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Neste in 2015 We Create Responsible Choices Every Day 02 Neste in 2015 We create responsible choices every day 02 CEO’s review ......................................... 05 Strategy .............................. 07 01 Business areas in brief ................................. 08 Vision .............................................. 10 Megatrends .......................................... 11 Strategic targets ...................................... 12 Key figures .......................................... 16 Financial targets ...................................... 17 Information for investors ................................ 18 Sustainability .................. 20 Managing sustainability ................................. 21 Neste’s sustainability reporting ........................... 28 Our essential sustainability themes ........................ 30 Climate and resource efficiency ...................... 30 02 Sustainable supply chain ........................... 35 Sustainability of our operations ...................... 38 Key figures .......................................... 44 GRI Index and UN Global Compact ........................ 45 Principles for calculating the key indicators ................. 49 Independent Practitioner’s Assurance Report ................ 51 Case gallery ......................................... 53 Governance ................... 56 Corporate Governance Statement 2015 .................... 57 Risk management ..................................... 76 03 Neste Remuneration Statement 2015 . 80 03 Review by the 04 Board of Directors ....... 90 Financial statements 103 Key financial indicators .................................. 104 Calculation of key financial indicators ....................... 105 Consolidated financial statements ......................... 107 05 Parent company financial statements . 164 Proposal for the distribution of earnings and signing of the Review by the Board of Directors and the Financial Statements .. 176 Auditor’s Report (Translation from the Finnish original) .......... 177 Quarterly segment information ............................ 178 More information at www.neste.com More information in this PDF 04 The only way is forward Every day, Neste does more with less. As we continue to pioneer the renewable solutions Our divided and oil industry, we keep on rethinking proposal is EUR conventional models. We make the most of existing resources and search out new, low-carbon feedstocks from materials like 1.00 waste and residues. We are already the world’s per share largest producer of renewable diesel and we see interesting growth opportunities also outside the fuel market. Year 2015 at Neste was eventful and full of great moments! Take a look back with us and how we moved forward in 2015. 05 A successful and inspiring year is behind us – new things ahead What would you single out as being way. People take responsibility, communicate and cooperate. Thanks among the highlights of 2015? to the development of our operating methods, we have been able to 2015 was an astonishing year for us, both financially and from the utilize the opportunities provided by the markets, and all Neste people point of view of reforming our operating culture. Changing the name deserve thanks for this. from Neste Oil to Neste symbolizes the reform of our business and We have big potential regarding product development activity, both an approach to development that looks forward. Our vision, Creating in-house in cooperation with Neste Jacobs, universities and research responsible choices every day challenges and inspires us to continuous institutions. We have significant R&D personnel resources and related improvement. knowhow at our disposal. We are creating something new, which All of our business operations achieved excellent results. In Oil makes us stand out from our competitors. This, and the new additions, Products, the development of crude oil prices and refining margins have brought us positive public attention. were favorable to us. We successfully implemented the biggest turnover in our history at the Porvoo refinery in all respects. Safety Why did the company change its name? clearly improved compared to the previous turnover, and we kept to The name change illustrates how we are looking into the future and the schedule and budget. going forward. We are still a refining company, but also much more In Renewable Products, we achieved significant breakthroughs. The besides. Services and renewable products provide us with more added share of waste and residues increased to 68% of raw materials. Major value and make us stand out from our competitors. Our growth objec- global brands, such as UPS, Google, and cities such as the City of tives are also related to other products based on renewable materials, San Francisco and the City of Oakland have adopted our products. such as biochemicals and bioplastics. We have also begun to develop products based on renewable raw Our employees took the name change very positively. People materials for non-traffic applications with our cooperation partners, have noticed that we are a different company to before. Our vision such as biochemicals and biosolvents. is inspiring, opening almost unlimited opportunities for product and In Oil Retail, we launched a low-sulfur marine fuel, which has been service development, new business and customers. It is also chal- a success in the Baltic Sea region. All of our retail markets, including lenging, and we must redeem it every day. Russia, prospered. We can make a contribution and we are committed to do so. We We have been using our Way Forward operating method for a have sustainable solutions to offer to our customers and society. Our few years, and we have made great progress during that time. Our story is true and verifiable: the solutions we produce can reduce employees have grown with the challenges. We dare to grab new greenhouse gas emissions from traffic by over six million tons a year. opportunities and take them forward in a long-term, uncompromising The vision encourages, concrete things convince. This is the core of our sustainable business. CEO’s review 06 How is the Way Forward approach visible in the company’s operations? In addition to cooperation and taking responsibility, it has increased our understanding of customers. Successful business requires that customers are at the heart of it all. We have trained our personnel and changed our organizational structure in a customer-oriented way. We are all, starting from the top management, at our customers’ service, listening to their needs and improvement proposals. This way, we can offer even better products and services. Safety has always been important to us, and last year we further enhanced management’s input in safety-related matters. We carried out safety rounds and talked with people. I believe that this has now been understood better than before. Safety is part of our corporate In December, we made a human rights commitment concerning 2015 was an culture and the Neste professional identity. Safety is also a question of the entire Group. In addition to that, we have worked extensively to profitability and reputation. promote labor rights in our own supply chains. I believe that you can astonishing make a difference by being an example. How would you assess last year from the Sustainability also includes us taking care of our employees, but we year for us, point of view of sustainability? also carry our own responsibility for the well-being of our subcontrac- Sustainability is one of Neste’s four values. It is an operating method tors’ employees. Financial success gives us an opportunity for invest- both financially that supports business, not one that destroys it. ments and creating new jobs. We realize sustainability through our operations. By launching the and from the production of renewable traffic fuels, we were also acting against our What does 2016 look like? own traditional business. However, we saw the direction in which the We want to further boost the use of waste and residues as raw material point of view of world is going, and we wanted to be at the forefront, to create the for renewable fuels so that low-quality raw materials can be used to change and shape our industry instead of being merely reactive. make high-quality products. At the refineries, we are aiming to improve reforming our Strategic sustainability has opened up significant new business profitability. One cannot overemphasize the importance of customer opportunities for us. orientation and customer relationship management. We are seeking operating culture. Future orientation is an inspiring strategic starting point, and I growth from new business in biochemicals and biosolvents. believe that this is the very reason why we are successful in recruiting We will continue our good safety work within the Way Forward talented people. An inspiring workplace is a good place to work. approach and take managerial work at Neste increasingly in a The international climate agreement signed in Paris in December mentoring direction. offers opportunities, but it also obligates Neste and all companies to Our aim is to be a good and inspiring workplace for our employees consider their own role in combatting climate change and solving the and a partner that creates new things to our customers. By creating challenges of sustainability. Every company should also proactively new business and growing responsibly, we can provide added value to consider these questions, not only in order to meet requirements set by shareholders and other stakeholders. politicians
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