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"pp-value-1-1": {
"value": "1 General informationNeste Corporation is a Finnish public limited liability companydomiciled in Espoo, Finland. Neste Corporation is listed on theNASDAQ Helsinki Oy. The address of its registered office isKeilaranta 21, P.O. Box 95, 00095 Neste FinlandNeste Corporation and its subsidiaries (together referred to as Neste) create sustainable solutions for transport, business,and consumer needs. Neste\u2019s wide range of renewable and circular solutions enable its customers to reduce climate emissions.Neste is the world\u2019s largest producer of renewable diesel and sustainable aviation fuel refined from waste and residue, developingchemical recycling to combat the plastic waste challenge. Sustainably-produced solutions are Neste\u2019s most significant contributionto the implementation of the Paris Agreement, as well as the United Nations\u2019 Sustainable Development Goals (SDG). Neste is alsoa technologically advanced refiner of high-quality oil products. Neste wants to be a reliable partner with widely valued expertise,research, and sustainable operations.Neste\u2019s customers benefit not only from the high-quality products, but also from the comprehensive supply and logisticsservices that Neste can provide in Finland and abroad. Neste\u2019s refineries are located in Finland, the Netherlands and Singapore.Additionally, Neste has a joint operation together with Marathon Petroleum to produce renewable diesel in the United States.Neste has a network of service stations and other retail outlets in Finland and the Baltic countries.The Board of Directors has approved these consolidated financial statements for issue on 7th of February 2024.",
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"value": "2 Accounting policiesThe principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.Basis of preparationThese consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC) interpretations applicable to companies reporting under IFRS as adopted by the European Union. The consolidated financial statements also include compliance with Finnish accounting and corporate legislation. The consolidated financial statements have been prepared under the historical cost convention unless otherwisestated in the Neste\u2019s accounting policies.The consolidated financial statements are presented in million euros unless otherwise stated. The figures in the tables aresubject to rounding, which may cause some rounding inaccuracies in aggregate column and row totals.Neste discloses its accounting policies in conjunction with each Note to provide enhanced understanding of each accountingarea. The following symbols IS, OCI, BS, and CF are used to show which amounts in the Notes can be reconciled to consolidatedstatement of income (IS), consolidated statement of comprehensive income (OCI), consolidated statement of financial position(BS) or consolidated cash flow statement (CF). ",
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"f43253": {
"value": " Espoo",
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"concept": "ifrs-full:PrincipalPlaceOfBusiness",
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"f43263": {
"value": "Keilaranta 21, P.O. Box 95, 00095 Neste",
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"pp-value-10-2": {
"value": "Neste Corporation and its subsidiaries (together referred to as Neste) create sustainable solutions for transport, business,and consumer needs. Neste\u2019s wide range of renewable and circular solutions enable its customers to reduce climate emissions.Neste is the world\u2019s largest producer of renewable diesel and sustainable aviation fuel refined from waste and residue, developingchemical recycling to combat the plastic waste challenge. Sustainably-produced solutions are Neste\u2019s most significant contributionto the implementation of the Paris Agreement, as well as the United Nations\u2019 Sustainable Development Goals (SDG). Neste is alsoa technologically advanced refiner of high-quality oil products. Neste wants to be a reliable partner with widely valued expertise,research, and sustainable operations.Neste\u2019s customers benefit not only from the high-quality products, but also from the comprehensive supply and logisticsservices that Neste can provide in Finland and abroad. Neste\u2019s refineries are located in Finland, the Netherlands and Singapore.Additionally, Neste has a joint operation together with Marathon Petroleum to produce renewable diesel in the United States.Neste has a network of service stations and other retail outlets in Finland and the Baltic countries.",
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"f43331": {
"value": "The Board of Directors has approved these consolidated financial statements for issue on 7th of February 2024.",
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"pp-value-13-2": {
"value": "These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC) interpretations applicable to companies reporting under IFRS as adopted by the European Union.",
"dimensions": {
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"language": "en",
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"pp-value-17-1": {
"value": "The following new standards and amendments became effective as of 1 January 2023 (unless otherwise stated):\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements\u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 Income Taxes\u2022 International Tax Reform \u2014 Pillar Two Model Rules \u2013 Amendments to IAS 12 Income TaxesNeste has adopted Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 Income Taxes from 1 January 2023. The impact relates only to disclosure of the deferred tax assets and liabilities recognized in Note 11 Income taxes.Neste has prepared for the adoption of minimum tax rules (Pillar 2) in the beginning of 2024. More information about the impacts can found in Note 11 Income taxes.New standards, amendments and interpretations not yet adoptedCertain new interpretations, amendments to existing standards or new standards have been published. Neste intends to adopt these standards when they become effective.There are no IFRS or IFRIC interpretations that are not yet effective and that would be expected to have a material impact on Neste.New standards, significant amendments and interpretations adopted by NesteNeste applied, for the first time, certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023. These amendments did not have a material impact on the consolidated financial statements of Neste. Neste has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-17-2": {
"value": "The following new standards and amendments became effective as of 1 January 2023 (unless otherwise stated):\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements\u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 Income Taxes\u2022 International Tax Reform \u2014 Pillar Two Model Rules \u2013 Amendments to IAS 12 Income TaxesNeste has adopted Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 Income Taxes from 1 January 2023. The impact relates only to disclosure of the deferred tax assets and liabilities recognized in Note 11 Income taxes.Neste has prepared for the adoption of minimum tax rules (Pillar 2) in the beginning of 2024. More information about the impacts can found in Note 11 Income taxes.New standards, amendments and interpretations not yet adoptedCertain new interpretations, amendments to existing standards or new standards have been published. Neste intends to adopt these standards when they become effective.There are no IFRS or IFRIC interpretations that are not yet effective and that would be expected to have a material impact on Neste.New standards, significant amendments and interpretations adopted by NesteNeste applied, for the first time, certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023. These amendments did not have a material impact on the consolidated financial statements of Neste. Neste has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-18-1": {
"value": "Estimates and judgements requiring management estimationThe preparation of consolidated financial statements in conformity with the International Accounting Standard as adopted by EU requires Neste\u2019s management to make estimates and assumptions which have an impact on reported assets and liabilities, the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of income and expenses during the reporting period. In addition, management judgement may be required in applying the accounting principles, for example, classifying assets as held for sale.These estimates, assumptions and judgements are based on management\u2019s historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual amounts may differ significantly from the estimates used in the financial statements. Neste follows the changes in estimates, assumptions and the factors affecting them by using multiple internal and external sources of information. Possible changes in estimates and assumptions are recognized in the financial period the estimate or assumption is changed.The sources of uncertainty which have been identified as most significant estimates by Neste are presented in connection to the items considered to be affected.Visibility in the global economy continues to be low due to high inflation, reduced economic growth expectations and continued geopolitical uncertainty. We expect volatility in the oil products and renewable feedstock markets to remain high. Neste has assessed the impacts of war in Ukraine by reviewing the carrying values of the balance sheet items, which did not indicate a need for asset impairments. Neste does not have fixed assets in Russia nor in Ukraine. Neste\u2019s financial position remained strong. Changes in the macroeconomic environment have been taken into account by updating the interest rate, discount rate and inflation assumptions to reflect the current situation. More information can be found in the Notes 3 Financial risk management, 13 Goodwill and Intangible assets and 23 Employee benefit obligations.Estimates and judgements requiring management estimationLiabilities and assets are recognised with respect to income tax amounts when management is expecting to pay and recover, respectively. Management has chosen not to discount non-current tax balances.Neste has deferred tax assets and liabilities which are expected to be realized through the income statement over extended periods of time in the future. Neste management has made certain assumptions regarding future tax consequences and used certain estimates when calculating differences between carrying amounts of assets and liabilities and their tax bases. Key assumptions underlying tax calculations include e.g. likelihood that recoverability periods for tax loss carryforwards will not change, and that existing tax laws and rates remain unchanged into the foreseeable future. At each balance sheet date deferred tax assets are assessed for recoverability and when circumstances indicate that it is no longer probable that deferred tax assets can be recovered, balances are reduced to their recoverable amounts.Several Neste countries, including Finland, have adopted the new Pillar Two rules into national law in 2023. The Group is in the process of assessing the exposure to the Pillar Two income taxes arising from legislation. Based on the preliminary assessment, the Group has identified some potential exposure to Pillar Two income taxes on profits earned in Estonia, Ireland, Singapore, Switzerland and the USA where the expected effective tax rate will probably be less than 15% due to the lower statutory tax rates, tax incentives and tax exempt income. However, as all of the conditions and circumstances affecting the applicability of Pillar Two legislation cannot be known, the quantitative impact of the potential top-up tax arising from the enacted legislation is not yet reasonably estimable. The Group continues to assess the impact of the Pillar Two legislation on its financials.Estimates and judgements requiring management estimationIntangible assets as well as property, plant and equipment are always tested for impairment, when there is any indication that an asset may be impaired. When the recoverable amount of an asset is less than the carrying amount, an impairment loss is recognized as an expense immediately and the carrying amount is reduced to the asset\u2019s recoverable amount.The amounts recoverable from cash-generating units\u2019 operating activities are determined based on value in use calculations. These calculations are based on estimated future cash flows approved by Neste\u2019s management, covering a period of three years. Preparation of these estimates requires management to make assumptions relating to future expectations. The main assumptions used relate to the sales margin and discount rates. The climate related assumptions in the calculations include the demand increase in the Renewable Products, which is positively affecting the sales margin and nominal growth rate assumptions. Estimates and judgements requiring management estimationEstimates of net realizable value are based on the most reliable evidence available at the time the estimates are made. These estimates take into consideration fluctuations of price or cost directly relating to events occurring after the end of the period to the extent that such events confirm conditions existing at the end of the period. Estimates and judgements requiring management estimationThe existence of criteria for recognizing provisions and the amounts of provisions are determined based on estimates. The amount to be recorded is the best estimate of the cost required to settle the obligation at the reporting date or transfer to a third party. The estimate of the financial impact of the past event requires management judgement, which is based on similar events occurred in the past, and where applicable, the opinion of external experts. Estimates may differ from the actual future amount of the obligation and with respect to the existence of the obligation. In addition to the provisions recognized, there are some off-balance-sheet contingent liabilities for which the future potential outcome (timing, costs) cannot be estimated reliably.The most significant provisions in the consolidated statement of financial position relate to environmental liabilities. Environmental provisions are based on management\u2019s best estimate of remediation costs. The restructuring provision is recognized when Neste has prepared a detailed restructuring plan and published it. Estimates and judgements requiring management estimationAccounting for defined benefit pensions and other long-term employee benefits involves making significant estimates when measuring Neste\u2019s pension expenses and obligations. The assumptions that are the most significant to the amounts reported are the discount rate, the rate of salary increase and future benefit increase. Changes in these assumptions could result in significant changes to the carrying amount of Neste\u2019s pension liability and future pension expenses. Estimates and judgements requiring management estimationNeste determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.Neste has several lease contracts that include extension and termination options. Neste\u2019s management applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, Neste\u2019s management reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate.Neste\u2019s management applies judgement also for estimating the term of lease agreements in effect until further notice. The management\u2019s estimates are based on the company\u2019s strategic situation and market conditions, as well the costs that would incur if the leased asset would be replaced by another asset.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-20-1": {
"value": "Climate related topicsClimate commitments are part of Neste\u2019s corporate strategy. Neste has a two-pronged approach to combating climate change. Neste enables our customers to reduce their greenhouse gas (GHG) emissions with renewable and circular products. At the same time, Neste is committed to reducing our own carbon footprint. These two climate performance indicators are included in the long-term incentives for Neste\u2019s key personnel. More information in Note 24 Share-based payments.The financial impacts of the climate-related matters have been booked in the financial statements in accordance with accounting policies. For example, investments to the Renewable Products segment are mainly EU taxonomy aligned capital expenditure.Climate change poses both business risks and opportunities to Neste. Risks associated with the transition to a lower-carbon economy may entail changes for Neste. Policy and legal risks include, but are not limited to, less favorable development of greenhouse gas emissions pricing, unforeseen regulatory development for GHG reductions, and the acceptability of reduction technologies. Relevant market risks are stakeholder and customer attitudes moving in a less favorable direction, shifts in our products\u2019 supply and demand and services and raw materials, increased raw material or utilities costs and scarcity of renewable raw materials.The adaptability and resilience of Neste\u2019s strategy to climate change also creates opportunities by contributing to the transition to a lower-carbon economy. Neste\u2019s strategy has been influenced by opportunities related to renewable and circular products, and we see that increasing global climate ambitions and related regulations continue to increase the demand for our renewable and circular products.The risks and opportunities described above have been taken into account in the goodwill impairment testing of the Renewable Products Cash Generating Unit. More information in Note 13 Goodwill and Intangible assets.Neste uses green finance in accordance with its Green Finance Framework to further the achievement of climate targets. During 2023, Neste issued three green bonds. More information in Note 21 Financial liabilities.Climate-related matters do not have material impact on provisions. More information in Note 22 Provisions.30 Disputes and potential litigationsNeste is involved in legal proceedings and disputes incidental to its business. In management\u2019s opinion, the outcome of these cases is difficult to predict but not likely to have material effect on the Neste\u2019s financial position.",
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"pp-value-21-2": {
"value": "The risks and opportunities described above have been taken into account in the goodwill impairment testing of the Renewable Products Cash Generating Unit. More information in Note 13 Goodwill and Intangible assets.Impairment of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized in the consolidated statement of income to the extent that the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. Non-financial assets other than goodwill are reviewed for possible reversal of impairment recognised in prior periods at each reporting date. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-23-1": {
"value": "Consolidation SubsidiariesThe consolidated financial statements cover the parent company, Neste Corporation, and all those companies over which Neste has control. Neste controls an entity when Neste is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to Neste and are no longer consolidated when this control ceases. Acquired or established subsidiaries are accounted for by using the acquisition method. The consideration transferred and the identifiable assets acquired, and liabilities assumed in the acquired company are measured at their fair value on their date of acquisition. The consideration transferred includes any assets transferred by the acquirer, liabilities incurred by the acquirer to former owners of the acquiree. Any contingent consideration related to the business combination is measured at fair value on their acquisition date and it is classified as either liability or equity. Contingent consideration classified as liability is re-measured at its fair value at the end of each reporting period and the subsequent changes to fair value are recognized in profit or loss. Contingent consideration classified as equity is not subsequently re-measured. The consideration transferred does not include any transactions accounted for separately from the acquisition. Acquisition-related costs are expensed as incurred. Changes in non-controlling interest without losing control, due to changes in ownership interest of a subsidiary, are accounted for as equity transactions. Subsidiaries are treated as 100% owned subsidiaries, if Neste has an obligation to redeem the remaining non-controlling interest within an agreed period. Thus, the share of the non-controlling interest is not recognized in the statement of financial position and the non-controlling shareholders\u2019 share of the financial year\u2019s profit is included until the recognition of the obligation. The obligation is measured at fair value and recorded as a liability in the consolidated statement of financial position. All intra-group transactions, receivables, liabilities and unrealized margins, as well as distribution of profits within Neste, are eliminated in the preparation of consolidated financial statements.The result for the period and items recognized in other comprehensive income are allocated to the equity holders of the parent company and non-controlling interests and presented in the statement of income and statement of other comprehensive income. Non-controlling interests are presented separately from the equity allocated to the equity holders of the company. Other comprehensive income is allocated to the equity holders of the parent company and to non-controlling interests even in situations where the allocation would result in the non-controlling interests\u2019 share being negative, unless non-controlling interests have an exemption not to meet obligations which exceed the non-controlling interests\u2019 investment in the company.Joint arrangementsA joint arrangement is an arrangement in which two or more parties have joint control, and in which the sharing of control has been contractually agreed between the parties. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Joint arrangements are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Neste has assessed the nature of its joint arrangements and determined them to be either joint ventures or joint operations. Joint operation is a joint arrangement, whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities relating to the arrangement. Joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.Neste finalized a transaction to establish a joint arrangement, called Martinez Renewables, for production of renewable fuels together with Marathon Petroleum in 2022. Through the transaction, Neste obtained a 50% interest in Martinez Renewables. At the time of making the investment, Neste made the interpretation to treat the establishment and initial investment into the joint arrangement as an asset acquisition. After the initial investment, Neste classified the joint arrangement as a joint operation as Neste and Marathon Petroleum have a joint control over the arrangement\u2019s relevant activities, and the production output will be divided evenly between Neste and Marathon Petroleum. As a result of the joint operation classification, Neste recognizes its 50% share of Martinez Renewables\u2019 assets, liabilities, revenues and expenses.The investments into Martinez Renewables in 2022 resulted in EUR 753 million capital expenditure in investing cash flow. The impact to Neste\u2019s balance sheet at year-end 2022 is presented in Note 14 Property, plant and equipment, Note 18 Inventories and Note 29 Leases. Martinez Renewables did not have other material impacts to Neste\u2019s balance sheet or income statement.Joint ventures are accounted for using the equity method. Joint operations are consolidated for its share of the assets, liabilities, revenues, expenses and cash flow on a line-by-line basis. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize Neste\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When Neste\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of Neste\u2019s net investment in the joint ventures), Neste does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealized gains on transactions between Neste and its joint arrangements are eliminated to the extent of Neste\u2019s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset being transferred. AssociatesAssociated companies are entities over which Neste has significant influence but not control, and generally involve a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by using the equity method as described above in the \u2018Joint arrangements\u2019 paragraph.Structured entitiesNeste engages in business activities with structured entities which are designed to achieve a specific business purpose. A structured entity is one that has been set up so that voting rights or similar rights are not the dominant factor in deciding who controls the entity. An example is when voting rights relate only to administrative tasks and the relevant activities are directed by contractual arrangements. Structured entities are consolidated when the substance of the relationship between Neste and the structured entities indicate that the structured entities are controlled by Neste. The extent of Neste\u2019s interests in unconsolidated structured entities will vary depending on the type of structured entities. Entities are not consolidated because Neste does not control them through voting rights, contract, funding agreements, or other means.Management uses judgement when determining the accounting treatment of the structured entities. In addition to the voting rights or similar rights, the management considers other factors such as the nature of the arrangement, contractual arrangements and level of influence with the structured entities.",
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"pp-value-24-2": {
"value": "SubsidiariesThe consolidated financial statements cover the parent company, Neste Corporation, and all those companies over which Neste has control. Neste controls an entity when Neste is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to Neste and are no longer consolidated when this control ceases. Acquired or established subsidiaries are accounted for by using the acquisition method. The consideration transferred and the identifiable assets acquired, and liabilities assumed in the acquired company are measured at their fair value on their date of acquisition. The consideration transferred includes any assets transferred by the acquirer, liabilities incurred by the acquirer to former owners of the acquiree. Any contingent consideration related to the business combination is measured at fair value on their acquisition date and it is classified as either liability or equity. Contingent consideration classified as liability is re-measured at its fair value at the end of each reporting period and the subsequent changes to fair value are recognized in profit or loss. Contingent consideration classified as equity is not subsequently re-measured. The consideration transferred does not include any transactions accounted for separately from the acquisition. Acquisition-related costs are expensed as incurred. Changes in non-controlling interest without losing control, due to changes in ownership interest of a subsidiary, are accounted for as equity transactions. Subsidiaries are treated as 100% owned subsidiaries, if Neste has an obligation to redeem the remaining non-controlling interest within an agreed period. Thus, the share of the non-controlling interest is not recognized in the statement of financial position and the non-controlling shareholders\u2019 share of the financial year\u2019s profit is included until the recognition of the obligation. The obligation is measured at fair value and recorded as a liability in the consolidated statement of financial position. All intra-group transactions, receivables, liabilities and unrealized margins, as well as distribution of profits within Neste, are eliminated in the preparation of consolidated financial statements.The result for the period and items recognized in other comprehensive income are allocated to the equity holders of the parent company and non-controlling interests and presented in the statement of income and statement of other comprehensive income. Non-controlling interests are presented separately from the equity allocated to the equity holders of the company. Other comprehensive income is allocated to the equity holders of the parent company and to non-controlling interests even in situations where the allocation would result in the non-controlling interests\u2019 share being negative, unless non-controlling interests have an exemption not to meet obligations which exceed the non-controlling interests\u2019 investment in the company.",
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"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-26-2": {
"value": "Joint arrangementsA joint arrangement is an arrangement in which two or more parties have joint control, and in which the sharing of control has been contractually agreed between the parties. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Joint arrangements are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Neste has assessed the nature of its joint arrangements and determined them to be either joint ventures or joint operations. Joint operation is a joint arrangement, whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities relating to the arrangement. Joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.Neste finalized a transaction to establish a joint arrangement, called Martinez Renewables, for production of renewable fuels together with Marathon Petroleum in 2022. Through the transaction, Neste obtained a 50% interest in Martinez Renewables. At the time of making the investment, Neste made the interpretation to treat the establishment and initial investment into the joint arrangement as an asset acquisition. After the initial investment, Neste classified the joint arrangement as a joint operation as Neste and Marathon Petroleum have a joint control over the arrangement\u2019s relevant activities, and the production output will be divided evenly between Neste and Marathon Petroleum. As a result of the joint operation classification, Neste recognizes its 50% share of Martinez Renewables\u2019 assets, liabilities, revenues and expenses.The investments into Martinez Renewables in 2022 resulted in EUR 753 million capital expenditure in investing cash flow. The impact to Neste\u2019s balance sheet at year-end 2022 is presented in Note 14 Property, plant and equipment, Note 18 Inventories and Note 29 Leases. Martinez Renewables did not have other material impacts to Neste\u2019s balance sheet or income statement.Joint ventures are accounted for using the equity method. Joint operations are consolidated for its share of the assets, liabilities, revenues, expenses and cash flow on a line-by-line basis. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize Neste\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When Neste\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of Neste\u2019s net investment in the joint ventures), Neste does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealized gains on transactions between Neste and its joint arrangements are eliminated to the extent of Neste\u2019s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset being transferred. Country of Joint arrangements Group holding % ClassificationincorporationA/B Svarts\u00e5 Vattenverk - Mustijoen Vesilaitos O/Y 40.00% Joint Operation FinlandKilpilahti Power Plant Ltd 40.00% Joint Venture FinlandMartinez Renewables LLC 50.00% Joint Operation USA",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-27-2": {
"value": "AssociatesAssociated companies are entities over which Neste has significant influence but not control, and generally involve a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by using the equity method as described above in the \u2018Joint arrangements\u2019 paragraph.",
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"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"pp-value-28-2": {
"value": "Structured entitiesNeste engages in business activities with structured entities which are designed to achieve a specific business purpose. A structured entity is one that has been set up so that voting rights or similar rights are not the dominant factor in deciding who controls the entity. An example is when voting rights relate only to administrative tasks and the relevant activities are directed by contractual arrangements. Structured entities are consolidated when the substance of the relationship between Neste and the structured entities indicate that the structured entities are controlled by Neste. The extent of Neste\u2019s interests in unconsolidated structured entities will vary depending on the type of structured entities. Entities are not consolidated because Neste does not control them through voting rights, contract, funding agreements, or other means.Management uses judgement when determining the accounting treatment of the structured entities. In addition to the voting rights or similar rights, the management considers other factors such as the nature of the arrangement, contractual arrangements and level of influence with the structured entities.Consolidated structured entitiesSince 2014, Neste has treated the sold vessels\u2019 long-term agreements made with Ilmarinen Mutual Pension Insurance Company and Finland\u2019s National Emergency Supply Agency as structured entities. As a part of these arrangements, Neste guarantees the vessels\u2019 residual value and certain return on the investors\u2019 investments.",
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"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-29-1": {
"value": "Foreign currency translation (a) Presentation currencyItems included in the financial statements of each of Neste\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in euros, which is the company\u2019s presentation currency. (b) Transactions in foreign currenciesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognized in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges.(c) Group companiesThe results and financial position of all Neste entities (none of which uses a hyperinflationary economy currency) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 Assets and liabilities are translated at the closing rate quoted on the relevant balance sheet date; \u2022 Income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions);\u2022 All resulting exchange differences are recognized in other comprehensive income. On consolidation, exchange differences arising from the translation of the net investment in foreign entities and currency instruments designated as hedges of such investments, are recognized in other comprehensive income and allocated to the translation differences in equity. When a foreign operation is partially disposed of, sold, or liquidated, translation differences accrued in equity are recognized in the income statement as part of the gain or loss on the sale/liquidation. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the entity in question and translated at the closing rate.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-30-1": {
"value": "3 Financial risk managementFinancial risk management principlesThe Neste Board of Directors has approved the Corporate risk management policy. This policy together with the related principles and instructions defines the framework for financial risk management within Neste. Mandates and limits that are applicable to financial risks have been defined in the risk management policy.For more information regarding Neste\u2019s risk management principles and key risk areas, please refer to the risk management section in the annual report.Market risksMarket risk is the risk or uncertainty arising from possible market price movements and their impact on the future performance of a business. For Neste, the main types of market risks are commodity price risk, foreign exchange risk and interest rate risk. These are specified in more detail in the following sections. In accordance with the Corporate risk management policy, various derivatives transactions are executed to mitigate exposure to risk. The positions are monitored and managed on a daily basis.1. Commodity price risksThe main commodity price risks Neste faces in its businesses are related to market prices for crude oil, renewable feedstocks, and other feedstocks, as well as refined petroleum and renewable products. These prices are subject to significant fluctuations resulting from a periodic over-supply and supply tightness in various regional markets, coupled with fluctuations in demand. Neste\u2019s results of operations in any given period are principally driven by the demand for and prices of renewable and oil products relative to the supply and cost of raw materials. These factors, combined with Neste\u2019s own consumption of raw materials and output of refined products, drive operational performance and cash flows in Renewable Products and Oil Products, which are Neste\u2019s largest segments in terms of revenue, profits, and net assets.Neste divides the commodity price risks affecting Neste\u2019s revenue, profits, and net assets into two main categories: inventory price risk and refining margin risk. Inventory price riskFrom a price risk management perspective, Neste\u2019s refinery inventory consists of two components. The first and largest component remains relatively constant over time and is referred to as the \u2018base inventory\u2019. The second and daily fluctuating component is the amount of inventories differing from the base inventory level and at Neste it is called \u2018transaction position\u2019.The base inventory is the minimum level that can reasonably assure the continuous operation of the refineries and prevent deliveries from being compromised. It comprises inventories at the refineries and within the supply chain. The base inventory includes the minimum level of stocks that Neste is required to maintain under Finnish laws and regulations.The base inventory creates a risk in Neste\u2019s income statement and balance sheet since Neste applies the weighted average method for measuring the cost of goods sold, raw materials and inventories. Hedging operations related to price risk do not target the base inventory. Instead, Neste\u2019s inventory risk management policies target the \u2018transaction position\u2019 in as much as these stocks create cash flow risks depending on the relationships between feedstock purchases, refinery production and refined petroleum product sales over any given period. According to the Neste risk management policy, open exposures of the transaction position are hedged without delay when the underlying pricing-in or pricing-out occurs if existing hedging instruments provide appropriate hedging efficiency. In hedging the transaction position, derivative financial instruments are used. Because of the differences between the quality of the underlying feedstocks or end products for which derivative financial instruments can be sold and purchased and the actual quality of Neste\u2019s feedstocks and end products, the business will remain exposed to some degree of basis risk. Basis risk is typically higher in the Renewables business compared to the fossil fuel refining due to the nature of the feedstock pool and limited availability of hedging instruments.If crude or oil product markets are in contango where current forward prices are higher than current spot prices, Neste has the capability to build physical contango storages from time to time. These storages are excluded from the transaction position and are hedged separately.Refining margin riskNeste is exposed to a greater margin volatility in the Renewable Products segment compared to that of fossil fuel refining. In the Renewables business, the refining margin is mainly an outcome of the renewable product sale price received and the cost of feedstocks used. The underlying price quotations used in renewable diesel pricing are primarily related to oil products. Premiums over pricing indices fluctuate regionally depending on the nature of bio mandates and incentives, local supply and demand, and fossil fuel prices. In North America, Soy Methyl Ester (SME) is an important price driver through its link to Renewable Identification Number (RIN) prices. The cost of feedstocks depends on feedstock selection and is typically derived from different vegetable oils and fats. Feedstock prices are mainly driven by supply and demand balances, crop forecasts and regional weather. In Renewable Products segment, operational activities and margin hedges are the primary means of mitigating margin volatility.Refining margin is an important determinant of Oil Products segment\u2019s earnings. Its fluctuations constitute a significant risk. The refining margin risk is a result of the revenue from sold petroleum products and the cost of raw materials together with other costs. Neste\u2019s exposure to low refining margins in traditional oil refining is partly offset by its high-conversion refinery capacity.With the aim of securing its margin and cash flow, Neste has defined margin hedging principles for its main refining businesses. In the Renewable Products segment, the targeted hedge ratios are typically higher and can be expected to fluctuate over time. In the fossil fuel business, the hedge ratios are typically moderate. Both Oil and Renewable Product segments\u2019 margins are also exposed to utility price risk that mainly arises from consumption of electricity and natural gas. Neste has also defined principles for hedging these exposures. In hedging the refining margin and utility price risks, commodity derivatives are used. Just as in transaction position hedging, also when hedging the refining margin and utility risks, the business will remain exposed to a certain degree of basis risk that comes from the differences between actual qualities of feedstocks and products and qualities of available hedging arrangements. The exposure to open positions of commodity derivative contracts is summarized in Note 19 Derivative financial instruments. Neste does not apply IFRS hedge accounting for commodity hedging positions. 2. Foreign exchange risk As the underlying currency of Neste\u2019s main markets is the U.S. Dollar, and Neste operates and reports in Euro, this factor is one that exposes Neste\u2019s business to currency risk. The objective of foreign exchange risk management in Neste is to limit the uncertainty created by changes in foreign exchange rates on the future value of cash flows and earnings, and in the balance sheet. Generally, foreign exchange risk can be managed by hedging currency risks in contracted and forecast cash flows and balance sheet exposures (referred to as transaction exposure) as well as the equity of non-euro-based subsidiaries (referred to as translation exposure). Transaction exposureIn general, all reporting segments hedge their transaction exposure related to highly probable future cash flows. Net foreign currency cash flows are forecast over a 12-month period on a rolling basis and hedged on average 70% for the first six months and 30% of the next six months for the Renewable business and on average 80% for the first six months and 40% for the following six months for the fossil fuel business. Deviations from the benchmark hedging ratio are allowed in line with the limits set by the Corporate risk management policy. The most important hedged currency is the U.S. dollar. Other currencies to which Neste is exposed to are the Swedish crown (SEK), the Chinese renminbi (CNY), the Singapore dollar (SGD), the Australian dollar (AUD). Neste\u2019s net exposure is managed through the use of forward contracts and options. All transactions are made for hedging purposes and the majority is also hedge-accounted for according to IFRS. The reporting segments are responsible for forecasting net foreign currency cash flows, while Group Treasury & Risk Management is responsible for implementing hedging transactions. In addition to the above-mentioned foreign currency hedging programs, Neste has continued to hedge material currency exposures related to investments. Neste has several currency-denominated assets and liabilities in its balance sheet, such as foreign currency loans, deposits, net working capital and cash in other currencies than home currency. The principle is to hedge this balance sheet exposure fully using forward contracts. Similarly to commodity price risk management, the foreign exchange transaction hedging targets inventories in excess of the base inventory. Open exposures are allowed based on risk limits set by the Corporate risk management policy. The largest and most volatile item in terms of balance sheet exposure is net working capital. Since many of the Neste\u2019s business transactions, sales of products and services and purchases of crude oil and other feedstock are linked to the U.S. dollar, the daily exposure of net working capital is hedged as part of the balance sheet hedge in order to neutralize the effect of volatility in EUR/USD exchange rate. During 2023, the daily balance sheet exposure fluctuated between approximately USD 827 million and 2,322 million (2022: USD 1,346 million and 3,429 million). USD transaction exposure under hedge accountingMUSD 31 Dec 2023 31 Dec 2022Net exposure, 12 months 6,096 6,269Hedging, 12 months (forward) 2,795 3,182Average rate of hedging 1.089 1.050Group Treasury & Risk Management is responsible for consolidating various balance sheet items and carrying out hedging transactions. The exposure to open positions of foreign exchange derivative contracts is summarized in Note 19 Derivative financial instruments. Translation exposureGroup Treasury & Risk Management is responsible for managing Neste\u2019s translation exposure. This consists of net investments in foreign subsidiaries and joint ventures. Although the main principle is to leave translation exposure unhedged, Neste may seek to reduce the volatility in equity in the consolidated balance sheet through hedging transactions. Any hedging decisions are made by Group Treasury & Risk Management. At the end of 2023, the most important translation exposures were: U.S. dollar EUR 3,106 million and Swedish Crown EUR 87 million (2022: U.S dollar EUR 2,747 million, Swedish Crown EUR 89 million). Neste has not hedged the exposures in 2023 or 2022. 3. Interest rate riskNeste is exposed to interest rate risk mainly through its interest-bearing net debt. The objective of the interest rate risk management is to limit the volatility of interest expenses in the income statement. The benchmark duration for the debt portfolio is 12 months, and the duration can vary between six and 96 months. As of 31 December 2023, the duration was 34 months (2022: 29 months). In addition to duration, Neste has defined a limitation for interest flow risk.Interest rate derivatives are used to adjust the duration of the debt portfolio. Neste\u2019s interest rate risk management is handled by Group Treasury & Risk Management. The nominal and fair values of the outstanding interest rate derivative contracts as of 31 December 2023 (2022) are summarized in Note 19. The re-pricing period of interest-bearing liabilities occurs Within 1 year\u2013 20231 year5 years > 5 years TotalFinancial instruments with floating interest rateLoans from financial institutions 759 0 0 759Other loans 1 0 0 1Effect of interest rate swaps 550 0 0 550Financial instruments with fixed interest rateBonds 201 496 1,614 2,311Lease liabilities 199 370 398 967Other loans 30 0 0 30Effect of interest rate swaps 0 0 -550 -5501,740 866 1,462 4,068The re-pricing period of interest-bearing liabilities occursWithin 1 year\u201320221 year 5 years > 5 years TotalFinancial instruments with floating interest rateLoans from financial institutions 776 0 0 776Other loans 34 0 0 34Financial instruments with fixed interest rateBonds 0 400 495 895Commercial paper liabilities 346 0 0 346Lease liabilities 111 135 289 535Other loans 0 30 0 301,266 565 784 2,6164. Key sensitivities to market risksSensitivity of operating profit to market risks arising from the Group\u2019s operationsDue to the nature of its operations, Neste\u2019s financial performance is sensitive to the market risks described above. The following table details the approximate impact that movements in the Neste\u2019s key price and currency exposures would have on its operating profit for 2024 (2023), assuming normal market and operating conditions and with following assumptions on sensitivities:\u2022 Hedging transactions are excluded\u2022 The sensitivity of each factor in the table is individual, assuming other factors to remain constant, i.e., the ceteris paribus principle\u2022 The sensitivity in the EUR/USD exchange rate is based on exposure forecast\u2022 The sensitivity in the Oil Product total refining margin is based on forecast volumes, representing an impact from change of 1 USD/barrel \u2022 The sensitivity in the Oil Products crude oil price is based on impacts through inventory gains / losses and changes in utility and freight costs\u2022 The sensitivity in the Renewable Products refining margin is based on nameplate capacity at end of 2023, representing an impact from a change of 50 USD/tonApproximate impact on operating profit, excluding hedges 2024 2023+/- 10% in the EUR/USD exchange rate EUR million -502/+613 -534/+653+/- USD 1.00/barrel in Oil Products total refining margin USD million +/-80 +/-90 1)+/- USD 10/barrel in crude oil price for Oil ProductsUSD million +/-110 +/-1152)+/- USD 50/t in Renewable Products refining margin USD million +/-270 +/-1701) Inventory gains/losses excluded from comparable EBITDA2) Based on name-plate capacitySensitivity to market risks arising from financial instruments as required by IFRS 7The following analysis, required by IFRS 7, is intended to illustrate the sensitivity of Neste\u2019s profit for the period and equity to changes in oil prices, the EUR/USD exchange rate, and interest rates, resulting from financial instruments, such as financial assets and liabilities and derivative financial instruments, as defined by IFRS, included in the balance sheet as of 31 December 2023 (2022). Financial instruments affected by the above market risks include net working capital items, such as trade and other receivables and trade and other payables, interest-bearing liabilities, deposits, liquid funds, and derivative financial instruments. When cash flow hedge accounting is applied, the change in the fair value of derivative financial instruments is assumed to be recorded fully in equity.The following assumptions were made when calculating the sensitivity to the change in oil prices:\u2022 The price variation for oil derivative contracts of crude oil, refined oil products and vegetable oil is assumed to be +/- 20%\u2022 The sensitivity related to oil derivative contracts held for hedging refinery oil inventory position is included; the underlying physical oil inventory position is excluded from the calculation, since inventory is not a financial instrument\u2022 The sensitivity related to oil derivative contracts held for hedging expected future refining margin is included; the underlying expected refining margin position is excluded from the calculationThe following assumptions were made when calculating the sensitivity to changes in the EUR/USD exchange rate:\u2022 The variation in the EUR/USD-rate is assumed to be +/- 10%\u2022 The position includes USD-denominated financial assets and liabilities, such as interest-bearing liabilities, deposits, trade and other receivables, trade and other payables, and liquid funds, as well as derivative financial instruments\u2022 The position excludes USD-denominated future cash flowsThe following assumptions were applied when calculating the sensitivity to changes in interest rates:\u2022 The variation of interest rate is assumed to be a 1% parallel shift in the interest rate curve\u2022 The interest rate risk position includes interest-bearing liabilities (excluding leases), interest-bearing receivables, and interest rate swaps, however liquid funds are excluded\u2022 The income statement is affected by changes in the interest rates of floating-rate financial instruments except derivative financial instruments that are designated as and qualifying for cash flow hedges, which are recorded directly in equityThe sensitivity analysis presented in the following table may not be representative, since the Neste\u2019s exposure to market risks also arises from balance sheet items other than financial instruments, such as inventories. As the sensitivity analysis does not take into account future cash flows, which Neste hedges in significant volumes, it only reflects the change in fair value of hedging instruments. In addition, the size of the exposure sensitive to changes in the EUR/USD exchange rate varies significantly, so the position on the balance sheet date may not be representative for the financial period on average. Equity in the following table includes items which are recorded directly in equity. Items affecting the income statement are not included in equity.2023 2022Sensitivity to market risk arising from Income Income financial instruments as required by IFRS 7statement Equitystatement Equity1)+/- 20% change in oil price EUR million +/- 37 +/- 0 -/+27 +/-0+/- 10% change in EUR/USD exchange rate EUR million +144/-176 +197/-197 +175/-214 +219/-218+/- 1% parallel shift in interest rates EUR million -/+8 +/-0 -/+6 +/-01) Includes crude oil, refined oil products and vegetable oil derivativesLiquidity and refinancing risksLiquidity risk is defined as financial distress or extraordinarily high financing costs arising due to a shortage of liquid funds in a situation where business conditions unexpectedly deteriorate and require financing. The objective of liquidity risk management is to maintain sufficient liquidity and to ensure that it is available fast enough to avoid uncertainty related to financial distress at all times. Neste\u2019s principal source of liquidity is expected to be cash generated from operations. In addition, Neste seeks to reduce liquidity and refinancing risks by maintaining a diversified maturity profile in its loan portfolio. Certain other limits have also been set to minimize liquidity and refinancing risks. The amount of short-term financing is limited to the greater of the following: EUR 500 million or 30% of total interest-bearing liabilities. Unused committed credit facilities together with cash must always be at a minimum EUR 700 million and sufficient to cover all forecasted negative free cash flows and interest-bearing liabilities maturing within the next 12-month period.The average loan maturity as of 31 December 2023 was 5.1 years (2022: 2.5 years). The most important financing programs in place are committed revolving multicurrency credit agreement of EUR 1,200 million, other committed revolving credit agreements totaling EUR 550 million, committed overdraft facilities totaling EUR 150 million and uncommitted domestic commercial paper program of EUR 400 million.Liquid funds and committed unutilized credit facilities 31 Dec 2023 31 Dec 2022Liquid funds 1,580 1,271Overdraft facilities, expiring within one year 150 150 1)Revolving credit facility, expiring beyond one year1,750 1,450Total 3,480 2,871In addition: unused commercial paper program (uncommitted) 400 541) EUR 1,200 million revolving credit agreement dated 18 December, 2019 for general corporate purposes. The agreement has a tenor of five years with two one-year extension options. The margin under the agreement will be adjusted based on Neste\u2019s progress to meet its greenhouse gas emission reduction target. EUR 250 million revolving credit agreement dated 23 December 2022, EUR 175 million revolving credit agreement dated 20 April 2023 and EUR 125 million revolving credit agreement dated 28 April 2023 for general corporate purposes with a tenor of three years and two one-year extension options.Maturity profile of financial liabilities based on contractual payments 31 Dec 2023 2024 2025 2026 2027 2028 2029\u2013 TotalTrade payables and other liabilities 2,433 10 2 2 2 24 2,473Interest-bearing liabilities 1)Bonds201 0 0 0 500 1,600 2,301Loans from financial institutions 149 6 506 98 0 0 759 2)Lease liabilities199 145 98 70 58 398 967Other loans 32 0 0 0 0 0 32Interest of lease liabilities 50 41 36 32 28 310 497Interest of other liabilities 91 95 82 72 68 195 604Total 3,154 297 723 274 655 2,528 7,633Commodity derivatives 203 6 0 0 0 0 209Gross settled forward foreign exchange contracts- inflow (-) -770 0 0 0 0 0 -770- outflow 779 0 0 0 0 0 779Derivatives total 212 6 0 0 0 0 2191) Refer to Note 21 Financial liabilities for further information2) Refer to Note 29 Leases for further information Maturity profile of financial liabilities based on contractual payments 31 Dec 2022 2023 2024 2025 2026 2027 2028\u2013 TotalTrade payables and other liabilities 2,879 13 13 1 1 14 2,922Interest-bearing liabilities 1)Bonds0 400 0 0 0 500 900Loans from financial institutions 162 6 506 6 98 0 777Commercial paper liabilities 346 0 0 0 0 0 346 2)Lease liabilities111 72 37 16 10 289 535Other loans 34 30 0 0 0 0 64Interest of lease liabilities 30 27 24 22 21 282 405Interest of other liabilities 36 32 14 7 7 4 99Total 3,597 580 594 52 136 1,089 6,048Commodity derivatives 157 12 0 0 0 0 169Gross settled forward foreign exchange contracts- inflow (-) -1,683 -3 0 0 0 0 -1,686- outflow 1,725 3 0 0 0 0 1,728Derivatives total 199 12 0 0 0 0 2111) Refer to Note 21 Financial liabilities for further information2) Refer to Note 29 Leases for further information Credit and counterparty riskCounterparty risk arises from all business relationships, where Neste is exposed to the counterparty\u2019s failure to perform according to Neste\u2019s requirements and contractual commitments. The risk arises especially from sales, supply, hedging and trading transactions as well as from cash investments. Risk magnitude depends on the size of the business exposure and creditworthiness of the counterparty. The objective of counterparty and credit risk management is to prevent and minimize the losses incurred as a result of a counterparty not fulfilling its obligations. Limits, mandates and management principles for counterparty and credit risk are covered in the Corporate risk management policy and separate principle and instruction-level documents. Credit risk limits are set at the Group level, designated by different levels of authorization and delegated to Neste\u2019s reporting segments, which are responsible for counterparty risk management within these limits. When determining the credit lines for sales contracts, counterparties are screened and evaluated vis-\u00e0-vis their creditworthiness to decide whether an open credit line is acceptable or collateral, for example, a letter of credit, bank guarantee or parent company guarantee has to be posted. In the event that collateral is required credit risk is evaluated based on a financial evaluation of the party posting the collateral. If appropriate in terms of the potential credit risk associated with a specific customer, advance payment is required before delivery of products or services. In addition, Neste may reduce its counterparty risks by selling trade receivables to a third party, e.g., the bank. Neste risk management policy divides credit lines for counterparties into following categories according to contract type: physical sales transactions, derivative transactions, and financial transactions. In each of the categories counterparty credit limits and decision making mandates are determined separately for counterparties rated by general rating agencies and unrated counterparties. For OTC (over-the-counter) derivative financial instrument contracts, Neste has negotiated framework agreements in the form of the ISDA (International Swaps and Derivatives Association) master agreement with the main counterparties concerning commodity, emission allowance, currency and interest rate derivative financial instruments. These contracts permit netting and allow for termination of the contract on the occurrence of certain events of defaults and termination events. Some of these agreements include Credit Support Annexes (CSA) with the aim of reducing credit and counterparty risk by requiring margin call deposits in the form of cash or letter of credit for balances exceeding the mutually agreed limit. At the end of December 2023, Neste had received EUR 1 million in cash collateral (2022: EUR 34 million) and EUR 0 million letter of credit (2022: EUR 0 million) due to CSA agreements. Neste had issued EUR 35 million in cash collateral (2022: EUR 27 million) and EUR 0 million letter of credit (2022: EUR 0 million) due to CSA agreements.31 Dec 2023 31 Dec 2022Financial assets Financial liabilities Financial assets Financial liabilitiesFinancial impact of netting for instruments subject to an enforceable master netting agreement (or similar)Derivatives Trade receivables Derivatives Trade payables Derivatives Trade receivables Derivatives Trade payablesGross amount of recognized financial instruments 217 0 219 23 411 51 211 8Related liabilities or assets subject to master netting agreements 120 0 120 0 165 0 165 0CSA agreements 1 0 35 0 34 0 27 0Net exposure 96 0 64 23 212 51 19 8Neste subsidiaries are required to deposit their excess cash balances with the Group Treasury on an ongoing basis in order to provide sufficient visibility and management of Neste\u2019s cash balance and risks associated with it. As for counterparty risk management, the minimum credit rating requirement for companies providing insurance for Neste Group is defined in the insurance principles.Neste has a large number of different international counterparties. As to the range of counterparties, the most significant types are primarily large international oil companies and financial institutions. Neste\u2019s exposure to unexpected credit losses within one reporting segment may increase with the concentration of credit risk through a number of counterparties operating in the same industry sector or geographical area, which may be adversely affected by changes in economic, political or other conditions. These risks are reduced by taking concentration risks into consideration in credit decisions.Counterparties to contracts comprising derivative financial instruments exposure on 31 December 2023: over 85% of the counterparties or their parent companies related to commodity derivative contracts have investment-grade rating from an established international credit rating agency. Respectively, Group Treasury & Risk Management had an exposure for currency and interest rate derivative contracts as of 31 December 2023 with banks, of which all have investment-grade rating at a minimum. Commodity derivative transactions are also done through exchange, which reduces credit risk.Neste assesses expected credit losses and calculates impairment loss from trade receivables based on historical credit loss experience combined with current conditions and forward-looking macroeconomic analysis. Analysis is conducted utilizing industry outlook and economic forecasts from various data sources. Neste has chosen a cautious expected credit loss calculation as indicated by the low level of actual historical credit losses compared to the expected credit loss provision. The receivables have been divided in aging buckets and segments depending on business area and geographic region, in addition to which they are assessed case by case. Impairment loss from trade receivables for the period is EUR 17 million (2022: EUR 12 million). Recognized credit loss of trade receivables amounts to EUR 1 million (2022: EUR 8 million).Probability of Probability of Analysis of trade receivables by age 31 Dec 2023Credit Loss, % 31 Dec 2022Credit Loss, %not past due 1,263 0\u20130.04% 1,552 0\u20130.04%1\u201330 days overdue 179 0.01\u20134% 89 0.01\u20134%31\u201360 days overdue 47 5\u201343% 6 5\u201343%61\u201390 days overdue 17 10\u201355% 3 10\u201355%1)91\u2013180 days overdue 73 25\u2013100% 8 25\u2013100% 1)more than 180 days overdue43 100% 31 100%Trade receivables total 1,622 1,688Impairment loss -17 -12Trade receivables \u2013 Net 1,605 1,6751)Blender\u2019s Tax Credit receivables from the US tax authorities on 31.12.2023 were total EUR 156 million, of which EUR 64 million 91\u2013180 days overdue and EUR 19 million more than 180 days overdue.Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indications that there is no reasonable expectation of recovery may be, e.g., a debtor failing to engage in a repayment plan with the company, or a debtor failing to make contractual payments more than 180 days past due. However, the write-offs are interpreted case by case and thus if there is a high probability that the receivable is still paid, no write-off is made. For all bankruptcies and debt restructurings, Neste makes an immediate write off. Where trade receivables or contract assets have been written off, the company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized in profit or loss as a reversal of the write-off.Capital risk management Neste\u2019s objective when managing capital is to secure a capital structure that ensures access to capital markets at all times despite the business cycle of the industry in which Neste operates. Neste seeks to maintain a capital structure equivalent to a strong investment-grade rating. The capital structure of Neste is reviewed by the Board of Directors on a regular basis.Neste monitors its capital on the basis of leverage ratio, the ratio of interest-bearing net debt to interest-bearing net debt plus total equity. Interest-bearing net debt is calculated as interest-bearing liabilities less liquid funds. Over the cycle, Neste\u2019s leverage ratio is likely to fluctuate, and it is Neste\u2019s objective to maintain the leverage ratio below 40%. The leverage ratio 31 Dec 2023 31 Dec 2022Total interest-bearing liabilities 4,068 2,615Liquid funds 1,580 1,271Interest-bearing net debt 2,488 1,344Total equity 8,463 8,327Interest-bearing net debt and total equity 10,952 9,671Leverage ratio 22.7% 13.9%Reconciliation of interest-bearing net debt Cash and cash equivalents Liquid investments Lease liabilities Borrowings TotalNet debt as at 1 January 2023 -1,271 0 535 2,080 1,344Cash flows -327 -5 -254 1,033 447New lease liabilities 0 0 765 0 765Acquisitions and disposals 0 0 1 6 7Foreign exchange differences 24 0 -8 -19 -3Other non-cash movements 0 0 -72 0 -72Net debt as at 31 December 2023 -1,575 -5 967 3,101 2,488Reconciliation of interest-bearing net debt Cash and cash equivalents Liquid investments Lease liabilities Borrowings TotalNet debt as at 1 January 2022 -1,581 -135 444 1,313 41Cash flows 440 135 -157 754 1,173New lease liabilities 0 0 253 0 253Acquisitions and disposals -2 0 0 6 3Foreign exchange differences -14 0 12 8 6Other non-cash movements -115 0 -17 0 -132Net debt as at 31 December 2022 -1,271 0 535 2,080 1,344",
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"pp-value-31-2": {
"value": "Market risksMarket risk is the risk or uncertainty arising from possible market price movements and their impact on the future performance of a business. For Neste, the main types of market risks are commodity price risk, foreign exchange risk and interest rate risk. These are specified in more detail in the following sections. In accordance with the Corporate risk management policy, various derivatives transactions are executed to mitigate exposure to risk. The positions are monitored and managed on a daily basis.1. Commodity price risksThe main commodity price risks Neste faces in its businesses are related to market prices for crude oil, renewable feedstocks, and other feedstocks, as well as refined petroleum and renewable products. These prices are subject to significant fluctuations resulting from a periodic over-supply and supply tightness in various regional markets, coupled with fluctuations in demand. Neste\u2019s results of operations in any given period are principally driven by the demand for and prices of renewable and oil products relative to the supply and cost of raw materials. These factors, combined with Neste\u2019s own consumption of raw materials and output of refined products, drive operational performance and cash flows in Renewable Products and Oil Products, which are Neste\u2019s largest segments in terms of revenue, profits, and net assets.Neste divides the commodity price risks affecting Neste\u2019s revenue, profits, and net assets into two main categories: inventory price risk and refining margin risk. Inventory price riskFrom a price risk management perspective, Neste\u2019s refinery inventory consists of two components. The first and largest component remains relatively constant over time and is referred to as the \u2018base inventory\u2019. The second and daily fluctuating component is the amount of inventories differing from the base inventory level and at Neste it is called \u2018transaction position\u2019.The base inventory is the minimum level that can reasonably assure the continuous operation of the refineries and prevent deliveries from being compromised. It comprises inventories at the refineries and within the supply chain. The base inventory includes the minimum level of stocks that Neste is required to maintain under Finnish laws and regulations.The base inventory creates a risk in Neste\u2019s income statement and balance sheet since Neste applies the weighted average method for measuring the cost of goods sold, raw materials and inventories. Hedging operations related to price risk do not target the base inventory. Instead, Neste\u2019s inventory risk management policies target the \u2018transaction position\u2019 in as much as these stocks create cash flow risks depending on the relationships between feedstock purchases, refinery production and refined petroleum product sales over any given period. According to the Neste risk management policy, open exposures of the transaction position are hedged without delay when the underlying pricing-in or pricing-out occurs if existing hedging instruments provide appropriate hedging efficiency. In hedging the transaction position, derivative financial instruments are used. Because of the differences between the quality of the underlying feedstocks or end products for which derivative financial instruments can be sold and purchased and the actual quality of Neste\u2019s feedstocks and end products, the business will remain exposed to some degree of basis risk. Basis risk is typically higher in the Renewables business compared to the fossil fuel refining due to the nature of the feedstock pool and limited availability of hedging instruments.If crude or oil product markets are in contango where current forward prices are higher than current spot prices, Neste has the capability to build physical contango storages from time to time. These storages are excluded from the transaction position and are hedged separately.Refining margin riskNeste is exposed to a greater margin volatility in the Renewable Products segment compared to that of fossil fuel refining. In the Renewables business, the refining margin is mainly an outcome of the renewable product sale price received and the cost of feedstocks used. The underlying price quotations used in renewable diesel pricing are primarily related to oil products. Premiums over pricing indices fluctuate regionally depending on the nature of bio mandates and incentives, local supply and demand, and fossil fuel prices. In North America, Soy Methyl Ester (SME) is an important price driver through its link to Renewable Identification Number (RIN) prices. The cost of feedstocks depends on feedstock selection and is typically derived from different vegetable oils and fats. Feedstock prices are mainly driven by supply and demand balances, crop forecasts and regional weather. In Renewable Products segment, operational activities and margin hedges are the primary means of mitigating margin volatility.Refining margin is an important determinant of Oil Products segment\u2019s earnings. Its fluctuations constitute a significant risk. The refining margin risk is a result of the revenue from sold petroleum products and the cost of raw materials together with other costs. Neste\u2019s exposure to low refining margins in traditional oil refining is partly offset by its high-conversion refinery capacity.With the aim of securing its margin and cash flow, Neste has defined margin hedging principles for its main refining businesses. In the Renewable Products segment, the targeted hedge ratios are typically higher and can be expected to fluctuate over time. In the fossil fuel business, the hedge ratios are typically moderate. Both Oil and Renewable Product segments\u2019 margins are also exposed to utility price risk that mainly arises from consumption of electricity and natural gas. Neste has also defined principles for hedging these exposures. In hedging the refining margin and utility price risks, commodity derivatives are used. Just as in transaction position hedging, also when hedging the refining margin and utility risks, the business will remain exposed to a certain degree of basis risk that comes from the differences between actual qualities of feedstocks and products and qualities of available hedging arrangements. The exposure to open positions of commodity derivative contracts is summarized in Note 19 Derivative financial instruments. Neste does not apply IFRS hedge accounting for commodity hedging positions. 2. Foreign exchange risk As the underlying currency of Neste\u2019s main markets is the U.S. Dollar, and Neste operates and reports in Euro, this factor is one that exposes Neste\u2019s business to currency risk. The objective of foreign exchange risk management in Neste is to limit the uncertainty created by changes in foreign exchange rates on the future value of cash flows and earnings, and in the balance sheet. Generally, foreign exchange risk can be managed by hedging currency risks in contracted and forecast cash flows and balance sheet exposures (referred to as transaction exposure) as well as the equity of non-euro-based subsidiaries (referred to as translation exposure). Transaction exposureIn general, all reporting segments hedge their transaction exposure related to highly probable future cash flows. Net foreign currency cash flows are forecast over a 12-month period on a rolling basis and hedged on average 70% for the first six months and 30% of the next six months for the Renewable business and on average 80% for the first six months and 40% for the following six months for the fossil fuel business. Deviations from the benchmark hedging ratio are allowed in line with the limits set by the Corporate risk management policy. The most important hedged currency is the U.S. dollar. Other currencies to which Neste is exposed to are the Swedish crown (SEK), the Chinese renminbi (CNY), the Singapore dollar (SGD), the Australian dollar (AUD). Neste\u2019s net exposure is managed through the use of forward contracts and options. All transactions are made for hedging purposes and the majority is also hedge-accounted for according to IFRS. The reporting segments are responsible for forecasting net foreign currency cash flows, while Group Treasury & Risk Management is responsible for implementing hedging transactions. In addition to the above-mentioned foreign currency hedging programs, Neste has continued to hedge material currency exposures related to investments. Neste has several currency-denominated assets and liabilities in its balance sheet, such as foreign currency loans, deposits, net working capital and cash in other currencies than home currency. The principle is to hedge this balance sheet exposure fully using forward contracts. Similarly to commodity price risk management, the foreign exchange transaction hedging targets inventories in excess of the base inventory. Open exposures are allowed based on risk limits set by the Corporate risk management policy. The largest and most volatile item in terms of balance sheet exposure is net working capital. Since many of the Neste\u2019s business transactions, sales of products and services and purchases of crude oil and other feedstock are linked to the U.S. dollar, the daily exposure of net working capital is hedged as part of the balance sheet hedge in order to neutralize the effect of volatility in EUR/USD exchange rate. During 2023, the daily balance sheet exposure fluctuated between approximately USD 827 million and 2,322 million (2022: USD 1,346 million and 3,429 million). USD transaction exposure under hedge accountingMUSD 31 Dec 2023 31 Dec 2022Net exposure, 12 months 6,096 6,269Hedging, 12 months (forward) 2,795 3,182Average rate of hedging 1.089 1.050Group Treasury & Risk Management is responsible for consolidating various balance sheet items and carrying out hedging transactions. The exposure to open positions of foreign exchange derivative contracts is summarized in Note 19 Derivative financial instruments. Translation exposureGroup Treasury & Risk Management is responsible for managing Neste\u2019s translation exposure. This consists of net investments in foreign subsidiaries and joint ventures. Although the main principle is to leave translation exposure unhedged, Neste may seek to reduce the volatility in equity in the consolidated balance sheet through hedging transactions. Any hedging decisions are made by Group Treasury & Risk Management. At the end of 2023, the most important translation exposures were: U.S. dollar EUR 3,106 million and Swedish Crown EUR 87 million (2022: U.S dollar EUR 2,747 million, Swedish Crown EUR 89 million). Neste has not hedged the exposures in 2023 or 2022. 3. Interest rate riskNeste is exposed to interest rate risk mainly through its interest-bearing net debt. The objective of the interest rate risk management is to limit the volatility of interest expenses in the income statement. The benchmark duration for the debt portfolio is 12 months, and the duration can vary between six and 96 months. As of 31 December 2023, the duration was 34 months (2022: 29 months). In addition to duration, Neste has defined a limitation for interest flow risk.Interest rate derivatives are used to adjust the duration of the debt portfolio. Neste\u2019s interest rate risk management is handled by Group Treasury & Risk Management. The nominal and fair values of the outstanding interest rate derivative contracts as of 31 December 2023 (2022) are summarized in Note 19. The re-pricing period of interest-bearing liabilities occurs Within 1 year\u2013 20231 year5 years > 5 years TotalFinancial instruments with floating interest rateLoans from financial institutions 759 0 0 759Other loans 1 0 0 1Effect of interest rate swaps 550 0 0 550Financial instruments with fixed interest rateBonds 201 496 1,614 2,311Lease liabilities 199 370 398 967Other loans 30 0 0 30Effect of interest rate swaps 0 0 -550 -5501,740 866 1,462 4,068The re-pricing period of interest-bearing liabilities occursWithin 1 year\u201320221 year 5 years > 5 years TotalFinancial instruments with floating interest rateLoans from financial institutions 776 0 0 776Other loans 34 0 0 34Financial instruments with fixed interest rateBonds 0 400 495 895Commercial paper liabilities 346 0 0 346Lease liabilities 111 135 289 535Other loans 0 30 0 301,266 565 784 2,6164. Key sensitivities to market risksSensitivity of operating profit to market risks arising from the Group\u2019s operationsDue to the nature of its operations, Neste\u2019s financial performance is sensitive to the market risks described above. The following table details the approximate impact that movements in the Neste\u2019s key price and currency exposures would have on its operating profit for 2024 (2023), assuming normal market and operating conditions and with following assumptions on sensitivities:\u2022 Hedging transactions are excluded\u2022 The sensitivity of each factor in the table is individual, assuming other factors to remain constant, i.e., the ceteris paribus principle\u2022 The sensitivity in the EUR/USD exchange rate is based on exposure forecast\u2022 The sensitivity in the Oil Product total refining margin is based on forecast volumes, representing an impact from change of 1 USD/barrel \u2022 The sensitivity in the Oil Products crude oil price is based on impacts through inventory gains / losses and changes in utility and freight costs\u2022 The sensitivity in the Renewable Products refining margin is based on nameplate capacity at end of 2023, representing an impact from a change of 50 USD/tonApproximate impact on operating profit, excluding hedges 2024 2023+/- 10% in the EUR/USD exchange rate EUR million -502/+613 -534/+653+/- USD 1.00/barrel in Oil Products total refining margin USD million +/-80 +/-90 1)+/- USD 10/barrel in crude oil price for Oil ProductsUSD million +/-110 +/-1152)+/- USD 50/t in Renewable Products refining margin USD million +/-270 +/-1701) Inventory gains/losses excluded from comparable EBITDA2) Based on name-plate capacitySensitivity to market risks arising from financial instruments as required by IFRS 7The following analysis, required by IFRS 7, is intended to illustrate the sensitivity of Neste\u2019s profit for the period and equity to changes in oil prices, the EUR/USD exchange rate, and interest rates, resulting from financial instruments, such as financial assets and liabilities and derivative financial instruments, as defined by IFRS, included in the balance sheet as of 31 December 2023 (2022). Financial instruments affected by the above market risks include net working capital items, such as trade and other receivables and trade and other payables, interest-bearing liabilities, deposits, liquid funds, and derivative financial instruments. When cash flow hedge accounting is applied, the change in the fair value of derivative financial instruments is assumed to be recorded fully in equity.The following assumptions were made when calculating the sensitivity to the change in oil prices:\u2022 The price variation for oil derivative contracts of crude oil, refined oil products and vegetable oil is assumed to be +/- 20%\u2022 The sensitivity related to oil derivative contracts held for hedging refinery oil inventory position is included; the underlying physical oil inventory position is excluded from the calculation, since inventory is not a financial instrument\u2022 The sensitivity related to oil derivative contracts held for hedging expected future refining margin is included; the underlying expected refining margin position is excluded from the calculationThe following assumptions were made when calculating the sensitivity to changes in the EUR/USD exchange rate:\u2022 The variation in the EUR/USD-rate is assumed to be +/- 10%\u2022 The position includes USD-denominated financial assets and liabilities, such as interest-bearing liabilities, deposits, trade and other receivables, trade and other payables, and liquid funds, as well as derivative financial instruments\u2022 The position excludes USD-denominated future cash flowsThe following assumptions were applied when calculating the sensitivity to changes in interest rates:\u2022 The variation of interest rate is assumed to be a 1% parallel shift in the interest rate curve\u2022 The interest rate risk position includes interest-bearing liabilities (excluding leases), interest-bearing receivables, and interest rate swaps, however liquid funds are excluded\u2022 The income statement is affected by changes in the interest rates of floating-rate financial instruments except derivative financial instruments that are designated as and qualifying for cash flow hedges, which are recorded directly in equityThe sensitivity analysis presented in the following table may not be representative, since the Neste\u2019s exposure to market risks also arises from balance sheet items other than financial instruments, such as inventories. As the sensitivity analysis does not take into account future cash flows, which Neste hedges in significant volumes, it only reflects the change in fair value of hedging instruments. In addition, the size of the exposure sensitive to changes in the EUR/USD exchange rate varies significantly, so the position on the balance sheet date may not be representative for the financial period on average. Equity in the following table includes items which are recorded directly in equity. Items affecting the income statement are not included in equity.2023 2022Sensitivity to market risk arising from Income Income financial instruments as required by IFRS 7statement Equitystatement Equity1)+/- 20% change in oil price EUR million +/- 37 +/- 0 -/+27 +/-0+/- 10% change in EUR/USD exchange rate EUR million +144/-176 +197/-197 +175/-214 +219/-218+/- 1% parallel shift in interest rates EUR million -/+8 +/-0 -/+6 +/-01) Includes crude oil, refined oil products and vegetable oil derivatives",
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"pp-value-37-2": {
"value": "Liquidity and refinancing risksLiquidity risk is defined as financial distress or extraordinarily high financing costs arising due to a shortage of liquid funds in a situation where business conditions unexpectedly deteriorate and require financing. The objective of liquidity risk management is to maintain sufficient liquidity and to ensure that it is available fast enough to avoid uncertainty related to financial distress at all times. Neste\u2019s principal source of liquidity is expected to be cash generated from operations. In addition, Neste seeks to reduce liquidity and refinancing risks by maintaining a diversified maturity profile in its loan portfolio. Certain other limits have also been set to minimize liquidity and refinancing risks. The amount of short-term financing is limited to the greater of the following: EUR 500 million or 30% of total interest-bearing liabilities. Unused committed credit facilities together with cash must always be at a minimum EUR 700 million and sufficient to cover all forecasted negative free cash flows and interest-bearing liabilities maturing within the next 12-month period.The average loan maturity as of 31 December 2023 was 5.1 years (2022: 2.5 years). The most important financing programs in place are committed revolving multicurrency credit agreement of EUR 1,200 million, other committed revolving credit agreements totaling EUR 550 million, committed overdraft facilities totaling EUR 150 million and uncommitted domestic commercial paper program of EUR 400 million.Liquid funds and committed unutilized credit facilities 31 Dec 2023 31 Dec 2022Liquid funds 1,580 1,271Overdraft facilities, expiring within one year 150 150 1)Revolving credit facility, expiring beyond one year1,750 1,450Total 3,480 2,871In addition: unused commercial paper program (uncommitted) 400 541) EUR 1,200 million revolving credit agreement dated 18 December, 2019 for general corporate purposes. The agreement has a tenor of five years with two one-year extension options. The margin under the agreement will be adjusted based on Neste\u2019s progress to meet its greenhouse gas emission reduction target. EUR 250 million revolving credit agreement dated 23 December 2022, EUR 175 million revolving credit agreement dated 20 April 2023 and EUR 125 million revolving credit agreement dated 28 April 2023 for general corporate purposes with a tenor of three years and two one-year extension options.Maturity profile of financial liabilities based on contractual payments 31 Dec 2023 2024 2025 2026 2027 2028 2029\u2013 TotalTrade payables and other liabilities 2,433 10 2 2 2 24 2,473Interest-bearing liabilities 1)Bonds201 0 0 0 500 1,600 2,301Loans from financial institutions 149 6 506 98 0 0 759 2)Lease liabilities199 145 98 70 58 398 967Other loans 32 0 0 0 0 0 32Interest of lease liabilities 50 41 36 32 28 310 497Interest of other liabilities 91 95 82 72 68 195 604Total 3,154 297 723 274 655 2,528 7,633Commodity derivatives 203 6 0 0 0 0 209Gross settled forward foreign exchange contracts- inflow (-) -770 0 0 0 0 0 -770- outflow 779 0 0 0 0 0 779Derivatives total 212 6 0 0 0 0 2191) Refer to Note 21 Financial liabilities for further information2) Refer to Note 29 Leases for further information Maturity profile of financial liabilities based on contractual payments 31 Dec 2022 2023 2024 2025 2026 2027 2028\u2013 TotalTrade payables and other liabilities 2,879 13 13 1 1 14 2,922Interest-bearing liabilities 1)Bonds0 400 0 0 0 500 900Loans from financial institutions 162 6 506 6 98 0 777Commercial paper liabilities 346 0 0 0 0 0 346 2)Lease liabilities111 72 37 16 10 289 535Other loans 34 30 0 0 0 0 64Interest of lease liabilities 30 27 24 22 21 282 405Interest of other liabilities 36 32 14 7 7 4 99Total 3,597 580 594 52 136 1,089 6,048Commodity derivatives 157 12 0 0 0 0 169Gross settled forward foreign exchange contracts- inflow (-) -1,683 -3 0 0 0 0 -1,686- outflow 1,725 3 0 0 0 0 1,728Derivatives total 199 12 0 0 0 0 2111) Refer to Note 21 Financial liabilities for further information2) Refer to Note 29 Leases for further information ",
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"pp-value-39-2": {
"value": "Credit and counterparty riskCounterparty risk arises from all business relationships, where Neste is exposed to the counterparty\u2019s failure to perform according to Neste\u2019s requirements and contractual commitments. The risk arises especially from sales, supply, hedging and trading transactions as well as from cash investments. Risk magnitude depends on the size of the business exposure and creditworthiness of the counterparty. The objective of counterparty and credit risk management is to prevent and minimize the losses incurred as a result of a counterparty not fulfilling its obligations. Limits, mandates and management principles for counterparty and credit risk are covered in the Corporate risk management policy and separate principle and instruction-level documents. Credit risk limits are set at the Group level, designated by different levels of authorization and delegated to Neste\u2019s reporting segments, which are responsible for counterparty risk management within these limits. When determining the credit lines for sales contracts, counterparties are screened and evaluated vis-\u00e0-vis their creditworthiness to decide whether an open credit line is acceptable or collateral, for example, a letter of credit, bank guarantee or parent company guarantee has to be posted. In the event that collateral is required credit risk is evaluated based on a financial evaluation of the party posting the collateral. If appropriate in terms of the potential credit risk associated with a specific customer, advance payment is required before delivery of products or services. In addition, Neste may reduce its counterparty risks by selling trade receivables to a third party, e.g., the bank. Neste risk management policy divides credit lines for counterparties into following categories according to contract type: physical sales transactions, derivative transactions, and financial transactions. In each of the categories counterparty credit limits and decision making mandates are determined separately for counterparties rated by general rating agencies and unrated counterparties. For OTC (over-the-counter) derivative financial instrument contracts, Neste has negotiated framework agreements in the form of the ISDA (International Swaps and Derivatives Association) master agreement with the main counterparties concerning commodity, emission allowance, currency and interest rate derivative financial instruments. These contracts permit netting and allow for termination of the contract on the occurrence of certain events of defaults and termination events. Some of these agreements include Credit Support Annexes (CSA) with the aim of reducing credit and counterparty risk by requiring margin call deposits in the form of cash or letter of credit for balances exceeding the mutually agreed limit. At the end of December 2023, Neste had received EUR 1 million in cash collateral (2022: EUR 34 million) and EUR 0 million letter of credit (2022: EUR 0 million) due to CSA agreements. Neste had issued EUR 35 million in cash collateral (2022: EUR 27 million) and EUR 0 million letter of credit (2022: EUR 0 million) due to CSA agreements.31 Dec 2023 31 Dec 2022Financial assets Financial liabilities Financial assets Financial liabilitiesFinancial impact of netting for instruments subject to an enforceable master netting agreement (or similar)Derivatives Trade receivables Derivatives Trade payables Derivatives Trade receivables Derivatives Trade payablesGross amount of recognized financial instruments 217 0 219 23 411 51 211 8Related liabilities or assets subject to master netting agreements 120 0 120 0 165 0 165 0CSA agreements 1 0 35 0 34 0 27 0Net exposure 96 0 64 23 212 51 19 8Neste subsidiaries are required to deposit their excess cash balances with the Group Treasury on an ongoing basis in order to provide sufficient visibility and management of Neste\u2019s cash balance and risks associated with it. As for counterparty risk management, the minimum credit rating requirement for companies providing insurance for Neste Group is defined in the insurance principles.Neste has a large number of different international counterparties. As to the range of counterparties, the most significant types are primarily large international oil companies and financial institutions. Neste\u2019s exposure to unexpected credit losses within one reporting segment may increase with the concentration of credit risk through a number of counterparties operating in the same industry sector or geographical area, which may be adversely affected by changes in economic, political or other conditions. These risks are reduced by taking concentration risks into consideration in credit decisions.Counterparties to contracts comprising derivative financial instruments exposure on 31 December 2023: over 85% of the counterparties or their parent companies related to commodity derivative contracts have investment-grade rating from an established international credit rating agency. Respectively, Group Treasury & Risk Management had an exposure for currency and interest rate derivative contracts as of 31 December 2023 with banks, of which all have investment-grade rating at a minimum. Commodity derivative transactions are also done through exchange, which reduces credit risk.Neste assesses expected credit losses and calculates impairment loss from trade receivables based on historical credit loss experience combined with current conditions and forward-looking macroeconomic analysis. Analysis is conducted utilizing industry outlook and economic forecasts from various data sources. Neste has chosen a cautious expected credit loss calculation as indicated by the low level of actual historical credit losses compared to the expected credit loss provision. The receivables have been divided in aging buckets and segments depending on business area and geographic region, in addition to which they are assessed case by case. Impairment loss from trade receivables for the period is EUR 17 million (2022: EUR 12 million). Recognized credit loss of trade receivables amounts to EUR 1 million (2022: EUR 8 million).Probability of Probability of Analysis of trade receivables by age 31 Dec 2023Credit Loss, % 31 Dec 2022Credit Loss, %not past due 1,263 0\u20130.04% 1,552 0\u20130.04%1\u201330 days overdue 179 0.01\u20134% 89 0.01\u20134%31\u201360 days overdue 47 5\u201343% 6 5\u201343%61\u201390 days overdue 17 10\u201355% 3 10\u201355%1)91\u2013180 days overdue 73 25\u2013100% 8 25\u2013100% 1)more than 180 days overdue43 100% 31 100%Trade receivables total 1,622 1,688Impairment loss -17 -12Trade receivables \u2013 Net 1,605 1,6751)Blender\u2019s Tax Credit receivables from the US tax authorities on 31.12.2023 were total EUR 156 million, of which EUR 64 million 91\u2013180 days overdue and EUR 19 million more than 180 days overdue.Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indications that there is no reasonable expectation of recovery may be, e.g., a debtor failing to engage in a repayment plan with the company, or a debtor failing to make contractual payments more than 180 days past due. However, the write-offs are interpreted case by case and thus if there is a high probability that the receivable is still paid, no write-off is made. For all bankruptcies and debt restructurings, Neste makes an immediate write off. Where trade receivables or contract assets have been written off, the company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized in profit or loss as a reversal of the write-off.",
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"pp-value-43-3": {
"value": "Neste assesses expected credit losses and calculates impairment loss from trade receivables based on historical credit loss experience combined with current conditions and forward-looking macroeconomic analysis. Analysis is conducted utilizing industry outlook and economic forecasts from various data sources. Neste has chosen a cautious expected credit loss calculation as indicated by the low level of actual historical credit losses compared to the expected credit loss provision. The receivables have been divided in aging buckets and segments depending on business area and geographic region, in addition to which they are assessed case by case. Impairment loss from trade receivables for the period is EUR 17 million (2022: EUR 12 million). Recognized credit loss of trade receivables amounts to EUR 1 million (2022: EUR 8 million).",
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"pp-value-45-2": {
"value": "Capital risk management Neste\u2019s objective when managing capital is to secure a capital structure that ensures access to capital markets at all times despite the business cycle of the industry in which Neste operates. Neste seeks to maintain a capital structure equivalent to a strong investment-grade rating. The capital structure of Neste is reviewed by the Board of Directors on a regular basis.Neste monitors its capital on the basis of leverage ratio, the ratio of interest-bearing net debt to interest-bearing net debt plus total equity. Interest-bearing net debt is calculated as interest-bearing liabilities less liquid funds. Over the cycle, Neste\u2019s leverage ratio is likely to fluctuate, and it is Neste\u2019s objective to maintain the leverage ratio below 40%. The leverage ratio 31 Dec 2023 31 Dec 2022Total interest-bearing liabilities 4,068 2,615Liquid funds 1,580 1,271Interest-bearing net debt 2,488 1,344Total equity 8,463 8,327Interest-bearing net debt and total equity 10,952 9,671Leverage ratio 22.7% 13.9%Reconciliation of interest-bearing net debt Cash and cash equivalents Liquid investments Lease liabilities Borrowings TotalNet debt as at 1 January 2023 -1,271 0 535 2,080 1,344Cash flows -327 -5 -254 1,033 447New lease liabilities 0 0 765 0 765Acquisitions and disposals 0 0 1 6 7Foreign exchange differences 24 0 -8 -19 -3Other non-cash movements 0 0 -72 0 -72Net debt as at 31 December 2023 -1,575 -5 967 3,101 2,488Reconciliation of interest-bearing net debt Cash and cash equivalents Liquid investments Lease liabilities Borrowings TotalNet debt as at 1 January 2022 -1,581 -135 444 1,313 41Cash flows 440 135 -157 754 1,173New lease liabilities 0 0 253 0 253Acquisitions and disposals -2 0 0 6 3Foreign exchange differences -14 0 12 8 6Other non-cash movements -115 0 -17 0 -132Net debt as at 31 December 2022 -1,271 0 535 2,080 1,344",
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"value": "4 Segment informationAccounting policyNeste\u2019s operations are divided into four operating segments: Renewable Products, Oil Products, Marketing & Services, and Others. The performance of the reporting segments is reviewed regularly by the chief operating decision-maker, Neste\u2019s President & CEO, to assess performance and to decide on allocation of resources. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.The segments\u2019 operating results are measured based on comparable EBITDA and comparable return on net assets. The accounting policies applicable to the segment reporting are the same as those used in the Neste\u2019s consolidated financial statements. All inter-segment transactions are on an arm\u2019s length basis and are eliminated in consolidation. Segment operating profit includes realized gains and losses from foreign currency and commodity derivative contracts hedging cash flows of commercial sales and purchases that have been recycled in the consolidated statement of income.Segment operating assets and liabilities consist of assets and liabilities utilized in the segments\u2019 business operations. Assets consist primarily of property, plant and equipment, goodwill, intangible assets, investments in associates and joint ventures, inventories and operative receivables. They exclude current and deferred taxes, interest-bearing receivables, and derivative financial instruments designated as hedges of forecasted future cash flows. Segment operative liabilities consist of operative liabilities, pension liabilities, current and non-current lease liabilities and provisions; and exclude items such as current and deferred taxes, interest-bearing liabilities, and derivative financial instruments designated as hedges of forecasted future cash flows.Neste's business structureOn 1 November 2023, Neste announced plans to simplify its organizational structure to secure the execution of its growth strategy with improved efficiency and to strengthen its long-term competitiveness. The changes in organizational structure have on impact on Neste\u2019s segment reporting. Neste\u2019s operations are built around three business areas and five common functions. The business areas act as profit centers and are responsible for their customers, products, and business development. Business areas are: Renewable Products, Oil Products, and Marketing & Services. The common functions are: Renewables Supply Chain and Sustainability, Technology and Projects, Finance, Strategy and IT, HR, Safety and Communications and Legal. The common functions are responsible for supporting business areas and other organizations, and ensure their cost efficiency, transparency, and harmonization of processes across the company, and for overseeing the use and sufficiency of Neste\u2019s resources.Operating segmentsOperating segments are engaged in the following key business activities:The Renewable Products segment produces, markets and sells renewable diesel, sustainable aviation fuel and solutions, renewable solvents as well as feedstock for bioplastics based on Neste\u2019s proprietary technology to domestic and international wholesale markets. Renewable diesel is currently produced at our refineries in Finland, the Netherlands and Singapore entirely from renewable raw materials with an annual nameplate capacity of approximately 3.3 million tons. Neste\u2019s Singapore refinery expansion and joint operation with Marathon Petroleum in Martinez, California, will increase Neste\u2019s total production nameplate capacity of renewable products to 5.5 million tons in 2024. When completed, Neste\u2019s Rotterdam refinery capacity expansion project will further increase the company\u2019s total production capacity of renewable products to 6.8 million tons by the end of 2026. This will help Neste to meet the increasing global demand for renewable and circular products. The Renewable Products segment is assessed to contain taxonomy-eligible and -aligned economic activities based on the climate delegated act of the taxonomy regulation. These taxonomy-aligned activities represent solutions for climate change mitigation and are well in line with Neste\u2019s ambitious climate commitments. Neste\u2019s calculations for climate related key indicators and the EU Taxonomy eligibility and alignment figures are mainly based on Renewable Products segment figures. More information about sustainability at Neste including climate related matters can be found both in the Sustainability report and the Non-Financial Information Statement in the Review by the Board of Directors.The Oil Products segment produces, markets and sells an extensive range of low-carbon solutions that are based on high-quality oil products and related services to a global customer base. The product range includes diesel, gasoline, aviation and marine fuels, light and heavy fuel oils, gasoline components, special fuels, such as small-engine gasoline, solvents, liquid gases, and bitumens. Oil products are refined at the Neste Finland Refinery in Porvoo. Crude oil refining capacity is ca. 10 million tons per year. Neste Shipping\u2019s chartering operations are included in the Oil Products segment.Neste has in December 2023 completed the strategic study launched in September 2022, and begins a gradual transformation of its crude oil refinery in Porvoo, Finland into a leading renewable and circular solutions refining hub. The planned transformation will proceed in phases, and requires multiple separate investment decisions during the next decade before targeted completion in the mid 2030s. Neste expects the long-term capacity potential after the transformation to be about 3 million tons of renewable and circular products, such as renewable diesel, sustainable aviation fuel and both renewable and circular feedstock for the polymers and chemicals industry. The total investment estimate for the transformation roadmap is approximately EUR 2.5 billion.The Marketing & Services segment markets and sells cleaner fuels and oil products and associated services directly to end-users, of which the most important are private motorists, industry, transport companies, farmers, and heating oil customers. Traffic fuels are marketed through Neste\u2019s own service station network and direct sales.The Others segment consists of the Engineering Solutions and common corporate costs.The operating segments presented above do not include any segments which are formed by aggregating two or more smaller segments.The \u2018other expenses\u2019 included in the consolidated statement of income for each business segment includes the following major items:\u2022 Renewable Products: repairs and maintenance, planning and consulting services, rents and other property costs, travel-, HSE- and marketing costs, and insurance premiums.\u2022 Oil Products: repairs and maintenance, planning and consulting services, rents and other property costs, travel- and HSE costs and insurance premiums.\u2022 Marketing & Services: repairs and maintenance, rents and other property costs and marketing costs.Neste\u2019s customer structure in 2023 and 2022 did not result in any major concentration in any given geographical area or operating segment.Information about Neste\u2019s operating segments as of and for the years ended December 31, 2023 and 2022 is presented in the following tables: Renewable Oil Marketing & 1)2023Products ProductsServices Others Eliminations Group NoteIS External revenue 8,212 9,566 5,123 26 0 22,926Internal revenue 254 3,720 45 75 -4,094 0IS Total revenue 8,466 13,285 5,168 100 -4,094 22,926 5IS Other income 12 16 4 46 -23 55 6IS, CF Share of profit (loss) of associates and joint ventures -4 5 0 0 0 1 15IS Materials and services -6,624 -11,548 -4,945 -14 4,033 -19,098 7IS Employee benefit costs -282 -146 -32 -181 0 -642 8IS, CF Depreciation, amortization and impairments -480 -307 -33 -46 0 -866IS Other expenses -519 -238 -77 54 85 -695 9 1) IS Operating profit568 1,068 84 -41 2 1,682IS Financial income and expense -86 10IS Profit before income taxes 1,596IS Income tax expense -160 11IS Profit for the period 1,436Comparable EBITDA 1,906 1,434 118 -2 2 3,458inventory valuation gains/losses -784 -43 0 0 0 -827changes in the fair value of open commodity and currency derivatives -73 -25 0 0 0 -98capital gains and losses 0 5 0 2 0 7other adjustments 0 4 -1 5 0 8EBITDA 1,049 1,375 117 5 2 2,548IS, CF Depreciation, amortization and impairments -480 -307 -33 -46 0 -866IS Operating profit 568 1,068 84 -41 2 1,6821) The US Blender\u2019s Tax Credit (BTC) contribution was EUR 417 million on the Renewable Products\u2019 operating profit in 2023.Renewable Oil Marketing & 2023ProductsProductsServices Others Eliminations Group NoteCapital expenditure and investments in shares 1,915 336 38 61 0 2,351Segment operating assets 9,242 3,824 647 480 -397 13,794BS Investments in associates and joint ventures 33 25 0 0 0 58 15BS Deferred tax assets 127 11Unallocated assets 2,004BS Total assets 9,275 3,849 647 480 -397 15,983Segment operating liabilities 2,046 1,521 473 384 -387 4,037BS Deferred tax liabilities 317 11Unallocated liabilities 3,166BS Total liabilities 2,046 1,521 473 384 -387 7,520Segment net assets 8,069 2,384 236 104 -11 10,783Return on net assets, % 7.5 42.6 34.6Comparable return on net assets, % 18.9 45.0 35.2Renewable Oil Marketing & 1)2022Products ProductsServices Others Eliminations Group NoteIS External revenue 9,640 10,223 5,818 26 0 25,707Internal revenue 265 4,373 58 120 -4,816 0IS Total revenue 9,905 14,596 5,876 147 -4,816 25,707 5IS Other income 14 21 5 32 -19 54 6IS, CF Share of profit (loss) of associates and joint ventures -5 6 0 0 0 2 15IS Materials and services -8,025 -12,657 -5,651 -48 4,733 -21,648 7IS Employee benefit costs -200 -125 -29 -193 2 -545 8IS, CF Depreciation, amortization and impairments -282 -282 -29 -46 0 -638IS Other expenses -362 -222 -75 38 98 -522 9 1) IS Operating profit1,046 1,337 98 -70 -1 2,410IS Financial income and expense -131 10IS Profit before income taxes 2,279IS Income tax expense -388 11IS Profit for the period 1,891Comparable EBITDA 1,762 1,654 126 -4 -1 3,537inventory valuation gains/losses -299 -53 0 0 0 -352changes in the fair value of open commodity and currency derivatives -135 4 0 0 0 -131capital gains and losses 0 10 0 0 0 10other adjustments 0 4 1 -20 0 -16EBITDA 1,328 1,619 127 -24 -1 3,048IS, CF Depreciation, amortization and impairments -282 -282 -29 -46 0 -638IS Operating profit 1,046 1,337 98 -70 -1 2,4101) The US Blender\u2019s Tax Credit (BTC) contribution was EUR 312 million on the Renewable Products\u2019 operating profit in 2022.Renewable Oil Marketing & 2022ProductsProductsServices Others Eliminations Group NoteCapital expenditure and investments in shares 1,952 180 24 62 0 2,218Segment operating assets 7,856 4,469 704 351 -458 12,922BS Investments in associates and joint ventures 38 25 0 0 0 63 15BS Deferred tax assets 59 11Unallocated assets 1,873BS Total assets 7,894 4,493 704 351 -458 14,917Segment operating liabilities 1,909 1,866 529 221 -444 4,081BS Deferred tax liabilities 336 11Unallocated liabilities 2,174BS Total liabilities 1,909 1,866 529 221 -444 6,590Segment net assets 6,433 2,652 227 141 -14 9,440Return on net assets, % 18.6 46.6 40.8Comparable return on net assets, % 26.6 48.0 40.5Geographical information Neste operates production facilities in Finland, Singapore, the Netherlands and in the USA and its retail sales network in Finland, Estonia, Latvia and Lithuania. The following table provides information on Neste\u2019s revenue, which is allocated based on the country of destination, irrespective of the origin of the goods or services, and non-current assets and capital expenditure, which are allocated based on where the assets are located. Non-current assets consist of goodwill, intangible assets, property, plant and equipment and investments in associates and joint ventures. \u2018Other Nordic countries\u2019 includes Sweden, Norway, Denmark and Iceland. \u2018Baltic rim\u2019 includes Estonia, Latvia, Lithuania and Poland. Neste\u2019s activities in this geographical area consists mainly of retail activities in the aforementioned countries.Other Other North and Other 1)2023 FinlandNordic countries Baltic rimEuropean countriesSouth Americacountries GroupIS Revenue by destination 6,515 3,278 1,715 4,775 6,437 205 22,926Non-current assets 2,578 2 78 1,779 2,022 2,065 8,525Capital expenditure 415 3 11 774 814 334 2,351Other Other North and Other 1)2022 FinlandNordic countries Baltic rimEuropean countriesSouth Americacountries GroupIS Revenue by destination 8,459 4,348 1,850 5,131 5,685 234 25,707Non-current assets 2,504 0 79 1,360 1,353 1,906 7,203Capital expenditure 239 0 9 424 1,077 468 2,2181) Mainly related to the USA.",
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"value": "Accounting policyNeste\u2019s operations are divided into four operating segments: Renewable Products, Oil Products, Marketing & Services, and Others. The performance of the reporting segments is reviewed regularly by the chief operating decision-maker, Neste\u2019s President & CEO, to assess performance and to decide on allocation of resources. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.The segments\u2019 operating results are measured based on comparable EBITDA and comparable return on net assets. The accounting policies applicable to the segment reporting are the same as those used in the Neste\u2019s consolidated financial statements. All inter-segment transactions are on an arm\u2019s length basis and are eliminated in consolidation. Segment operating profit includes realized gains and losses from foreign currency and commodity derivative contracts hedging cash flows of commercial sales and purchases that have been recycled in the consolidated statement of income.Segment operating assets and liabilities consist of assets and liabilities utilized in the segments\u2019 business operations. Assets consist primarily of property, plant and equipment, goodwill, intangible assets, investments in associates and joint ventures, inventories and operative receivables. They exclude current and deferred taxes, interest-bearing receivables, and derivative financial instruments designated as hedges of forecasted future cash flows. Segment operative liabilities consist of operative liabilities, pension liabilities, current and non-current lease liabilities and provisions; and exclude items such as current and deferred taxes, interest-bearing liabilities, and derivative financial instruments designated as hedges of forecasted future cash flows.",
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"value": "5 RevenueAccounting policyRevenue from contracts with customers is recognized when or as Neste satisfies a performance obligation by transferring control of a promised good or service to a customer. A customer obtains control when it has the ability to direct the use of and obtain the benefits from the good or service, either over time or at a point in time. Neste principally satisfies its performance obligations at a point in time. The amounts of revenue recognized relating to performance obligations satisfied over time are not significant.When, or as, a performance obligation is satisfied, Neste recognizes as revenue the amount of the transaction price that is allocated to that performance obligation. The transaction price is the amount of consideration to which Neste expects to be entitled in exchange for the promised goods or services. The transaction price is allocated to the performance obligations in the contract based on the standalone selling prices of the goods or services promised.Timing for revenue recognized at a point in time is typically when control has been transferred based on the delivery terms used. A receivable is recognized when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.Revenue recognized over time is measured in accordance with the input method (progress measured based on costs incurred) when the outcome of the contract can be estimated reliably. Neste uses an input method in measuring progress of the services because there is a direct relationship between Neste\u2019s effort and the transfer of service to the customer. When the outcome cannot be reliably determined, the costs arising are expensed in the same financial period in which they occur, but the revenue is recorded only to the extent that the company will receive an amount corresponding to actual costs. Any losses are expensed immediately. Some of Neste\u2019s contracts may involve elements of variable considerations, such as rebates, bonuses or penalties. The variable consideration is estimated by using either the expected value or the most likely amount \u2013method, depending on the type of variable element and related contractual terms and conditions. Amount of variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal of revenue does not occur later.Neste provides its customers with standard payment terms. If extended payment terms exceeding one year are offered to customers, the invoiced amount is discounted to its present value and interest income is recognized over the credit term.Revenue is presented net of indirect sales taxes such as value added tax and statutory stockpiling fees, penalties and discounts.Low Carbon Fuels Standard credits (LCFS) and Renewable Identification Numbers (RINs) are recognized in revenue. Blender\u2019s Tax Credit (BTC) impacts Revenue and Materials and services and is recognized if the Government of the United States decide to grant it. The decision is made annually. Blender\u2019s Tax Credit is an incentive given to fuel blenders to use more renewable fuel by making the bio mandates less costly to achieve. In case Neste\u2019s customers are blenders, the BTC credit value is included in the sale price and recognized in revenue. The Blender\u2019s Tax Credit received directly from the US tax authorities are recognized as deduction of costs in materials and services. Revenue by category 2023 2022Renewable Marketing & Renewable Marketing & External revenueProducts Oil ProductsServices Others TotalProducts Oil ProductsServices Others Total 1) Fuels7,522 9,162 5,003 0 21,687 8,629 9,538 5,679 0 23,846Middle distillates 7,383 5,141 3,986 0 16,510 8,467 5,283 4,559 0 18,309Light distillates 139 3,404 1,012 0 4,556 162 3,570 1,116 0 4,848Heavy fuel oil 0 616 5 0 620 0 685 5 0 690Other products 685 338 107 0 1,129 1,008 605 129 0 1,742Other services 5 66 12 26 109 4 80 9 26 119IS Total 8,212 9,566 5,123 26 22,926 9,640 10,223 5,818 26 25,7071) Light distillates comprise motor gasoline, gasoline components, LPG, renewable naphtha, and biopropane. Middle distillates comprise diesel, jet fuels, low sulfur marine fuels, heating oil, renewable fuels, and sustainable aviation fuels. RINs (Renewable Identification Number), LCFS (Low Carbon Fuels Standard) credits, and BTCs (Blender\u2019s Tax Credits) are included in the corresponding fuel categories in the Renewable Products segment.Fuels category includes product sales from the Neste\u2019s own refineries, other production facilities and retail stations as well as other sale of petroleum products, feedstock, raw materials and oil trading. Excise taxes included in the retail selling price of finished oil products amounting to EUR 1,523 million (2022: EUR 1,575 million) are included in the Middle distillates amount. The corresponding amount is included in the purchase price of petroleum products and included in Materials and Services, in Note 7.Oil trading included in the Fuels category comprise of result from physical trading activities conducted on international and regional markets by taking delivery of and selling petroleum products and raw materials within a short period of time for the purpose of generating a profit from short-term fluctuations in product and raw material prices and margins. Net gains/losses on financial instruments related to sales designated as cash flow hedges are included in revenue amounting to EUR 108 million (2022: EUR -250 million).Revenue from services mainly comprises revenue from the chartering services and Engineering Solutions, which is included in the Others segment.Timing of revenue recognition 2023 2022Renewable Marketing & Renewable Marketing & External revenueProducts Oil ProductsServices Others TotalProducts Oil ProductsServices Others TotalGoods transferred at point in time 8,207 9,499 5,110 0 22,816 9,637 10,143 5,809 0 25,589Services transferred at point in time 5 66 12 1 84 4 80 9 1 93Services transferred over time 0 0 0 25 25 0 0 0 25 25IS Total 8,212 9,566 5,123 26 22,926 9,640 10,223 5,818 26 25,707Revenue by operating segment 2023Renewable Products Oil Products Marketing & Services Others Eliminations TotalExternal revenue 8,212 9,566 5,123 26 0 22,926Internal revenue 254 3,720 45 75 -4,094 0IS Total revenue 8,466 13,285 5,168 100 -4,094 22,926Revenue by operating segment 2022Renewable Products Oil Products Marketing & Services Others Eliminations TotalExternal revenue 9,640 10,223 5,818 26 0 25,707Internal revenue 265 4,373 58 120 -4,816 0IS Total revenue 9,905 14,596 5,876 147 -4,816 25,707Revenue by operating destination 2023 2022Renewable Marketing & Renewable Marketing & External revenueProducts Oil ProductsServices Others TotalProducts Oil ProductsServices Others TotalFinland 406 2,021 4,063 26 6,515 352 3,547 4,536 24 8,459Other Nordic countries 2,175 1,101 2 0 3,278 2,930 1,416 2 0 4,348Baltic Rim 40 620 1,055 0 1,715 73 500 1,278 0 1,850Other European countries 1,984 2,789 3 0 4,775 2,399 2,729 2 1 5,1311)North and South America 3,444 2,993 0 0 6,437 3,685 2,000 0 1 5,685Other countries 163 42 0 0 205 202 31 0 1 234IS Total 8,212 9,566 5,123 26 22,926 9,640 10,223 5,818 26 25,7071) Mainly related to the USA.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-58-2": {
"value": "Accounting policyRevenue from contracts with customers is recognized when or as Neste satisfies a performance obligation by transferring control of a promised good or service to a customer. A customer obtains control when it has the ability to direct the use of and obtain the benefits from the good or service, either over time or at a point in time. Neste principally satisfies its performance obligations at a point in time. The amounts of revenue recognized relating to performance obligations satisfied over time are not significant.When, or as, a performance obligation is satisfied, Neste recognizes as revenue the amount of the transaction price that is allocated to that performance obligation. The transaction price is the amount of consideration to which Neste expects to be entitled in exchange for the promised goods or services. The transaction price is allocated to the performance obligations in the contract based on the standalone selling prices of the goods or services promised.Timing for revenue recognized at a point in time is typically when control has been transferred based on the delivery terms used. A receivable is recognized when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.Revenue recognized over time is measured in accordance with the input method (progress measured based on costs incurred) when the outcome of the contract can be estimated reliably. Neste uses an input method in measuring progress of the services because there is a direct relationship between Neste\u2019s effort and the transfer of service to the customer. When the outcome cannot be reliably determined, the costs arising are expensed in the same financial period in which they occur, but the revenue is recorded only to the extent that the company will receive an amount corresponding to actual costs. Any losses are expensed immediately. Some of Neste\u2019s contracts may involve elements of variable considerations, such as rebates, bonuses or penalties. The variable consideration is estimated by using either the expected value or the most likely amount \u2013method, depending on the type of variable element and related contractual terms and conditions. Amount of variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal of revenue does not occur later.Neste provides its customers with standard payment terms. If extended payment terms exceeding one year are offered to customers, the invoiced amount is discounted to its present value and interest income is recognized over the credit term.Revenue is presented net of indirect sales taxes such as value added tax and statutory stockpiling fees, penalties and discounts.Low Carbon Fuels Standard credits (LCFS) and Renewable Identification Numbers (RINs) are recognized in revenue. Blender\u2019s Tax Credit (BTC) impacts Revenue and Materials and services and is recognized if the Government of the United States decide to grant it. The decision is made annually. Blender\u2019s Tax Credit is an incentive given to fuel blenders to use more renewable fuel by making the bio mandates less costly to achieve. In case Neste\u2019s customers are blenders, the BTC credit value is included in the sale price and recognized in revenue. The Blender\u2019s Tax Credit received directly from the US tax authorities are recognized as deduction of costs in materials and services. ",
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"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-61-1": {
"value": "6 Other income Accounting policyRevenue from activities outside normal operations is reported in other income. This includes items such as capital gains on disposal of non-current assets and rental income.2023 2022Gain on sale of subsidiaries, joint arrangements and business operations 0 9Capital gains on disposal of other non-current assets 0 2Rental income 7 14Government grants 20 16Insurance compensations 6 0Other 22 13IS Other income 55 54Government grants relate mainly to innovation subsidies, and grants to shipping operations, which are entitled to apply for certain grants based on Finnish legislation. More information on sales of subsidiaries, joint arrangements and business operations is presented in Note 27 Acquisitions and disposals.9 Other expenses2023 2022Repairs and maintenance 184 130Services 289 201Rents and other property costs 48 39Insurances 48 36Other 126 117IS Other expenses 695 522Services include planning and consulting services, IT services, research and lab services and other services.Rents and other property costs include EUR 13 million (2022: EUR 27 million) of expenses related to lease contracts which are accounted for as an expense on a straight-line basis over the lease term. Refer to Note 29 Leases for further information.Other expenses include travel expenses, HSE and advertising costs.Research expenditure is recognized as an expense as incurred and included in other expenses in the consolidated statement of income.Fees charged by the statutory auditor 2023 2022Authorised Public Accountants KPMG KPMGAuditor's fees 1.6 1.6Tax advisory 0.8 0.4Other advisory services 0.3 0.52.7 2.5The statutory audit fees of KPMG Oy Ab included fees of 694 thousand euros for audit and 35 thousand euros for auditor\u2019s statements. Non-audit services to entities of Neste Group were 1,002 thousand euros (2022: 935 thousand euros) in total during the financial year 2023. These services included 707 thousand euros (2022: 410 thousand euros) of tax advisory and 295 thousand euros (2022: 526 thousand euros) of other advisory services.",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-61-2": {
"value": "6 Other income Accounting policyRevenue from activities outside normal operations is reported in other income. This includes items such as capital gains on disposal of non-current assets and rental income.2023 2022Gain on sale of subsidiaries, joint arrangements and business operations 0 9Capital gains on disposal of other non-current assets 0 2Rental income 7 14Government grants 20 16Insurance compensations 6 0Other 22 13IS Other income 55 54Government grants relate mainly to innovation subsidies, and grants to shipping operations, which are entitled to apply for certain grants based on Finnish legislation. More information on sales of subsidiaries, joint arrangements and business operations is presented in Note 27 Acquisitions and disposals.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-66-1": {
"value": "7 Materials and servicesAccounting policyBlender\u2019s Tax Credit (BTC) impacts revenue, and materials and services and is recognized if the Government of the United States decide to grant it. The decision is made annually. Blender\u2019s Tax Credit is an incentive given to fuel blenders to use more renewable fuel by making the bio mandates less costly to achieve. In case Neste\u2019s customers are blenders, the BTC credit value is included in sales price and recognized in Revenue. The Blender\u2019s Tax Credit received directly from the US tax authorities are recognized as deduction of costs in Materials and services. 2023 2022Materials and supplies 18,752 22,530Change in inventories 279 -963External services 66 81IS Materials and services 19,098 21,648Materials and supplies include excise taxes included in the retail selling price of petroleum products amounting to EUR 1,523 million (2022: EUR 1,575 million). The corresponding amount is included in Revenue in Note 5. The net result of non-hedge accounted commodity and foreign exchange derivatives amounted to EUR -288 million (2022: EUR -581 million). Net gains/losses on derivative instruments related to purchases designated as cash flow hedges amounted to EUR 1 million (2022: EUR 0 million). Both above-mentioned items are included in Materials and supplies.Materials and supplies also include EUR 14 million (2022: 38 million) of expenses related to lease contracts which are accounted for as an expense on a straight-line basis over the lease term. Refer to Note 29 Leases for further information.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-62-3": {
"value": "Government grants relate mainly to innovation subsidies, and grants to shipping operations, which are entitled to apply for certain grants based on Finnish legislation.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-67-1": {
"value": "8 Employee benefit costs2023 2022Wages and salaries 531 449Social security costs 30 24Share-based payments 7 5Pension costs - defined contribution plans 69 60Pension costs - defined benefit plans 4 5Wages and salaries capitalized in fixed assets -20 -15Other costs 21 17IS Employee benefit costs 642 545Wages, salaries and other compensation for key management are presented in Note 25 Related party transactions. Share-based payments are described in Note 24 Share-based payments and defined benefit plans in Note 23 Employee benefit obligations.Number of personnel (average) 2023 2022Renewable Products 1,983 1,528Oil Products 1,257 1,217Marketing & Services 412 398Others 2,366 2,1016,018 5,24423 Employee benefit obligationsAccounting policyNeste has pension arrangements in different countries, which are generally funded through insurance companies. Pension cover is based on the legislation and agreement in force in each country. Pension schemes consist of both defined benefit and defined contribution plans. Finnish statutory pensions are accounted for as a defined contribution plan in the consolidated financial statements.Contributions to the defined contribution plans are charged directly to the statement of income in the year to which these contributions relate. In defined contribution plans, Neste has no legal or contractive obligations to pay further contributions in case the payment recipient is unable to pay the retirement benefits. All arrangements that do not fulfill these conditions are considered defined benefit plans. In defined benefit plans, after Neste has paid the amount for the period, an excess or deficit may result. The defined benefit obligation represents the present value of future cash flows from payable benefits, which are calculated for by using the projected unit credit method. The discount rate assumed in calculating the present value of the pension obligation is based on the market yield of high-quality corporate bonds (AA-rated) with appropriate maturities. Pension costs are recognized in the consolidated statement of income so as to spread the current service cost over the service lives of employees based on external calculations. The net interest is included as part of the finance cost in the consolidated statement of income. The liability (or asset) recognized in the consolidated statement of financial position is the pension obligation at the closing date less the fair value of plan assets. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Actuarial valuations for Neste\u2019s defined benefit pension plans are performed annually.Estimates and judgements requiring management estimationAccounting for defined benefit pensions and other long-term employee benefits involves making significant estimates when measuring Neste\u2019s pension expenses and obligations. The assumptions that are the most significant to the amounts reported are the discount rate, the rate of salary increase and future benefit increase. Changes in these assumptions could result in significant changes to the carrying amount of Neste\u2019s pension liability and future pension expenses. Neste has defined benefit pension plans in Finland, Switzerland and the Netherlands. The largest plans are in Finland, which account for 93% (2022: 95%) of Neste\u2019s total defined benefit pension obligation and 92% (2022: 94%) of Neste\u2019s total plan assets. The voluntary pension plan in Finland accounting for most of this has been closed since 1 January 1994. The insured supplementary pension scheme consists of defined benefit group pension insurances, which are very similar in structure, with the exception of retirement age and pension accrual rules. Other long-term employee benefits are long-service remunerations, which are accounted for as an unfunded defined benefit plan in accordance to IAS 19.Characteristics of the post-employment defined benefit plans in FinlandIn Finland, Neste has a voluntary pension plan for a certain group of employees to fulfill an aggregated benefit after retirement. The voluntary pension plan is managed in an insurance company.The voluntary plan\u2019s benefit is based on the aggregated benefits determined by the insurance contract. The voluntary benefit is the difference between aggregated benefits and compulsory benefits calculated at the age 63 in the old age plan. The aggregated benefits are at most 60% or 66% of the supplementary pension salary depending on the plan. The supplementary pension salary is calculated based on the last 10 years\u2019 salaries prior to the pension event adjusted by the index level. The benefits in the plans are old age and disability pensions, survivors\u2019 pensions for widows and children, and funeral grants. Old-age pension ages are 60, 62 and 65 years. In some pension schemes the pension cover also includes the right to early old-age pension retirement ages. The insurance company collects premiums on a yearly basis from the employer. The future premiums are adjusted so that the old-age pension will be fully funded until retirement. The disability and survivor\u2019s pension are also financed by risk premiums collected during the employment period. The premiums with fixed discount rate 1.5% are based on the last known salary without any assumptions on future salary increases. The insurance company guarantees the same interest yield to the assets in the plan, as the one they have used in calculating the premiums.The employer finances the index-linkage by paying an additional premium covering the index increase during the year. Discretionary bonuses from the insurance company will lower the index premium. The insurance company decides the amount of the bonus annually. Neste has insured the benefits index increases each year as the benefits have been increased. If the insurance company\u2019s granted bonus index does not cover the annual index increase, the insurance company collects a premium from the employer to cover the increase. The insurance company\u2019s bonus index varies on yearly basis.Risks associated with defined benefit plans Through its defined benefit pension plans Neste is exposed to a number of risks. The employer\u00b4s defined benefit obligations pension liability depends on the discount rate which is determined to a yield of corporate bonds as at the reporting date. A decrease in used discount rates increase the defined benefits obligations. However, a decrease in the used discount rate yield also increases the fair value of the assets partially offsetting the total impact of change in yield on the net defined benefit pension liability.The benefit of the plans is tied to the future benefit increase, which depends on inflation and common salary index. Higher inflation increases the benefit increase, which leads to an increase in liabilities and annual payments to the insurance company.If the active employee\u2019s salary increases more than the common salary index, the amount of promised benefit and the benefit obligation increases together with annual payments to life insurance company.The longevity risk is borne by the insurance company in case the actual mortality differs from the assumed. Possible adjustments in mortality assumption have an effect on the employer\u2019s liability according to IFRS. The insurance company completely bears the mortality risk on accrued benefits. The employers have a mortality risk only if the insurance company will raise its future benefit accruals premiums because of mortality adjustment. Defined benefit plansCost of defined benefit plans 2023 2022Service cost 4 5Net interest (+expense/-income) 4 1Defined benefit cost recognized in the consolidated statement of income 7 6Remeasurements of defined benefit plans 2023 2022Actuarial gains/lossesChanges in demographic assumptions 2 -3Changes in financial assumptions 30 105Return on plan assets, excluding amounts included in net interest expense -15 -70Experience adjustments -4 -11Total remeasurements recognized in other comprehensive income 12 22Amounts recognized in the consolidated statement of financial position 2023 2022Present value of funded defined benefit obligations 354 385Present value of unfunded defined benefit obligations 7 7Fair value of plan assets -268 -273BS Net defined benefit liability 93 119Changes in fair value of plan assets 2023 2022January 1 273 350Interest income 8 3Return on plan assets (excluding amounts included in net interest expense) -15 -71Employer contributions 21 11Benefits paid -20 -20December 31 268 273The assets are the responsibility of the insurance company and a part of the insurance company\u2019s investment assets. The distribution within categories is not possible to provide. 2023 2022Changes in the present value of the defined benefit obligationFunded Unfunded Funded UnfundedJanuary 1 385 7 488 8Current service cost 3 1 4 1Interest cost 12 0 4 0Actuarial gains (-)/ losses (+) -27 -1 -92 -1Settlements 0 0 0 0Benefits paid -19 -1 -18 -1December 31 354 7 385 7The expected contributions to be paid to the defined benefit plans in 2024 are EUR 19 million.Significant actuarial assumptions (presented as weighted average) 2023 2022Discount rate, %Finland 3.70% 3.20%Other countries 1.57% 1.83%Future salary increase, %Finland 3.45% 3.74%Other countries 1.09% 1.11%Future benefit increase, %Finland 2.49% 2.78%Other countries 0.00% 0.00%Sensitivity analysis of significant actuarial assumptionsReasonably possible changes at the reporting date to one of the weighted principal assumptions, while holding all other assumptions constant, would have affected the defined benefit obligation as shown below:Impact on the defined benefit pension obligationAssumptions Change in assumption 2023 2022Discount rate0.50% increase EUR million -16 -200.50% decrease EUR million 18 22Future salary increase0.50% increase EUR million 1 10.50% decrease EUR million -1 -1Future benefit increase0.50% increase EUR million 17 200.50% decrease EUR million -16 -19- 0.50% increase /decrease in the discount rate would lead to a decrease /increase of 4.4% /4.9% in the defined benefit obligation.- 0.50% increase /decrease in the rate of salary increase would lead to a increase /decrease of 0.3% /0.3% in the defined benefit obligation.- 0.50% increase /decrease in the rate of pension index would lead to a increase /decrease of 4.7% /4.3% in the defined benefit obligation. The above sensitivity analysis may not be representative of the actual impact of change. If more than one assumption is changed simultaneously, the combined impact of changes would not necessarily be the same as the sum of the individual change. If the assumptions change to a different level compared to that presented above, the effect on the defined benefit obligation may not be linear.Maturity profile of the undiscounted defined benefit obligation 2023Within the next 12 months 24Between 1 and 5 years 94Between 5 and 10 years 106Beyond 10 years 360Total 584The average duration of the defined benefit pension obligation at the end of the reporting period is 12 years.Board of Directors and key management compensationEUR thousand 2023 2022Salaries and other short-term employee benefits 6,482 5,895 Statutory pensions 919 819 Supplementary pensions 555 511 Share-based payments 3,585 1,961 Total (Including statutory pensions) 11,541 9,186Key management consists of President and CEO and other members of the Neste Executive Committee. There were no outstanding loan receivables from key management on 31 December 2023 or 31 December 2022.Compensation to President and CEO and members of the Neste Executive CommitteeMembers President of the Neste and CEOExecutive CommitteeMatti Peter Total EUR thousand 2023LehmusVanacker2022 20232022Annual remunerationBase salary 981 626 443 1,069 2,842 2,892Taxable benefits 16 11 0 11 140 110Annual incentive (STI plan) 424 0 261 261 1,384 826Total annual remuneration 1,420 637 704 1,341 4,367 3,829Vested long term remunerationSupplementary pension (insurance contributions) 146 95 0 95 409 416Share-based incentive plan 448 0 0 0 3,138 1,961Total remuneration 2,014 731 704 1,436 7,913 6,205Compensation to the Board of DirectorsEUR thousand 2023 2022Board of Directors at 31 December 2023Matti K\u00e4hk\u00f6nen 119 124John Abbott 76 75Nick Elmslie 75 76Just Jansz, since 30 March 2022 73 59Heikki Malinen, since 28 March 2023 64 0Eeva Sipil\u00e4, since 30 March 2022 79 55Johanna S\u00f6derstr\u00f6m 74 83Kimmo Viertola, since 28 March 2023 67 0Former Board membersMartina Fl\u00f6el, until 28 March 2023 2 75Jean-Baptiste Renard, until 30 March 2022 0 14Jari Rosendal, until 31 July 2023 61 69Marco Wir\u00e9n, until 28 March 2023 4 94Board of Directors, all members total 695 725Compensation to the Board of Directors include annual remuneration and meeting fee paid to each member of the Board for each meeting attended as well as for any meetings of the Board committees attended. Board members are not covered by the company\u2019s remuneration systems and do not receive any performance or share related payments. Compensation to the Board of Directors in 2022 includes three months of annual remuneration related to Board membership 2021\u20132022 and entire annual remuneration for Board membership 2022\u20132023. Figures in 2023 include annual remuneration for Board membership 2023-2024. Hence, the compensation in 2023 is not completely comparable to the compensation in 2022.The CEO\u2019s notice of termination period is 6 months on both sides. Should the company decide to give notice of termination, the President & CEO shall be entitled to his salary during the 6 months period of notice, together with a severance payment equivalent to 6 months\u2019 salary. The supplementary pension of the President and CEO is a defined contribution (DC) plan with an annual contribution of 16% of the annual fixed salary and retirement age of 62 years.Net liability of defined benefit plans of former Presidents and CEOs on 31 December 2023 were EUR 1,348 thousand (2022: EUR 1,692 thousand).",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-69-2": {
"value": "9 Other expenses2023 2022Repairs and maintenance 184 130Services 289 201Rents and other property costs 48 39Insurances 48 36Other 126 117IS Other expenses 695 522Services include planning and consulting services, IT services, research and lab services and other services.Rents and other property costs include EUR 13 million (2022: EUR 27 million) of expenses related to lease contracts which are accounted for as an expense on a straight-line basis over the lease term. Refer to Note 29 Leases for further information.Other expenses include travel expenses, HSE and advertising costs.Research expenditure is recognized as an expense as incurred and included in other expenses in the consolidated statement of income.Fees charged by the statutory auditor 2023 2022Authorised Public Accountants KPMG KPMGAuditor's fees 1.6 1.6Tax advisory 0.8 0.4Other advisory services 0.3 0.52.7 2.5The statutory audit fees of KPMG Oy Ab included fees of 694 thousand euros for audit and 35 thousand euros for auditor\u2019s statements. Non-audit services to entities of Neste Group were 1,002 thousand euros (2022: 935 thousand euros) in total during the financial year 2023. These services included 707 thousand euros (2022: 410 thousand euros) of tax advisory and 295 thousand euros (2022: 526 thousand euros) of other advisory services.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-70-3": {
"value": "Fees charged by the statutory auditor 2023 2022Authorised Public Accountants KPMG KPMGAuditor's fees 1.6 1.6Tax advisory 0.8 0.4Other advisory services 0.3 0.52.7 2.5The statutory audit fees of KPMG Oy Ab included fees of 694 thousand euros for audit and 35 thousand euros for auditor\u2019s statements. Non-audit services to entities of Neste Group were 1,002 thousand euros (2022: 935 thousand euros) in total during the financial year 2023. These services included 707 thousand euros (2022: 410 thousand euros) of tax advisory and 295 thousand euros (2022: 526 thousand euros) of other advisory services.",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-68-2": {
"value": "Number of personnel (average) 2023 2022Renewable Products 1,983 1,528Oil Products 1,257 1,217Marketing & Services 412 398Others 2,366 2,1016,018 5,244",
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"value": "10 Financial income and expenses2023 2022Financial incomeInterest income from financial assets at amortized cost 45 945 9Financial expensesInterest expenses for financial liabilities/receivables at amortized costLease liabilities -50 -24Other liabilities -68 -29Interest rate derivatives, fair value hedge accounted -1 0Write-downs of loan receivables 0 -3Other financial expenses -3 -4-122 -60Exchange rate and fair value gains and lossesFinancial instruments at amortized cost 9 -8Financial instruments at fair value through profit or loss -18 -72-9 -80IS Total financial income and expenses -86 -131Net gains/losses on financial instruments included in operating profit and fixed assets 2023 2022 1)Foreign exchange derivatives, hedge accountedIncluded in revenue 108 -250Included in materials and services 1 0Included in fixed assets -6 118Foreign exchange derivatives, non-hedge accounted Included in materials and services 14 -84Commodity derivatives, non-hedge accountedIncluded in materials and services -302 -495-186 -7111) The recognized ineffectiveness was EUR 0 million (2022: EUR 1 million).",
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"language": "en",
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"value": "2023 2022Financial incomeInterest income from financial assets at amortized cost 45 945 9Financial expensesInterest expenses for financial liabilities/receivables at amortized costLease liabilities -50 -24Other liabilities -68 -29Interest rate derivatives, fair value hedge accounted -1 0Write-downs of loan receivables 0 -3Other financial expenses -3 -4-122 -60Exchange rate and fair value gains and lossesFinancial instruments at amortized cost 9 -8Financial instruments at fair value through profit or loss -18 -72-9 -80IS Total financial income and expenses -86 -131Net gains/losses on financial instruments included in operating profit and fixed assets 2023 2022 1)Foreign exchange derivatives, hedge accountedIncluded in revenue 108 -250Included in materials and services 1 0Included in fixed assets -6 118Foreign exchange derivatives, non-hedge accounted Included in materials and services 14 -84Commodity derivatives, non-hedge accountedIncluded in materials and services -302 -495-186 -7111) The recognized ineffectiveness was EUR 0 million (2022: EUR 1 million).",
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"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
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}
},
"pp-value-72-3": {
"value": "2023 2022Financial incomeInterest income from financial assets at amortized cost 45 945 9Financial expensesInterest expenses for financial liabilities/receivables at amortized costLease liabilities -50 -24Other liabilities -68 -29Interest rate derivatives, fair value hedge accounted -1 0Write-downs of loan receivables 0 -3Other financial expenses -3 -4-122 -60Exchange rate and fair value gains and lossesFinancial instruments at amortized cost 9 -8Financial instruments at fair value through profit or loss -18 -72-9 -80IS Total financial income and expenses -86 -131Net gains/losses on financial instruments included in operating profit and fixed assets 2023 2022 1)Foreign exchange derivatives, hedge accountedIncluded in revenue 108 -250Included in materials and services 1 0Included in fixed assets -6 118Foreign exchange derivatives, non-hedge accounted Included in materials and services 14 -84Commodity derivatives, non-hedge accountedIncluded in materials and services -302 -495-186 -7111) The recognized ineffectiveness was EUR 0 million (2022: EUR 1 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-73-1": {
"value": "11 Income taxesAccounting policyNeste\u2019s income tax expenses include taxes of group companies calculated on the basis of the taxable profit for the period, with adjustments for previous periods, as well as the change in deferred income taxes. In respect of the deferred tax liability on undistributed foreign earnings, the amount recorded is based on expected circumstances and management expectations regarding the profit distribution. For items recognized directly in equity or other comprehensive income, the income tax effect is similarly recognized.If adjustments regarding uncertain tax positions (IFRIC 23) are made in situations where it is not likely that the tax authority and/or the court would accept a certain tax treatment, Neste will choose a method of recording the liability that best describes the realization of the uncertainty.Deferred income taxes are stated using the balance sheet liability method, to reflect the net tax effect of temporary differences between the financial reporting and tax bases of assets and liabilities. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is determined using tax rates that are in force on the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets are recognized for tax loss carryforwards and other unused tax credits to the extent that the utilization of the related tax benefit through future taxable profits is probable.According to IAS 12 paragraph 4A and 88A the Group has applied a temporary mandatory exception to neither recognise nor disclose information about deferred tax assets and liabilities arising from Pillar Two income taxes.Estimates and judgements requiring management estimationLiabilities and assets are recognised with respect to income tax amounts when management is expecting to pay and recover, respectively. Management has chosen not to discount non-current tax balances.Neste has deferred tax assets and liabilities which are expected to be realized through the income statement over extended periods of time in the future. Neste management has made certain assumptions regarding future tax consequences and used certain estimates when calculating differences between carrying amounts of assets and liabilities and their tax bases. Key assumptions underlying tax calculations include e.g. likelihood that recoverability periods for tax loss carryforwards will not change, and that existing tax laws and rates remain unchanged into the foreseeable future. At each balance sheet date deferred tax assets are assessed for recoverability and when circumstances indicate that it is no longer probable that deferred tax assets can be recovered, balances are reduced to their recoverable amounts.Several Neste countries, including Finland, have adopted the new Pillar Two rules into national law in 2023. The Group is in the process of assessing the exposure to the Pillar Two income taxes arising from legislation. Based on the preliminary assessment, the Group has identified some potential exposure to Pillar Two income taxes on profits earned in Estonia, Ireland, Singapore, Switzerland and the USA where the expected effective tax rate will probably be less than 15% due to the lower statutory tax rates, tax incentives and tax exempt income. However, as all of the conditions and circumstances affecting the applicability of Pillar Two legislation cannot be known, the quantitative impact of the potential top-up tax arising from the enacted legislation is not yet reasonably estimable. The Group continues to assess the impact of the Pillar Two legislation on its financials.The major components of income tax expense 2023 2022Current tax 296 405Adjustments recognized for current tax for prior periods -56 -1Change in deferred taxes -81 -16IS Income tax expense 160 388The reconciliation of income taxes 2023 2022IS Profit before income taxes 1,596 2,279Hypothetical income tax calculated at Finnish tax rate 20% -319 -456Differences in tax rates in other countries 68 71Non-deductible expenses and other permanent differences -2 -3Tax exempt income 78 0Tax on undistributed earnings -2 -1Taxes for prior periods 53 1Realisability of deferred tax assets -38 0Other 4 -1IS Income tax expense -160 -388Effective tax rate, % 10 17Neste\u2019s effective tax rate was lower than the Finnish statutory tax rate (20%) mainly due to lower taxation for Neste operations in Estonia, Lithuania, Singapore, Switzerland and the USA. A significant portion of the lower tax rate relates to the USA where Neste has according to US tax legislation treated the blender\u2019s tax credit in part as tax exempt income for corporate income tax purposes from 2023 onwards. As a result, Neste has amended its corporate income tax returns for 2019-2021 to reflect the tax exempt treatment as well as filed the tax returns for 2022 accordingly. The major part of the prior year taxes in 2023 relates to these amendments. The increase in realisability of deferred taxes mainly relates to the valuation allowance established for the deferred tax asset on tax loss carryforwards in the USA, which has increased due to the corporate income tax return amendments and the increase in tax losses.Additionally, Neste\u2019s Renewables Products operations in Singapore is subject to tax exemption until 2023 and concessionary tax rate until 2033 under the applicable Singapore legislation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-74-2": {
"value": "Accounting policyNeste\u2019s income tax expenses include taxes of group companies calculated on the basis of the taxable profit for the period, with adjustments for previous periods, as well as the change in deferred income taxes. In respect of the deferred tax liability on undistributed foreign earnings, the amount recorded is based on expected circumstances and management expectations regarding the profit distribution. For items recognized directly in equity or other comprehensive income, the income tax effect is similarly recognized.If adjustments regarding uncertain tax positions (IFRIC 23) are made in situations where it is not likely that the tax authority and/or the court would accept a certain tax treatment, Neste will choose a method of recording the liability that best describes the realization of the uncertainty.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-75-2": {
"value": "Deferred income taxes are stated using the balance sheet liability method, to reflect the net tax effect of temporary differences between the financial reporting and tax bases of assets and liabilities. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is determined using tax rates that are in force on the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets are recognized for tax loss carryforwards and other unused tax credits to the extent that the utilization of the related tax benefit through future taxable profits is probable.According to IAS 12 paragraph 4A and 88A the Group has applied a temporary mandatory exception to neither recognise nor disclose information about deferred tax assets and liabilities arising from Pillar Two income taxes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-78-1": {
"value": "Charged to Charged in Other Exchange rate differences, assets Changes in deferred tax assets and liabilities 2023 On 1 Jan 2023Income Statementcomprehensive income Acquisitions / Disposalsheld for sale and other changes On 31 Dec 2023Tax loss carried forward 61 219 0 0 0 280Provisions 33 2 0 0 0 34Pensions 24 -3 -3 0 0 18Fixed assets 116 75 0 0 0 191Derivative financial instruments 2 0 0 0 0 2Other temporary differences 25 6 1 0 0 32Total deferred tax assets 260 300 -2 0 0 557Netting against liabilities -201 -229 0 0 0 -431BS Deferred tax assets 59 70 -2 0 0 127Tax on undistributed earnings 9 2 0 0 0 11Fixed assets 454 77 0 0 0 531Derivative financial instruments 17 9 -10 0 0 17Investments in partnerships 50 130 0 0 0 181Other temporary differences 7 0 0 0 1 8Total deferred tax liabilities 537 219 -10 0 1 747Netting against assets -201 -229 0 0 0 -431BS Deferred tax liabilities 336 -11 -10 0 1 317Charged to Charged in Other Exchange rate differences, assets Changes in deferred tax assets and liabilities 2022 On 1 Jan 2022Income Statementcomprehensive income Acquisitions / Disposalsheld for sale and other changes On 31 Dec 2022Tax loss carried forward 5 55 0 0 0 61Provisions 35 -2 0 0 0 33Pensions 30 -1 -4 0 0 24Fixed assets 107 9 0 0 0 116Derivative financial instruments 8 1 -8 0 0 2Other temporary differences 13 12 0 0 0 25Total deferred tax assets 197 75 -12 0 0 260Netting against liabilities -153 -48 0 0 0 -201BS Deferred tax assets 45 26 -12 0 0 59Tax on undistributed earnings 9 0 0 0 0 9Fixed assets 434 20 0 0 0 454Derivative financial instruments 15 -13 16 0 0 17Investments in partnerships 0 50 0 0 0 50Other temporary differences 4 1 0 2 0 7Total deferred tax liabilities 462 57 16 2 0 537Netting against assets -153 -48 0 0 0 -201BS Deferred tax liabilities 309 9 16 2 0 336There are in total EUR 806 million (2022: EUR 26 million) of tax loss carryforwards for which no deferred tax asset is recognised. Expiry dates are between 2023 and 2026 for EUR 2 million (2022: EUR 2 million) and no expiry for EUR 805 million (2022: EUR 24 million). The increase in tax loss carryforwards for which no deferred tax asset is recognised relates to the valuation allowance established for the deferred tax asset on tax losses in the USA.The increase in tax loss carryforwards, where deferred tax asset is recognised, relates mainly to start-up phase of joint operation Martinez Renewables LLC and its accelerated tax depreciations as well as the tax losses recognised in other US operations. Investments in partnerships includes temporary differences in joint operation Martinez Renewables LLC.The increase in deferred tax assets and liabilities of fixed assets relates mainly to increase in IFRS16 lease agreements.A deferred tax liability has been recognized for undistributed earnings of subsidiaries where income taxes would be payable upon distribution.Deferred tax recognized relating to components of other comprehensive income:2023Tax (charge)Before tax / credit After taxOCI Remeasurements of defined benefit plans 14 -3 11OCI Net change of other investments at fair value -4 1 -3OCI Translation differences -66 0 -66Cash flow hedgesOCI recorded in equity 57 -7 50OCI transferred to income statement -102 17 -85OCI Share of other comprehensive income of investments accounted for using the equity method -4 0 -4OCI Other comprehensive income -105 8 -972022Tax (charge)Before tax / credit After taxOCI Remeasurements of defined benefit plans 22 -4 18OCI Net change of other investments at fair value -5 0 -5OCI Translation differences -56 0 -56Cash flow hedgesOCI recorded in equity 1 18 19OCI transferred to income statement 131 -41 90OCI Share of other comprehensive income of investments accounted for using the equity method 17 0 17OCI Other comprehensive income 110 -28 82",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-78-2": {
"value": "Charged to Charged in Other Exchange rate differences, assets Changes in deferred tax assets and liabilities 2023 On 1 Jan 2023Income Statementcomprehensive income Acquisitions / Disposalsheld for sale and other changes On 31 Dec 2023Tax loss carried forward 61 219 0 0 0 280Provisions 33 2 0 0 0 34Pensions 24 -3 -3 0 0 18Fixed assets 116 75 0 0 0 191Derivative financial instruments 2 0 0 0 0 2Other temporary differences 25 6 1 0 0 32Total deferred tax assets 260 300 -2 0 0 557Netting against liabilities -201 -229 0 0 0 -431BS Deferred tax assets 59 70 -2 0 0 127Tax on undistributed earnings 9 2 0 0 0 11Fixed assets 454 77 0 0 0 531Derivative financial instruments 17 9 -10 0 0 17Investments in partnerships 50 130 0 0 0 181Other temporary differences 7 0 0 0 1 8Total deferred tax liabilities 537 219 -10 0 1 747Netting against assets -201 -229 0 0 0 -431BS Deferred tax liabilities 336 -11 -10 0 1 317Charged to Charged in Other Exchange rate differences, assets Changes in deferred tax assets and liabilities 2022 On 1 Jan 2022Income Statementcomprehensive income Acquisitions / Disposalsheld for sale and other changes On 31 Dec 2022Tax loss carried forward 5 55 0 0 0 61Provisions 35 -2 0 0 0 33Pensions 30 -1 -4 0 0 24Fixed assets 107 9 0 0 0 116Derivative financial instruments 8 1 -8 0 0 2Other temporary differences 13 12 0 0 0 25Total deferred tax assets 197 75 -12 0 0 260Netting against liabilities -153 -48 0 0 0 -201BS Deferred tax assets 45 26 -12 0 0 59Tax on undistributed earnings 9 0 0 0 0 9Fixed assets 434 20 0 0 0 454Derivative financial instruments 15 -13 16 0 0 17Investments in partnerships 0 50 0 0 0 50Other temporary differences 4 1 0 2 0 7Total deferred tax liabilities 462 57 16 2 0 537Netting against assets -153 -48 0 0 0 -201BS Deferred tax liabilities 309 9 16 2 0 336There are in total EUR 806 million (2022: EUR 26 million) of tax loss carryforwards for which no deferred tax asset is recognised. Expiry dates are between 2023 and 2026 for EUR 2 million (2022: EUR 2 million) and no expiry for EUR 805 million (2022: EUR 24 million). The increase in tax loss carryforwards for which no deferred tax asset is recognised relates to the valuation allowance established for the deferred tax asset on tax losses in the USA.The increase in tax loss carryforwards, where deferred tax asset is recognised, relates mainly to start-up phase of joint operation Martinez Renewables LLC and its accelerated tax depreciations as well as the tax losses recognised in other US operations. Investments in partnerships includes temporary differences in joint operation Martinez Renewables LLC.The increase in deferred tax assets and liabilities of fixed assets relates mainly to increase in IFRS16 lease agreements.A deferred tax liability has been recognized for undistributed earnings of subsidiaries where income taxes would be payable upon distribution.Deferred tax recognized relating to components of other comprehensive income:2023Tax (charge)Before tax / credit After taxOCI Remeasurements of defined benefit plans 14 -3 11OCI Net change of other investments at fair value -4 1 -3OCI Translation differences -66 0 -66Cash flow hedgesOCI recorded in equity 57 -7 50OCI transferred to income statement -102 17 -85OCI Share of other comprehensive income of investments accounted for using the equity method -4 0 -4OCI Other comprehensive income -105 8 -972022Tax (charge)Before tax / credit After taxOCI Remeasurements of defined benefit plans 22 -4 18OCI Net change of other investments at fair value -5 0 -5OCI Translation differences -56 0 -56Cash flow hedgesOCI recorded in equity 1 18 19OCI transferred to income statement 131 -41 90OCI Share of other comprehensive income of investments accounted for using the equity method 17 0 17OCI Other comprehensive income 110 -28 82",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-81-2": {
"value": "Earnings per shareBasic earnings per share is calculated by dividing the profit for the period attributable to owners of the parent by the weighted average number of shares outstanding during the year. The dilutive effect of equity settled share-based payments is included in the computation of diluted earnings per share.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-83-1": {
"value": "Dividend per shareThe dividends paid in 2023 were EUR 1.52 per share, totaling EUR 1,168 million (2022: EUR 0.82 per share, totaling EUR 630 million). A dividend of EUR 1.20 per share, totaling approximately EUR 922 million are proposed at the Annual General Meeting on 27 March 2024. This dividend is not recognized in the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__5": {
"value": "1.52",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"s8_notes__7__6": {
"value": "0.82",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"s8_notes__6__8": {
"value": "1.2",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"s8_notes__6__7": {
"value": "922000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"pp-value-80-1": {
"value": "12 Earnings per share and dividend per shareEarnings per shareBasic earnings per share is calculated by dividing the profit for the period attributable to owners of the parent by the weighted average number of shares outstanding during the year. The dilutive effect of equity settled share-based payments is included in the computation of diluted earnings per share.2023 2022IS Profit for the period attributable to owners of the parent, EUR million 1,433 1,888Weighted average number of shares outstanding during the year (thousands) 768,176 768,060IS Basic earnings per share (euro per share) 1.87 2.46Effect of share-based incentive plans (thousands) 260 486Diluted weighted average number of shares during the year (thousands) 768,436 768,546IS Diluted earnings per share (euro per share) 1.87 2.46",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-84-1": {
"value": "13 Goodwill and intangible assetsAccounting policyIntangible assets, except goodwill, are stated at historical cost and amortized in a straight-line method over expected useful lives. Intangible assets comprise the following:Computer softwareComputer software licenses are capitalized on the basis of the costs incurred to acquire and introduce the software in question. The costs include the software development employee costs and professional fees arising directly bringing the asset to its working condition. Capitalization also depends on the technology used, e.g., cloud services are not capitalized. Costs are amortized over their estimated useful lives (three to five years). Costs associated with updates or maintaining computer software programs are recognized as an expense.Trademarks and licensesTrademarks and licenses have a definite useful life and are carried at cost less accumulated amortization. They are amortized over their estimated useful lives (three to ten years).GoodwillGoodwill represents the excess of the cost of an acquisition over the fair value of Neste\u2019s share of the net identifiable assets of the acquired business, subsidiary, associate or joint venture at the date of acquisition. Goodwill on acquisition of subsidiaries is included in intangible assets. Separately recognized goodwill is tested for impairment and carried at cost, less accumulated impairment losses. Impairment testing is done annually and whenever there is an indication that the asset may be impaired. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing, using those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The discount rates used in impairment testing of goodwill represent the WACC specified for the business area in question after tax, which is adjusted by tax effects in connection with the test. The WACC formula inputs are risk-free rate of return, market risk premium, industry-specific beta factor, target capital structure, borrowing cost and country risks. WACC rates are specified for each of the cash generating units separately. WACC% and growth rate are used purely for the impairment testing. The key assumption used for the estimated cash flows in Renewable Products is sales margin.Emission allowancesEmission allowances, which are purchased to cover future periods deficit, are recorded in intangible assets and measured at cost, and emission allowances received free of charge are recorded in their nominal value, i.e., at zero.A provision is recognized to cover the obligation to buy emission allowances if emission allowances received free of charge and purchased emission allowances intended to cover the deficit do not cover actual emissions. The provision is measured at its probable settlement amount. The difference between emissions made and emission allowances received, as well as any change in the probable amount of the provision, are reflected in the operating profit.Impairment of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized in the consolidated statement of income to the extent that the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. Non-financial assets other than goodwill are reviewed for possible reversal of impairment recognised in prior periods at each reporting date. Estimates and judgements requiring management estimationIntangible assets as well as property, plant and equipment are always tested for impairment, when there is any indication that an asset may be impaired. When the recoverable amount of an asset is less than the carrying amount, an impairment loss is recognized as an expense immediately and the carrying amount is reduced to the asset\u2019s recoverable amount.The amounts recoverable from cash-generating units\u2019 operating activities are determined based on value in use calculations. These calculations are based on estimated future cash flows approved by Neste\u2019s management, covering a period of three years. Preparation of these estimates requires management to make assumptions relating to future expectations. The main assumptions used relate to the sales margin and discount rates. The climate related assumptions in the calculations include the demand increase in the Renewable Products, which is positively affecting the sales margin and nominal growth rate assumptions. Other intangible 2023 Goodwillassets TotalGross carrying amount on 1 January 402 470 873Exchange rate differences -9 -3 -12Acquisitions 104 43 147CF Additions 0 27 27Disposals 0 -1 -1Reclassifications 0 1 1Gross carrying amount on 31 December 498 537 1,035Accumulated amortization and impairment losses on 1 January 2 301 303Exchange rate differences 0 0 0Disposals 0 -1 -1Amortization and impairments for the period 0 53 53Accumulated amortization and impairment losses on 31 December 2 352 354BS Carrying amount on 1 January 2023 401 169 570BS Carrying amount on 31 December 2023 496 185 681Other intangible 2022 Goodwillassets TotalGross carrying amount on 1 January 362 410 772Exchange rate differences 11 2 14Acquisitions 7 4 10CF Additions 22 51 73Disposals 0 -9 -9Reclassifications 1 13 14Gross carrying amount on 31 December 402 470 873Accumulated amortization and impairment losses on 1 January 0 256 256Exchange rate differences 0 0 0Disposals 0 -5 -5Amortization for the period 2 50 52Accumulated amortization and impairment losses on 31 December 2 301 303BS Carrying amount on 1 January 2022 362 154 516BS Carrying amount on 31 December 2022 401 169 570Impairment test of goodwillGoodwill is allocated to Neste\u2019s cash-generating units (CGUs). From identified CGU\u2019s goodwill is allocated to the Renewable Products cash-generating unit which is equal with the Renewable Products segment.A segment-level summary of the goodwill allocation is presented below:WACC% 2023 2022Renewable Products 8.1 496 401BS Goodwill 496 401A decrease of 20% in sales margin or 4%-points increase in the discount rate would not create a situation in which the carrying amounts of the cash-generating units would exceed their recoverable amounts. Cash flows beyond the three-year period are extrapolated by using 2.0% nominal growth rate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-85-2": {
"value": "Accounting policyIntangible assets, except goodwill, are stated at historical cost and amortized in a straight-line method over expected useful lives. Intangible assets comprise the following:Computer softwareComputer software licenses are capitalized on the basis of the costs incurred to acquire and introduce the software in question. The costs include the software development employee costs and professional fees arising directly bringing the asset to its working condition. Capitalization also depends on the technology used, e.g., cloud services are not capitalized. Costs are amortized over their estimated useful lives (three to five years). Costs associated with updates or maintaining computer software programs are recognized as an expense.Trademarks and licensesTrademarks and licenses have a definite useful life and are carried at cost less accumulated amortization. They are amortized over their estimated useful lives (three to ten years).Emission allowancesEmission allowances, which are purchased to cover future periods deficit, are recorded in intangible assets and measured at cost, and emission allowances received free of charge are recorded in their nominal value, i.e., at zero.A provision is recognized to cover the obligation to buy emission allowances if emission allowances received free of charge and purchased emission allowances intended to cover the deficit do not cover actual emissions. The provision is measured at its probable settlement amount. The difference between emissions made and emission allowances received, as well as any change in the probable amount of the provision, are reflected in the operating profit.Impairment of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized in the consolidated statement of income to the extent that the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. Non-financial assets other than goodwill are reviewed for possible reversal of impairment recognised in prior periods at each reporting date. Estimates and judgements requiring management estimationIntangible assets as well as property, plant and equipment are always tested for impairment, when there is any indication that an asset may be impaired. When the recoverable amount of an asset is less than the carrying amount, an impairment loss is recognized as an expense immediately and the carrying amount is reduced to the asset\u2019s recoverable amount.The amounts recoverable from cash-generating units\u2019 operating activities are determined based on value in use calculations. These calculations are based on estimated future cash flows approved by Neste\u2019s management, covering a period of three years. Preparation of these estimates requires management to make assumptions relating to future expectations. The main assumptions used relate to the sales margin and discount rates. The climate related assumptions in the calculations include the demand increase in the Renewable Products, which is positively affecting the sales margin and nominal growth rate assumptions. Other intangible 2023 Goodwillassets TotalGross carrying amount on 1 January 402 470 873Exchange rate differences -9 -3 -12Acquisitions 104 43 147CF Additions 0 27 27Disposals 0 -1 -1Reclassifications 0 1 1Gross carrying amount on 31 December 498 537 1,035Accumulated amortization and impairment losses on 1 January 2 301 303Exchange rate differences 0 0 0Disposals 0 -1 -1Amortization and impairments for the period 0 53 53Accumulated amortization and impairment losses on 31 December 2 352 354BS Carrying amount on 1 January 2023 401 169 570BS Carrying amount on 31 December 2023 496 185 681Other intangible 2022 Goodwillassets TotalGross carrying amount on 1 January 362 410 772Exchange rate differences 11 2 14Acquisitions 7 4 10CF Additions 22 51 73Disposals 0 -9 -9Reclassifications 1 13 14Gross carrying amount on 31 December 402 470 873Accumulated amortization and impairment losses on 1 January 0 256 256Exchange rate differences 0 0 0Disposals 0 -5 -5Amortization for the period 2 50 52Accumulated amortization and impairment losses on 31 December 2 301 303BS Carrying amount on 1 January 2022 362 154 516BS Carrying amount on 31 December 2022 401 169 570",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-85-3": {
"value": "Accounting policyIntangible assets, except goodwill, are stated at historical cost and amortized in a straight-line method over expected useful lives. Intangible assets comprise the following:Computer softwareComputer software licenses are capitalized on the basis of the costs incurred to acquire and introduce the software in question. The costs include the software development employee costs and professional fees arising directly bringing the asset to its working condition. Capitalization also depends on the technology used, e.g., cloud services are not capitalized. Costs are amortized over their estimated useful lives (three to five years). Costs associated with updates or maintaining computer software programs are recognized as an expense.Trademarks and licensesTrademarks and licenses have a definite useful life and are carried at cost less accumulated amortization. They are amortized over their estimated useful lives (three to ten years).GoodwillGoodwill represents the excess of the cost of an acquisition over the fair value of Neste\u2019s share of the net identifiable assets of the acquired business, subsidiary, associate or joint venture at the date of acquisition. Goodwill on acquisition of subsidiaries is included in intangible assets. Separately recognized goodwill is tested for impairment and carried at cost, less accumulated impairment losses. Impairment testing is done annually and whenever there is an indication that the asset may be impaired. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing, using those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The discount rates used in impairment testing of goodwill represent the WACC specified for the business area in question after tax, which is adjusted by tax effects in connection with the test. The WACC formula inputs are risk-free rate of return, market risk premium, industry-specific beta factor, target capital structure, borrowing cost and country risks. WACC rates are specified for each of the cash generating units separately. WACC% and growth rate are used purely for the impairment testing. The key assumption used for the estimated cash flows in Renewable Products is sales margin.Emission allowancesEmission allowances, which are purchased to cover future periods deficit, are recorded in intangible assets and measured at cost, and emission allowances received free of charge are recorded in their nominal value, i.e., at zero.A provision is recognized to cover the obligation to buy emission allowances if emission allowances received free of charge and purchased emission allowances intended to cover the deficit do not cover actual emissions. The provision is measured at its probable settlement amount. The difference between emissions made and emission allowances received, as well as any change in the probable amount of the provision, are reflected in the operating profit.Impairment of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized in the consolidated statement of income to the extent that the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. Non-financial assets other than goodwill are reviewed for possible reversal of impairment recognised in prior periods at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-86-2": {
"value": "GoodwillGoodwill represents the excess of the cost of an acquisition over the fair value of Neste\u2019s share of the net identifiable assets of the acquired business, subsidiary, associate or joint venture at the date of acquisition. Goodwill on acquisition of subsidiaries is included in intangible assets. Separately recognized goodwill is tested for impairment and carried at cost, less accumulated impairment losses. Impairment testing is done annually and whenever there is an indication that the asset may be impaired. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing, using those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The discount rates used in impairment testing of goodwill represent the WACC specified for the business area in question after tax, which is adjusted by tax effects in connection with the test. The WACC formula inputs are risk-free rate of return, market risk premium, industry-specific beta factor, target capital structure, borrowing cost and country risks. WACC rates are specified for each of the cash generating units separately. WACC% and growth rate are used purely for the impairment testing. The key assumption used for the estimated cash flows in Renewable Products is sales margin.Other intangible 2023 Goodwillassets TotalGross carrying amount on 1 January 402 470 873Exchange rate differences -9 -3 -12Acquisitions 104 43 147CF Additions 0 27 27Disposals 0 -1 -1Reclassifications 0 1 1Gross carrying amount on 31 December 498 537 1,035Accumulated amortization and impairment losses on 1 January 2 301 303Exchange rate differences 0 0 0Disposals 0 -1 -1Amortization and impairments for the period 0 53 53Accumulated amortization and impairment losses on 31 December 2 352 354BS Carrying amount on 1 January 2023 401 169 570BS Carrying amount on 31 December 2023 496 185 681Other intangible 2022 Goodwillassets TotalGross carrying amount on 1 January 362 410 772Exchange rate differences 11 2 14Acquisitions 7 4 10CF Additions 22 51 73Disposals 0 -9 -9Reclassifications 1 13 14Gross carrying amount on 31 December 402 470 873Accumulated amortization and impairment losses on 1 January 0 256 256Exchange rate differences 0 0 0Disposals 0 -5 -5Amortization for the period 2 50 52Accumulated amortization and impairment losses on 31 December 2 301 303BS Carrying amount on 1 January 2022 362 154 516BS Carrying amount on 31 December 2022 401 169 570Impairment test of goodwillGoodwill is allocated to Neste\u2019s cash-generating units (CGUs). From identified CGU\u2019s goodwill is allocated to the Renewable Products cash-generating unit which is equal with the Renewable Products segment.A segment-level summary of the goodwill allocation is presented below:WACC% 2023 2022Renewable Products 8.1 496 401BS Goodwill 496 401A decrease of 20% in sales margin or 4%-points increase in the discount rate would not create a situation in which the carrying amounts of the cash-generating units would exceed their recoverable amounts. Cash flows beyond the three-year period are extrapolated by using 2.0% nominal growth rate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-86-4": {
"value": "GoodwillGoodwill represents the excess of the cost of an acquisition over the fair value of Neste\u2019s share of the net identifiable assets of the acquired business, subsidiary, associate or joint venture at the date of acquisition. Goodwill on acquisition of subsidiaries is included in intangible assets. Separately recognized goodwill is tested for impairment and carried at cost, less accumulated impairment losses. Impairment testing is done annually and whenever there is an indication that the asset may be impaired. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing, using those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The discount rates used in impairment testing of goodwill represent the WACC specified for the business area in question after tax, which is adjusted by tax effects in connection with the test. The WACC formula inputs are risk-free rate of return, market risk premium, industry-specific beta factor, target capital structure, borrowing cost and country risks. WACC rates are specified for each of the cash generating units separately. WACC% and growth rate are used purely for the impairment testing. The key assumption used for the estimated cash flows in Renewable Products is sales margin.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-87-4": {
"value": "Emission allowancesEmission allowances, which are purchased to cover future periods deficit, are recorded in intangible assets and measured at cost, and emission allowances received free of charge are recorded in their nominal value, i.e., at zero.A provision is recognized to cover the obligation to buy emission allowances if emission allowances received free of charge and purchased emission allowances intended to cover the deficit do not cover actual emissions. The provision is measured at its probable settlement amount. The difference between emissions made and emission allowances received, as well as any change in the probable amount of the provision, are reflected in the operating profit.Emission allowancesNeste Finland Refinery in Porvoo comes under the European Union\u2019s greenhouse gas emission trading system, and was granted a total of 2.0 million tons emission allowances for 2023. In addition to refinery operations Neste purchases allowances to cover certain emissions of the local partners who provide utility services to Neste. A provision is recognized to cover the obligation to buy emission allowances if emission allowances received free of charge and purchased emission allowances intended to cover the deficit do not cover actual emissions. Emission allowances, which are purchased to cover future periods deficit are accounted for as intangible assets and measured at cost, and emission allowances received free of charge are accounted for at nominal value, i.e. at zero. As at 31 December 2023 there was no estimated obligation to purchase emission allowances in the balance sheet of Neste (31.12.2022 EUR 0 million). The actual amount of CO emissions in 2023 were 2.9 million tons (2022: 2.8 million tons). The 2Group has traded emission allowances for net amount of 0.8 million tons during the financial period ended 31 December 2023 (2022: 0.7 million tons).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-88-5": {
"value": "Impairment of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized in the consolidated statement of income to the extent that the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. Non-financial assets other than goodwill are reviewed for possible reversal of impairment recognised in prior periods at each reporting date. ImpairmentThe general expected credit loss model is used for debt instruments carried at amortized cost and the impairment is recognized through profit or loss. The credit loss is recognized based on individual assessment of receivable. The simplified expected credit loss model is applied for trade receivables according to IFRS 9. Every business area uses a specific provision matrix for the trade receivables due to the different nature of the businesses. The business area impairment process is based on historical credit loss experience combined with current conditions and forward looking macroeconomic analysis. The impairment or credit loss is recognized in the consolidated statement of income within other expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-92-3": {
"value": "Impairment test of goodwillGoodwill is allocated to Neste\u2019s cash-generating units (CGUs). From identified CGU\u2019s goodwill is allocated to the Renewable Products cash-generating unit which is equal with the Renewable Products segment.A segment-level summary of the goodwill allocation is presented below:WACC% 2023 2022Renewable Products 8.1 496 401BS Goodwill 496 401A decrease of 20% in sales margin or 4%-points increase in the discount rate would not create a situation in which the carrying amounts of the cash-generating units would exceed their recoverable amounts. Cash flows beyond the three-year period are extrapolated by using 2.0% nominal growth rate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-93-1": {
"value": "14 Property, plant and equipmentAccounting policyProperty, plant, and equipment mainly comprise oil refineries and other production plants and storage tanks, marine fleet, and retail station network infrastructure and equipment. Neste owns station network infrastructure with the exception of dealer stations. Property, plant, and equipment are stated at historical cost in the balance sheet, less depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items in question and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Cost may also include transfers from equity of any gains/losses on qualifying cash flow hedges related to foreign currency purchases of property, plant, and equipment. Assets acquired through the acquisition of a new subsidiary are stated at their fair value on the date of acquisition. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to Neste and the cost of the item can be measured reliably. Costs for major periodic overhauls at oil refineries and other production plants on a 3\u20135 year cycle are capitalized when they occur and then depreciated during the shutdown cycle, i.e., the time between shutdowns. All other repairs and maintenance are charged to the consolidated statement of income during the financial period in which they are incurred.Land areas are not depreciated. The bottom of crude oil rock inventory and precious metals in catalysts used in production process are included in other tangible assets and are depreciated according to possible usage. Depreciation on tangible assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives as follows:Buildings and structures, including terminals 20\u201340 yearsMachinery and equipment: Production machinery and equipment 15\u201320 years Marine fleet 15\u201320 years Retail station network infrastructure and equipment 5\u201315 years Other equipment and vehicles 3\u201315 yearsOther tangible assets 20\u201340 yearsThe residual values and useful lives of assets are reviewed and adjusted where appropriate at each balance sheet date. The carrying amount of an asset is written down immediately to its recoverable amount if the former amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amounts. These are included in \u2018Other income\u2019 or \u2018Other expenses\u2019 in the consolidated statement of income. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, a major initial investment, such as a new production facility, form part of the cost of that asset. Other borrowing costs are recognized as an expense.Research exprenditure is recognised as an expense as incurred and included in other expences in the consolidated statement of income. Expenditure on development activities is capitalized only when it fulfills strict criteria e.g., development relates to new products that are both technically and commercially feasible. The majority of Neste\u2019s development expenditure does not meet the criteria for capitalization and are recognized as expenses as incurred.LeasesNeste assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.As a lessee, Neste recognizes the right-of-use asset on the balance sheet as property, plant and equipment at a value equivalent to the initial measurement of the lease liability adjusted for lease prepayments, lease incentives, initial direct costs and any restoration obligations at the commencement date of the lease.Right-of-use assets are depreciated on a straight-line basis over the lease term of the assets. Right-of-use assets are assessed for impairment in line with the accounting policy for impairment of property, plant and equipment, intangible assets, and goodwill (see Note 13 Goodwill and intangible assets).Refer to Note 29 Leases for further information.Buildings Machinery and Other Assets under 2023 Landand constructionsequipmenttangible assetsconstruction TotalGross carrying amount on 1 January 363 2,654 5,557 567 2,595 11,736Exchange rate differences -2 -1 -24 -11 -19 -56Additions 30 106 620 600 777 2,132Acquisitions 1 17 10 0 2 29Disposals -37 -17 -15 -146 7 -208Reclassifications -5 878 1,094 98 -2,087 -22Gross carrying amount on 31 December 349 3,637 7,242 1,108 1,274 13,610Accumulated depreciation and impairment losses on 1 January 46 1,300 3,527 262 32 5,166Exchange rate differences 0 0 -3 -4 0 -8Disposals -8 -12 -39 -67 0 -126Reclassifications 2 0 -24 0 0 -22Depreciation and write downs for the period 15 119 527 150 2 813Accumulated depreciation and impairment losses on 31 December 54 1,407 3,988 341 33 5,824BS Carrying amount on 1 January 2023 318 1,354 2,030 305 2,563 6,570BS Carrying amount on 31 December 2023 295 2,230 3,254 767 1,241 7,786The carrying amount of assets under construction on 31 December 2023 includes mainly assets related to the ongoing expansion project in the Netherlands. Property, plant and equipment includes right-of-use (ROU) assets where Neste is a lessee as specified in Note 29 Leases.Buildings Machinery and Other Assets under 2022 Landand constructionsequipmenttangible assetsconstruction TotalGross carrying amount on 1 January 287 2,679 5,593 518 1,310 10,387Exchange rate differences 0 1 -31 5 -36 -62Additions 91 32 264 100 1,654 2,141Acquisitions 0 0 0 0 0 0Disposals -15 -80 -594 -89 -4 -780Reclassifications 0 22 304 1 -328 -2Assets held for sale 0 0 21 31 0 52Gross carrying amount on 31 December 363 2,654 5,557 567 2,595 11,736Accumulated depreciation and impairment losses on 1 January 38 1,287 3,715 186 10 5,235Exchange rate differences 0 0 0 2 0 3Disposals -7 -85 -564 -38 0 -694Reclassifications 3 2 3 0 0 8Depreciation and write downs for the period 12 96 367 89 22 586Assets held for sale 0 0 6 22 0 28Accumulated depreciation and impairment losses on 31 December 46 1,300 3,527 262 32 5,166BS Carrying amount on 1 January 2022 249 1,392 1,879 332 1,300 5,152BS Carrying amount on 31 December 2022 318 1,354 2,030 305 2,563 6,570Property, plant and equipment on 31 December 2022 includes an increase of EUR 853 million from joint operation Martinez Renewables and it is mainly included in assets under construction and machinery and equipment. Additionally, the carrying amount of assets under construction includes mainly assets related to expansion projects in Singapore and in the Netherlands. Property, plant and equipment includes right-of-use (ROU) assets where Neste is a lessee as specified in Note 29 Leases.Capitalized borrowing costsDuring 2023 borrowing costs amounting to EUR 22 million (2022: EUR 3 million) were capitalized related to the expansion project in the Netherlands. They are included in property, plant and equipment. Neste\u2019s average interest rate of borrowings for each month was applied as the capitalization rate, which was 3.2% in 2023 (2022: 1.3%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-94-2": {
"value": "Accounting policyProperty, plant, and equipment mainly comprise oil refineries and other production plants and storage tanks, marine fleet, and retail station network infrastructure and equipment. Neste owns station network infrastructure with the exception of dealer stations. Property, plant, and equipment are stated at historical cost in the balance sheet, less depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items in question and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Cost may also include transfers from equity of any gains/losses on qualifying cash flow hedges related to foreign currency purchases of property, plant, and equipment. Assets acquired through the acquisition of a new subsidiary are stated at their fair value on the date of acquisition. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to Neste and the cost of the item can be measured reliably. Costs for major periodic overhauls at oil refineries and other production plants on a 3\u20135 year cycle are capitalized when they occur and then depreciated during the shutdown cycle, i.e., the time between shutdowns. All other repairs and maintenance are charged to the consolidated statement of income during the financial period in which they are incurred.Land areas are not depreciated. The bottom of crude oil rock inventory and precious metals in catalysts used in production process are included in other tangible assets and are depreciated according to possible usage. Depreciation on tangible assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives as follows:Buildings and structures, including terminals 20\u201340 yearsMachinery and equipment: Production machinery and equipment 15\u201320 years Marine fleet 15\u201320 years Retail station network infrastructure and equipment 5\u201315 years Other equipment and vehicles 3\u201315 yearsOther tangible assets 20\u201340 yearsThe residual values and useful lives of assets are reviewed and adjusted where appropriate at each balance sheet date. The carrying amount of an asset is written down immediately to its recoverable amount if the former amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amounts. These are included in \u2018Other income\u2019 or \u2018Other expenses\u2019 in the consolidated statement of income. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, a major initial investment, such as a new production facility, form part of the cost of that asset. Other borrowing costs are recognized as an expense.Research exprenditure is recognised as an expense as incurred and included in other expences in the consolidated statement of income. Expenditure on development activities is capitalized only when it fulfills strict criteria e.g., development relates to new products that are both technically and commercially feasible. The majority of Neste\u2019s development expenditure does not meet the criteria for capitalization and are recognized as expenses as incurred.LeasesNeste assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.As a lessee, Neste recognizes the right-of-use asset on the balance sheet as property, plant and equipment at a value equivalent to the initial measurement of the lease liability adjusted for lease prepayments, lease incentives, initial direct costs and any restoration obligations at the commencement date of the lease.Right-of-use assets are depreciated on a straight-line basis over the lease term of the assets. Right-of-use assets are assessed for impairment in line with the accounting policy for impairment of property, plant and equipment, intangible assets, and goodwill (see Note 13 Goodwill and intangible assets).Refer to Note 29 Leases for further information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-95-3": {
"value": "Land areas are not depreciated. The bottom of crude oil rock inventory and precious metals in catalysts used in production process are included in other tangible assets and are depreciated according to possible usage. Depreciation on tangible assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives as follows:Buildings and structures, including terminals 20\u201340 yearsMachinery and equipment: Production machinery and equipment 15\u201320 years Marine fleet 15\u201320 years Retail station network infrastructure and equipment 5\u201315 years Other equipment and vehicles 3\u201315 yearsOther tangible assets 20\u201340 yearsThe residual values and useful lives of assets are reviewed and adjusted where appropriate at each balance sheet date. The carrying amount of an asset is written down immediately to its recoverable amount if the former amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amounts. These are included in \u2018Other income\u2019 or \u2018Other expenses\u2019 in the consolidated statement of income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-97-3": {
"value": "LeasesNeste assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.As a lessee, Neste recognizes the right-of-use asset on the balance sheet as property, plant and equipment at a value equivalent to the initial measurement of the lease liability adjusted for lease prepayments, lease incentives, initial direct costs and any restoration obligations at the commencement date of the lease.Right-of-use assets are depreciated on a straight-line basis over the lease term of the assets. Right-of-use assets are assessed for impairment in line with the accounting policy for impairment of property, plant and equipment, intangible assets, and goodwill (see Note 13 Goodwill and intangible assets).Refer to Note 29 Leases for further information.Accounting policy Neste assesses at contract inception whether a contract is, or contains, a lease, i.e., if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.Neste as a lesseeNeste has lease contracts for various land areas, vessels, tanks, containers, facilities and other equipment used in its operations. Lease contracts are made for fixed periods of 1 to 60 years. Some leases include an option to extend the lease for an additional period after the end of the contract term or terminate the contract during the lease term.Neste recognises a leased asset and a lease liability at the lease commencement date, except for short-term leases and leases of low-value assets.i) Right-of-use assetsNeste recognises right-of-use assets on the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, any restoration obligations and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the lease term. If ownership of the leased asset transfers to Neste at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment.Neste\u2019s right-of-use assets are included in Property, plant and equipment (see Note 14 Property plant and equipment).ii) Lease liabilitiesAt the commencement date of the lease, Neste recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including insubstance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option that is reasonably certain to be exercised by Neste and payments of penalties for terminating the lease, if the lease term reflects Neste exercising the option to terminate.Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, Neste uses interest rate implicit in the lease if readily determinable and if not, Neste uses its incremental borrowing rate at the lease commencement date. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.Neste\u2019s lease liabilities are included in Interest-bearing liabilities (see Note 21 Financial liabilities).iii) Short-term leases and leases of low-value assetsNeste applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.Neste as a lessorAt inception of a lease contract, Neste makes an assessment whether the lease is a finance lease or an operating lease. If the lease substantially transfers all the risks and rewards incidental to ownership of the asset, it is considered to be a finance lease; if not, the lease is considered to be an operating lease. Neste has a minor amount of operating lease contracts, whereby the lease payments are recognised on a straight-line basis over the lease term and is included in other income in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-100-1": {
"value": "15 Investments in associates and joint venturesCarrying amount 2023 2022On 1 January 63 60IS, CF Share of profit (loss) of associates and joint ventures 1 2OCI Share of other comprehensive income of investments accounted for using the equity method -4 17Translation differences -1 1CF Capital repayments 0 -13Dividends 0 -15Investments 0 12Other changes 0 -1BS On 31 December 58 63Neste\u2019s interest and nature of of the relationship in its principle associates and joint ventures at 31 December, all of which are unlisted, are listed in the following table:2023 2022Nature of the Country of % interest % interest relationshipincorporationheldheld 1)Alterra Energy LLC Associated companyUSA 40.00 40.00 2)Glacia Limited Joint VentureBermuda 0.00 0.00 3)Kilpilahti Power Plant Ltd Joint VentureFinland 40.00 40.001) Alterra Energy LLC is a US-based, chemical recycling technology company. The cooperation between Neste and Alterra includes joint technology development and commercialization of the technology. Management has classified Alterra as an associated company due to the significant influence that Neste has in the company. 2) Glacia Limited was a joint venture company owned on a 50/50 basis by Neste and Stena Maritime AG (part of the Stena Group). Glacia Limited was liquidated in 2022.3) Kilpilahti Power Plant Ltd is a joint venture company that produces and supplies steam and other utilities to Neste\u00b4s refinery and Borealis\u00b4 petrochemical plant in Porvoo, Finland. The joint venture is owned 40% each by Neste and Veolia and 20% by Borealis. Management has classified this ownership as a joint venture because the arrangement is structured through a separate vehicle, the legal form of which separates its assets and liabilities of its shareholders and it is directed so that the relevant activities of the company require unanimous consent from all parties sharing control. The new power plant\u00b4s capacity is also meant to serve external customers in addition to Neste and Borealis and thus optimize the returns of all shareholders in form of net profit. Management has also taken into account that Kilpilahti Power Plant Ltd plans and executes the power plant operations as its own business decisions which are operated by Veolia. Associates and joint ventures have been consolidated using the equity method.The Martinez Renewables joint arrangement together with Marathon Petroleum has been classified as a joint operation since 2022, and more information of 2022 effects has been presented in Note 2 Accounting Policies, Note 14 Property, plant and equipment, Note 18 Inventories and Note 29 Leases. Summarized financial information in respect of Neste\u2019s associates and joint ventures are set out in the following table: Alterra Energy LLC Kilpilahti Power Plant Ltd Glacia Limited2023 2022 2023 2022 2022Non-current assets 36 37 532 518 0Current assetsCash and cash equivalents 2 10 5 23 0Other current assets (excl. cash and cash equivalents) 1 0 90 116 0Total current assets 3 10 95 139 0Non-current liabilitiesNon-current financial liabilities (excl. trade payables and provisions) 11 7 510 500 0Other non-current liabilities 0 0 21 17 0Total non-current liabilities 11 7 531 517 0Current liabilitiesCurrent financial liabilities (excl. trade payables and provisions) 0 0 31 31 0Other current liabilities 2 2 37 92 0Total current liabilities 2 2 68 123 0Net assets 25 38 29 17 0Revenue 5 34 306 458 2Depreciation, amortization and impairments 2 2 13 8 1Interest income 0 0 2 0 0Interest expense 0 0 14 8 0Income tax expense 0 0 0 0 0Profit/loss -11 20 -3 -6 0Reconciliation of summarized financial informationReconciliation of the summarized financial information presented to the carrying amount of its interest in the associates and joint ventures.Alterra Energy LLC Kilpilahti Power Plant Ltd Glacia Limited2023 2022 2023 2022 2022Opening net assets 1 January 96 86 61 10 43Investment in associate/joint venture 0 30 0 0 0Profit for the period -11 -11 13 9 6Other comprehensive income -2 6 -11 43 -3Capital repayments 0 -15 0 0 -15Dividends 0 0 0 0 -30Other changes 0 0 -1 -1 0Closing net assets 31 December 82 96 62 61 0Interest in joint venture 33 38 25 24 0Carrying value 33 38 25 24 0The share of profits of associates and joint ventures are consolidated based on the companys\u2019 preliminary results for the financial period. Transactions carried out with associates and joint ventures are disclosed in Note 25 Related party transactions. Contingent liabilities relating to the Neste\u2019s interest in the associates and joint ventures are disclosed in Note 28 Contingencies and commitments.",
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"pp-value-104-1": {
"value": "16 Financial assets and liabilities by measurement categoriesNeste classifies financial assets and liabilities according to IFRS 9. Accounting policies, classification criterias and other information relating to financial assets and liabilities can be found in Notes 17 Financial assets and 21 Financial liabilities.Derivative financial instruments under Fair value through OCI -category meet criteria for hedge accounting. Derivative financial instruments are initially recognized at fair value on the trade date and are subsequently re-measured at their fair value on the balance sheet date. The fair values of the foreign exchange forward and the interest rate swap contracts are calculated as the present values of the future cash flows and the fair values of foreign exchange options by using the Black and Scholes option pricing model. The fair value of the exchange traded commodity derivatives is based on exchange market quotations and the fair value of over-the-counter commodity derivative contracts is based on the net present value of cash flows. The fair value of all derivatives is calculated using the observable market inputs for currency and interest rates, volatilities and commodity price quotations on the closing date. Derivative contracts are included in current assets or liabilities, except derivatives maturities over 12 months after the balance sheet date, which are classified as non-current assets or liabilities. More information relating to derivative financial instruments can be found in Note 19 Derivative financial instruments.31 Dec 2023 Fair value through Balance sheet item Fair value through OCIprofit or loss Amortized cost Carrying amount Fair value Level 1 Level 2 Level 3Non-current financial assetsBS Non-current receivables 126 126 126BS Derivative financial instruments 26 26 26 0 26BS Other financial assets 46 8 54 54 54Current financial assets 1)Trade and other receivables1,872 1,872 1,872BS Derivative financial instruments 52 138 190 190 37 153BS Current investments 5 5 5BS Cash and cash equivalents 1,575 1,575 1,575Financial assets 98 173 3,578 3,848 3,848Non-current financial liabilitiesBS Interest-bearing liabilities 3,487 3,487 3,503 2,125 1,377BS Derivative financial instruments 6 6 6 6 1)Other non-current liabilities22 18 40 40 22Current financial liabilitiesBS Interest-bearing liabilities 581 581 579 199 380BS Derivative financial instruments 4 208 212 212 40 172 1)Trade and other payables9 2,424 2,433 2,433 9Financial liabilities 4 246 6,509 6,759 6,7731) Excluding non-financial itemsFinancial instruments that are measured at fair value in the balance sheet and the interest-bearing liabilities are presented according to fair value measurement hierarchy: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2: other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectlyLevel 3: inputs for the assets or liability that is not based on observable market data.Interest-bearing liabilities at level 1 consist of listed bonds. Derivative financial instruments at level 1 consist of commodity derivatives which are directly valued based on exchange quotations. Other financial assets in fair value through profit and loss category include unlisted other investments of EUR 8 million. Other financial assets in fair value through other comprehensive income category include unlisted shares of EUR 46 million. Other financial liabilities in fair value through profit and loss category mainly consist contingent considerations of acquisition made in ended financial year and prior years. Fair values are determined in accordance of IFRS 13. During the year 2023 there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements. 31 Dec 2022 Fair value through Balance sheet item Fair value through OCIprofit or loss Amortized cost Carrying amount Fair value Level 1 Level 2 Level 3Non-current financial assetsBS Non-current receivables 103 103 103BS Derivative financial instruments 5 5 5 5BS Other financial assets 37 7 44 44 44Current financial assets 1)Trade and other receivables2,101 2,101 2,101BS Derivative financial instruments 120 287 406 406 17 389BS Current investments 0 0 0BS Cash and cash equivalents 1,271 1,271 1,271Financial assets 157 298 3,475 3,930 3,930Non-current financial liabilitiesBS Interest-bearing liabilities 1,964 1,964 1,880 811 1,070BS Derivative financial instruments 0 12 12 12 12 1)Other non-current liabilities17 26 43 43 17Current financial liabilitiesBS Interest-bearing liabilities 651 651 651 651BS Derivative financial instruments 29 170 200 200 41 159 1)Trade and other payables9 2,870 2,879 2,879 9Financial liabilities 29 208 5,511 5,749 5,6651)Excluding non-financial itemsDuring the year 2022 there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements. ",
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"pp-value-104-2": {
"value": "16 Financial assets and liabilities by measurement categoriesNeste classifies financial assets and liabilities according to IFRS 9. Accounting policies, classification criterias and other information relating to financial assets and liabilities can be found in Notes 17 Financial assets and 21 Financial liabilities.Derivative financial instruments under Fair value through OCI -category meet criteria for hedge accounting. Derivative financial instruments are initially recognized at fair value on the trade date and are subsequently re-measured at their fair value on the balance sheet date. The fair values of the foreign exchange forward and the interest rate swap contracts are calculated as the present values of the future cash flows and the fair values of foreign exchange options by using the Black and Scholes option pricing model. The fair value of the exchange traded commodity derivatives is based on exchange market quotations and the fair value of over-the-counter commodity derivative contracts is based on the net present value of cash flows. The fair value of all derivatives is calculated using the observable market inputs for currency and interest rates, volatilities and commodity price quotations on the closing date. Derivative contracts are included in current assets or liabilities, except derivatives maturities over 12 months after the balance sheet date, which are classified as non-current assets or liabilities. More information relating to derivative financial instruments can be found in Note 19 Derivative financial instruments.31 Dec 2023 Fair value through Balance sheet item Fair value through OCIprofit or loss Amortized cost Carrying amount Fair value Level 1 Level 2 Level 3Non-current financial assetsBS Non-current receivables 126 126 126BS Derivative financial instruments 26 26 26 0 26BS Other financial assets 46 8 54 54 54Current financial assets 1)Trade and other receivables1,872 1,872 1,872BS Derivative financial instruments 52 138 190 190 37 153BS Current investments 5 5 5BS Cash and cash equivalents 1,575 1,575 1,575Financial assets 98 173 3,578 3,848 3,848Non-current financial liabilitiesBS Interest-bearing liabilities 3,487 3,487 3,503 2,125 1,377BS Derivative financial instruments 6 6 6 6 1)Other non-current liabilities22 18 40 40 22Current financial liabilitiesBS Interest-bearing liabilities 581 581 579 199 380BS Derivative financial instruments 4 208 212 212 40 172 1)Trade and other payables9 2,424 2,433 2,433 9Financial liabilities 4 246 6,509 6,759 6,7731) Excluding non-financial itemsFinancial instruments that are measured at fair value in the balance sheet and the interest-bearing liabilities are presented according to fair value measurement hierarchy: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilitiesLevel 2: other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectlyLevel 3: inputs for the assets or liability that is not based on observable market data.Interest-bearing liabilities at level 1 consist of listed bonds. Derivative financial instruments at level 1 consist of commodity derivatives which are directly valued based on exchange quotations. Other financial assets in fair value through profit and loss category include unlisted other investments of EUR 8 million. Other financial assets in fair value through other comprehensive income category include unlisted shares of EUR 46 million. Other financial liabilities in fair value through profit and loss category mainly consist contingent considerations of acquisition made in ended financial year and prior years. Fair values are determined in accordance of IFRS 13. During the year 2023 there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements. 31 Dec 2022 Fair value through Balance sheet item Fair value through OCIprofit or loss Amortized cost Carrying amount Fair value Level 1 Level 2 Level 3Non-current financial assetsBS Non-current receivables 103 103 103BS Derivative financial instruments 5 5 5 5BS Other financial assets 37 7 44 44 44Current financial assets 1)Trade and other receivables2,101 2,101 2,101BS Derivative financial instruments 120 287 406 406 17 389BS Current investments 0 0 0BS Cash and cash equivalents 1,271 1,271 1,271Financial assets 157 298 3,475 3,930 3,930Non-current financial liabilitiesBS Interest-bearing liabilities 1,964 1,964 1,880 811 1,070BS Derivative financial instruments 0 12 12 12 12 1)Other non-current liabilities17 26 43 43 17Current financial liabilitiesBS Interest-bearing liabilities 651 651 651 651BS Derivative financial instruments 29 170 200 200 41 159 1)Trade and other payables9 2,870 2,879 2,879 9Financial liabilities 29 208 5,511 5,749 5,6651)Excluding non-financial itemsDuring the year 2022 there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements. ",
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"pp-value-110-2": {
"value": "Trade and other receivables 2023 2022Trade receivables 1,605 1,675Other receivables 248 422Advances paid 14 4Accrued income and prepaid expenses 47 36BS Trade and other receivables 1,913 2,138Trade and other receivables excluding non-financial items 1,872 2,101Due to the nature of short-term trade and other receivables their carrying amount is expected to be equal to their fair value. The maximum exposure to credit risk is the carrying amount of the trade and other receivables. Analysis of trade receivables by age, information about the impairment and credit losses are presented in Note 3 Financial risk management, section \u2018credit and counterparty risk\u2019.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-106-1": {
"value": "17 Financial assetsAccounting policyFinancial assets are classified in the following measurement categories: amortized cost, fair value through other comprehensive income and fair value through profit or loss. The classification depends on used business model for managing the financial assets and the contractual terms of the cash flows. Assets are classified as current assets, except for maturities over 12 months after balance sheet date, which are classified as non-current assets. Purchases and sales of financial assets are recognized on the settlement date (excluding derivatives, Note 19 Derivative financial instruments). Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.Amortized cost category consists of liquid funds, trade receivables and loan receivables where the business model is to hold the asset to collect the contractual cash flows which represent only payments of principal and interest. Financial assets recognized at amortized cost are valued using the effective interest method.Assets at fair value through profit or loss consists of equity investments (and derivatives which do not meet the criteria for hedge accounting). The investments in unlisted companies are measured at their fair value according to IFRS 13. Gains or losses of the equity investments are included in financial income and expenses. Other financial assets in fair value through other comprehensive income category include unlisted shares which are not held for trading. These are strategic investments and Neste considers this classification to be more relevant. Liquid fundsLiquid funds consists of cash and cash equivalents and current investments. Cash and cash equivalents includes cash in hand, deposits held at banks, and other highly liquid investments with original maturities of three months or less. Current investments includes deposits held at banks and other liquid investments including money market funds with original maturities from 3 to 12 months. ImpairmentThe general expected credit loss model is used for debt instruments carried at amortized cost and the impairment is recognized through profit or loss. The credit loss is recognized based on individual assessment of receivable. The simplified expected credit loss model is applied for trade receivables according to IFRS 9. Every business area uses a specific provision matrix for the trade receivables due to the different nature of the businesses. The business area impairment process is based on historical credit loss experience combined with current conditions and forward looking macroeconomic analysis. The impairment or credit loss is recognized in the consolidated statement of income within other expenses.Liquid funds 2023 2022BS Current investments 5 0BS, CF Cash and cash equivalents 1,575 1,271Liquid Funds 1,580 1,271The maximum exposure to credit risk is the carrying amount of the liquid funds. Note 3 Financial risk management sets out more information about credit risk. The impairment of liquid funds has not been recognized because the amount is immaterial. Trade and other receivables 2023 2022Trade receivables 1,605 1,675Other receivables 248 422Advances paid 14 4Accrued income and prepaid expenses 47 36BS Trade and other receivables 1,913 2,138Trade and other receivables excluding non-financial items 1,872 2,101Due to the nature of short-term trade and other receivables their carrying amount is expected to be equal to their fair value. The maximum exposure to credit risk is the carrying amount of the trade and other receivables. Analysis of trade receivables by age, information about the impairment and credit losses are presented in Note 3 Financial risk management, section \u2018credit and counterparty risk\u2019.Non-current financial assets 2023 2022Non-current interest-bearing receivables 107 82Other non-current receivables 18 20BS Non-current receivables 126 103BS Other financial assets 54 44The fair value of non-current financial receivables is not materially different from the carrying amount which is also the maximum exposure to credit risk. No impairment losses have been recognized as there are no significant credit risks associated with the receivables. Other financial assets consist of unlisted shares. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-107-2": {
"value": "Accounting policyFinancial assets are classified in the following measurement categories: amortized cost, fair value through other comprehensive income and fair value through profit or loss. The classification depends on used business model for managing the financial assets and the contractual terms of the cash flows. Assets are classified as current assets, except for maturities over 12 months after balance sheet date, which are classified as non-current assets. Purchases and sales of financial assets are recognized on the settlement date (excluding derivatives, Note 19 Derivative financial instruments). Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.Amortized cost category consists of liquid funds, trade receivables and loan receivables where the business model is to hold the asset to collect the contractual cash flows which represent only payments of principal and interest. Financial assets recognized at amortized cost are valued using the effective interest method.Assets at fair value through profit or loss consists of equity investments (and derivatives which do not meet the criteria for hedge accounting). The investments in unlisted companies are measured at their fair value according to IFRS 13. Gains or losses of the equity investments are included in financial income and expenses. Other financial assets in fair value through other comprehensive income category include unlisted shares which are not held for trading. These are strategic investments and Neste considers this classification to be more relevant. Liquid fundsLiquid funds consists of cash and cash equivalents and current investments. Cash and cash equivalents includes cash in hand, deposits held at banks, and other highly liquid investments with original maturities of three months or less. Current investments includes deposits held at banks and other liquid investments including money market funds with original maturities from 3 to 12 months. ",
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"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-108-3": {
"value": "ImpairmentThe general expected credit loss model is used for debt instruments carried at amortized cost and the impairment is recognized through profit or loss. The credit loss is recognized based on individual assessment of receivable. The simplified expected credit loss model is applied for trade receivables according to IFRS 9. Every business area uses a specific provision matrix for the trade receivables due to the different nature of the businesses. The business area impairment process is based on historical credit loss experience combined with current conditions and forward looking macroeconomic analysis. The impairment or credit loss is recognized in the consolidated statement of income within other expenses.",
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"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-112-1": {
"value": "18 Inventories Accounting policyInventories are stated at either cost or net realizable value, whichever is the lowest. Cost is determined using the weighted average method. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs, and related production overheads (based on normal operating capacity). Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Inventories held for trading purposes are measured at fair value less selling expenses. Standard spare parts are carried as inventory and recognized in profit or loss as consumed. RIN (Renewable Identification Number) and LCFS (Low Carbon Fuels Standard) credits are accounted for as government grants upon receipt of the product inventory in the USA and are accounted for as inventory. RINs and LCFSs are included in Finished products and goods -category.Estimates and judgements requiring management estimationEstimates of net realizable value are based on the most reliable evidence available at the time the estimates are made. These estimates take into consideration fluctuations of price or cost directly relating to events occurring after the end of the period to the extent that such events confirm conditions existing at the end of the period. 2023 2022Materials and supplies 1,416 1,560Finished products and goods 1,949 2,085Other inventories 1 3BS Inventories 3,366 3,648Write-downs included the inventories at the end of the period were EUR 122 million (2022: EUR 245 million). In 2022 additions to inventories included EUR 48 million from joint operation Martinez Renewables.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-116-1": {
"value": "19 Derivative financial instrumentsAccounting policyThe derivative instruments are mainly held for economic hedging purposes although most of the derivatives do not qualify for hedge accounting. Changes in the fair value of derivatives, for which hedge accounting is not applied, are recognized in the income statement either in operating profit or financial income and expenses, depending on the underlying hedged item. Impact to the income statement from the derivatives is presented in Note 10 Financial income and expenses.When hedge accounting is applied to the derivative contracts, the method of recognizing any resulting gain or loss depends on the nature of the item being hedged. Neste designates certain derivative financial instruments as either hedges of highly probable forecast transactions (cash flow hedges); or hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedges); or hedges of net investments in foreign operations. The effective portion of the changes in the fair value of derivative financial instruments that are designated and qualified as cash flow hedges are recognized in equity. Amounts accumulated in equity hedging future sales are recorded within revenue, or in case of capital expenditure as part of acquisition cost, when future cash flows of the hedged item occur. Forward points in currency forwards and time value of options are transaction related and thus recognized in equity and reclassified either to the income statement or adjusting the hedged item according to hedging relationship. In cash flow hedges the critical terms in hedged item and hedging instruments are the same and hedge ratio is 1:1. Any potential gain or loss relating to the ineffective portion is recognized immediately in the income statement. Accured interest of interest rate swaps hedging floating rate interest-bearing liabilities is recognized in the income statement within financial expenses. If a forecast transaction is no longer expected to occur, the cumulative gain or loss reported in equity is immediately transferred to the income statement. Certain interest rate swaps are designated as fair value hedges. Changes in the fair value of interest rate swaps that are designated and qualified as fair value hedges are recorded in the income statement in financial income and expenses, together with any changes in the fair value of the hedged asset or liability attributable to the hedged risk compensating the effect. Any gain or loss relating to the ineffective portion is recognized immediately in the income statement.Neste documents at the inception of the transaction the relationship between hedging instrument and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. Neste also documents its assessment, both at hedge inception and on an ongoing basis quarterly, of whether the derivatives that are used in hedging transactions are effective in offsetting changes in fair values or cash flows of hedged items. 31 Dec 2023 31 Dec 2022Nominal value by maturity Fair Value Nominal value by maturity Fair Value < 1 year > 1 year Positive Negative Net < 1 year > 1 year Positive Negative NetForeign exchange rate derivativesForeign exchange derivatives, forwards 2,861 0 52 4 48 3,754 3 115 29 86Foreign exchange optionsPurchased 0 0 0 0 0 84 0 5 0 5Written 0 0 0 0 0 84 0 0 0 0Derivatives designated as cash flow hedges 2,861 0 52 4 48 3,922 3 120 29 90Interest rate swaps 0 550 26 0 26 0 0 0 0 0Derivatives designated as fair value hedges 0 550 26 0 26 0 0 0 0 0Foreign exchange derivatives, forwards 1,849 0 19 6 14 3,083 0 104 13 91Non-hedge accounting derivatives 1,849 0 19 6 14 3,083 0 104 13 91Commodity derivativesOil and vegetable oil derivativesSold forwards, million bbl 24 0 105 26 79 25 0 65 67 -2Purchased forwards, million bbl 25 0 14 122 -109 19 0 59 67 -8Electricity and gas derivativesSold forwards, GWh 0 0 0 0 0 18 0 2 0 2Purchased forwards, GWh 2,236 794 1 61 -60 1,996 620 62 36 26Non-hedge accounting derivatives 119 209 -90 188 169 18Derivatives Total 217 219 -2 411 211 200of whichBS Non-current derivative financial instruments 26 6 20 5 12 -7BS Current derivative financial instruments 190 212 -22 406 200 207Neste uses foreign exchange, interest rate and commodity derivatives to manage market risks (Note 3 Financial risk management). Hedge accounting is not applied to commodity derivatives, although these are mainly held for economic hedging purposes. Commodity derivatives include oil, vegetable oil, freight, electricity and gas contracts. Neste uses forwards as hedging instruments for commodities. Neste has designated certain foreign currency and interest rate derivatives as hedges of future transactions i.e., as cash flow hedges. Such contracts are, e.g., foreign exchange derivatives hedging USD- and SEK-sales for the next twelve months according to the Corporate risk management policy or hedging investment costs in Singapore refinery (Note 3 Financial risk management). Interest rate swaps are designated as fair value hedges. The result of these hedging instruments recognized in the income statement was EUR 26 million (2022: EUR 0 million) and of hedged item EUR -27 million (2022: EUR 0 million). ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-113-2": {
"value": "Accounting policyInventories are stated at either cost or net realizable value, whichever is the lowest. Cost is determined using the weighted average method. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs, and related production overheads (based on normal operating capacity). Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Inventories held for trading purposes are measured at fair value less selling expenses. Standard spare parts are carried as inventory and recognized in profit or loss as consumed. RIN (Renewable Identification Number) and LCFS (Low Carbon Fuels Standard) credits are accounted for as government grants upon receipt of the product inventory in the USA and are accounted for as inventory. RINs and LCFSs are included in Finished products and goods -category.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"pp-value-117-2": {
"value": "Accounting policyThe derivative instruments are mainly held for economic hedging purposes although most of the derivatives do not qualify for hedge accounting. Changes in the fair value of derivatives, for which hedge accounting is not applied, are recognized in the income statement either in operating profit or financial income and expenses, depending on the underlying hedged item. Impact to the income statement from the derivatives is presented in Note 10 Financial income and expenses.When hedge accounting is applied to the derivative contracts, the method of recognizing any resulting gain or loss depends on the nature of the item being hedged. Neste designates certain derivative financial instruments as either hedges of highly probable forecast transactions (cash flow hedges); or hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedges); or hedges of net investments in foreign operations. The effective portion of the changes in the fair value of derivative financial instruments that are designated and qualified as cash flow hedges are recognized in equity. Amounts accumulated in equity hedging future sales are recorded within revenue, or in case of capital expenditure as part of acquisition cost, when future cash flows of the hedged item occur. Forward points in currency forwards and time value of options are transaction related and thus recognized in equity and reclassified either to the income statement or adjusting the hedged item according to hedging relationship. In cash flow hedges the critical terms in hedged item and hedging instruments are the same and hedge ratio is 1:1. Any potential gain or loss relating to the ineffective portion is recognized immediately in the income statement. Accured interest of interest rate swaps hedging floating rate interest-bearing liabilities is recognized in the income statement within financial expenses. If a forecast transaction is no longer expected to occur, the cumulative gain or loss reported in equity is immediately transferred to the income statement. Certain interest rate swaps are designated as fair value hedges. Changes in the fair value of interest rate swaps that are designated and qualified as fair value hedges are recorded in the income statement in financial income and expenses, together with any changes in the fair value of the hedged asset or liability attributable to the hedged risk compensating the effect. Any gain or loss relating to the ineffective portion is recognized immediately in the income statement.Neste documents at the inception of the transaction the relationship between hedging instrument and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. Neste also documents its assessment, both at hedge inception and on an ongoing basis quarterly, of whether the derivatives that are used in hedging transactions are effective in offsetting changes in fair values or cash flows of hedged items. ",
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"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-117-3": {
"value": "Accounting policyThe derivative instruments are mainly held for economic hedging purposes although most of the derivatives do not qualify for hedge accounting. Changes in the fair value of derivatives, for which hedge accounting is not applied, are recognized in the income statement either in operating profit or financial income and expenses, depending on the underlying hedged item. Impact to the income statement from the derivatives is presented in Note 10 Financial income and expenses.When hedge accounting is applied to the derivative contracts, the method of recognizing any resulting gain or loss depends on the nature of the item being hedged. Neste designates certain derivative financial instruments as either hedges of highly probable forecast transactions (cash flow hedges); or hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedges); or hedges of net investments in foreign operations. The effective portion of the changes in the fair value of derivative financial instruments that are designated and qualified as cash flow hedges are recognized in equity. Amounts accumulated in equity hedging future sales are recorded within revenue, or in case of capital expenditure as part of acquisition cost, when future cash flows of the hedged item occur. Forward points in currency forwards and time value of options are transaction related and thus recognized in equity and reclassified either to the income statement or adjusting the hedged item according to hedging relationship. In cash flow hedges the critical terms in hedged item and hedging instruments are the same and hedge ratio is 1:1. Any potential gain or loss relating to the ineffective portion is recognized immediately in the income statement. Accured interest of interest rate swaps hedging floating rate interest-bearing liabilities is recognized in the income statement within financial expenses. If a forecast transaction is no longer expected to occur, the cumulative gain or loss reported in equity is immediately transferred to the income statement. Certain interest rate swaps are designated as fair value hedges. Changes in the fair value of interest rate swaps that are designated and qualified as fair value hedges are recorded in the income statement in financial income and expenses, together with any changes in the fair value of the hedged asset or liability attributable to the hedged risk compensating the effect. Any gain or loss relating to the ineffective portion is recognized immediately in the income statement.Neste documents at the inception of the transaction the relationship between hedging instrument and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. Neste also documents its assessment, both at hedge inception and on an ongoing basis quarterly, of whether the derivatives that are used in hedging transactions are effective in offsetting changes in fair values or cash flows of hedged items. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-119-1": {
"value": "20 EquityShare capitalThe Parent Company\u2019s share capital registered with the Trade Register as of 31 December 2023 totalled EUR 40,000,000, divided into 769,211,058 shares of equal value.Neste Oyj has one class of shares and each share entitles a shareholder to one vote at the Annual General Meeting. The nominal value of one share is not determined. The share capital is fully paid. There have been no changes in share capital in 2023 or 2022.Number of shares, 1,000 Treasury shares, 1,000 Outstanding shares, 1,0001 January 2023 769,211 -1,128 768,083Transfer of treasury shares 0 117 11731 December 2023 769,211 -1,011 768,2001 January 2022 769,211 -1,242 767,969Transfer of treasury shares 0 114 11431 December 2022 769,211 -1,128 768,083Treasury sharesOn 22 May 2023 Neste Corporation has transferred 4,267 treasury shares without consideration as a share reward to a key person participating in the Performance Share Plan 2020\u20132022 and in the Restricted Share Plan 2020\u20132022 of the share-based incentive program 2019 in accordance with the terms and conditions of the program. The transfer of own shares is implemented as a directed share issue without consideration based on the authorization granted by the Annual General Meeting of Shareholders on 18 May 2020. The number of treasury shares after the transfer is 1,011,311 shares.On 15 March 2023 Neste Corporation has transferred a total of 211,310 treasury shares without consideration as a share reward to the participants of the Performance Share Plan 2020\u20132022 and in the Restricted Share Plan 2020\u20132022 of the share-based incentive program 2019 in accordance with the terms and conditions of the program. The transfer of own shares is implemented as a directed share issue without consideration based on the authorization granted by the Annual General Meeting of Shareholders on 18 May 2020. The number of treasury shares after the transfer is 1,015,578 shares.On 15 March 2022 a total of 113,774 treasury shares of Neste Corporation has been conveyed without consideration to the key persons participating in the earning period 2019\u20132021 of the share-based incentive program 2019 according to the terms and conditions of the program. The directed share issue without payment is based on the authorization granted by the Annual General Meeting of Shareholders on 18 May 2020. The number of treasury shares after the directed share issue is 1,127,888 shares.Other reservesReserve fund comprises of restricted reserves other than share capital.The reserve of invested unrestricted equity includes other equity-related investments and that part of the share subscription price that has not specifically been allocated to share capital.Fair value and other reserves mainly consist of fair value reserves that include the effective portion of the change in fair value of derivative financial instruments that are designated as and qualify for cash flow hedges, amounts recognized directly in equity concerning other financial assets, and concerning equity settled share based payments, the amount corresponding to the expense recognized in the consolidated statement of income.Actuarial gains and losses includes the remeasurements of defined benefit plans and net change of other investments at fair value, which are recognised in other comprehensive income.Translation differences include exchange differences arising from the translation of the net investment in foreign entities on consolidation, change in the fair value of currency instruments designated as hedges of the net investment, and exchange differences resulting from the translation of income statement of foreign entities at the average exchange rates and balance sheet at the closing rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"f58245": {
"value": "Neste Oyj",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"f58246": {
"value": "Neste Oyj",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-125-2": {
"value": "Treasury sharesOn 22 May 2023 Neste Corporation has transferred 4,267 treasury shares without consideration as a share reward to a key person participating in the Performance Share Plan 2020\u20132022 and in the Restricted Share Plan 2020\u20132022 of the share-based incentive program 2019 in accordance with the terms and conditions of the program. The transfer of own shares is implemented as a directed share issue without consideration based on the authorization granted by the Annual General Meeting of Shareholders on 18 May 2020. The number of treasury shares after the transfer is 1,011,311 shares.On 15 March 2023 Neste Corporation has transferred a total of 211,310 treasury shares without consideration as a share reward to the participants of the Performance Share Plan 2020\u20132022 and in the Restricted Share Plan 2020\u20132022 of the share-based incentive program 2019 in accordance with the terms and conditions of the program. The transfer of own shares is implemented as a directed share issue without consideration based on the authorization granted by the Annual General Meeting of Shareholders on 18 May 2020. The number of treasury shares after the transfer is 1,015,578 shares.On 15 March 2022 a total of 113,774 treasury shares of Neste Corporation has been conveyed without consideration to the key persons participating in the earning period 2019\u20132021 of the share-based incentive program 2019 according to the terms and conditions of the program. The directed share issue without payment is based on the authorization granted by the Annual General Meeting of Shareholders on 18 May 2020. The number of treasury shares after the directed share issue is 1,127,888 shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"pp-value-126-2": {
"value": "Other reservesReserve fund comprises of restricted reserves other than share capital.The reserve of invested unrestricted equity includes other equity-related investments and that part of the share subscription price that has not specifically been allocated to share capital.Fair value and other reserves mainly consist of fair value reserves that include the effective portion of the change in fair value of derivative financial instruments that are designated as and qualify for cash flow hedges, amounts recognized directly in equity concerning other financial assets, and concerning equity settled share based payments, the amount corresponding to the expense recognized in the consolidated statement of income.Actuarial gains and losses includes the remeasurements of defined benefit plans and net change of other investments at fair value, which are recognised in other comprehensive income.Translation differences include exchange differences arising from the translation of the net investment in foreign entities on consolidation, change in the fair value of currency instruments designated as hedges of the net investment, and exchange differences resulting from the translation of income statement of foreign entities at the average exchange rates and balance sheet at the closing rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-127-1": {
"value": "21 Financial liabilitiesAccounting policyFinancial liabilities are classified at amortized cost (except derivative financial liabilities whose accounting policy is presented at Note 19 Derivative financial instruments). Financial liabilities measured at amortized cost are recognized initially at fair value, net of transaction costs and subsequently measured at amortized cost using the effective interest method. Liabilities are recognised on the date when the entity becomes a party to the contractual provisions of the instrument. Any difference between net proceeds and nominal amount is recognized as interest cost over the period of the borrowing using the effective interest method. Financial liabilities are included in non-current liabilities, except for items with maturities less than 12 months after the balance sheet date, which are included in current liabilities. A financial liability is derecognized when the related obligation is discharged, cancelled or expires.Bank overdrafts are recorded in current liabilities on the balance sheet. Fees of revolving credit facility are capitalized and amortized over the period of the facility.The fair values of the listed bonds are driven from market quotations. The fair values of other interest-bearing liabilities at amortized cost are determined by using the discounted cash flow method employing market interest rates at the balance sheet date. Non-current financial liabilities 2023 2022 1)Bonds2,110 895 2)Loans from financial institutions609 615 3)Lease liabilities768 425Other loans 0 30Other non-current liabilities 40 43Total 3,527 2,007BS of which interest-bearing 3,487 1,964Other non-financial items included to other non-current liabilities 2 0Current financial liabilities 2023 2022Bonds 201 0Loans from financial institutions 149 161Commercial paper liabilities 0 3463)Lease liabilities 199 110Other loans 32 34Advances received 21 119Trade payables 1,728 2,021Other current liabilities 684 738Total 3,014 3,530BS of which interest-bearing 581 651Other non-financial items included to trade and other payables 148 1441) On 6 March 2023, Neste announced that it invites the holders of its EUR 400 million 1.50 per cent notes due June 2024 to tender their notes for cash on the terms and conditions set out in the tender offer memoratum. On 14 March, Neste accepted purchase of EUR 199 million in aggregate nominal amount of the notes pursuant to the tender offer. In March 2023, Neste issued EUR 500 million green bond with 6-year maturity and a EUR 500 million green bond with 10-year maturity under its EMTN (Euro Medium Term Note) programme established on 6 March 2023, and will pay a fixed coupon of 3.875% and 4.250%, respectively. The proceeds from the issues will be applied for eligible projects and assets as set out in Neste Corporation\u2019s Green Finance Framework. In November 2023, Neste issued a EUR 600 million green bond with 7.5-year maturity under its EMTN (Euro Medium Term Note) programme established on 6 March 2023 as supplemented by the supplement dated 9 November 2023, and will pay a fixed coupon of 3.875 per cent. Neste Corporation will apply for the listing of the bond on Euronext Dublin. The proceeds from the issue will be applied for Eligible Projects and Assets as set out in Neste Corporation\u2019s Green Finance Framework.2) Neste has signed a EUR 500 million green term loan agreement in June 2022. The proceeds of the loan will be used to finance Eligible Assets and Projects in accordance with Neste\u2019s Green Finance Framework. The loan has a tenor of 3 years with two 1-year extension options.3) Refer to Note 29 Leases.The fair values of financial liabilities can be found in Note 16. Re-pricing periods of interest-bearing liabilities are disclosed in Note 3, Financial risk management, section \u2018Market risk\u2019.Listed bond issuesInterest Interest Nominal Carrying Issued/Maturitybasisrate, % Currencyamountamount2017/2024 Fixed 1.500 EUR 201 2012021/2028 Fixed 0.750 EUR 500 4962023/2029 Fixed 3.875 EUR 500 4982023/2031 Fixed 3.875 EUR 600 6052023/2033 Fixed 4.250 EUR 500 511Total 2,301 2,311",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-128-2": {
"value": "Accounting policyFinancial liabilities are classified at amortized cost (except derivative financial liabilities whose accounting policy is presented at Note 19 Derivative financial instruments). Financial liabilities measured at amortized cost are recognized initially at fair value, net of transaction costs and subsequently measured at amortized cost using the effective interest method. Liabilities are recognised on the date when the entity becomes a party to the contractual provisions of the instrument. Any difference between net proceeds and nominal amount is recognized as interest cost over the period of the borrowing using the effective interest method. Financial liabilities are included in non-current liabilities, except for items with maturities less than 12 months after the balance sheet date, which are included in current liabilities. A financial liability is derecognized when the related obligation is discharged, cancelled or expires.Bank overdrafts are recorded in current liabilities on the balance sheet. Fees of revolving credit facility are capitalized and amortized over the period of the facility.The fair values of the listed bonds are driven from market quotations. The fair values of other interest-bearing liabilities at amortized cost are determined by using the discounted cash flow method employing market interest rates at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-131-2": {
"value": "Listed bond issuesInterest Interest Nominal Carrying Issued/Maturitybasisrate, % Currencyamountamount2017/2024 Fixed 1.500 EUR 201 2012021/2028 Fixed 0.750 EUR 500 4962023/2029 Fixed 3.875 EUR 500 4982023/2031 Fixed 3.875 EUR 600 6052023/2033 Fixed 4.250 EUR 500 511Total 2,301 2,311",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-132-1": {
"value": "22 ProvisionsAccounting policyThe nature of certain Neste\u2019s businesses exposes Neste to risks of environmental costs and potential contingent liabilities. The risks arise from the manufacture, use, storage, disposal and maritime and inland transport as well as sale of materials that may be considered to be contaminants when released into the environment. Liability may also arise through the acquisition, ownership or operation of properties or businesses.A provision is recognized in the consolidated statement of financial position when Neste has a present legal or constructive obligation as a result of a past event, and it is probable that the obligation will result in payment, and the amount of payment can be estimated reliably. Provisions can arise from environmental risks, litigation, restructuring plans or onerous contracts. Environmental provisions are recorded based on current interpretations of environmental laws and regulations when the conditions referred to above are met. Neste has asset retirement obligations recorded in the consolidated statement of financial position.Where there are a number of similar obligations, the likelihood that an outflow of resources will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item in the same class of obligations may be small.Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as an interest expense.Estimates and judgements requiring management estimationThe existence of criteria for recognizing provisions and the amounts of provisions are determined based on estimates. The amount to be recorded is the best estimate of the cost required to settle the obligation at the reporting date or transfer to a third party. The estimate of the financial impact of the past event requires management judgement, which is based on similar events occurred in the past, and where applicable, the opinion of external experts. Estimates may differ from the actual future amount of the obligation and with respect to the existence of the obligation. In addition to the provisions recognized, there are some off-balance-sheet contingent liabilities for which the future potential outcome (timing, costs) cannot be estimated reliably.The most significant provisions in the consolidated statement of financial position relate to environmental liabilities. Environmental provisions are based on management\u2019s best estimate of remediation costs. The restructuring provision is recognized when Neste has prepared a detailed restructuring plan and published it. Provision to Environmental Restructuring return emission Other provisionsprovisionsallowancesprovisions TotalBS On 1 January 2023 187 0 0 13 200Additions 23 0 68 5 95Amounts used during the period -10 0 -68 -7 -85Reversed unused provisions -1 0 0 0 -1Changes in the discount rate and inflation assumption -22 0 0 0 -22BS On 31 December 2023 177 0 0 10 187Provision to Environmental Restructuring return emission Other provisionsprovisionsallowancesprovisions TotalBS On 1 January 2022 199 2 0 9 210Additions 5 0 57 9 71Amounts used during the period -7 -1 -58 -2 -68Reversed unused provisions -1 -1 2 -3 -3Changes in the discount rate and inflation assumption -10 0 0 0 -10BS On 31 December 2022 187 0 0 13 200Environmental provisions consists mostly of Neste\u2019s asset retirement obligations (ARO) that are related to retail stations and refineries. In the next five years is expected EUR 100 million of ARO obligations to be realised and the rest of the obligations are mainly expected to be realised in 30\u201350 years. Neste recognizes a provision for the decommissioning costs of an oil installation to the extent that Neste is obliged to rectify damage already caused. The provisions are to be discounted, where the effect of the time value of money is material.The exchange rate difference relating to Neste\u2019s provisions is immaterial.Emission allowancesNeste Finland Refinery in Porvoo comes under the European Union\u2019s greenhouse gas emission trading system, and was granted a total of 2.0 million tons emission allowances for 2023. In addition to refinery operations Neste purchases allowances to cover certain emissions of the local partners who provide utility services to Neste. A provision is recognized to cover the obligation to buy emission allowances if emission allowances received free of charge and purchased emission allowances intended to cover the deficit do not cover actual emissions. Emission allowances, which are purchased to cover future periods deficit are accounted for as intangible assets and measured at cost, and emission allowances received free of charge are accounted for at nominal value, i.e. at zero. As at 31 December 2023 there was no estimated obligation to purchase emission allowances in the balance sheet of Neste (31.12.2022 EUR 0 million). The actual amount of CO emissions in 2023 were 2.9 million tons (2022: 2.8 million tons). The 2Group has traded emission allowances for net amount of 0.8 million tons during the financial period ended 31 December 2023 (2022: 0.7 million tons).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-133-2": {
"value": "Accounting policyThe nature of certain Neste\u2019s businesses exposes Neste to risks of environmental costs and potential contingent liabilities. The risks arise from the manufacture, use, storage, disposal and maritime and inland transport as well as sale of materials that may be considered to be contaminants when released into the environment. Liability may also arise through the acquisition, ownership or operation of properties or businesses.A provision is recognized in the consolidated statement of financial position when Neste has a present legal or constructive obligation as a result of a past event, and it is probable that the obligation will result in payment, and the amount of payment can be estimated reliably. Provisions can arise from environmental risks, litigation, restructuring plans or onerous contracts. Environmental provisions are recorded based on current interpretations of environmental laws and regulations when the conditions referred to above are met. Neste has asset retirement obligations recorded in the consolidated statement of financial position.Where there are a number of similar obligations, the likelihood that an outflow of resources will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item in the same class of obligations may be small.Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as an interest expense.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-138-2": {
"value": "Accounting policyNeste has pension arrangements in different countries, which are generally funded through insurance companies. Pension cover is based on the legislation and agreement in force in each country. Pension schemes consist of both defined benefit and defined contribution plans. Finnish statutory pensions are accounted for as a defined contribution plan in the consolidated financial statements.Contributions to the defined contribution plans are charged directly to the statement of income in the year to which these contributions relate. In defined contribution plans, Neste has no legal or contractive obligations to pay further contributions in case the payment recipient is unable to pay the retirement benefits. All arrangements that do not fulfill these conditions are considered defined benefit plans. In defined benefit plans, after Neste has paid the amount for the period, an excess or deficit may result. The defined benefit obligation represents the present value of future cash flows from payable benefits, which are calculated for by using the projected unit credit method. The discount rate assumed in calculating the present value of the pension obligation is based on the market yield of high-quality corporate bonds (AA-rated) with appropriate maturities. Pension costs are recognized in the consolidated statement of income so as to spread the current service cost over the service lives of employees based on external calculations. The net interest is included as part of the finance cost in the consolidated statement of income. The liability (or asset) recognized in the consolidated statement of financial position is the pension obligation at the closing date less the fair value of plan assets. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Actuarial valuations for Neste\u2019s defined benefit pension plans are performed annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493009GY1X8GQ66AM14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-145-1": {
"value": "24 Share-based paymentsAccounting policyNeste\u2019s share-based incentive plans include a net settlement feature, i.e., share-based payments are settled net in shares after withholding taxes, and thus they are accounted for as fully equity settled plans. The compensation expense for the shares is recognized as an employee benefit expense evenly during the required service period whereas the compensation expense resulting from the cash portion is recognized as an employee benefit expense on accrual basis between grant and payment date. The entire transaction is measured at fair value prevailing on the grant date of the share-based incentive plan and the amounts recognized in the consolidated statement of income are accumulated in equity. The difference realized upon the settlement date is also accounted for against equity.The purpose of Neste\u2019s share-based long-term incentive plans is to drive long-term sustainable growth and align the interests of executives with shareholders. The Board annually selects the members of Neste\u2019s senior management and other key employees to participate in the long-term incentive plans.Neste applies a share ownership policy to the members of the Neste Executive Committee (ExCo). According to the policy, each member of the ExCo is expected to retain in his/her ownership at least half of the shares received under the share-based incentive programs of Neste until the value of his/her share ownership in Neste corresponds to at least his/her annual gross base salary.The amount of rewards payable to participants based on Neste\u2019s long-term incentive scheme is limited by a share price development-based pay cap, the level of which the Board of Directors sets. The level of the pay cap in the ongoing plans is two times the share price which prevailed at the beginning of the plan period. If Neste share price more than doubles during the plan, the exceeding value of the payable rewards will not be paid to the plan participants. Share-based incentive plan as of 1 January 2022The Board of Directors of Neste Corporation decided on 9 February 2022 to establish a new share-based long-term incentive scheme for selected members of Neste\u2019s management and key employees. The decision includes a Performance Share Plan (PSP) as the main structure and a Restricted Share Plan (RSP) as a complementary structure for specific situations. The Performance Share Plan consists of three annually commencing individual performance share plans, each with a three-year performance period, followed by the payment of the potential share reward. The three plans commence as of the beginning of the years 2022, 2023 and 2024. The commencement of each individual plan is, however, subject to a separate Board approval in each case.The potential reward will be paid in shares of Neste (deducted with the applicable payroll tax), provided that the performance target set by the Board of Directors is achieved. For award plan cycles commenced in 2022 (PSP 2022\u20132024) and 2023 (PSP 2023\u20132025), the performance measures are relative total shareholder return and Neste\u2019s combined greenhouse gas (GHG) impact. The combined GHG impact includes GHG emission reductions achieved with Neste renewable products by customers and GHG emissions from Neste production. The Restricted Share Plan consists of annually commencing individual restricted share plans and Neste may during the plan period grant fixed share rewards to individually selected key employees. The rewards are paid at the latest after the end of the restriction period during H1 of the fourth year of the individual plan. The rewards are paid in listed shares of Neste Corporation (deducted with the applicable payroll tax). A precondition for the payment of the share reward based on the Restricted Share Plan is that the employment or service of the individual with Neste continues until the payment date of the reward.Share-based incentive plan as of 1 January 2019The Board of Directors of Neste Corporation decided on 12 December 2018 to establish a new share-based long-term incentive scheme for selected members of Neste\u2019s management and key employees. The decision included a Performance Share Plan as the main structure and a Restricted Share Plan as a complementary structure for specific situations. The Performance Share Plan consists of three annually commencing individual performance share plans, each with a three-year performance period, followed by the payment of the potential share reward. The three plans commence in the years 2019, 2020 and 2021. The potential reward will be paid in shares of Neste (deducted with the applicable payroll tax), provided that the performance target set by the Board of Directors is achieved. For award plan cycles commenced in 2019 (PSP 2019\u20132021) and 2020 (PSP 2020\u20132022), relative total shareholder return of Neste\u2019s share compared to STOXX Europe 600 index is set as a performance measure. In the PSP 2021\u20132023 plan, in addition to the relative total shareholder return of Neste\u2019s share, Neste\u2019s combined greenhouse gas (GHG) impact is also set as a performance measure. The combined GHG impact includes GHG emission reductions achieved with Neste renewable products by customers and GHG emissions from Neste production. The Restricted Share Plan consists of annually commencing individual restricted share plans, each with a three-year retention period after which the share rewards granted within the plan will be paid to the participants in shares of Neste (deducted with the applicable payroll tax). The commencement of each individual plan is subject to a separate Board approval. A precondition for the payment of the share reward based on the Restricted Share Plan is that the employment relationship of the individual participant with Neste continues until the payment date of the reward. For the 2019\u20132021 LTI plan cycle a gross reward of 246,390 shares equaling EUR 9.8 million were awarded to the participants of the plan. The net amount of shares delivered totalled 113,774 shares and the rest of the reward was paid in cash to cover taxes and other regulatory charges. The fair value of the share as at delivery date was EUR 39.76 (15.3.2022). The members of Neste\u2019s Executive Committee received a gross reward equaling to 62,515 shares.For the 2020\u20132022 LTI plan cycle a gross reward of 259,529 shares equaling EUR 10.9 million were awarded to the participants of the plan. The net amount of shares delivered totalled 116,577 shares and the rest of the reward was paid in cash to cover taxes and other regulatory charges. The fair value of the share as at delivery date was EUR 42.24 (15.3.2023) and EUR 37.48 (22.5.2023). The members of Neste\u2019s Executive Committee received a gross reward equaling to 86,020 shares.More specific information on the share-based incentive plans is presented in the following tables.PlanLong-Term Incentive Plan 2022 Long-Term Incentive Plan 2019TypeShare allocation Share allocationPSP RSP PSP RSP PSP RSP PSP RSP Instrument2023\u201320252023\u201320252022\u201320242022\u201320242021\u201320232021\u201320232020\u201320222020\u20132022Grant dates 11 Jan 2023 1 Sep 2023 11 Feb 2022 11 May 2022 13 Jan 2021 21 Jan 2021 20 Feb 2020 1 Apr 2022Grant prices, euros 40.36 30.06 35.14 36.58 57.81 59.82 35.72 41.68Share price as at grant date, euros 44.98 34.07 37.97 39.40 60.94 62.64 38.91 45.17Beginning of earnings period 1 Jan 2023 1 Jan 2023 1 Jan 2022 1 Jan 2022 1 Jan 2021 1 Jan 2021 1 Jan 2020 1 Apr 2022End of earnings period 31 Dec 2025 31 Mar 2026 31 Dec 2024 31 Mar 2025 31 Dec 2023 31 Dec 2023 31 Dec 2022 31 Mar 2023Vesting date 31 Mar 2026 31 Mar 2026 31 Mar 2025 31 Mar 2025 31 Mar 2024 31 Mar 2024 31 Mar 2023 31 Mar 2023Changes during the period, share allocation Shares Shares Shares Shares Shares Shares Shares SharesOutstanding at the beginning of the reporting period, pcs 0 0 346,270 89,500 197,034 21,000 247,817 6,000Granted during the period 348,235 1,500 6,557 10,800 1,275 2,000 5,712 0Forfeited during the period 21,633 0 28,756 8,500 17,864 0 0 0Excercised during the period 0 0 0 0 0 0 253,529 6,000Outstanding at the end of the period, pcs 326,602 1,500 324,071 91,800 180,445 23,000 0 0Number of persons at the end of the reporting year 135 1 128 50 116 11 0 0Share price at the end of the reporting period, euros 32.21 32.21 32.21 32.21 32.21 32.21 42.24 42.24Estimated rate of realization of the earnings criteria, % 56% 100% 35% 100% 40% 100% 61% 100%Estimated termination rate before the end of the restriction period, % 10% 0% 10% 10% 10% 0% 0% 0%Fair value determination The fair value of share-based incentives have been determined at grant date and the fair value is expensed until vesting. The grant price, i.e., fair value as of the grant date, has been determined as follows: grant price equals the share price as at grant date deducted by expected dividends payable during the earning period. For plans under the Long-Term Incentive Plan 2019 and 2022, which include market based criteria, the fair value estimation is calculated using the Monte Carlo simulation with Geometric Brownian Motion. The simulation requires some parameters, such as volatility and the risk-free rate to be estimated.The expense included in the income statement is specified in the following table:2023 2022Expense arising from equity-settled share-based payment transactions 7 5Total expense arising from share-based payment transactions 7 5At the end of the period the estimated future cash payments to be paid to the tax authorities from share-based payments are EUR 8 million (2022: EUR 10 million).",
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"value": "Accounting policyNeste\u2019s share-based incentive plans include a net settlement feature, i.e., share-based payments are settled net in shares after withholding taxes, and thus they are accounted for as fully equity settled plans. The compensation expense for the shares is recognized as an employee benefit expense evenly during the required service period whereas the compensation expense resulting from the cash portion is recognized as an employee benefit expense on accrual basis between grant and payment date. The entire transaction is measured at fair value prevailing on the grant date of the share-based incentive plan and the amounts recognized in the consolidated statement of income are accumulated in equity. The difference realized upon the settlement date is also accounted for against equity.",
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"pp-value-151-1": {
"value": "25 Related party transactionsNeste is controlled by the State of Finland, which owns 44.2% of the company\u2019s shares. The remaining 55.8% of shares are widely held.Neste has a related party relationship with its subsidiaries, associates, joint arrangements and the entities controlled by Neste\u2019s controlling shareholder, the State of Finland. Related parties also include the members of the Board of Directors, the President and CEO and other members of the Neste Executive Committee (key management persons), close members of the families of the mentioned key management persons and entities controlled or jointly controlled by the mentioned key management persons or close members of those persons\u2019 families.Subsidiaries, associates and joint arrangements are presented in Note 26 Group companies.Parent company of Neste is Neste Corporation. The transactions between Neste, its subsidiaries and joint operations, which are related parties of the company, have been eliminated during consolidation and are not disclosed in this Note. Details of transactions between Neste and other related parties are disclosed below. All transactions between Neste and other companies controlled by the State of Finland are on an arm\u2019s length basis.Transactions carried out with related partiesSales of Purchases of Financial goods and goods and income and 2023servicesservicesexpense Receivables LiabilitiesJoint ventures 161 153 5 144 9Other related parties 99 103 0 1 0260 256 5 145 9Sales of Purchases of Financial goods and goods and income and 2022servicesservicesexpense Receivables LiabilitiesJoint ventures 314 260 3 158 22Other related parties 116 243 0 3 0430 503 3 160 22There were no material transactions with key management persons or entities controlled by them.The major part of business between Neste and its joint ventures was with Kilpilahti Power Plant Ltd. Neste\u2019s transactions with Kilpilahti Power Plant Ltd consisted mainly of steam purchases and sales of heavy fuel oil, water and asphaltene. The steam supply agreement includes a fixed annual fee of EUR 45 million until 2037. Board of Directors and key management compensationEUR thousand 2023 2022Salaries and other short-term employee benefits 6,482 5,895 Statutory pensions 919 819 Supplementary pensions 555 511 Share-based payments 3,585 1,961 Total (Including statutory pensions) 11,541 9,186Key management consists of President and CEO and other members of the Neste Executive Committee. There were no outstanding loan receivables from key management on 31 December 2023 or 31 December 2022.Compensation to President and CEO and members of the Neste Executive CommitteeMembers President of the Neste and CEOExecutive CommitteeMatti Peter Total EUR thousand 2023LehmusVanacker2022 20232022Annual remunerationBase salary 981 626 443 1,069 2,842 2,892Taxable benefits 16 11 0 11 140 110Annual incentive (STI plan) 424 0 261 261 1,384 826Total annual remuneration 1,420 637 704 1,341 4,367 3,829Vested long term remunerationSupplementary pension (insurance contributions) 146 95 0 95 409 416Share-based incentive plan 448 0 0 0 3,138 1,961Total remuneration 2,014 731 704 1,436 7,913 6,205Compensation to the Board of DirectorsEUR thousand 2023 2022Board of Directors at 31 December 2023Matti K\u00e4hk\u00f6nen 119 124John Abbott 76 75Nick Elmslie 75 76Just Jansz, since 30 March 2022 73 59Heikki Malinen, since 28 March 2023 64 0Eeva Sipil\u00e4, since 30 March 2022 79 55Johanna S\u00f6derstr\u00f6m 74 83Kimmo Viertola, since 28 March 2023 67 0Former Board membersMartina Fl\u00f6el, until 28 March 2023 2 75Jean-Baptiste Renard, until 30 March 2022 0 14Jari Rosendal, until 31 July 2023 61 69Marco Wir\u00e9n, until 28 March 2023 4 94Board of Directors, all members total 695 725Compensation to the Board of Directors include annual remuneration and meeting fee paid to each member of the Board for each meeting attended as well as for any meetings of the Board committees attended. Board members are not covered by the company\u2019s remuneration systems and do not receive any performance or share related payments. Compensation to the Board of Directors in 2022 includes three months of annual remuneration related to Board membership 2021\u20132022 and entire annual remuneration for Board membership 2022\u20132023. Figures in 2023 include annual remuneration for Board membership 2023-2024. Hence, the compensation in 2023 is not completely comparable to the compensation in 2022.The CEO\u2019s notice of termination period is 6 months on both sides. Should the company decide to give notice of termination, the President & CEO shall be entitled to his salary during the 6 months period of notice, together with a severance payment equivalent to 6 months\u2019 salary. The supplementary pension of the President and CEO is a defined contribution (DC) plan with an annual contribution of 16% of the annual fixed salary and retirement age of 62 years.Net liability of defined benefit plans of former Presidents and CEOs on 31 December 2023 were EUR 1,348 thousand (2022: EUR 1,692 thousand).",
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"value": "Subsidiaries Group holding % Country of incorporationB J B, LLC 100.00% USAKiinteist\u00f6 Oy Espoon Keilaranta 21 100.00% FinlandMahoney Environmental Solutions, LLC 100.00% USAMahoney Transportation Services LLC 100.00% USANavidom Oy 50.00% FinlandNERM Solutions India Private Limited (new) 100.00% IndiaNeste (Shanghai) Trading Company Limited 100.00% ChinaNeste (Suisse) S.A. 100.00% SwitzerlandNeste AB 100.00% SwedenNeste Affiliate B.V. 100.00% The NetherlandsNeste Asia Pacific Pte. Ltd 100.00% SingaporeNeste Australia Pty Ltd 100.00% AustraliaNeste Belgium NV 100.00% BelgiumNeste Brazil LTDA (new) 100.00% BrazilNeste Canada Inc. 100.00% CanadaNeste Components B.V. 100.00% The Netherlands 1)Neste Demeter B.V.80.00% The NetherlandsNeste Eesti AS 100.00% EstoniaNeste Germany GmbH 100.00% GermanyNeste Insurance Limited 100.00% GuernseyNeste Italy S.R.L. 100.00% ItalyNeste Markkinointi Oy 100.00% FinlandNeste Netherlands B.V. 100.00% The NetherlandsNeste Pretreatment Rotterdam B.V. 100.00% The NetherlandsNeste Renewable Products Inc. 100.00% USANeste Renewable Solutions US, Inc. 100.00% USANeste RPC Solutions US, Inc. 100.00% USANeste Shipping Oy 100.00% FinlandNeste Singapore Pte. Ltd. 100.00% SingaporeNeste Spain S.L. 100.00% SpainNeste Terminal Rotterdam B.V. 100.00% The NetherlandsNeste US, Inc. 100.00% USANeste USA, L.L.C. 100.00% USASubsidiaries Group holding % Country of incorporationNeste Walco Limited 100.00% IrelandSIA Neste Latvija 100.00% LatviaSterling Logistics, LLC 100.00% USAUAB Neste Lietuva 100.00% Lithuania1) Neste increased its ownership in its subsidiary Neste Demeter on November 1, 2023 and the entity has been treated as a 100% owned subsidiary in the Group. In addition, Neste has an obligation to redeem the remaining non-controlling interest of Neste Demeter within an agreed period, thus the share of the non-controlling interest has not been recognised in the statement of financial position. The obligation has been measured at fair value and recorded as a liability in the consolidated statement of financial position. Furthermore, the non-controlling shareholders\u2019 share of the financial year\u2019s profit includes the cumulative profit attributable to Neste Demeter\u2019s non-controlling shareholders until the acquisition date of November 1, 2023.",
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"value": "26 Group companiesSubsidiaries Group holding % Country of incorporationB J B, LLC 100.00% USAKiinteist\u00f6 Oy Espoon Keilaranta 21 100.00% FinlandMahoney Environmental Solutions, LLC 100.00% USAMahoney Transportation Services LLC 100.00% USANavidom Oy 50.00% FinlandNERM Solutions India Private Limited (new) 100.00% IndiaNeste (Shanghai) Trading Company Limited 100.00% ChinaNeste (Suisse) S.A. 100.00% SwitzerlandNeste AB 100.00% SwedenNeste Affiliate B.V. 100.00% The NetherlandsNeste Asia Pacific Pte. Ltd 100.00% SingaporeNeste Australia Pty Ltd 100.00% AustraliaNeste Belgium NV 100.00% BelgiumNeste Brazil LTDA (new) 100.00% BrazilNeste Canada Inc. 100.00% CanadaNeste Components B.V. 100.00% The Netherlands 1)Neste Demeter B.V.80.00% The NetherlandsNeste Eesti AS 100.00% EstoniaNeste Germany GmbH 100.00% GermanyNeste Insurance Limited 100.00% GuernseyNeste Italy S.R.L. 100.00% ItalyNeste Markkinointi Oy 100.00% FinlandNeste Netherlands B.V. 100.00% The NetherlandsNeste Pretreatment Rotterdam B.V. 100.00% The NetherlandsNeste Renewable Products Inc. 100.00% USANeste Renewable Solutions US, Inc. 100.00% USANeste RPC Solutions US, Inc. 100.00% USANeste Shipping Oy 100.00% FinlandNeste Singapore Pte. Ltd. 100.00% SingaporeNeste Spain S.L. 100.00% SpainNeste Terminal Rotterdam B.V. 100.00% The NetherlandsNeste US, Inc. 100.00% USANeste USA, L.L.C. 100.00% USASubsidiaries Group holding % Country of incorporationNeste Walco Limited 100.00% IrelandSIA Neste Latvija 100.00% LatviaSterling Logistics, LLC 100.00% USAUAB Neste Lietuva 100.00% Lithuania1) Neste increased its ownership in its subsidiary Neste Demeter on November 1, 2023 and the entity has been treated as a 100% owned subsidiary in the Group. In addition, Neste has an obligation to redeem the remaining non-controlling interest of Neste Demeter within an agreed period, thus the share of the non-controlling interest has not been recognised in the statement of financial position. The obligation has been measured at fair value and recorded as a liability in the consolidated statement of financial position. Furthermore, the non-controlling shareholders\u2019 share of the financial year\u2019s profit includes the cumulative profit attributable to Neste Demeter\u2019s non-controlling shareholders until the acquisition date of November 1, 2023.Associates Group holding % Country of incorporationAlterra Energy LLC 40.00% USANeste Arabia Co. Ltd. (inactive) 48.00% Saudi ArabiaCountry of Joint arrangements Group holding % ClassificationincorporationA/B Svarts\u00e5 Vattenverk - Mustijoen Vesilaitos O/Y 40.00% Joint Operation FinlandKilpilahti Power Plant Ltd 40.00% Joint Venture FinlandMartinez Renewables LLC 50.00% Joint Operation USASpecification of financial information on subsidiaries with material non-controlling interestsNavidom Oy2023 2022Proportion of shares held by non-controlling interests 50.00% 50.00%Current assets 0 0Non-current assets 0 0Current liabilities 0 0Non-current liabilities 0 0Revenue 1 1Profit for the period 0 0Dividends paid to non-controlling interests 0 0Cash flows from operating activities 0 0Cash flows from investing activities 0 0Cash flows from financing activities 0 0Unconsolidated structured entitiesIn 2015, Neste sold its shares of Aurora Kilpilahti Oy (former Kilpilahden S\u00e4hk\u00f6nsiirto Oy). After the sale Neste does not have direct In 2015, Neste sold its shares of Aurora Kilpilahti Oy (former Kilpilahden S\u00e4hk\u00f6nsiirto Oy). After the sale Neste does not have direct or indirect investment in the company. Aurora Kilpilahti Oy is responsible for high- and medium-voltage electricity distribution in the Kilpilahti industrial area where Neste Finland Refinery in Porvoo is situated. In addition to Neste, Aurora Kilpilahti Oy\u2019s customers include other companies operating in the area.Under the contractual arrangements with Aurora Kilpilahti Oy Neste has been supplying small and decreasing part of the operating services needed in electricity distribution. It can be considered that Neste has the possibility to influence only limited development investments made by Aurora Kilpilahti Oy. Aurora Kilpilahti Oy distributes electricity to Neste and Neste remains to be the main user of the capacity of the electricity distribution network. Aurora Kilpilahti Oy operates on land leased from Neste for 30 years with an option to extend the lease. Neste has not provided any financial support or other significant support to Aurora Kilpilahti Oy without contractual obligation.Based on the factors described above Neste has determined that it has limited influence though no control over Aurora Kilpilahti Oy and treats the company as unconsolidated structured entity in its consolidated financial statements. Management has assessed the company\u2019s exposure to losses by considering the nature of Neste\u2019s involvement in Aurora Kilpilahti Oy, and the company\u2019s significance to Neste from an operative perspective. Neste\u2019s exposure is mainly dependent upon the efficient operation of the distribution network.Consolidated structured entitiesSince 2014, Neste has treated the sold vessels\u2019 long-term agreements made with Ilmarinen Mutual Pension Insurance Company and Finland\u2019s National Emergency Supply Agency as structured entities. As a part of these arrangements, Neste guarantees the vessels\u2019 residual value and certain return on the investors\u2019 investments.",
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"value": "Associates Group holding % Country of incorporationAlterra Energy LLC 40.00% USANeste Arabia Co. Ltd. (inactive) 48.00% Saudi Arabia",
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"value": "Specification of financial information on subsidiaries with material non-controlling interestsNavidom Oy2023 2022Proportion of shares held by non-controlling interests 50.00% 50.00%Current assets 0 0Non-current assets 0 0Current liabilities 0 0Non-current liabilities 0 0Revenue 1 1Profit for the period 0 0Dividends paid to non-controlling interests 0 0Cash flows from operating activities 0 0Cash flows from investing activities 0 0Cash flows from financing activities 0 0",
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"value": "Unconsolidated structured entitiesIn 2015, Neste sold its shares of Aurora Kilpilahti Oy (former Kilpilahden S\u00e4hk\u00f6nsiirto Oy). After the sale Neste does not have direct In 2015, Neste sold its shares of Aurora Kilpilahti Oy (former Kilpilahden S\u00e4hk\u00f6nsiirto Oy). After the sale Neste does not have direct or indirect investment in the company. Aurora Kilpilahti Oy is responsible for high- and medium-voltage electricity distribution in the Kilpilahti industrial area where Neste Finland Refinery in Porvoo is situated. In addition to Neste, Aurora Kilpilahti Oy\u2019s customers include other companies operating in the area.Under the contractual arrangements with Aurora Kilpilahti Oy Neste has been supplying small and decreasing part of the operating services needed in electricity distribution. It can be considered that Neste has the possibility to influence only limited development investments made by Aurora Kilpilahti Oy. Aurora Kilpilahti Oy distributes electricity to Neste and Neste remains to be the main user of the capacity of the electricity distribution network. Aurora Kilpilahti Oy operates on land leased from Neste for 30 years with an option to extend the lease. Neste has not provided any financial support or other significant support to Aurora Kilpilahti Oy without contractual obligation.Based on the factors described above Neste has determined that it has limited influence though no control over Aurora Kilpilahti Oy and treats the company as unconsolidated structured entity in its consolidated financial statements. Management has assessed the company\u2019s exposure to losses by considering the nature of Neste\u2019s involvement in Aurora Kilpilahti Oy, and the company\u2019s significance to Neste from an operative perspective. Neste\u2019s exposure is mainly dependent upon the efficient operation of the distribution network.",
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"pp-value-163-1": {
"value": "27 Acquisitions and disposalsAcquisitions2023On 13 January 2023, Neste acquired SeQuential Environmental Services, LLC, and Pure SQ, LLC from Crimson Renewable Energy Holdings, LLC. Through the transaction, Neste acquired used cooking oil collection and aggregation business in US West Coast. The fair value of acquired net assets are presented in the table below. Based on purchase price allocation, a portion of the purchase price was allocated to supplier and customer relations that have been recognized as intangible assets. The recognized goodwill represents the value of acquired business knowledge and synergies, and is deductible for income tax purposes. The purchase price was paid fully in cash and includes approximately EUR 18 million of contingent consideration. The final amount of the contingent consideration depends on how certain targets are achieved during 2023. The transaction costs of the acquisition are included in other expenses in the consolidated statement of income. The acquisition does not have a material impact on the Group\u00b4s revenue nor profit. Assets and liabilities Fair valueIntangible assets 43Property, plant and equipment 29Inventories 3Trade and other receivables 2Total assets 77Interest-bearing liabilities 6Trade and other payables 10Total liabilities 16Fair value of acquired net assets 61Consideration transferred 165Fair value of acquired net assets -61Goodwill 104Cash flows of the acquisition 2023Consideration, paid in cash -165Acquiree's liabilities paid off at closing -1Transaction costs of the acquisition -1Net cash flow on acquisition -167SeQuential Environmental Services, LLC, and Pure SQ, LLC merged into their sistercompany Mahoney Environmental Solutions, LLC, in 31 December 2023. Other business combinationsNo other business combinations took place in financial period 2023.2022No major acquisitions took place in financial period 2022. Other business combinations In 2022 Neste has made smaller business combinations that are immaterial individually. These business combinations also include the acquisition of Walco Foods published in 2022. The aggregated fair values of the acquired net assets are presented in the table below. Based on purchase price allocations, a portion of the purchase price was allocated to supplier and customer relations that have been recognized as intangible assets. The recognized goodwill is deductible for income tax purposes, and represents the value of acquired business knowledge and synergies. The business combinations do not have a material impact to Neste\u2019s revenue nor result. The purchase prices were paid fully in cash. Values of acquired assets and liabilities at time of acquisition Fair valueIntangible assets 13Property, plant and equipment 3Inventories 0Trade and other receivables 14Cash and cash equivalents 2Total assets 33Interest-bearing liabilities 6Provisions 0Trade and other payables 4Total liabilities 11Fair value of acquired net assets 22Consideration transferred 51Fair value of contingent consideration 0Fair value of acquired net assets -22Goodwill 30Cash flows of acquisition 2022Consideration, paid in cash -51Transaction costs of the acquisition 0Net cash flow on acquisition -51Disposals2023No major disposals took place in financial period 2023.2022On 1 April 2022 Neste sold its existing base oils business to Chevron Global Energy Inc., a wholly owned subsidiary of Chevron Corporation. The transaction includes the NEXBASE\u2122 brand, associated qualifications and approvals, and related sales and marketing business. As part of the divestment, the parties also agreed on a long-term offtake for Neste\u2019s base oils supply from Porvoo, Finland. In connection with the divestment, Neste has also completed the exit of its base oils joint arrangement with Bahrain Petroleum Company and Nogaholding. Base oils business was consolidated as part of the Oil Products segment.Assets and liabilities Recognized valuesProperty, plant and equipment 9Deferred tax assets 2Inventories 83Trade and other receivables 70Cash and cash equivalents 21Total assets 185Deferred tax liabilities 1Pension liabilities 2Interest-bearing liabilities 8Current tax liabilities 3Trade and other payables 3Total liabilities 18Sold net assets 167 1)Total consideration176Sold net assets -167Gain on sale 9Cash consideration received 176Cash and cash equivalents disposed of -21Net cash flow 1561) Transaction costs are included in total consideration",
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"value": "Commitments 2023 2022Commitments for purchase of property, plant and equipment and intangible assets 710 810Other commitments 8 8Total 718 818Capital commitments are mainly related to an expansion project in the refinery in Rotterdam which will extend Neste\u2019s renewable products overall capacity.",
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"value": "Value of collateral Value of collateralContingent liabilities 2023 2022On own behalf for commitmentsReal estate mortgages 26 26Other contingent liabilities 24 49Total 50 75On behalf of joint arrangementsPledged assets 114 89Total 114 89On behalf of othersGuarantees 1 1Total 1 1164 164The pledged assets on behalf of joint arrangements are granted to the secured creditors as continuing security for due and punctual payment, discharge and performance of all or any part of the secured obligations of Kilpilahti Power Plant Ltd. The pledged assets mean all shareholder loan receivables, all contribution loan receivables and the shares of Kilpilahti Power Plant Ltd. The security period ends on the date on which all the secured obligations have been unconditionally and irrevocably paid and discharged in full. ",
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"value": "28 Contingencies and commitmentsTake-or-pay contractsNeste has long-term supply agreements related to hydrogen, nitrogen, steam, natural gas and electricity. These agreements are generally take-or-pay by nature. In addition to minimum purchase obligations, agreements normally include termination fees if the contract is being terminated early. The probability of such circumstances is cosidered to be low. Value of collateral Value of collateralContingent liabilities 2023 2022On own behalf for commitmentsReal estate mortgages 26 26Other contingent liabilities 24 49Total 50 75On behalf of joint arrangementsPledged assets 114 89Total 114 89On behalf of othersGuarantees 1 1Total 1 1164 164The pledged assets on behalf of joint arrangements are granted to the secured creditors as continuing security for due and punctual payment, discharge and performance of all or any part of the secured obligations of Kilpilahti Power Plant Ltd. The pledged assets mean all shareholder loan receivables, all contribution loan receivables and the shares of Kilpilahti Power Plant Ltd. The security period ends on the date on which all the secured obligations have been unconditionally and irrevocably paid and discharged in full. Commitments 2023 2022Commitments for purchase of property, plant and equipment and intangible assets 710 810Other commitments 8 8Total 718 818Capital commitments are mainly related to an expansion project in the refinery in Rotterdam which will extend Neste\u2019s renewable products overall capacity.",
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"pp-value-173-1": {
"value": "29 LeasesAccounting policy Neste assesses at contract inception whether a contract is, or contains, a lease, i.e., if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.Neste as a lesseeNeste has lease contracts for various land areas, vessels, tanks, containers, facilities and other equipment used in its operations. Lease contracts are made for fixed periods of 1 to 60 years. Some leases include an option to extend the lease for an additional period after the end of the contract term or terminate the contract during the lease term.Neste recognises a leased asset and a lease liability at the lease commencement date, except for short-term leases and leases of low-value assets.i) Right-of-use assetsNeste recognises right-of-use assets on the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, any restoration obligations and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the lease term. If ownership of the leased asset transfers to Neste at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment.Neste\u2019s right-of-use assets are included in Property, plant and equipment (see Note 14 Property plant and equipment).ii) Lease liabilitiesAt the commencement date of the lease, Neste recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including insubstance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option that is reasonably certain to be exercised by Neste and payments of penalties for terminating the lease, if the lease term reflects Neste exercising the option to terminate.Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, Neste uses interest rate implicit in the lease if readily determinable and if not, Neste uses its incremental borrowing rate at the lease commencement date. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.Neste\u2019s lease liabilities are included in Interest-bearing liabilities (see Note 21 Financial liabilities).iii) Short-term leases and leases of low-value assetsNeste applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.Neste as a lessorAt inception of a lease contract, Neste makes an assessment whether the lease is a finance lease or an operating lease. If the lease substantially transfers all the risks and rewards incidental to ownership of the asset, it is considered to be a finance lease; if not, the lease is considered to be an operating lease. Neste has a minor amount of operating lease contracts, whereby the lease payments are recognised on a straight-line basis over the lease term and is included in other income in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income.Estimates and judgements requiring management estimationNeste determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.Neste has several lease contracts that include extension and termination options. Neste\u2019s management applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, Neste\u2019s management reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate.Neste\u2019s management applies judgement also for estimating the term of lease agreements in effect until further notice. The management\u2019s estimates are based on the company\u2019s strategic situation and market conditions, as well the costs that would incur if the leased asset would be replaced by another asset.Amounts recognized in the balance sheetThe balance sheet shows the following amounts relating to leases:Right-of-use assets Note 2023 2022Land 230 249Buildings and constructions 49 45Machinery and equipment 237 152Other tangible assets 467 108Total assets included in property, plant and equipment 14 983 553Lease liabilities Non-current interest-bearing liabilities 768 425Current interest-bearing liabilities 199 110Total liabilities included in interest-bearing liabilities 21 967 535Additions to the right-of-use assets during the 2023 financial year were EUR 780 million (2022: EUR 300 million) and it included EUR 79 million from joint operation Martinez Renewables (2022: EUR 111 million).The maturity analysis of lease liabilities is disclosed in Note 3 Financial risk management.Amounts recognised in the statement of profit or lossThe statement of profit or loss shows the following amounts relating to leases:Depreciation charge of right-of-use assets Note 2023 2022Land 15 14Buildings and constructions 14 13Machinery and equipment 82 48Other tangible assets 143 8714 255 163Interest expense (included in finance cost) 10 50 24Expense relating to short-term leases (included in materials and services) 7 14 38Expense relating to short-term leases (included in other expenses) 9 8 5Expense relating to leases of low-value assets (included in other expenses) 9 1 0Variable lease payments not included in lease liabilities (included in materials and services) 7 0 0Variable lease payments not included in lease liabilities (included in other expenses) 9 4 21",
"dimensions": {
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"pp-value-179-1": {
"value": "31 Events after the balance sheet dateOn 30 January, Neste announced that the Porvoo refinery processes will be brought into a safe state for the duration of the political strike announced to take place on 1 and 2 February 2024. ",
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