Neste Oil's businesses are grouped into four reporting segments: Oil Products, Renewable Fuels, Oil Retail, and Others.
|Comparable EBITDA, MEUR||465||583|
|Comparable operating profit, MEUR||280||396|
|IFRS operating profit, MEUR||286||491|
|Total refining margin, USD/bbl||9.60||10.17|
|Net assets, MEUR||2,163||2,252|
|Comparable return on net assets, %||11.8||16.6|
Oil Products’ full-year comparable operating profit for 2013 amounted to EUR 280 million, compared to EUR 396 million in 2012. This decrease was largely due to a lower refining margin and slightly higher fixed costs for staff and maintenance at refineries and terminals. The Base Oil business continued to suffer from overcapacity in the market, and its full-year profit contribution was clearly lower than in 2012. Neste Oil’s total refining margin stood at USD 9.60/bbl in 2013, compared to USD 10.17/bbl in 2012. The segment’s comparable return on net assets was 11.8% (16.6%) in 2013.
|Comparable EBITDA, MEUR||371||43|
|Comparable operating profit, MEUR||273||-56|
|IFRS operating profit, MEUR||252||-183|
|Net assets, MEUR||1,768||1,860|
|Comparable return on net assets, %||15.2||-2.8|
Renewable Fuels’ comparable operating profit was EUR 273 million in 2013, compared to EUR -56 million in 2012. This increase resulted mainly from a higher sales margin, particularly during the third and fourth quarters, when markets were very favorable. Sales volumes for the year as a whole totaled 1,938,000 tons, over 270,000 tons higher than in 2012. Approximately 56% of volumes went to Europe and 44% to North America in 2013. Renewable diesel capacity operated at an average utilization rate of 91% compared to 85% in 2012. Renewable Fuels’ comparable return on net assets was 15.2% (–2.8%) in 2013.
|Comparable EBITDA, MEUR||104||91|
|Comparable operating profit, MEUR||76||58|
|IFRS operating profit, MEUR||120||58|
|Net assets, MEUR||255||345|
|Comparable return on net assets, %||26.1||17.3|
|Total sales volume*, 1,000 m3||4,000||4,160|
|- gasoline station sales, 1,000 m3||1,151||1,256|
|- diesel station sales, 1,000 m3||1,491||1,620|
|- heating oil, 1,000 m3||635||651|
|- heavy fuel oil, 1,000 m3||225||255|
|*includes both station and terminals sales|
Oil Retail posted a full-year comparable operating profit of EUR 76 million compared to EUR 58 million in 2012. Performance improved in all markets, especially Finland and Northwest Russia. The efficiency of the station network improved and the majority of the profit improvement came from better average margins. Overall sales volumes declined compared to 2012, mainly due to the sale of the Polish station network and a decline in truck traffic in Finland. Given the difficult market conditions, successful management of receivables contributed to the segment’s good cash flow. The sale of the station network in Poland also reduced fixed costs and depreciation from the second quarter onwards. Oil Retail's comparable return on net assets was 26.1% (17.3%) in 2013.