Value added by Evonik to the German economy calculated for the first time
11th May 2018
For the first time, Evonik has analyzed the value added by the company to the German economy. This shows that every €1 value added by Evonik along the value chain creates an additional €1.50 for society, e.g., through Evonik's capital expenditures or consumer spending by employees and the employees of suppliers. “For Evonik, business success and responsible conduct belong together. As well as benefiting our shareholders and employees, our success benefits the whole economy,” said Thomas Wessel, the member of Evonik's Executive Board responsible for sustainability when the company published its Sustainability Report 2017.
The picture is similar with regard to public revenue and jobs. Every €1 in taxes and levies paid by Evonik in Germany results in a further €0.14 in public revenue, for example, as a result of tax payments by suppliers and employees. In addition, every Evonik employee secures a further 2.7 jobs outside the company.
The calculation of the value added by Evonik to the economy is based on an impact analysis, which the company also applies to both positive and negative ecological and social impacts. These are outlined for the first time in the Sustainability Report 2017. There are plans to extend the scope of this analysis internationally.
The title of the Sustainability Report 2017 is “Listening pays off”, reflecting the enormous significance that Evonik attaches to dialogue with its stakeholders. This is also highlighted by the “food for thought” contributed by various stakeholders on the global challenges of our times, which forms a thread running through all chapters of the report.
In its latest Sustainability Report, Evonik provides information on its targets and target attainment, especially in the areas of governance and compliance, employees, the environment, and safety. Occupational and plant safety have a special place in Evonik's sustainability activities. Protecting employees, local residents, and the environment has priority over sales and profits. The key safety indicator accident frequency improved slightly in 2017 and again a good level of process safety was achieved in the production plants.
The Sustainability Report already conforms to the latest standards issued by the Global Reporting Initiative (GRI), which only become mandatory for all companies next year.
For more information visit corporate.evonik.com/en/media/press_releases/pages/news-details.aspx