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Quantifiable data for operations is presented to meet or exceed regional jurisdictional and reporting requirements.
accordance with internal measurement and verification practices, and reflects information relevant to Husky’s business sustainability and its shareholders.
An internal audit team has reviewed key safety and asset integrity numbers in the report to verify data and processes.
KPMG LLP provided independent limited assurance on select and 2019 performance indicators disclosed in this report.
Energy) to undertake a limited assurance engagement, in respect of the year ended December disclosed in Husky Energy’s ESG Report 2020 (the Report) as described below.
The Subject Matter Information, contained within the Report and indicated with the footnote “ determined by management on the basis of Husky Energy’s assessment of the material issues contributing to Husky Energy’s sustainability performance and most relevant to their stakeholders.
There are no mandatory requirements for the preparation, publication or review of sustainability performance metrics.
As such, Husky Energy applies its own internal reporting guidelines and definitions for sustainability reporting in preparing the Subject Matter Information which can be found in the About this Report section and relevant footnotes in the Report.
Subject Matter Information in accordance with Husky Energy’s internal reporting guidelines and definitions for sustainability reporting, current as at the date of our report.
reporting, including the identification of stakeholders and material issues, and for establishing and maintaining appropriate performance management and internal control systems from which the reported performance information is derived.
limited assurance engagement and to express a conclusion based on the work performed.
ISAE perform our procedures to obtain the stated level of assurance, in accordance with the applicable criteria.
Independence, quality control and competence We have complied with the independence and other ethical requirements of the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants, which is founded on fundamental principles of integrity, objectivity, professional com...
The firm applies International Standard on Quality Control a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
The engagement was conducted by a multidisciplinary team which included professionals with suitable skills and experience in both assurance and in the applicable subject matters.
Assurance approach We planned and performed our work to obtain all of the evidence, information and explanations we considered necessary in order to form our conclusion as set out below.
A limited assurance engagement consists of making inquiries, primarily of persons responsible for the preparation of the Subject Matter Information, and applying analytical and other evidence gathering procedures to the Subject Matter Information, as appropriate.
Reviewing the presentation of the Subject Matter Information in the Report to determine whether it is consistent with our overall knowledge of, and experience with, the sustainability performance of Husky Energy.
The extent of evidence gathering procedures performed in a limited assurance engagement is less than that for a reasonable assurance engagement, and therefore a lower level of assurance is obtained.
Inherent limitations Non-financial information, such as that supporting the Subject Matter Information, is subject to more inherent limitations than financial information, given the more qualitative characteristics of the subject matter and the methods used for determining such information.
The absence of a significant body of established practice on which to draw allows for the selection of different but acceptable measurement techniques which can result in materially different measurements and can impact comparability.
The nature and methods used to determine such information, as well as the measurement criteria may change over time.
Our conclusion Based on the procedures performed, nothing has come to our attention that causes us to believe that for the year ended December Information, as described above and disclosed in the Husky Energy ESG Report 2020, has not been prepared and presented, in all material respects, in accordance with Husky Energy...
The forward-looking statements contained in this annual report are forward-looking and not historical facts.
Some of the forward-looking statements may be identified by statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “will cont...
topics and plans to continue refining such topics; the expected benefits of the Company’s new diluent reduction technology; the timing of first production at Liuhua have the potential to reduce carbon capture costs and reduce the carbon intensity of heavy oil production; the advancement of technologies to improve the C...
In addition, statements relating to “reserves” are deemed to be forward looking statements as they involve the implied assessment based on certain estimates and assumptions that the reserves described can be profitably produced in the future.
There are numerous uncertainties inherent in estimating quantities of reserves and in projecting future rates of production and the timing of development expenditures.
The total amount or timing of actual future production may vary from reserves and production estimates.
Those assumptions and factors are based on information currently available to the Company about itself and the businesses in which it operates.
Information used in developing forward-looking statements has been acquired from various sources, including third-party consultants, suppliers and regulators, among others.
Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not place undue reliance on any such forward-looking statements.
By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur.
Some of these risks, uncertainties and other factors are similar to those faced by other oil and gas companies and some are unique to the Company.
The Company’s Annual Information Form for the year ended December (accessible through the SEDAR website www.sedar.com and the EDGAR website www.sec.gov) describe some of the risks, material assumptions and other factors that could influence actual results and are incorporated herein by reference.
New factors emerge from time to time and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in ...
The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent upon other factors, and the Company’s course of action would depend upon management’s assessment of the future considering all information available to it at the relevant time.
Any forward-looking statement speaks only as of the date on which such statement is made and, except as required by applicable securities laws, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the...
None of these measures is used to enhance the Company’s reported financial performance or position.
The non-GAAP measures included in this document are funds from operations and free cash flow.
operating activities as determined in accordance with IFRS, as an indicator of financial performance.
Funds from operations is presented in the Company’s financial reports to assist management and investors in analyzing operating performance of the Company in the stated period.
Funds from operations equals cash flow – operating activities excluding change in non-cash working capital.
Free cash flow is a non-GAAP measure which should not be considered an alternative to, or more meaningful than, cash flow – operating activities as determined in accordance with IFRS, as an indicator of financial performance.
Free cash flow is presented to assist management and investors in analyzing operating performance by the business in the stated period.
Free cash flow equals funds from operations less capital expenditures.
Free cash flow was restated in the fourth quarter of more comparable to similar non-GAAP measures presented by other companies.
Changes from prior period presentation include the removal of investment in joint ventures.
Prior periods have been restated to conform to current presentation.
The Company uses the term “barrels of oil equivalent” (or “boe”), which is consistent with other oil and gas companies’ disclosures, and is calculated on an energy equivalence basis applicable at the burner tip whereby one barrel of crude oil is equivalent to six thousand cubic feet of natural gas.
The term boe is used to express the sum of the total company products in one unit that can be used for comparisons.
Readers are cautioned that the term boe may be misleading, particularly if used in isolation.
This measure is used for consistency with other oil and gas companies and does not represent value equivalency at the wellhead.
disclosure that U.S. oil and gas companies generally do not include or may be prohibited from including in their filings with the U.S. Securities and Exchange Commission.
All currency is expressed in Canadian dollars unless otherwise indicated.
information, OSG has published the Environmental Report since FY 2001.
In consideration of the environment, we have abolished printing of this report since the our website.
manufacturing and sales of taps, end mills, drills and rolling dies.
In our mainstay area of taps and threading tools, we hold the world’s largest market share.
Since the company’s foundation in by combining a proactive response to customer needs with high-grade manufacturing capabilities.
This philosophy is the corporate DNA of OSG, and a key driver of our global business operations and development of world-leading products in the area of cutting tools.
Many cities around the world were placed into lockdown to prevent the spread of the COVID-19 pandemic.
It suspended the economic activity, which led to the rapid deterioration in the global economy.
Amid increasing uncertainty in the economic environment, we started the operation of the NEO Shinshiro Factory in May 2020.
This new factory is also called “Zero-One Factory” to emphasize digitalization and innovation through out-of-the-box thinking.
By breaking away from existing concepts and creating one from scratch, we aim to optimize a high-mix low-volume production through the utilization of digital technology based on the OPDM (OSG Product Data Management) system.
These days, environmental issues such as global warming and decarbonization (carbon-neutral) are global concerns that must be addressed with new initiatives for the future of the world’s manufacturing industry.
The Japanese government has set a goal of reducing greenhouse-gas emissions to net-zero by 2050.
Also, the world aims to achieve the SDGs adopted by the United Nations General Assembly in September 2015 by 2030.
The OSG Group will steadily contribute to the sustainable development of society by strengthening the development and the production of environmentally friendly products with energy-saving and high efficiency.
grow on a global scale based on our corporate philosophy that has been passed down since its foundation.
Shaping customers’ dreams into reality, we will contribute to the realization of a sustainable world.
The power of OSG lies in our assured innovative technological know-how for producing high-quality and high-performance products; our exceptional services to respond to situations diligently; and our out-of-the-box thinking to provide total solutions that anticipate our customers’ needs.
As a comprehensive cutting tool provider with operations spanning across the globe, we are committed to contribute to the advancement of the manufacturing industries by shaping our customers’ dreams into reality.
We assign our employees appropriate jobs and strive to improve their daily lives.
We strive to provide stable dividends to our stockholders.
We implement sound business practices that earn enhanced social trust and develop the corporation into a worldwide business.
All will work to maintain the global environment in harmony with OSG’s basic business policies.
OSG publicizes information on its three declarations made in October (i.e., Global Expansion, Health-consciousness, and Eco-friendliness).
OSG conducts activities with consideration of the environment while offering products and services that contribute to society.
Following societal norms, OSG promotes communication with the local community.
FY 4 Environmental issues that impact the next generation are an important task for OSG to address.
We are actively working on the promotion of efficient use of resources and environment-conscious manufacturing, and the provision of environmentally friendly products and services to our customers, with the aim of reducing environmental impacts and building a recycling-oriented society.
To proactively tackle environmental issues with the company-wide environmental strategies, OSG has set up the Headquarters Environment Committee.
Environmental management activities are primarily conducted by departments close to the workplace with a large environmental impact based on our environmental management system headed by a director in charge of environment as top management and a quality assurance manager as a general environmental management represent...
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training for newly appointed supervisors to develop skills as a qualified internal auditor for environmental management systems.
We also train persons in charge of environment at each office to raise their knowledge and develop their practical skills through the education of environmental laws and regulations.
In addition to the above, emergency response training is conducted for persons in charge at each office in order to ensure thorough awareness.
Costs of environmental regulations Measurement of specifi c chemical substances, etc.
We have balanced our water use so that the amount of drainage water equals our water usage.
actual drainage water is estimated to be from the use of water-soluble coolants and the evaporation from air conditioning, etc.
In order to contribute to the realization of a low-carbon society and the creation of a resource recycling society, OSG understands and manages the various environmental impacts of our business activities.
We remain committed to initiatives such as reducing energy use and using waste from our manufacturing processes as recycled materials.
OSG has promoted zero emission activities to reduce waste.
We developed a system to recycle reusable and recyclable resources, and established a structure to ensure the proper disposal of waste from our operations.
OSG has strived to reduce energy consumption, CO emissions and waste output.
Focusing on efficient energy use and switching to energy-saving equipment, we have worked to promote continuous improvement in environmental impact throughout the entire company.