Neste release Interim Report for January–March 2023
Neste’s revenue in the first quarter totaled EUR 5,298 million (5,523 million). The slight decrease in revenue was driven by lower market and sales prices, which had a negative impact of approx. EUR 0.4 billion. Sales volumes had a positive impact of approx. EUR 0.1 billion in total as Oil Products’ volume increase offsets the decrease in Renewable Products’ volumes year-over-year. Stronger US dollar had a positive impact of approx. EUR 0.2 billion on the revenue compared to the corresponding period last year. Also other drivers decreased revenue by approx. EUR 0.1 billion including the divestment of the Base Oils business.
The Group’s comparable EBITDA was EUR 830 million (578 million). Renewable Products’ comparable EBITDA was EUR 415 million (419 million), mostly driven by a higher sales margin, lower sales volume and increased fixed costs compared to the first quarter of 2022. Oil Products’ comparable EBITDA totaled EUR 393 million (137 million), following the improved refining market. Marketing & Services comparable EBITDA was EUR 23 million (32 million), mainly as a result of inventory losses and increased fixed costs compared to the first quarter of 2022. The Others segment’s comparable EBITDA was EUR 2 million (-1 million).
The Group’s EBITDA was EUR 463 million (916 million), which was impacted by inventory valuation losses of EUR -274 million (115 million), and changes in the fair value of open commodity and currency derivatives totaling EUR -98 million (219 million). Profit before income taxes was EUR 276 million (736 million), and net profit EUR 238 million (640 million). Comparable earnings per share were EUR 0.72 (0.45), and earnings per share EUR 0.31 (0.83).
First quarter in brief:
• Comparable EBITDA totaled EUR 830 million (EUR 578 million)
• EBITDA totaled EUR 463 million (EUR 916 million)
• Renewable Products’ comparable sales margin* was USD 945/ton (USD 783/ton)
• Oil Products’ total refining margin was USD 21.8/bbl (USD 10.3/bbl)
• Cash flow before financing activities was EUR -102 million (EUR -960 million)
• Comparable return on average capital employed (Comparable ROACE) was 31.8% over the last 12 months (Q1/2022: 19.1%)
• Leverage ratio was 18.7% at the end of March (31.12.2022: 13.9%)
Calculation formula has been adjusted effective 1 January 2023; and the figures for 2022 restated. Q1/22 comparable sales margin with the previous calculation reached USD 806/ton.
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