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Neste Sustainability Report 2017 Annual Report Leaving a healthier planet for our children by creating responsible choices every day 02 Content Year 2017 in brief . 03 Governance . 63 CEO’s review . 04 Corporate Governance Statement 2017 . 64 03 Risk Management . 81 Strategy . 07 Governance Neste Remuneration Statement 2017 . 86 Strategy and Way Forward to 2030 . 08 01 Business drivers . 09 Review by the Board of Directors . 100 Strategy Strategic targets . 10 Key figures . 113 Business areas in brief . 13 04 Calculation of key figures . 115 Key events 2017 . 15 Review by Key figures 2017 . 16 the Board of Financial targets . 17 Directors Information for investors . 18 Sustainability . 20 Financial statements . 117 Sustainability highlights . 21 Consolidated financial statements . 118 05 Parent company financial statements . 172 02 Managing sustainability . 22 Financial Proposal for the distribution of earnings and signing of Sustainability Neste as part of society . 25 statements Stakeholder engagement . 26 the Review by the Board of Directors and the Financial Creating value for stakeholders . 28 Statements . 190 Climate and the environment . 29 Auditor’s Report . 191 Sustainable raw materials . 36 Environmental management . 42 People . 45 Human rights . 45 Supporting our employees in business transformations . 48 Safety . 49 Performance and reporting . 52 Neste’s sustainability reporting in 2017 . 52 Performance in figures . 54 Independent Practitioner’s Assurance Report . 61 Neste Annual Report 2017 Content 03 Year 2017 in brief Neste creates sustainable choices for the needs of transport, companies, and consumers. We help our customers reduce their carbon footprint with our high-quality, low-emission renewable products, and 298 high-grade oil products. safe days For us, 2017 was another year of exploring the Our renewable renewable future. We are the world’s largest products reduced producer of renewable diesel refined from waste climate emissions by and residues but we also see significant potential Leverage ratio 8.3 for renewable solutions in aviation and the plastics 8.7% million tons industries. Over Our dividend 1,000 proposal for 2017 stations in The share of waste Comparable the Baltic Sea and residues in the operating profit region renewable raw EUR 1.70€ materials per share Investments 76% 1,101 EUR million 536 million Revenue EUR Return on average capital employed 13,217 after tax million 17.5% (ROACE) Neste Annual Report 2017 Year 2017 in brief 04 CEO’s review Building the future – Passion for renewal International and national discussions of the climate in developing our corporate culture to deeply ingrain increased during 2017 . According to studies, citizens customer satisfaction, safety and operational effi- are more and more concerned about climate change . ciency in our day-to-day operations . We believe that Many are thinking about how they could contribute to by focusing on these goals, we can create significant the fight . We are also thinking about our role, as we value for our shareholders, the environment, and work to leave a healthier planet for future generations . society . We fulfill our commitment by creating sustainable We implemented our strategy successfully in 2017 . choices every day . Above all, this is reflected in our ecord-breakingr financial performance, which indicates our strong will Strategy implementation according to plan to move forward . It also reflects our employees’ high Neste has a clear strategy . We are working to grow in level of motivation and professional skills . I would like the global market for renewable products, in addition to take this opportunity to extend my gratitude to to being the leading provider of low carbon solutions each and every one of our employees . in the Baltic Sea markets . Our refinery operations in Finland were integrated Our goal is to become the global leader in into one . The major turnaround and the related renewable products by 2030, offering solutions to investments in the Naantali Production Line were reduce emissions and replace fossil fuels in road implemented to further improve the competitiveness traffic, aviation, and the chemical industry . We are of our refinery operations . These investments enable also seeking to renew our traditional business opera- us to increase the share of high-quality fractions in tions and become the industry leader in low-carbon production . production and services . In addition, we are investing Neste Annual Report 2017 CEO’s review 05 I am extremely happy We also made progress in business operations principles and increased safety training . During 2017, related to renewable products . We decided that the we intensified our safety-related cooperation with our how well our Neste MY best location to our additional production capacity contractors and achieved our all-time best result in Renewable Diesel has for renewable diesel, renewable aviation fuel, and contractor safety . been received among biochemicals would be in Singapore . The final We seek to develop a diverse range of services as investment decision will be made by the end of this part of our offering, and to be where the customers private car owners as year . If the project progresses as planned, production are; that is, in the mobile sphere . Last year, we well as professional will begin by the end of 2022, and it will increase introduced a mobile app for consumers, to enable the current capacity for renewable products in the mobile payments for fuel . In addition to the payment transportation Singapore refinery by one million tons . option, the app helps customers locate the nearest companies and During 2017, we also invested strongly in research Neste stations and navigate to them . and development, which is a prerequisite for renewal municipalities. and sustainable growth . We are constantly seeking New opportunities in the circular economy new, sustainable raw material options to ensure as well as in aviation and marine traffic growth, even into new business areas . Regulation and increasingly efficient vehicles reduce At the beginning of 2017, we launched Neste MY the need and demand for fossil fuels . For this reason, Renewable Diesel™, a renewable diesel made entirely we have been systematically developing solutions and from waste and residues, in our network of service services based on renewable raw materials over the stations in the Finnish market . I am extremely happy long term, to gradually replace fossil fuels . We have how well our Neste MY Renewable Diesel has been also been studying how we can use renewable raw received among private car owners as well as profes- materials at fossil fuel production plants, as a mixture sional transportation companies and municipalities . with fossil raw materials . We also launched Neste Pro Diesel™ in our network The circular economy is an increasingly topical of service stations in Estonia . theme . For example, we have interesting new oppor- In addition, we reorganized our distribution of tunities in recycling fossil waste oil and plastic waste renewable diesel in California, our most important to be used as raw materials for new fuels and plastics . market area in the United States . We entered into The aviation industry is globally committed to partnerships with four fuel distributors . As a result, carbon-neutral growth as of 2020, and regulations are public and private fleets have access to a constant being prepared to support this commitment . Renew- supply of Neste MY Renewable Diesel . able fuels are seen as a key means to reduce emis- We work to ensure safety for our own employees sions in aviation . Neste MY Renewable Jet Fuel™ is and for our contractors and their employees . As part one of the many ways in which we can help aviation of that target, we updated our safety management operators reduce their greenhouse gas emissions . Neste Annual Report 2017 CEO’s review 06 In 2020, the International Maritime Organization Our corporate culture encourages renewal (IMO) will implement a global sulfur cap of 0 .5 percent Neste has developed from an oil refiner into the for marine fuels . This means that ships will largely world’s largest company that produces renewable start using low-sulfur marine fuels instead of heavy diesel from waste and residues . This change has fuel oil . We already offer low-sulfur marine fuels that taken place rapidly, particularly over the past ten meet the new requirements for shipping companies . years . We are keeping up with the discussion concerning It has called for a strong vision and a belief in there the mobility solutions of the future and their develop- being a need for our solutions . We have made bold ment, and we are also actively participating in this decisions and have been able to reinvent ourselves discussion . In addition to biofuels, we need engine constantly . Everything is based on our employees technologies that consume less fuel, as well as elec- understanding and internalizing our strategy . tric traffic, to replace fossil fuels and reduce emissions . Our corporate culture is inspiring, encouraging This is not only a question of whether consumers people to create something new . We succeed choose an electric car, a natural gas car vehicle or by dividing our challenges into smaller parts and a hybrid version, but also a question of people’s assigning people responsibility to complete their For us to move forward, our competence base mobility habits and their development . The most work . We set clear goals and schedules and reward needs to be sufficient, which is why we are investing significant driver of this development is urbanization, people for achieving their goals . Such rewards are not in continuous personnel development . A key moti- which has in many European and Asian countries and always financial; they can also be acknowledgments vational factor is our company’s vision: “We create the United States progressed far . This requires us to of individuals or groups for putting our strategy and responsible choices, every day .” Our employees know find sustainable ways to organize mobility in densely values into practice .
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