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Neste Annual Report 2017

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Neste Annual Report 2017 Neste Corporation Annual General Meeting 2018 5 April 2018 Safety information If you need first aid, contact the staff. We have a physician and paramedics present. Fire alarms will be announced through the PA system. The staff will guide you outdoors through the nearest safe exits. Follow the instructions from the staff. Neste’s Annual Report 2017 can be read online at the Corporation’s website at www.neste.com/annualreport. Financial Statements including notes, Corporate Governance Statement, and Neste are included in the Annual Report. Annual General Meeting 2018 1 Agenda 1. Opening of the meeting 7. Adoption of the Financial Statements, including also the adoption of the Consolidated Financial Statements 2. Calling the meeting to order 8. Use of the profit shown in the Balance Sheet and 3. Election of the examiners of the minutes and deciding on the payment of dividend .......................... the supervisors for counting of votes 56 Discharging the members of the Board of Directors 4. Establishing the legality of the meeting 9. and the President and CEO from liability 5. Recording the attendance at the meeting and the voting list 10. Deciding the remuneration of the members of the 6. Presentation of the Financial Statements for 2017, including Board of Directors ............................................ 58 also the Consolidated Financial Statements, the Review by the 11. Deciding the number of members of the Board of Directors ... 59 Board of Directors, and the Auditor’s Report .................. 2 • Review by the President and CEO 12. Election of the Chair, the Vice Chair, and the members of the Board of Directors ............................................ 59 • Review by the Board of Directors ........................... 8 13. Deciding the remuneration of the Auditor ...................... 62 • Financial Statements primary statements ................... 26 14. Election of the Auditor ........................................ 62 • Auditor’s Report ............................................ 31 15. Authorizing the Board of Directors to decide on the • Summary of the Corporate Governance Statement 2017.... 37 conveyance of treasury shares ................................ 63 • Excerpts from the Neste Remuneration Statement 2017 .... 49 16. Closing of the meeting ........................................ 63 Annual General Meeting 2018 Agenda 2 Point 6 on the agenda Presentation of the Financial Statements for 2017, including also the Consolidated Financial Statements, the Review by the Board of Directors, and the Auditor’s Report • Review by the President and CEO • Review by the Board of Directors . .......................... 8 • Financial Statements primary statements . .................. 26 • Auditor’s Report. ........................................... 31 • Summary of the Corporate Governance Statement 2017. ... 37 • Excerpts from the Neste Remuneration Statement 2017..... 49 Annual General Meeting 2018 Point 6 on the agenda 3 Year 2017 in brief Neste creates sustainable choices for the needs of transport, companies, and consumers. We help our 298 customers reduce their carbon footprint with our safe days high-quality, low-emission renewable products, and high-grade oil products. Our renewable products reduced For us, 2017 was another year of exploring the climate emissions by renewable future. We are the world’s largest Leverage ratio producer of renewable diesel refined from waste 8.3 and residues but we also see significant potential 8.7% million tons for renewable solutions in aviation and the plastics 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) Annual General Meeting 2018 | Point 6 on the agenda Year 2017 in brief 4 Strategy and Way Forward to 2030 Our strategy and Way Forward to 2030 are guided by our purpose and vision: Leaving a healthier planet for our children by creating responsible choices every day. Passion for renewal and our Forward Way of Working are at the heart of everything we do, guiding our 0 way to Neste in 2030. 203 Renewable Leading global chemicals We are heading towards a world renewables company build-up within traffic and Refinery that struggles in addressing rising Leader in chemicals transfor- low-carbon refining Neste MY mation global energy demand and climate & services going change – all at the same time. Markets global Safety and demand sustainable solutions and new reliability Customer satisfaction Global step reach to change opportunities open for those who are and safety at the core waste raw of our culture materials willing to embrace the change. Pas d Winning ou sion for renewal an r For ing with the ward way of work h t customers l w a o Our unique competitive b r lo G le a advantages differentiate us G b e a S n w ic io from our competitors. Our two e alt p en B am R Ch strategic targets are founded DEMAND RGY OPLE DE NE PE MAND S E on these strengths. USTA NG INAB SI ILIT A Y RE C EnvironmentBusiness IN D IG I TA LI ZATION E Fo ANG Way rward CLIMATE CH ur to O te in 20 Y es 3 E IT N 0 C XC IL N OO E B IO PE L I AT R L S V A E N O TI N O N O P IN N C S E Annual General Meeting 2018 | Point 6 on the agenda Strategy and WayRE Forward to 2030 5 Strategic targets Global Renewable Baltic Sea Growth Champion Focus areas Focus areas Global reach Neste MY Renewable Capacity Winning with the Operational Refinery transformation to waste raw going global chemicals increase customers performance materials build-up program step change Indicators Indicators Aiming at a strong Share of 100% Neste Towards commercial Final investment Measured by Net Promoter Safety performance TRIF Yearly additional margin global waste and MY Renewable deliveries in decision to be done Score (NPS) Methodology and PSER in 1st quartile above USD 5.5 per barrel on residue raw materials Diesel to grow from bio-based plastics. by the end of 2018 position 25% in 2017 to 50% and targeting 1st Quartile compared to other European average Target: first Performance, NPS over 50 in refineries by 2020 Target: to have of total sales volume commercial delivery New production unit One million tons of low all B2B segments access to up to 20% in 2020 in 2018 to be operational by The utilization rate is 97.5% carbon refinery feedstocks of the available waste The proportion of our 2022 Increased share of profits by 2020 annually by 2030 and residue streams sales outside of road coming from services by 2021 traffic increases to Target: to add 20% by 2020 production capacity Target: Neste to 4 million tons by Aviation Solution 2022 taking off with first delivery of renewable jet fuel Annual General Meeting 2018 | Point 6 on the agenda Strategic targets 6 Business areas in brief Renewable Oil Products Marketing & Products Services Offers renewable diesel, renewable jet fuels Offers low-carbon solutions that are based Is a notable marketing organization for the and solutions, renewable solvents as well as on high-quality oil products and related company’s extensive range of services and raw materials for bioplastics. services. high-quality products. Capacity 15 million tons per year. In total 1,076 stations in five countries. Capacity 2.6 million tons per year. Renewable Products Oil Products Marketing & Services MEUR 2017 2016 2015 MEUR 2017 2016 2015 MEUR 2017 2016 2015 Revenue 3,243 2,690 2,372 Revenue 8,490 7,395 7,467 Revenue 3,912 3,552 3,748 Comparable operating profit 561 469 402 Comparable operating profit 495 453 439 Comparable operating profit 68 90 84 Operating profit 476 518 233 Operating profit 650 563 389 Operating profit 69 89 79 Net assets 1,863 1,811 1,884 Net assets 2,497 2,424 2,320 Net assets 280 196 184 Comparable return on net Comparable return on net Comparable return on net assets (RONA) 30.2 25.9 21.8 assets (RONA) 19.5 18.7 18.2 assets (RONA) 28.5 47.5 41.2 Capital expenditure and Capital expenditure and Capital expenditure and investments in shares 122 104 28 investments in shares 307 249 453 investments in shares 37 31 37 Annual General Meeting 2018 | Point 6 on the agenda Business areas in brief 7 2017 2016 Change, % Income statement Revenue, MEUR 13,217 11,689 13% Operating profit, MEUR 1,171 1,155 1% Financial Comparable operating profit, MEUR 1,101 983 12% Profit before income taxes, MEUR 1,094 1,075 2% EBITDA, MEUR 1,542 1,521 1% targets Comparable EBITDA, MEUR 1,472 1,349 9% Comparable net profit, MEUR 851 793 7% Profitability, % Return on equity (ROE), % 22.7 28.1 –19% A leverage ratio Return on average capital employed, after tax (ROACE), % 17.5 16.9 4% Financing and financial position of below Total equity, MEUR 4,338 3,755 16% Interest-bearing net debt, MEUR 412 683 –40% Leverage ratio, % 8.7 15.4 –44% 40% Gearing, % 9.5 18.2 –48% Equity-to-assets ratio, % 55.8 50.6 10% Net cash generated from operating activities, MEUR 1,094 1,193 –8% Other indicators ROACE of at least Capital employed, MEUR 5,533 5,226 6% Capital expenditure and investment in shares, MEUR 536 422 27% Research and development expenditure, MEUR 44 41 7% 15% Average number of personnel 5,297 5,013 6% Total refining margin, USD/bbl 11.08 10.38 7% annually over Total Recordable Injury Frequency per million hours worked (TRIF) 2.1 2.8 –25% the long term Share-related indicators Earnings per share (EPS), EUR 3.56 3.67 –3% Comparable earnings per
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