- Comparable operating profit increased and was EUR 199 million in the third quarter
Neste Oil Oyj
Pörssitiedote
24.10.2008 klo 9.00
The third quarter in brief:
- Strong comparable operating profit of EUR 199 million (Q3/07: 159 million)
- Operating profit of EUR 44 million (Q3/07: 180 million), depressed by an inventory loss of EUR 180 million due to rapidly falling oil prices
- Cash flow from operations of EUR -175 million (Q3/07: -32 million) due to temporarily high receivables at the end of the quarter
- Solid financial position; no major refinancing needs over the short or medium term, nor credit losses with counterparty banks
- Total refining margin reached a new record of USD 13.54 /bbl (Q3/07: 10.20)
- Maintenance work on the Porvoo diesel production line 4 was carried out as planned and the line has been operating normally since early October
Jarmo Honkamaa, Deputy CEO:
“We are satisfied with our strong results in what was a really exceptional environment in the third quarter. The oil market witnessed even higher-than-normal volatility, and crude oil prices dropped rapidly and significantly after rising for eight months. This was reflected in our IFRS operating profit for the quarter, which includes a large inventory loss.”
“Our comparable operating profit, which best reflects the company’s operational results, was among the highest in our history. This was largely thanks to our high total refining margin, supported by a strong diesel market, and another good quarterly result by Shipping.”
“Demand for middle distillates and diesel continues to be the main driver of refining margins. I am pleased to say that all our diesel production units are operating normally again after maintenance carried out at the Porvoo diesel line in August and September.”
Further information:
Jarmo Honkamaa, Deputy CEO, tel. +358 10 458 4758
Risto Takkala, Interim CFO, tel. +358 10 458 4071
Investor Relations, tel. +358 10 458 5132
News conference and conference call:
A press conference in Finnish on the third-quarter results for 2008 will be held today, 24 October 2008, at 11:30 am EET in the Mirror Room at Hotel Kämp, Pohjoisesplanadi 29, Helsinki. www.nesteoil.com will feature English versions of the presentation materials.
An international conference call for investors and analysts will be held on the same day 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. Use the password: Neste Oil. A webcast of the call can be found at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=189806&eventID=1995604. An instant replay 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.
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