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ANNUAL REPORT 2018 Consists of Four Modules: Business Overview, GRI Disclosures, Corporate Governance Statement, and Financial Statements

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ANNUAL REPORT 2018 Consists of Four Modules: Business Overview, GRI Disclosures, Corporate Governance Statement, and Financial Statements Report 2018 Adding to your everyday At Kemira, we use our chemistry to improve your everyday. It means making your packaging lighter and stronger, your paper towels softer, and your colors brighter. We make your drinking water safe, your wastewater clean, and by adding our chemistry, you get more out of energy resources. By adding our expertise, your everyday business runs smoother and more efficiently. You add a committed partner who innovates together with you and creates solutions for a profitable, sustainable future. Our job is to add value while adding peace of mind. We call it adding to your everyday. BUSINESS OVERVIEW GRI DISCLOSURES CORPORATE GOVERNANCE FINANCIAL STATEMENTS THE KEMIRA ANNUAL REPORT 2018 consists of four modules: Business Overview, GRI Disclosures, Corporate Governance Statement, and Financial Statements. This interactive PDF version of the Annual Report has been enhanced with a linked navigation to help you find the information you want more quickly. The table of contents, page references and URLs link to pages and sections within this document as well as to outside websites. Content BUSINESS OVERVIEW CORPORATE GOVERNANCE Key figures 2018 2 STATEMENT CEO review 4 Corporate Governance This is Kemira 6 Statement 2018 2 Global megatrends favor Kemira 8 Group Management 11 Our strategy 11 Remuneration statement 2018 14 Risks and opportunities 13 Pulp & Paper 16 Industry & Water 20 GRI DISCLOSURES FINANCIAL STATEMENTS Corporate responsibility Board of Directors' review 2 at Kemira 2 Group key figures 18 Our management approach 5 Definition of key figures 21 Our performance indicators 24 Consolidated Financial Statements (IFRS) 23 Reporting practice 59 Kemira Oyj Financial Statements (FAS) 81 Board's proposal for profit distribution and signatures 96 Auditor's report 97 Quarterly earnings performance 101 Reconciliation of IFRS figures 102 Shares and shareholders 104 All forward-looking statements in this report are based on the management’s current expectations and beliefs about future events, and actual results may differ materially from the expectations and beliefs such statements contain. Information for investors 107 www.kemira.com Business Overview 2018 KEY FIGURES 2018 .............................................................................................................. 2 CEO REVIEW ............................................................................................................................... 4 THIS IS KEMIRA ...................................................................................................................... 6 GLOBAL MEGATRENDS FAVOR KEMIRA ............................................................ 8 OUR STRATEGY ....................................................................................................................... 11 RISKS AND OPPORTUNITIES ..................................................................................... 13 PULP & PAPER ......................................................................................................................... 16 INDUSTRY & WATER ........................................................................................................... 20 BUSINESS OVERVIEW GRI DISCLOSURES CORPORATE GOVERNANCE FINANCIAL STATEMENTS KEY FIGURES 2018 Key figures 2018 Kemira is a global chemicals company serving customers in water intensive Kemira headquarters industries. We provide expertise, Helsinki, Finland application know-how and chemicals that improve our customers‘ product quality, Asia Pacific 9% process and resource efficiency. Our focus R&D EUR 231 million Americas 39% Espoo, Finland is on pulp & paper, oil & gas and water EUR 1,001 million 777 treatment. Kemira shares are listed in the Nasdaq Helsinki Ltd. 1,559 Regional HQ Atlanta, USA Regional HQ R&D Shanghai, China Atlanta, USA R&D Revenue EUR 2.6 billion (EUR 2.5 billion in 2017) Shanghai, China Operative EBITDA EUR 323.1 million (311.3 million) Operative EBITDA margin 12.5% (12.5%) Earnings per share EUR 0.58 (EUR 0.52) Europe, Middle East Financial targets on mid- to long-term: and Africa 52% Above-the-market revenue growth, operative EUR 1.360 million EBITDA margin 15–17%, gearing below 75%* 2,579 64 manufacturing sites Total employees 4,915 *Financial targets updated due to adoption of IFRS 16 accounting change. Kemira Report 2018 | 2 BUSINESS OVERVIEW GRI DISCLOSURES CORPORATE GOVERNANCE FINANCIAL STATEMENTS KEY FIGURES 2018 OPERATIVE EBITDA REVENUE 2018 2018 EUR 323 million 12.5% EUR 2.6 billion 2017: 2017: EUR 311 MILLION, 12.5% EUR 2.5 BILLION CLIMATE CHANGE: WORKPLACE SAFETY, TRIF PRODUCTS DESIGNED FOR EMPLOYEE KEMIRA CARBON INDEX RESOURCE EFFICIENCY, % ENGAGEMENT REVENUE 2018: 83 2018: 3.5 2018: 51% 71% (67% 2015) TARGET 2020: 80 TARGET 2020: 2.0 TARGET 50% 2017: 85 2017: 3.9 BASELINE AVERAGE TARGET: 2016-2017 49% above the external norm Kemira Report 2018 | 3 BUSINESS OVERVIEW GRI DISCLOSURES CORPORATE GOVERNANCE FINANCIAL STATEMENTS CEO REVIEW CEO Review Building a solid business foundation to meet the changing needs of customers and society At Kemira, we use our chemistry to improve your everyday. We add optimal quality, functionality and strength to paper and board products, we ensure safety and hygiene of water and food packaging, and we maximize yield from energy resources. Our strategic focus is on pulp and paper, water-intensive industries, municipal water treatment, and oil and gas industries. In 2018, strong global demand helped us see solid organic suppliers like us to reduce our own emissions. The world has growth and results. Our full year revenue for 2018 was EUR also woken up to the challenge of tackling plastic waste. As 2.6 billion (2017: 2.5) and we met our outlook for the year, regulators begin to set new standards and limits on the types with our operative EBITDA increasing to EUR 323 million of plastics that can be used, this creates new challenges (311 million) with a margin of 12.5% (12.5). for many industries, and packaging in particular. Improving resource efficiency – for both our customers and society as a whole – is a pressing need. THE BUSINESS CONTEXT IS CHANGING Megatrends are shaping the long-term market and segments GENERATING CUSTOMER VALUE that we operate in. These are urbanization and the growing WITH SUSTAINABLE PRODUCTS AND middle class, scarcity of resources and tighter environmental SOLUTIONS regulations. In addition, rising living standards, and today’s fast-paced lifestyles drive demand not only for more water As a response to doing more with less in the changing and energy, but also for all kinds of packaging material. This business context, we have set a target to improve our ability is happening at a time when we are facing up to the reality of to help our customers develop more sustainable products. resource scarcity and the need to do more with less. Improving resource“ efficiency - for We have continued to develop digital service offerings for our Similarly, the steady implementation of tighter limits on customers. The combination of digital technologies and our both our customers and society as greenhouse gas emissions means that there is pressure on industry-leading expertise provides us with powerful tools a whole - is a pressing need. Kemira Report 2018 | 4 BUSINESS OVERVIEW GRI DISCLOSURES CORPORATE GOVERNANCE FINANCIAL STATEMENTS CEO REVIEW to differentiate Kemira from the competition. Our digital also made improvements in low-profitability areas, including maintain an employee engagement index score that meets or solutions not only help our customers ensure that their all product lines and regions. exceeds the external industry norm, to increase leadership production process is, and will continue to be, for example, development activities, and to maintain the Integrity Index fully compliant with the latest water regulations, but also Our globally integrated management system is providing level above the industry benchmark. Last year our employee enables efficiency in terms of water, energy, and raw material full online visibility not only over our business, but also over engagement was 71% (2 percentage points above the usage. the safety performance across our manufacturing sites, external norm), and integrity was 87% (10 percentage points R&D centers and office locations. One of our sustainability above the external norm). We aim to have at least 50% of our revenue generated commitments is to ensure responsible operations and supply through products that improve customers’ resource chain. We aim to improve our workplace safety performance Our approach to sustainability is guided by the increasing efficiency. In 2018, our performance is in line with this target towards zero harm to people. In 2018 our performance expectations of our customers, investors, and other and we are confident that customers value their relationship improved (TRIF 3.5; 2017 TRIF 3.9), but we still need to focus stakeholders, as well as by our own strategy and code of with Kemira, as evidenced by steady improvements in our more on developing our safety culture. conduct, and internationally defined principles. Corporate Net Promoter Score, up by 10% to 33 (30). responsibility is integrated into our strategy, and our Board We are also making good progress in reducing our carbon of Directors engages in our sustainability performance in a emissions. Measured by Kemira carbon index with a target of consistent and regular manner. HOLDING OURSELVES TO HIGH 80 by 2020 (2012 = 100) we achieved 83 in 2018 mainly
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