The key market risks related to Neste's profitability are risks related to utility prices and currencies.

The following table details the approximate impact that movements in Neste's key price and currency exposures would have on its IFRS operating profit in 2015, based on assumptions regarding the Group's reference market and operating conditions, but excluding the impact of hedge transactions.

Approximate impact on IFRS operating profit in 2015, excluding hedges

Change Impact
+/- 10 % in the EUR/USD exchange rate  -82/+101 EUR million
+/- 1.00 USD/bbl in total refining margin  +/- 105 USD  million
+/- 10 USD/bbl in crude oil price* +/- 70 USD million
+/- 100 USD/t in Renewable Products' raw material price* +/- 80 USD million
+/- 50 USD/t in Renewable Products' refining margin** +/- 120 USD million


* Inventory gains/losses excluded from comparable operating profit.
** Based on name-plate capacity of 2.4 Mt/a.