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FINANCIAL STATEMENTS 2013 – Neste Oil

Neste Oil · Feb 4, 2014 · 41 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 1
    Financial Statements 2013 Matti Lievonen, President & CEO 4 February, 2014
  2. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 2
    Table of Contents 1 Q4/13 financials 2 Full-year 2013 highlights 3 Strategy implementation in 2013 4 Market development 5 Renewable Fuels margin 6 Current topics 7 Appendix 4 February 2014 2
  3. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 3
    Outstanding year in 2013 Excellent full-year result with 70% increase in comparable EBIT ROACE more than doubled Outstanding Renewable Fuels performance Very strong cash flow 4 February 2014 4
  4. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 4
    Q4/13 financials
  5. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 5
    Group comparable EBIT Renewable Fuels leading over 100% improvement M 200 +26 164 150 +9 +96 100 77 -44 50 0 Q4/12 Oil Renewable Oil Retail Others Q4/13 Products Fuels 4 February 2014 6
  6. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 6
    Group financials Q4/2013 Solid performance in challenging environment 300 Comparable operating profit 250 of MEUR 164 (MEUR 77) 200 Comparable operating profit, 150 MEUR Renewable Fuels strong 100 Comparable earnings continued…
  7. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 7
    Group financials Q4/2013 Strong cash flow MEUR Q4/2013 Q4/2012 Revenue 4,604 4,597 Comparable EBITDA 246 162 Comparable Operating Profit 164 77 Oil Products 72 116 Renewable Fuels 94 -2 Oil Retail 14 5 Others (incl. eliminations) -16…
  8. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 8
    Oil Products Q4/2013 High additional margin 250 Comparable operating profit 200 MEUR 72 (MEUR 116) 150 Comparable operating profit, Result impacted by MEUR 100 challenging market Comparable 50 EBITDA, MEUR environment 0 Q1/12…
  9. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 9
    Renewable Fuels Q4/2013 Strong result in softening market 150 Strong comparable operating 100 profit at MEUR 94 (MEUR -2) Comparable operating profit, despite softening market 50 MEUR Comparable EBITDA, MEUR Record-high sales…
  10. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 10
    Oil Retail Q4/2013 Good performance continued 40 Comparable operating profit 30 MEUR 14 (MEUR 5) Comparable operating profit, 20 MEUR Higher margins continued in Comparable all market areas 10 EBITDA, MEUR Lower sales volumes…
  11. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 11
    Full-year 2013 highlights
  12. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 12
    Group comparable EBIT Outstanding year for Renewable Fuels M 700 +18 +18 604 600 +329 500 400 355 -116 300 200 100 0 2012 Oil Renewable Oil Retail Others 2013 Products Fuels 4 February 2014 13
  13. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 13
    Segment reviews First full year of operations in Renewable Fuels Oil Products Renewable Fuels Oil Retail Lower reference Sales volumes up to Strong margins and refining margin full capacity market positions in Lower Base oils…
  14. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 14
    Group Financials All key ratios improved MEUR 2013 2012 Revenue 17,462 17,853 Comparable EBITDA 927 687 Comparable Operating Profit 604 355 Oil Products 280 396 Renewable Fuels 273 -56 Oil Retail 76 58 Others (incl. eliminations) -25…
  15. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 15
    Strategy implementation in 2013
  16. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 16
    Profitable Growth Renewable diesel sales volumes increased by over 15% and new markets were opened Base oils sales volumes grew by 14% and new customers were secured in Asia and North America Retail sales volumes in Northwest…
  17. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 17
    Productivity Singapore and Rotterdam exceeded their nameplate capacity by 10% in H2 Porvoo production line 4 diesel output exceeded 900,000 tons Oil refineries energy efficiency index hit a record high 4 February 2014 18
  18. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 18
    Renewable Feedstock Share of waste and residue feedstock grew to 52% Renewable feedstock portfolio expanded to 12 Palm oil 100% certified Neste Oil voluntary scheme for sustainability verification approved by EU 4 February…
  19. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 19
    Customer Focus Successful Oil Products customer portfolio and sales volume growth in Baltics Opening of Australian market for NExBTL by in depth co-operation with major key customer Successful start-up of Oil Retails diesel…
  20. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 20
    Market development
  21. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 21
    Crude oil price development Less volatility than in 2012 Brent, /bbl Crude oil price 130 weakened towards summer due to new 120 concerns on international economy and growth prospects in China 110 trended up during late summer due to…
  22. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 22
    Margins in Oil Products Margins averaged lower than in 2012 Product margins (price differential vs. crude), /bbl 30 Gasoline margins unseasonably high in Q1 due to refinery outages 20 New capacity ramping up in Middle East and…
  23. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 23
    Drivers in Renewable Fuels margins European margin drivers trended down towards end-2013 FAME RED Seasonal vs. Palm oil price* differential, /ton 500 FAME prices quite stable during 400 2013 300 European Commission 200…
  24. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 24
    Drivers in Renewable Fuels margins North American markets softened after peak levels SME vs. Soybean oil price differential, /ton 700 High demand and prices for SME 600 and renewable diesel during 2013 500 due to ethanol blend wall…
  25. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 25
    Oil Retail market Margins improved in all markets from 2012 Strong margins particularly in Finland and Northwest Russia Stable markets in Baltic countries Slow heavy traffic effecting volumes in Finland 4 February 2014 26
  26. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 26
    Renewable Fuels margin
  27. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 27
    Introducing Renewable Fuels margin Moving to Group level guidance Target to improve visibility of Renewable Fuels profit drivers Renewable Fuels margin to indicate direction of result development 4 February 2014 28
  28. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 28
    Renewable Fuels margin structure Share of Share of Updated sales volumes, sales volumes, after each Europe & APAC North America quarter Reference margin Updated daily FAMECPO SMESBO at nesteoil.com /investors Additional margin…
  29. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 29
    Elements of additional margin Density escalation and energy content Quality premium Side-product revenue Hedging Maintenance shutdowns Logistics costs Actual feedstock mix 4 February 2014 30
  30. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 30
    Current topics
  31. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 31
    Company outlook for 2014 Group's full-year comparable Production line 4 at Porvoo operating profit expected to be at refinery scheduled to be shut the level of MEUR 500 in 2014 down for decoking maintenance for approx. five weeks in…
  32. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 32
    Dividend proposal Board of Directors will propose dividend of EUR 0.65 per share Yield 4.5% (at year-end 2013 share price) 34% of comparable net profit 4 February 2014 33
  33. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 33
    We focus on Renewable Refinery Fuels Safety Cash flow productivity markets and customers 4 February 2014 34
  34. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 34
    Thank you. Matti Lievonen, President & CEO
  35. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 35
    Appendix
  36. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 36
    Renewable Fuels 2013 EBIT calculation in practise Q1 Q2 Q3 Q4 2013 Sales volume, kt 385 411 532 599 1928 Reference margin, /ton 365 346 453 350 371 Additional margin, /ton 49 79 145 158 124 Variable production costs, /ton 170 170 170…
  37. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 37
    Refinery Production Costs, Porvoo & Naantali Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 2012 2013 Refined Million Barrels 27.4 23.8 27.0 26.3 26.7 24.7 28.8 26.6 104.5 106.9 Products Exchange EUR/USD 1.31 1.28 1.25 1.30 1.32…
  38. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 38
    Balance Sheet Total assets Total equity & liabilities Non-current assets Others Int-bear. liabilities Equity Current assets Int-free liabilities Others 8,000 7,398 8,000 7,398 7,040 52 7,040 33 7,000 0 7,000 0 6,000 6,000 2,540…
  39. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 39
    Cash Flow MEUR Q4/13 Q4/12 Q3/13 2013 2012 Profit before taxes 167 35 233 561 233 Adjustments total 101 99 81 360 423 Change in working capital 386 204 -237 100 -44 Cash from operations 654 338 77 1,021 612 Net finance costs -13 -13 -57…
  40. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 40
    Maturity Profile MEUR 600 500 400 Short-term Long-term 300 200 100 0 2014 2015 2016 2017 2018 2019+ 4 February 2014 41
  41. FINANCIAL STATEMENTS 2013 – Neste Oil – slide 41
    Liquidity Total liquidity at the end of December 2013 was EUR 2,556 million Cash and cash equivalents totalled EUR 506 million Unused committed credit facilities totalled EUR 1,650 million Unused CP programmes (not committed)…

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