Neste Release Financial Statements for 2021
Comparable EBITDA totaled EUR 1,920 million (EUR 1,929 million)
EBITDA totaled EUR 2,607 million (EUR 1,508 million)
Comparable operating profit totaled EUR 1,342 million (EUR 1,416 million)
Operating profit totaled EUR 2,023 million (EUR 828 million)
Cash flow before financing activities totaled EUR 511 million (EUR 1,019 million)
Return on average capital employed (ROACE) was 15.5% over the last 12 months (17.3%)
Leverage ratio was 0.6% at the end of December (31 Dec 2020: -4.7%)
Comparable earnings per share were EUR 1.54 (EUR 1.60)
Earnings per share: EUR 2.31 (EUR 0.93)
Board of Directors will propose a dividend of EUR 0.82 per share (0.80), totaling EUR 630 million (EUR 614 million)
Fourth quarter in brief:
Comparable EBITDA totaled EUR 591 million (EUR 512 million)
EBITDA totaled EUR 689 million (EUR 297 million)
Comparable operating profit totaled EUR 432 million (EUR 380)
Operating profit totaled EUR 524 million (EUR -2 million)
Renewable Products’ comparable operating profit was EUR 357 million (EUR 338 million)
Renewable Products’ comparable sales margin was USD 779/ton (USD 760/ton)
Oil Products’ comparable operating profit was EUR 90 million (EUR 37 million)
Marketing & Services’ comparable operating profit was EUR 14 million (EUR 15 million)
President and CEO Peter Vanacker Commented:
“Neste ended the year 2021 with an excellent performance in all business units. Our business proved to be very resilient amid the continued COVID-19 pandemic, scheduled maintenance and high utility and feedstock costs in 2021. We posted a solid comparable operating profit of EUR 1,342 million, compared to EUR 1,416 million in the previous year. Renewable Products was able to improve its sales volumes and sales margin despite having several scheduled shutdowns, but was negatively impacted by a weaker US dollar and higher fixed costs. The refining market recovered and Oil Products was able to exceed the previous year’s result despite the largest ever turnaround implemented at the Porvoo refinery and the closure of the Naantali refinery. Also Marketing & Services improved its performance compared to the previous year. We reached a ROACE of 15.5% over the last 12 months and a leverage ratio of 0.6% at the end of the year. Our cash flow before financing activities was very solid at EUR 511 million in a year of significant investments and acquisitions. The solid financial position enables the implementation of our growth strategy going forward while continuing to reward our shareholders.
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