Neste Release Financial Results for 2018

Posted On February 6th, 2019 - 10:09 am | by Oil and gas press

Neste’s revenue in 2018 totaled EUR 14,918 million (13,217 million). The revenue increase resulted from higher sales prices, which had a positive impact of approx. EUR 2,100 million, and lower sales volumes, which had approx. EUR 100 million negative impact on the revenue. A weaker USD exchange rate had a negative impact of approx. EUR 300 million on the revenue. The Group’s comparable operating profit was EUR 1,422 million (1,101 million).

Renewable Products’ sales margin was significantly higher compared to 2017, and the retroactive US Blender’s Tax Credit decision for 2017 supported the first quarter result. Oil Products’ result was lower than in 2017, mainly due to a weaker USD exchange rate and lower reference margin.

Marketing & Services was able to increase its unit margins and other income, which lead to a higher comparable operating profit than in the previous year. The Others segment’s comparable operating profit was lower than in the year 2017, mainly due to Nynas’ weaker result.

Renewable Products’ full-year comparable operating profit was EUR 983 million (561 million), Oil Products’ EUR 397 million (495 million), and Marketing & Services’ EUR 77 million (68 million). The comparable operating profit of the Others segment totaled EUR -36 million (-24 million); Nynas accounted for EUR -12 million (-2 million) of this figure.

The Group’s operating profit was EUR 1,025 million (1,171 million), which was impacted by inventory valuation losses of EUR 269 million (gains of 31 million), and changes in the fair value of open commodity and currency derivatives totaling EUR 117 million (24 million), mainly related to margin hedging.

In addition there were asset writedowns totaling EUR 198 million regarding our minority shareholding in Nynas AB during the third quarter and in Neste Oil Bahrain W.L.L. during the fourth quarter.

Neste is currently engaged in arbitration with the Bahrain base oil joint operation partners concerning a contractual dispute. Profit before income taxes was EUR 951 million (1,094 million), and net profit EUR 779 million (914 million). Comparable earnings per share were EUR 4.50 (3.33), and earnings per share EUR 3.04 (3.56).

Year 2018 in brief:

Comparable operating profit totaled EUR 1,422 million (EUR 1,101 million)

Operating profit totaled EUR 1,025 million (EUR 1,171 million)

Cash flow before financing activities totaled EUR 870 million (EUR 628 million)

Return on average capital employed (ROACE) was 21.1% over the last 12 months (17.5%)

Leverage ratio was -1.5% at the end of December (31.12.2017: 8.7%)

Comparable earnings per share were EUR 4.50 (EUR 3.33)

Earnings per share: EUR 3.04 (EUR 3.56)

Board of Directors will propose a dividend of EUR 2.28 per share (1.70), totaling EUR 583 million (EUR 435 million)

Fourth quarter in brief:

Comparable operating profit totaled EUR 349 million (EUR 311 million)

Operating profit totaled EUR 183 million (EUR 296 million)

Renewable Products’ comparable operating profit was EUR 281 million (EUR 209 million)

Renewable Products’ comparable sales margin was USD 715/ton (USD 464/ton)

Oil Products’ comparable operating profit was EUR 60 million (EUR 89 million)

Oil Products’ total refining margin was USD 10.5/bbl (USD 10.7/bbl)

Marketing & Services’ comparable operating profit was EUR 19 million (EUR 11 million)

Very strong year 2018 ‒ Dividend proposed to be increased by 34% to EUR 2.28 per share

Source / More : Neste

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