Neste Oil to revise its full-year 2014 guidance
20 December 2014 - 6:46PM
Neste Oil Corporation
Stock Exchange Release
20 December 2014 at 9.30 a.m. (EET)
Neste Oil to revise its full-year
2014 guidance
Neste Oil has revised its guidance and now expects
the Group's full-year comparable operating profit to be above EUR
550 million in 2014. Previously the company expected it to be above
EUR 400 million.
The revised guidance is a result of better than
expected business performance during the fourth quarter, as well as
an insurance compensation for the Porvoo refinery hydrogen unit
damage, and reintroduction of the Blender's Tax Credit (BTC) in the
US.
As announced earlier, Neste Oil had a production
outage at the Porvoo refinery caused by a damaged hydrogen unit
lasting from mid-August to early November. The incident had approx.
EUR 60 million negative impact on our comparable operating profit.
However, the agreed insurance compensation will improve the result
by approx. EUR 40 million. The compensation will be paid during the
first quarter of 2015.
The BTC was reintroduced for the year 2014 in the
US on 19 December. However, there was no decision about a BTC
concerning the year 2015. Qualified biofuel blenders are eligible
for a tax credit of $1.00 per gallon of biodiesel or renewable
diesel used in the blending process. The BTC is shared between the
biofuel buyer and seller. This reintroduction of the BTC
is expected to improve Neste Oil's comparable operating profit by
approx. EUR 80 million in 2014, and the respective cash flow is
expected to be received during the first half of 2015.
Neste Oil will publish its full-year and
fourth-quarter 2014 results on 4 February 2015.
Neste Oil Corporation
Osmo Kammonen
SVP, Communications and Brand Marketing
Further information:
Jyrki Mäki-Kala, CFO, tel. +358 10 458 4098
Neste Oil in brief
Neste Oil Corporation is a refining and marketing
company specializing in high-quality fuels for cleaner traffic. The
company produces all of the most important oil products and is the
world's leading supplier of diesels made of renewable raw
materials. In 2013, the company's net sales stood at EUR 17.5
billion, and it employs some 5,000 people. Neste Oil shares are
listed on the NASDAQ OMX Helsinki.
Neste Oil has been accepted into the Dow Jones
Sustainability World Index. The company has also been on the Global
100 list of sustainable companies for several years in succession.
CDP Forest has selected Neste Oil as one of the best companies
taking care of their forest footprint in the oil and gas industry.
www.nesteoil.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Neste Oil Oyj via Globenewswire
HUG#1882331