Neste Oil’s Financial statements for 2009
Posted on February 4, 2010 – 1:10 pm | by oilandgaspress.com
Stock Exchange Release
Neste Oil’s Financial statements for 2009
- Full-year comparable operating profit of EUR 116 million (2008: 602 million)
- The year ended with a Q4 comparable operating profit of EUR -29 million, including a negative impact of EUR 30 million from non-recurring items
2009 in brief:
A new operational model was introduced, aimed to improve implementation of our strategic projects and to make the most of our best practises and expertise
Comparable operating profit was EUR 116 million (2008: 602 million)
IFRS operating profit was EUR 335 million (2008: 186 million)
Investments totaled EUR 863 million (2008: 508 million), of which EUR 625 million was allocated to
Renewable Fuels
Sales volumes decreased by approx. 400,000 tons year-on-year, as a result of contango storage
• Contango storage had a negative impact on net cash from operations, which came in at EUR 177 million (2008: 512 million)
Interest-bearing net debt increased to EUR 1,918 million (2008: 1,004 million)
The Group’s safety performance improved compared to 2008
The Board of Directors will propose a dividend of EUR 0.25 per share (2008: 0.80)
Fourth quarter in brief:
Comparable operating profit of EUR -29 million (Q4/2008: 103 million), including the following non-recurring negative items:
EUR 10 million environmental provision (non-cash) booked against Nynas AB’s result in Others
EUR 9 million one-off costs resulting from personnel reductions announced in October
EUR 3 million additional depreciation charge (non-cash) at Renewable Fuels
EUR 4 million additional depreciation charge (non-cash) booked at Oil Products related to the Porvoo refinery’s major turnaround in 2005
EUR 4 million IFRS pension cost adjustment (non-cash), booked in Others
IFRS operating profit of EUR 9 million (Q4/2008: -352 million)
Total refining margin of USD 5.85/bbl (Q4/2008: 15.05)
Significant contango storage was built up in anticipation for the maintenance turnaround at the
Porvoo refinery
Contango storage depressed cash flow from operations by approximately EUR 250 million, leading to a net cash from operations figure of EUR -225 million (Q4/08: 486 million)
President & CEO Matti Lievonen:
The refining industry had a very difficult year in 2009, which was reflected clearly in our result. A virtually unprecedented drop in oil demand, coupled with increased new refining capacity, led to lower refining margins compared to recent years. During these challenging times, I would like to thank our personnel for their hard work and what we achieved during the year. We were able to bring our fixed costs down by 10% and started many improvement projects that will benefit us in the future.
2010 appears likely to be another challenging year due to the slow pace of economic recovery. We will put a lot of focus on implementing our strategy and will be aiming for a smooth ramp-up of the new renewable diesel plant in Singapore during the second half. In addition, we will concentrate on ensuring a problem-free maintenance turnaround at the Porvoo refinery during the second quarter.
Espoo, 3 February 2010
Neste Oil Corporation
Board of Directors
Further information:
Matti Lievonen, President & CEO, tel. +358 10 458 11
Ilkka Salonen, CFO, tel. +358 10 458 4490
Investor Relations, tel. +358 10 458 5132
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