, collaborating Desiree noticed that similar products success. It was a real team effort.
were sold in stand-up pouches, not the “It’s been amazing to see the team
Caldic Culture Wheel: five behaviors that embody the across functions, and acting in an agile way. The case
tubs that our partner was using. Further collaborate and bring this project to
Caldic culture, with Respect and Integrity at the center. study describing our close partnership with a food
investigation showed that the current fruition,” reflects Desiree. “This is a great
These are our core values and are present in everything customer on the following page exemplifies this culture.
tubs were a cumbersome choice. Lids example of many of our cultural
we do on a daily basis. Since delivering the webinars, Due to COVID-19-related travel constraints, the awards
and labels had to be sourced separately behaviors being put into practice to
ceremony was organized as a virtual event that was held from the tubs, and COVID-19 was achieve a terrific outcome. Putting the
at the beginning of 2022. affecting the reliability of tub delivery. customer at the center and working
The shape of the tubs also created waste collaboratively with a wider team to
Virtual Challenge when it came to packaging and storage. address the customer’s challenges
The physical and mental wellbeing of our employees is very It was obvious that stand-up pouches creates an inspiring atmosphere in which
important to us and we would like all our people to be would be more logistically efficient while ideas and solutions thrive and come to
engaged, healthy, and in good shape. At the start of 2021 improving the visual impact of the life. It’s exciting to see our core values
– while the pandemic obliged many employees to continue product on the shelf. aligning for growth opportunities.”

working from home – we launched Caldic’s Virtual

However, production capabilities at Co-developing solutions with customers
Challenge. This was an athletic challenge with a virtual
Caldic were not set up to package into creates real, lasting value for Caldic.
starting- and end-point, totaling a distance of 290
these small pouches. Desiree decided to Desiree believes that: “Great things in
kilometers that could be covered either by walking, cycling,
run the figures. After carefully checking business are never done by just one
running or swimming; every movement counted along the pricing for this option, she discovered it person. When everyone is moving
trail and was tracked in the Virtual Challenge app. This was was possible develop a sustainable forward together, success takes care
a great opportunity in which many different teams across business case while offering the stand-up of itself.”
the company participated. Connecting with colleagues was pouches – even when the pouches would
just as important as physical exercise in this activity. initially need to be hand-filled.

CALDIC ANNUAL REPORT 2021 38 39 SUSTAINABILITY

Impact case | Innovation

Finding a Our customer asked us to match several aesthetically pleasing as the drink is sold With solutions such as our Pectacon®

match for
of their tea creamers. Not all challenges in transparent beakers. “To find the right blends, we managed to overcome
are equal, and in fact finding a match for amount of taro powder was very various challenges.”
the first one was easy, as it was just case challenging, as we needed it for taste

matcha tea of blending two creamers that were and color, but when we added too much, Meeting customer needs
readily available from one of our it would sink to the bottom of the cup,” Our customers choose to match

powders
principals. However, the other creamers explains Sanne. The search for the right products for several reasons,
were being bought in from Taiwan, and formulation was very challenging. It including shorter lead times and local
were more complicated to match, required 26 trials before we were all fully stock-keeping. By working closely
primarily because we didn’t have all the satisfied with the outcome. It was a great with our colleagues, customers and
raw materials. sense of achievement when we realized principals, we were able to co-develop
we’d perfected what the customer was a solution that met the customer’s needs,
When a relatively new tea bar business based We were tasked with finding a match for looking for.” which in this case involved supplying
in the Netherlands approached us looking for their matcha blend, so we talked to our these creamers in small transparent
principal, who was able to supply us with In this case, the customer shared the packs produced on our special
alternative ingredients, we were excited to
various matcha tea powders. Together original product with us and, using only packaging line in Nieuwegein.
co-develop and create the perfect match. with the customer, we selected the most the ingredient declaration and the
suitable one through a really enjoyable nutritional value, we made an estimate Sanne shares her sense of pride in this
and collaborative process. Sanne van of the likely ingredients. Sanne explains achievement: “When I walk past a tea
When trying to ‘match’ a product, it is not only
den Bos, the application engineer who further that, “We then evaluated the bar and see people queuing outside to
a question of getting the same taste; we also seek led the innovation project, recalls, “We product, and although we have the get a bubble tea, I feel really proud that
to replicate the full functionality of the ingredient, were invited to the tea bar before capability to analyze the powders, they might be buying the product that
opening hours, so we were working it wasn’t necessary in this situation. I developed. And with franchises popping
including texture and interactions with other
behind the counter like real tea baristas”. Once this initial assessment was up like mushrooms on all sides, we
products. An additional challenge in this context Together, we found the perfect blend, completed, we started on the major expect the volumes of these solutions to
was investigating and finding a solution to and this product is now being served in testing. We studied the impact of increase. It’s a great feeling, knowing that
all of the customer’s tea bars. different ingredients, different ratios and, we were able to take care of our partner’s
regulatory issues surrounding the import of
of course, we did a lot of tasting. products and business.”
specific products into the Netherlands. Technical challenges
The more complicated blend was the
taro blend, as it contained real taro
powder. “This is technically a very
challenging beverage”, explains Sanne.
“It’s a balancing act between getting the

“It was a great sense of mouthfeel, viscosity and suspension of

the taro powder right, and at the same

achievement when we time the sweetness profile and the flavor.

Taro is a sweet purple potato that grows
realized we’d perfected in Asia, so we enlisted the help of our

what our customer was

colleagues in China, who were able to
help us in acquiring a suitable powder.

looking for”
Our colleagues from QHSE in
Nieuwegein, meanwhile, supported us
in getting the powder approved for
Sanne van den Bos use in Europe. Besides the regulatory
Application engineer
challenges involved with this blend, we
also had the additional complexities of
finding the right mouthfeel, preventing
sedimentation and getting a desirable
sweetness and flavor.”

The taro powder gives the blend its color,

taste and also some of its viscosity.
When the dosage was too high, however,
there was sedimentation. This was not

CALDIC ANNUAL REPORT 2021 40 41 SUSTAINABILITY

 Impact case | Talent

Care for our people and our communities

Developing
Talent development home-grown
and capability-building sales talent

With more than 1,200 talented and engaged employees across the regions, it is our
people who are central to the effective execution of our strategic roadmap. We believe
that we can maintain our strong growth journey by building our talents, developing and
growing people from within. We want our people to have a challenging and rewarding
Liselotte Verhoeven, Customer spirit, and I see this coming out in
work experience – one that gives them the opportunity to gain new experience, make an Development Manager Industrial the Sales Academy.” When asked what
impact and further develop themselves. We do this by offering employees attractive and Markets, was one of the first his most valuable learning was, he
participants of the Sales Academy in doesn’t need time to think. “The whole
relevant learning and career development opportunities and by strengthening the
2021. She is very happy at having had trial and error process: that failure is
leadership and diversity pipeline across the organization. the opportunity to be enrolled in the part of the process. What matters is
Academy, because it offered her many how you deal with a setback, turn it
new and useful insights. “One of the key into your advantage and use it to do
outtakes for me,” she observes, “was better next time”.
In 2021, as part of our broader Leadership development personal study, this interactive program enables our that you need to be prepared and well
program, we organized 360° assessment sessions for our employees to better capitalize on business opportunities Facilitating global connections Liselotte Verhoeven
informed about your customer in
Customer Development Manager
employees in senior leadership roles and employees who that support our strategic growth. advance. Do all kinds of research to Besides all the valuable lessons learned Industrial Markets
play an important role in the execution of the strategic plan, make sure that you don’t overlook at the Caldic Sales Academy, creating
with the aim of supporting individual and organizational With training modules covering subjects ranging from something. The essential lesson is to cross-company connections is another
development. The goal of this program is to identify key customer-centricity to value-based selling, the program listen to your customer.” essential element of participation. These
strengths and areas for development. Following the delivers the fundamentals that will help Caldic in its connections enable commercial teams
completion of the 360° assessment, personal development ambitious growth trajectory. With over 327 employees Arzu Erdem, Inside Sales Industrial to leverage sales skills and experience

plans are put in place to further support personal and enrolled in Europe during 2021, this program aligns Markets, is new to sales. She believes across a broader employee base,
that by covering real customer issues helping to accelerate the Caldic way of
professional development. These plans ultimately capabilities and ensures that our teams all achieve a
and presenting real-life examples, the doing business. And while the pandemic
contribute to the successful implementation of our strategy. uniform standard in professional sales development.
training is preparing her well for a inevitably increased remote working and
fulfilling career. Arzu: “I appreciate the feelings of isolation, being part of the
Caldic Sales Academy Read some of the experiences of the participants fact that the Sales Academy was Sales Academy facilitated new
2021 marked the launch of the Caldic Sales Academy for on the next page. created specifically for Caldic, so it connections. The interaction within the
the region Europe. The Sales Academy is a two-year, features realistic situations. In particular, group and the chance to discuss Arzu Erdem
bespoke training program with a strong focus on sales and I like learning about the FOCA (Facts, subjects in smaller groups and learn Inside Sales Industrial Markets
leadership training, designed to help our commercial Opinions, Change, Actions) technique from each other were welcomed with
colleagues develop their capabilities in line with our as well as the idea of how to stop a great enthusiasm. “Because of the
strategic goals, while achieving their professional potential. circular argument with a customer.” Sales Academy, I was in touch with
Through a combination of online sessions, coaching and more experienced colleagues who are
For Arnout van Damme, who joined active in the same field,” says Liselotte.
Caldic as Customer Development “That enabled me to ask questions and
Manager Industrial Markets in gave me the opportunity to develop
2021, it is his first job since graduating. myself further.”
Like Arzu, he has enjoyed the practical
nature of the training. “The Sales Next up is rolling out the Sales Academy
Academy has helped me in focusing my in other regions, starting with Asia
time on the decision-makers. One of the Pacific, North America, and – with the
reasons I joined Caldic was because the recent acquisition of GTM – also in Arnout van Damme
company nurtures the entrepreneurial Latin America. Customer Development Manager

CALDIC ANNUAL REPORT 2021 42 43 SUSTAINABILITY

 Impact case | Capability building

Knowledge transfer Care for our people and our communities

for Pharma market Community

At the end of 2020, Caldic acquired Brand Nu and BNL Sciences
as a strategic step in expanding its existing (bio)pharma activities.
engagement
With these two companies on board, we have been able to
strengthen Caldic’s presence in the growing pharma and biopharma
While developing our strategy at the beginning of 2021, we concluded
markets. Following several knowledge transfer sessions, our teams
that working for Caldic means working for a better world. And it means
are now well equipped to optimize cross-selling opportunities for
working with the world. Working with colleagues, business partners,
high-purity specialty chemicals and biological raw materials.
and beyond – society at large – to inspire innovative solutions that
make a positive difference, every day. Our commitment to community
engagement, which is outlined in our strategic roadmap, falls within
Fastest-growing segment pharmaceutical production has manufacturing under cGMP (current
this scope.
Around the world, the population is supported pharmaceutical companies, Good Manufacturing Practices),
aging. This is leading to a rise in the as acknowledged by the long-lasting quality systems, and product
incidence of chronic conditions such partnerships both companies enjoy with portfolio extension.
as cancer, diabetes and heart disease. their customers.
Collaborating for success Around the globe, a large number of Caldic entities support
“Pharmaceutical and biopharma
manufacturers are actively working on “Partnering with pharmaceutical and During the training sessions, there was initiatives to improve local lives and to protect the planet we
new medicines and treatments, so this biopharma manufacturers means we’re great cooperation and collaboration all call home. Whether volunteering at local food banks,
has become one of our fastest-growing part of the supply chain that facilitates between the teams from North America collecting toys for children’s camps, or planting trees, our
segments over the past years,” says our customers’ ability to bring medicines and Europe. “Collaboration was key in employees’ generosity and humanity is making a difference.
Toni Patton, Sales Manager Pharma in to patients and this includes life-saving this project,” recollects Toni. “Working
North America. medicines that are critically needed by together with Dries and other colleagues Since we believe that by joining forces we can have a
patients worldwide,” explains Toni. in Europe made the well-prepared greater impact, we have identified a number of non-profit
Over the years, regulatory agencies “For us, this was all the more reason training sessions a success. As a result, organizations (NGOs) and initiatives that are close to our
have substantially raised the standards to quickly roll out our capabilities to the commercial teams immediately tried
business. These we intend to support in the coming years.
for higher quality levels of raw materials Europe, including quality trainings on to process how they’d be able to offer
They include the Food Bank, Doctors Without Borders
and manufacturing. This development GMP and our portfolio.” these products to their customers or
(Médecins Sans Frontières) and The Ocean Cleanup.
has further reinforced the need for find approaches to bring this offering to
new segments”.

“Collaboration was
The knowledge transfer has already
enabled the commercial team to

key in this project” drive new business development

opportunities in Europe. Within a
short time, the team was able to solve
Toni Patton
a supply problem faced by one of
Sales Manager Pharma in North America
Brand Nu’s customers. Caldic was
able to supply a chemical that is difficult
to source and the opportunity for
companies specializing in products Spearheaded by John Gorman, CEO of cross-selling became a reality.
and services that go beyond the Pharma Global, Toni and Dries Segers, While regulatory and customer demands
provision of chemicals alone. Business Development Manager will continue to shape the changes in
Pharma Europe, organized the training the industry, it is clear that today
Long-lasting partnerships sessions for the European sales Caldic’s Pharma team is very well
The strength of Brand-Nu and BNL teams to transfer their expertise and positioned to deliver on the evolving
Sciences in supplying chemicals and knowledge. Covered topics included requirements in the global pharma and
biologicals for large and small-molecule packaging and formulations, biopharma industries.

CALDIC ANNUAL REPORT 2021 44 45 SUSTAINABILITY

 Impact case | Community engagement

Donating time Because we care,

we help protect the planet by embracing

at the food bank the principles of sustainability, designing

products, services and processes with
these in mind.
Local and national companies are essential partners in the work of
food banks. From mobilizing employee volunteers to sponsorships • Climate change
and donations, small businesses as well as organizations with a • Waste and wastewater
global reach can make real change in local communities. • External assessment
• Sustainable packaging

At Caldic, various initiatives have been them by donating money and food is
organized to support food banks in very welcome, but they are most in
countries including in Canada, France, need of extra pairs of hands.”
Nordics and the Netherlands. Here we
take a closer look at the food bank in Laurent Pasqualini, CEO Caldic Europe,
the Netherlands, where in September confirms this. “We were surprised to
2021, a team of European management hear that more than food, the Food
colleagues volunteered at the Food Bank needs volunteers to help with
Bank Rotterdam. They rolled up their logistics,” he explains. “This meant our
sleeves, donned safety clothing and got time spent at the center was more
to work sorting, checking and packing valuable than we’d realized. And
emergency food parcels for a large research shows that going forward,
number of households in the region. more and more people will rely on food
banks to help them in times of need.
That’s why we have decided that,
Because we care, we will commit to
“I’m very impressed regularly supporting the Food Bank

of what the food bank

Rotterdam”.

in Rotterdam
is doing”
Going forward, other colleagues will
also participate in this worthwhile Care for our
environment
activity. Caldic has committed to
supporting this food bank in its
Femke Krabbenborg
future plans to create a number of
HR Director Europe

and planet
‘supermarkets’.

Extra pairs of hands

Femke Krabbenborg, HR Director
Europe, was also there to play her part.
“I’m very impressed by what the food
bank in Rotterdam is doing for this large
number of households in need,” she
recounts. “To give you an idea of its
scale, over 600 volunteers are needed
to provide weekly food parcels to
around 6,300 households, and it’s the
biggest of 10 national distribution
centers in the Netherlands. Supporting

CALDIC ANNUAL REPORT 2021 46 47 SUSTAINABILITY

 Impact case | Climate positive

Care for our environment and planet

Salt solves energy
Climate storage challenge
impact The rate of climate change continues to accelerate, encouraging
experts worldwide to seek new approaches to deliver energy
security. This is also how HEAT-INSYDE was born. It is a consortium
of industry specialists working together to provide a solution for
Considering our position in the supply chain as distributor and solutions households to store heat using salt.
provider to the life science and industrial formulations market, we © Evonik
acknowledge the impacts our activities have on the environment due
to energy use in our locations, shipping of products, and our operational
process. We are committed to reducing our environmental footprint The European Union is targeting a 32% Caldic not only supplied the salt but Energized by energy project
while driving our business forward. share of renewable energy by 2030. This also advised on and developed the While his regular activities for Caldic
ambitious goal requires immediate and optimal shape for the salts. The salt evolve around providing value-add
effective action. The main use of energy type that was used is called potassium solutions for customers in specialty
by European households is for heating, carbonate. Graphite was used as an chemicals, Henry is keen to continue his
but until recently, no compact and additive to shape the salts into the support in the HEAT INSYDE project.
Energy In terms of energy consumption in 2021, we used in total
affordable solution was available to desired form. “Being part of this group of innovative
As Caldic, we can influence our environmental impact in 92.059.943 megajoules, which equates to 5067 MT CO2e.
efficiently store and supply heat energy scientists joining forces to tackle the
two primary areas when it comes CO2 emissions: inbound The GHG emissions intensity, based on our CO2 emission based on user demand. Taking it to the next level energy challenge gives me the energy to
and outbound logistics, and energy consumption in our per million € of sales, was 5168 kg in 2021. Eventually, the heat storage system was go the extra mile and come up with
locations. With respect to the data collection for the Affordable, compact, loss-free storage successfully delivered and installed at innovative solutions. We reinforce each
baseline measurement, our focus lies on the measurement Time for change, is what a group of an orphanage in Warsaw. So, after other, and this is something I can apply
Source units 2021
of energy consumption that falls within GRI (Global organizations and industry specialists concluding the CREATE project, two of in my job as Product Manager. It gives
Reporting Initiative) scope 1 and 2 and associated carbon Electricity-non renewable MWh 3450 from the Netherlands thought a couple the participants – The Technical us an opportunity to develop ourselves
dioxide emissions (tCO2e), while we aim to reduce our CO2 of years ago. It all started with CREATE University of Eindhoven (Netherlands) and at the same time to make a
Electricity-renewable MWh 7811 (Compact Retrofit Advanced Thermal and TNO (The Netherlands Organization contribution, however small, to a
footprint per metric tonne of shipped product. All Caldic
Energy Storage), a consortium of 11 for Scientific Research) felt they could better world.”
entities report on Key Performance Indicators (KPIs) that Natural gas M3 708750
partners working together on the simplify the rather large and complex
have been outlined in our strategic roadmap.
Gasoil (heating) Liter 131928 development of an advanced thermal CREATE installation, making it available
storage system. Their aim was to enable to more households. They asked Caldic
Renewable electricity Diesel Liter 541916
economically affordable, compact and to define the optimal production
In 2021 we focused intensely on increasing the share of loss-free storage of heat in existing process for the thermochemical material
Gasoline Liter 144182
renewable electricity use in our facilities. We took further buildings. The hero of this story? Salt. to be used. More participants joined in,
steps towards a more positive climate impact by shifting to LPG Liter 0 and soon a new consortium was
renewable energy sources and LED lighting. In October we Storing heat in salt established: HEAT INSYDE.
Overview of total Caldic energy consumption in 2021
passed the first milestone as we recorded a more than 70% Henry van der Meer, Product Manager Together, they managed to make
share of renewables in our total usage. In 2020 this figure Specialty Chemicals at Caldic Benelux, the system smaller, lighter and
was 64%, roughly a 9% increase compared to the previous Our commitment to reduce energy consumption translates represented Caldic and coordinated the more effective.
year. This is the result of a growing number of Caldic into energy-saving projects that we initiated across several salt supply and manipulation for
CREATE. “The heart of this “heat “Right now we are in the phase of
locations in Europe and Asia Pacific using solar generated locations. These included partnering with Energy4Climate in
battery” consists of a vessel in which testing and tweaking, and looking
energy as well as energy provided by hydro and wind Belgium, external consultant-led energy scans in Italy and
salt is hydrated, which creates energy,’ into the possibility of transporting
power. Some of the Caldic locations rely fully on 100% Canada, and investments in insulation and heating systems
renewable electricity. in Spain.
explains Henry. “When the salt is heat to households from areas where
“Jointly tackling the energy
dehydrated, this energy is stored lots of energy is produced – industrial
in the salt itself. Storing locally plants,” says Henry. “By the end
challenge gives me the energy
generated solar heat in summer for use 2022 we will run a commercial test to go the extra mile”
during the cold winter months bridges project in Geleen, the Netherlands,
Henry van der Meer
the gap between supply and demand where we will install this optimized
Product Manager Specialty Chemicals
for renewable heat”. heat battery.” at Caldic Benelux

CALDIC ANNUAL REPORT 2021 48 49 SUSTAINABILITY

 Impact case | Sustainable product

Care for our environment and planet

Partnering for the
Waste and future of the planet
wastewater Increasing the number of sustainable products in our portfolio is
part of our strategic plan and ensures we can meet the needs
of customers who increasingly make decisions based on the
We are committed to responsible waste and water When we established our baseline measurement for environmental credentials of products.
management in our supply chain. And we are keen reporting on waste in 2020, little did we realize that the
to reduce the use of water across our businesses attention given to the subject would raise overall awareness
and trigger subsequent initiatives to reduce the levels.
while respecting and complying with local
Remarkably, this resulted in a reduction of waste generated
legislation and the relevant requirements of the by around 23% in 2021, down to 1,247 mt from 1,620 mt One of the latest additions to our is produced through a fermentation Alternative solutions
communities in which we operate. in 2020. portfolio is a bio-solvent solution, which process utilizing sustainable biomass. Sustainability is an important metric for
means we can offer alternatives to This results in a high-purity bio-butanol, all businesses, and driving down carbon
The consumption of water increased due to usage for fossil-fuel-based ingredients and which produces up to 85% lower footprints is an important step in
water-based products and dilutions, which grew chemicals that are currently used in carbon emissions than alternative, meeting ESG (Environmental, Social,
personal care, pharmaceutical, food, petroleum-based sources. Roger and Governance) goals. In addition to
significantly in 2021. Water usage was 47.600 m³ in 2021
and industrial chemical products. explains that “Primary applications for creating pollution, fossil fuels are finite
compared to 42.333 m³ in the previous year.
bio-butanol can include coatings, and their scarcity is driving up prices.
Roger Collis, Business Development adhesives and inks, or it can be used as Finding alternatives for use in products
Director, explains. “Many everyday a solvent and an intermediate in the therefore makes not only environmental
Care for our environment and planet products, from paints and plastics to production of monomers and polymeric sense but also economic sense. “We’re

Sustainable portfolio
nail polish remover and lipsticks, emulsions. It can also be used in the excited to be able to bring these unique
contain solvents that are almost entirely manufacture of high-performance bio-solvents to the market,” concludes
derived from fossil fuels. However, biofuels. Roger. “From manufacturers of personal
customers are increasingly looking to care and homecare products to those
make choices that are better for the “We’ll also be offering two other involved in the production of biofuels,
environment, so we wanted to find a solutions, bio-acetone and bio-ethanol, exploring the benefits of this sustainable
In a world where products with a smaller Beyond food, we are exploring the use of bio-based solutions partner to meet this demand.” to the market,” Roger continues. “These solution makes sense, and we’re
materials – for the automotive industry, for example, where also use the same fermentation excited to be involved in helping people
environmental footprint are gaining traction,
conventional engine coolants typically contain additives In 2021 we started working with Celtic process, providing greener alternatives to make sustainable choices.”
we are strongly encouraged to identify products such as corrosion inhibitor to prevent damage to Renewables, an innovative biotech for products such as paints, coatings,
and services that help our customers on their surrounding engine components. Such additives are company based in Scotland (UK). Their adhesives, inks, cosmetics, personal
mineral-based and contain nitrate and silicate – substances pioneering solution has the potential to care products, household and industrial
sustainability journey. Across our businesses
that are potentially toxic to the environment. Caldic has steer the world away from dependence cleaners, pharmaceuticals, research
we provide different solutions that can help deliver on petrochemicals. Using low-carbon chemicals, and other specialties. This
developed an Organic Acid Technology-based OAT Long
a more favorable environmental footprint. Life coolant. Our Malaysian pilot with light-weight city cars
technology, they convert unwanted and high-purity bio solution, with its
low-value biological material into extremely low carbon footprint, will
proved that OAT Long Life not only provides a more
high-value renewable chemicals, provide Caldic’s customers with a
In the context of food applications, for instance, our sustainable formulation but interestingly also outperforms
sustainable biofuel, and other commer- sustainable bio-based alternative to
Dadex , range of natural antioxidants significantly increases
®
the conventional coolant technically in terms of product life. cially and environmentally valuable fossil-fuel-derived solvents.”
shelf life. As a result, food products remain fresh and retain products. “This inspiring solution,”
their quality for longer, which directly impacts food waste, To further drive a more environmentally friendly product
“This high-purity low carbon solution
Roger goes on to say, “capitalizes on
reducing the amount of food thrown away. Another offering, in 2021 we agreed an exclusive partnership with established technology that has been
example, leveraging the growing interest in vegan and cleantech innovator Celtic Renewables for the European adapted and enhanced for use in a will provide Caldic’s customers with
a sustainable bio-based alternative
vegetarian options, is the formulation work done by our distribution of a range of bio-solvents. The case study on modern biotechnology context. It’s
food technologists to develop tasty meat alternatives with the following page details the opportunities this creates for exciting to be their first major re-seller.”
a smaller environmental footprint. our customers to advance their sustainability journey.
Everyday sustainability
to fossil-fuel-derived solvents”
One of the new solutions Caldic will Roger Collis
bring to the market is bio-butanol, which Business Development Director

CALDIC ANNUAL REPORT 2021 50 51 SUSTAINABILITY

Impact case | Sustainable product Impact case | Natural product

A greener Solutions inspired

all-in-one cleaner by nature
House cleaning typically requires a handful of products to help with Helping people to make ethical and sustainable choices when it comes
the task. The mix of cleaning bottles normally clutters the kitchen to developing personal care products is high on our agenda.
cabinet but, more importantly, requires individual packaging with It makes sense as a business to meet this increasing demand, but it is
the accompanying environmental footprint. also the right thing to do for the environment and humanity as a whole.
Developing products and solutions that have been ethically sourced as
well as being sustainable is part of our strategic direction.

Our principal in Malaysia, Dow, sought to do the trick for a range of cleaning Within Personal Care, we are continually Nature versus science Including the natural plant source
resolve this challenge via a request for tasks,” explains Mindy. “In our investigating new opportunities as One recent addition to our product line is Medicago sativa (alfalfa) in Urbluray
new formulation proposals while enabling application laboratory, we applied a mix well as reviewing existing supply chains, a solution for fighting the impact of blue MS from GREAF enables the absorption
capability development. Thanks to Caldic of Dow products as key ingredients and product origins and technologies, to light on the skin. This challenge has of visible light of the relevant wavelength.
Malaysia, an all-purpose multi-functional the resulting prototypes were extensively ensure we are able to offer more become even more relevant today, given Not only can this product protect this
cleaner with biodegradable ingredients tested by panelists. Their evaluation environmentally sound choices to our the increasing amounts of time spent skin; clinical trials have shown it can
was developed. allowed us to tweak the formulation customers, who can then meet the using screens, whether in the form of also effectively repair skin damage
to optimize the cleaning properties. increasingly ethically driven demands smartphones, tablets, televisions or caused by blue light.
Once we had demonstrated its superior of consumers. computers.
“I’m happy to see performance against benchmark Balanced future

Dow has embraced products, we submitted the formulation

to Dow for assessment”.
Combining personal care with ethical
considerations, we scour the globe,
Blue light is everywhere however:
we are not exposed to it from screens
With ingredients such as these, our
customers can develop products such as
the concept” searching for innovative active alone. Streetlights, sunlight and even sunscreens and body lotions that avoid
The result is a formulation that delivers a ingredients to enable our customers to energy-saving lightbulbs all give off this toxicity concerns, are more
Mindy Lim single concentrate that can be diluted deliver on these big asks. When blue light, which penetrates the skin environmentally responsible and perform
Technical Development Manager with ordinary tap water to create cleaning considering the wider impact of a even more than ultraviolet light. better than earlier formulations. Today,
at Caldic Malaysia
products for a range of different product, we look at everything from
purposes. social impact and child labor to whether
Dow strongly believes in driving a product is vegan and PEG
innovation together with supply chain Environmentally friendly (polyethylene glycol)-free, so we can “Staying a step ahead
partners such as Caldic. To encourage As of July 2021, Dow’s Home Care find the innovative ingredients that meet means innovating and
product development, last year Dow’s portfolio proudly features a marketing consumer needs as well as more
Home Care division requested leaflet promoting the All-purpose stringent stakeholder and investor taking inspiration from
formulation proposals from some of its multi-functional cleaner, which is requirements. nature”
partners. Four partners were invited to available in Southeast Asia, Australia and
participate. Caldic was among these four New Zealand. “I’m happy to see Dow has Michiel Kerkhoven, Business Michiel Kerkhoven
and was chosen to deliver the solution. embraced the concept,” says Mindy. “It Development Manager Personal Business Development Manager Personal Care Europe

makes mundane cleaning tasks so much Care Europe, believes that,

Technical expertise easier. Whether it’s washing the dishes “Staying a step ahead of trends means
Equipped with a Bachelor’s and Master’s by hand, cleaning table-tops, or even innovating and taking inspiration from Impacts of this high-energy visible we are able to balance years of
degree in biotechnology, Mindy Lim, cleaning floors, it can all be done with a nature”, and that, “Having a range of (HEV) light, which has stronger innovative scientific developments with
Technical Development Manager at single product by simply diluting the products that have been sourced with penetrating power than ultraviolet the best of the natural world to bring
Caldic Malaysia, set out to work on the concentrate. Keeping your house clean sustainability and other ESG factors A-rays (UVA), leads to irreversible skin inspiring active ingredients that respect
formulation that would simplify house and hygienic has never been easier. The at front on mind is key in being able damage, including a weakening of the both people and our planet.
cleaning. “My R&D background and final formulation contains ingredients that to meet the needs of our customers, epidermal barrier, pigmentation and
experience in new product development are readily biodegradable while delivering who are looking to meet their own lipid impairment, leading to skin
in prior jobs were instrumental in helping impressive cleaning results, so it is customers’ increasingly ethically darkening, skin aging, erythema,
us develop the new formula that would friendlier for the environment as well.” driven demands.” water shortage and dry skin.

CALDIC ANNUAL REPORT 2021 52 53 SUSTAINABILITY

Impact case | Waste no food

Extending shelf
life reduces
food waste
The United Nations estimates that each year
a third of all the food produced worldwide,
equivalent to 1.3 billion tons, ends up in the bin.
It has therefore set a target of halving the amount
of food waste by 2030. This challenge involves
many players, from farmers to end-consumers, so
we all need to play our part in reducing this waste.

At Caldic, we are actively taking steps to Over the last year, we have seen other naturally occurring antioxidants. microbial control systems and various
support our customers by introducing examples of products spending longer John Craven, Principal Scientist, shares preservatives, we’re able to help
products into our sustainable portfolio than expected both in warehouses (as a how we go about finding the optimal customers extend the shelf life of their
that extend the shelf life of both food for result of the COVID-19 pandemic) and solution for a customer. “We keep flavor food products, and therefore limit the
human consumption and pet food. trucks (due to Brexit). Many items could and aroma to a minimum while still amount of waste.”
“Sustainable sourcing comes in various no longer be sold due to spoilage. offering the best performance by
forms,” observes Isabelle Tremblay, Increasing the shelf life of products also optimizing the ratios of the ingredients. Isabelle concludes: “With over 80
Director Nutrition and Pharmaceutical at provides a buffer for unexpected delays. When a customer comes to us with a solutions available to solve the toughest
Caldic Canada. “In addition to our drive
to partner with manufacturers and We have been offering the Dadex® range
suppliers, we are committed to these of antioxidants in North America for 40
same sustainability goals.” years, and it is widely recognized as a “We see a drive to
We work closely with our customers and
leader in powerful antioxidant solutions
for the food, pet food and aquaculture
achieve longer shelf life
principals to understand their shelf-life markets. We have recently introduced using antioxidants from
requirements and find solutions that meet this brand to Europe and it is exciting to
see awareness of it increasing in this
natural sources”
region too. John Craven
Principal Scientist

“Sustainable The Dadex line includes synthetic,

natural, non-GMO and organic blend
sourcing comes antioxidants solutions customized to challenge, our dedicated R&D application antioxidant challenges, our teams are

in various forms”
specific applications and finished and process development support teams passionate about helping customers
products. With our fully equipped welcome the opportunity to make a make the right decision, for themselves
laboratories and experienced difference. Combining our unique blend and the planet.”
Isabelle Tremblay R&D teams, we assist our customers of science, quality and customer service
Director Nutrition and Pharmaceutical Caldic Canada with shelf life assessment, residual guarantees great results, whether that’s
antioxidant analysis, and in the finished product, operation or
recommendations for increasing the supply chain arena.”
their needs. As Isabelle says, “We aim to shelf life of their finished products.
provide ingredients to our customers that John adds: “The overall trend we see is
extend the shelf life of finished goods. The power of nature a drive to achieve longer shelf life using
This reduces the impact on the We now also offer the most comprehen- antioxidants from natural sources. As a
environment and addresses key sive line of natural antioxidants in the result, we need to be more targeted with
sustainability goals for our customers, as industry. These can contain tocopherols, our solutions. By supplying these
well as for us.” rosemary, green tea, lecithin, among innovative antioxidant solutions, natural

CALDIC ANNUAL REPORT 2021 54 55 SUSTAINABILITY

Care for our environment and planet

External
validation

GRI Content
To validate our sustainability performance, we In 2021, 11 of our locations participated in the Ecovadis
assessment, with seven achieving a higher rating
implemented Ecovadis assessments across all
compared to the previous year. Four of our entities were
Caldic locations. Ecovadis is a globally recognized awarded with the Gold rating for the first time, bringing it
provider of sustainability ratings, evaluating to a total of five entities with a gold rating. Additionally,

Index 2016
performance of organizations across 21 indicators we gained one new Silver rating, and two new Bronze
ratings. These awards not only recognize Caldic’s existing
covering the broader topics of environment, labor
commitments across a number of areas but also
and human rights, ethics, and sustainable
encourage us to continue to improve going forward.
procurement. Ultimately our goal is for every location to achieve the
Gold rating by 2024.

Care for our environment and planet

Sustainable
packaging
We believe packaging has a place in our business. Returnable packaging
In our supply chain, packaging plays a crucial role In our quest for more sustainable solutions, we partnered in
that enables us to ensure products are delivered 2021 with key customers in Asia Pacific to study new types
of packaging, such as the flexi bag and high-density
intact and at the quality level our customers require.
polyethylene (HDPE) drums. Such formats could potentially
be more environmentally friendly alternatives to ISO tanks
At the same time, we acknowledge that while packaging is and steel drums, besides helping to further reduce waste.
protective by nature, it has a negative impact on the In our warehouse facilities in Thailand, we implemented a
environment, hence our interest in this topic. In 2021 we returnable package system that is more environmentally
had in-depth discussions with various colleagues across friendly. The system utilizes intermediate bulk containers
our businesses to determine baseline measurements for (IBCs) as returnable packaging in place of steel drums.
data collection, and to develop our understanding of This change has been beneficial from both an
opportunities to do better in terms of reducing our environmental and an operational perspective, delivering
impact on the planet. We will continue to explore the cost savings, less waste to be destroyed, and reduced
increased use of, for instance, biobased plastic to replace filling time as well. A multiple-win project.
fossil-fuel-based alternatives and to identify how we can
make more use of recyclable packaging.

CALDIC ANNUAL REPORT 2021 56

GRI
Content Index 2016
SRS Disclosure Disclosure requirements Reference 2021 Annual Report SRS Disclosure Disclosure requirements Reference 2021 Annual Report

GRI 102: General disclosures 2016 102-17 Mechanisms for advice and a. A
 description of internal and external Legal and compliance
concerns about ethics mechanisms for: i. seeking advice
1. Organizational profile about ethical and lawful behavior, and
102-1 Name of the organization a. Report the name of the organization Corporate governance organizational integrity; and ii.
reporting concerns about unethical
102-2 Activities, brands, products, and a. A
 description of the organization’s Key facts & figures 2021 and unlawful behavior, and
services activities. organizational integrity
b. P
 rimary brands, products, and
services, including an explanation of 4. Governance
any products or services that are
102-18 Governance structure a. G
 overnance structure of the reporting Corporate governance
banned in certain markets
organization, including committees of Legal and Compliance
102-3 Location of the organization’s a. R
 eport the location of the Key facts & figures 2021 the highest governance body. b.
headquarters organization’s headquarters. Committees responsible for
decision-making on economic,
102-4 Number of countries operating a. N
 umber of countries where the Key facts & figures 2021 environmental, and social impacts
organization operates, and the names
of countries where it has significant Topic Specific Standards: Most material topics on which Caldic is starting to report in alignment with the GRI Standards
operations and/or that are relevant to
GRI 200: Economic topics
the topics covered in the report.
205 Anti-corruption 2016 Code of Conduct, corporate
102-5 Nature of ownership and legal form a. R
 eport the nature of ownership and Letter from the Chairman
governance
legal form. Letter from the CEO
206 Anti-competitive behavior 2016 Supplier Code of Conduct
102-6 Markets served a. M
 arkets served, including: i. Key facts & figures 2021
geographic locations where products GRI 300: Environment topics focusing on climate action
and services are offered; ii. sectors
GRI 302: Energy 2016
served; and iii. types of customers
and beneficiaries. 302-1 Energy consumption within the Climate change
organization
102-7 Scale of the reporting organization  cale of the reporting organization,
a. S Key facts & figures 2021
including: i. total number of Financial figures 2021 302-3 Energy intensity Climate impact
employees; ii. total number of
302-4 Reduction of energy consumption Climate impact
operations; iii. net sales (for a private
sector organization) or net revenues GRI 303: Water and Effluents 2018
(for a public-sector organization); iv.
total capitalization (for a private sector 303-3 Water withdrawal Waste and wastewater
organization), with a breakdown in GRI 305: Emissions 2016
terms of debt and equity; and v. total
number of units of products and 305-1 Direct (Scope 1) CO2 emissions Climate impact
services sold or provided. 305-2 Energy indirect (Scope 2) CO2 Climate impact
emissions
2. Strategy
305-4 GHG emissions intensity Climate impact
102-14 Strategy Statement from senior a. A
 statement from the most senior Message from the CEO
decision-maker decision-maker of the reporting 305-5 Reduction of CO2 emissions Climate impact
organization (such as CEO, chair, or
GRI 306: waste 2020
equivalent senior position) about the
relevance of sustainability to the 306-3 Waste generated Waste and wastewater
organization and its strategy for
306-4 Waste diverted from disposal Waste and wastewater
addressing sustainability.
GRI 400: Social topics (human rights in operations and supply chain)
102-15 Key impacts, risks, and opportuni- a. A
 description of key impacts, risks, Message from the CEO
ties and opportunities. 404-1 Training and education 2016 People development and
capability building
3. Ethics and integrity
408-1 Operations and suppliers at Code of Conduct
102-16 Values, principles, standards, and a. A
 description of the reporting Our culture significant risk for incidents of
norms of behavior organization’s values, principles, child labor
standards, and norms of behavior.

CALDIC ANNUAL REPORT 2021 58 59 GRI CONTENT INDEX 2016

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