- Comparable operating profit in Q2 was EUR 47 million (Q2/2008: 181 million)
Second quarter in brief:
*Diesel margins remained weak during the entire quarter
*Neste Oil’s total refining margin was USD 7.87 /bbl (4-6/08: 12.38)
*Comparable operating profit came in at EUR 47 million (4-6/08: 181 million)
*IFRS operating profit was EUR 118 million (4-6/08: 290 million)
*Cash flow from operations totaled EUR 223 million (4-6/08: 314 million)
*Investments totaled EUR 210 million, of which 149 million was allocated to Renewable Fuels
*The second NExBTL renewable diesel production plant was commissioned at the Porvoo refinery
President & CEO Matti Lievonen:
“Refining margins continue to be weak, dampened by depressed demand, and no rapid recovery seems to be in sight. Despite these difficult circumstances and the two-month maintenance shutdown at Production Line 4 at the Porvoo refinery, we were able to stay in the black. However, a quarterly profit of 47 million euros is not satisfactory and the current market conditions mean that we must further improve our cost and operational efficiency. This is something that we will continue to concentrate on during the second half of the year. We have already seen an improvement in our working capital management, and this has had a positive impact on our operating cash flow.”
“We remain committed to proceeding with our strategic projects and I’m pleased to say that the start-up of our second NExBTL renewable diesel plant has been very smooth and the plant has reached its nameplate capacity. Our partners published some very promising results during the second quarter from long-term field tests of using NExBTL renewable diesel commercially. These field tests prove that NExBTL’s quality is second to none when it comes to performance and emissions.”
Further information:
Matti Lievonen, President & CEO, tel. +358 10 458 11
Ilkka Salonen, CFO, tel. +358 10 458 4490
News conference and conference call
A press conference in Finnish on the second quarter results will be held today, 30 July 2009, at 11:30 am EET at the company’s headquarters, Keilaranta 21, Espoo. www.nesteoil.com will feature English versions of the presentation materials. A conference call in English for investors and analysts will be held today, 30 July 2009, at 3:00 pm Finland / 1:00 pm London / 8:00 am New York. The call-in numbers are as follows: Europe: +44 (0)20 3023 4426, US: +1 866 966 5335. A webcast of the call can be found at company’s web site. Use the password: Neste Oil. An instant replay of the call will be available for one week at +44 (0)20 8196 1998 for Europe and +1 866 583 1035 for the US, using access code 725434. |
