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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 2020, 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, excluding hedges

Change Impact
+/- 10 % in the EUR/USD exchange rate  -282/+344 EUR million
+/- 1.00 USD/bbl in total refining margin  +/- 100 USD  million
+/- 10 USD/bbl in crude oil price* +/- 100 USD million
+/- 100 USD/t in Renewable Products' raw material price* +/- 140 USD million
+/- 50 USD/t in Renewable Products' refining margin** +/- 145 USD million


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