Neste reports total revenue of €25.7b in 2022
Neste’s revenue in 2022 totaled EUR 25,707 million (15,148 million). The growth in revenue resulted from higher market and sales prices, which had a positive impact of approx. EUR 7.5 billion, and higher sales volumes which had a positive impact of approx. EUR 2.1 billion on the revenue. Additionally, a stronger US dollar had a positive impact of approx. EUR 1.2 billion on the revenue. Also, the revenue was negatively impacted by lower trading volumes and the divestment of the Base Oils business, total impact approx. EUR -0.2 billion.
The Group’s comparable EBITDA was EUR 3,537 million (1,920 million). Renewable Products’ comparable EBITDA was EUR 1,762 million (1,460 million), higher than in 2021, mainly due to a higher sales margin and stronger US dollar offsetting higher fixed costs. Oil Products reached a comparable EBITDA of EUR 1,654 million (353 million) in the improved refining market and with increased sales volumes. Marketing & Services’ comparable EBITDA was EUR 126 million (103 million) as a result of higher sales volumes and unit margins. The Others segment’s comparable EBITDA was EUR -4 million (11 million).
The Group’s EBITDA was EUR 3,048 million (2,607 million), which was impacted by inventory valuation losses of EUR 352 million (gains of 573 million) and changes in the fair value of open commodity and currency derivatives totaling EUR -131 million (106 million). Profit before income taxes was EUR 2,279 million (1,962 million), and net profit EUR 1,891 million (1,774 million). Comparable earnings per share were EUR 3.04 (1.54), and earnings per share EUR 2.46 (2.31).
Year 2022 in brief:
• Comparable EBITDA totaled EUR 3,537 million (EUR 1,920 million)
• EBITDA totaled EUR 3,048 million (EUR 2,607 million)
• Cash flow before financing activities totaled EUR -390 million (EUR 511 million)
• Comparable return on average capital employed (Comparable ROACE) was 30.1% over the last 12 months (18.3%)
• Leverage ratio was 13.9% at the end of December (31 Dec 2021: 0.6%)
• Comparable earnings per share were EUR 3.04 (EUR 1.54)
• Earnings per share: EUR 2.46 (EUR 2.31)
• Board of Directors proposes a maximum dividend of EUR 1.52 per share (0.82 per share), consisting of an ordinary dividend of EUR 1.02 per share, an extraordinary dividend of EUR 0.25 per share and a discretionary second extraordinary dividend of EUR 0.25 per share, totaling a maximum of approximately EUR 1,167 million (EUR 630 million)
Fourth quarter in brief:
• Comparable EBITDA totaled EUR 894 million (EUR 591 million)
• EBITDA totaled EUR 748 million (EUR 689 million)
• Renewable Products’ comparable EBITDA was EUR 415 million (EUR 418 million)
• Renewable Products’ comparable sales margin was USD 783/ton (USD 779/ton)
• Oil Products’ comparable EBITDA was EUR 450 million (EUR 168 million)
• Marketing & Services’ comparable EBITDA was EUR 21 million (EUR 22 million)
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