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Renewable Fuels Annual Report 2012 Table of contents Neste Oil 4 Certified operating systems 61 Business areas in brief 5 Risks and opportunities 62 Key figures 7 Sustainability indices and ratings 63 CEO's review 9 Customers 65 Strategy 11 Premium quality, low-emission products 66 Strategy implementation in 2012 13 Safe products 69 Case: Profitable Growth 15 Safety 70 Case: Productivity 16 Safety management 72 Case: Renewable Feedstock 17 12 safety key elements 74 Case: Customer Focus 18 Process safety 75 Case: Winning Culture 19 Occupational safety 75 Financial targets 20 Chemical safety 76 Strategic challenges 21 Transport safety 77 Megatrends underpinning Neste Oil’s cleaner traffic Safety training 78 strategy 22 Personnel 80 Industry overview 23 HR management 84 Business 25 Personnel turnover 85 Oil Products and Renewables 27 Developing Neste Oil’s leadership and corporate Oil Products 28 culture 86 Developments in Oil Products’ markets 29 Supporting managers in their work 86 Crude oil and fossil feedstock procurement 31 Developing people’s skills and expertise 87 Oil Products’ customers and solutions 32 Remuneration and fringe benefits 88 Renewable Fuels 33 Equality and diversity 89 Developments in Renewable Fuels’ markets 34 Wellbeing at work and occupational health 90 Renewable feedstock procurement 36 Society 92 Renewable Fuels’ customers and solutions 36 Financial responsibility 93 Oil Retail 38 Creating financial added value for stakeholders 94 Developments in Oil Retail’s markets 39 Investments in efficiency, the environment, and Oil Retail’s customers and solutions 40 safety 98 Station network 41 Financing and owners 99 Production & Logistics 43 Procurement of feedstock, goods, and services 100 Refineries 44 Investments in personnel 100 Other production plants 46 Taxes and payments to society 101 Fleet and terminals 46 Charitable donations and sponsorship 102 Research, technology, and engineering 47 Values and ethical principles 102 Research on renewable raw materials 49 Human rights and equality 103 Product and technology development 50 Stakeholder and community engagement 104 Quality control 51 Managing stakeholder engagement 104 Technology and engineering company Neste Jacobs 51 Neste Oil’s key stakeholders 105 Sustainability 52 Public affairs and advocacy 106 Managing sustainability 54 Participation in organizations and joint projects 111 Focus areas 55 Interaction with non-governmental organisations 111 Case: Sustainability-related stakeholder survey Local community involvement at production sites 112 results 57 Sponsorship and charity work 113 Sustainability targets 58 An active approach to the job market 116 Sustainability policies and principles 61 Climate and resource efficiency 118 Annual Report 2012 Environmental management 119 Remuneration principles for senior management 186 Climate 121 Remuneration and shareholdings of the Board of Emissions to air 122 Directors 187 Energy efficiency 124 Remuneration and shareholdings of the President & CEO and the Neste Executive Board 188 Raw materials and material efficiency 125 Personnel Fund 190 Fossil feedstocks 126 Investor information 191 Ethanol 126 Shares and shareholders 192 Renewable feedstocks 127 Share performance and trading 192 Material and Energy Balance table 131 Shareholders and dividend 193 Water use and wastewater treatment 133 Information for shareholders 195 Waste 135 Review by the Board of Directors 197 Protecting the waterways and soil 136 The Group’s results for 2012 197 Protecting the biodiversity and the natural world 138 Cash flow, investments, and financing 199 Case: Oil leak in Kajaani 140 Main events during the reporting period 199 Sustainable supply chain 141 Strategy implementation 200 Greenhouse gas emissions throughout supply chain 143 Market overview 200 Strict sustainability criteria applied to suppliers 146 Production and sales 202 Sustainability of the renewable fuels supply chain 148 Segment reviews 203 Sustainability reporting 150 Shares, share trading, and ownership 204 Reporting principles 150 Corporate governance 206 Principles for calculating key indicators 151 Personnel 207 GRI index 153 Health, safety, and the environment 207 Independent assurance report 158 Research and development 208 Governance 160 Events after the reporting period 208 Corporate Governance Statement 2012 161 Potential risks 209 Annual General Meeting 162 Risk management 209 Nomination Board 162 Outlook 210 Board of Directors 164 Dividend distribution proposal 210 Members of the Board of Directors 166 Financial statements 211 Board committees 167 Key financial indicators 213 President & CEO 169 Calculations of key financial indicators 215 Neste Executive Board 169 Consolidated income statement and Consolidated Members of the Neste Executive Board 170 statement of comprehensive income 217 Neste Executive Management Board 172 Consolidated balance sheet 219 Company Auditor 172 Consolidated cash flow statement 221 Internal Audit 173 Consolidated statement of changes in equity 223 Insider guidelines 174 1 General information 224 Performance Management Process 175 2 Summary of significant accounting policies 224 Internal control 176 3 Financial risk management 234 Risk management 178 4 Segment information 244 Risk management governance 179 5 Assets held for sale 248 Risk reporting 180 6 Acquisitions and disposals 249 Risk relating to Neste Oil’s business 180 7 Analysis of revenue by category 250 Risk management focus in 2012 183 8 Other income 250 Remuneration and shareholdings 184 9 Materials and services 251 Long-term incentive plan (2010) 184 10 Employee benefit costs 251 Long-term incentive plan (2013) 185 Annual Report 2012 11 Depreciation, amortization, and impairment Parent company balance sheet 288 charges 252 Parent company cash flow statement 289 12 Other expenses 252 1 Accounting policies 291 13 Financial income and expenses 253 2 Revenue 293 14 Income tax expense 254 3 Other operating income 293 15 Earnings per share 255 4 Materials and services 294 16 Dividend per share 255 5 Personnel expenses 294 17 Property, plant and equipment 256 6 Depreciation, amortization and write-downs 295 18 Intangible assets 258 7 Other operating expenses 295 19 Investments in associates and joint ventures 260 8 Financial income and expenses 296 20 Carrying amounts of financial assets and 9 Extraordinary items 297 liabilities by measurement categories 263 10 Appropriations 297 21 Non-current receivables and available-for-sale 11 Income tax expense 297 financial assets 266 12 Fixed assets and long-term investments 298 22 Inventories 266 13 Revaluations 299 23 Current trade and other receivables 267 14 Inventories 300 24 Cash and cash equivalents 267 15 Long-term receivables 300 25 Derivative financial instruments 268 16 Short-term receivables 301 26 Equity 271 17 Changes in shareholders' equity 302 27 Non-current and current liabilities 272 18 Accumulated appropriations 302 28 Deferred income taxes 274 19 Provisions for liabilities and charges 303 29 Provisions 276 20 Liabilities 303 30 Retirement benefit obligations 276 21 Contingent liabilities 305 31 Share-based payments 279 22 Derivative financial instruments 306 32 Related party transaction 281 23 Other contingent liabilities 306 33 Group companies on 31 December 2012 283 24 Shares and holdings 307 34 Contingencies and commitments 285 Proposal by the Board of Directors 309 35 Disputes and potential litigations 286 Auditor’s report 310 36 Events after the balance sheet date 286 Quarterly segment information 311 Parent company income statement 287 This PDF document is a compilation of Neste Oil's Annual Report, which is available at www.2012.nesteoil.com 3 Annual Report 2012 Neste Oil Neste Oil in brief Neste Oil is a refining and marketing company, with a production focus on premium- quality, lower-emission traffic fuels. The company has operations in 15 countries. Neste Oil produces a comprehensive range of major petroleum products and is the world's leading supplier of renewable diesel. The company's customers include oil companies and other businesses in Finland and worldwide, as well as retail customers in Finland, the Baltic countries, and St. Petersburg region in Russia. Neste Oil's share is listed on NASDAQ OMX Helsinki. Sustainability represents a central part of Neste Oil's cleaner traffic strategy By developing and producing premium-quality fuels that have a lower level of impact on the environment, Neste Oil can help meet the growing energy needs of traffic and transport, and make its own contribution to combating climate change. Neste Oil has received international recognition for its sustainable operations, and has been included in the Dow Jones Sustainability Index and the Global 100 list of the A vision of traffic in 2030 world's most sustainable companies for many years in “I would like to see driverless cars that could succession. substantially cut down on braking, traffic congestion, and accidents.“ Man, age of 23-35, USA Read more This PDF document is a compilation of Neste Oil's Annual Report, which is available at www.2012.nesteoil.com 4 Annual Report 2012 Neste Oil ► Business areas in brief Business areas in brief Business area Oil Products and Renewables Oil Retail Reporting segment Oil Products Renewable Fuels Oil Retail Business Sales of petroleum Sales of NExBTL renewable diesel, NExBTL Sales of petroleum and products to wholesale renewable aviation fuel and NExBTL renewable renewable products to end- customers naphtha to B-to-B and wholesale customers users and distributors Revenue EUR 13,764
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