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The Group's results for 2013

Neste Oil’s revenue in 2013 totaled EUR 17,462 million (17,853 million). This decline mainly resulted from lower trading activity and the sale of the retail business in Poland. The Group’s comparable operating profit for the year was EUR 604 million, an increase of 70% on the EUR 355 million reported in 2012. The Renewable Fuels segment recorded a significant improvement in comparable operating profit year-on-year, and Oil Retail’s result was also clearly higher than in 2012. Oil Products' full-year comparable operating profit was lower than in 2012, mainly due to lower refining margins. The Others segment improved compared to 2012, but remained negative. The Group’s fixed costs came in at EUR 691 million (664 million), an increase that was mainly caused by higher staff and maintenance costs.

Oil Products’ full-year comparable operating profit was EUR 280 million (396 million), Renewable Fuels’ EUR 273 million (–56 million), and Oil Retail’s EUR 76 million (58 million). The comparable operating profit of the Others segment totaled EUR –27 million (–43 million), of which Nynas accounted for EUR –13 million (–6 million).

The Group’s full-year IFRS operating profit was EUR 632 million (324 million), which was impacted by inventory losses totaling EUR 19 million (61 million) and net capital gains totaling EUR 43 million (45 million). Pre-tax profit was EUR 561 million (233 million), and profit for the period EUR 524 million (159 million). Comparable earnings per share were EUR 1.92 (0.70), and earnings per share EUR 2.04 (0.61). The Group's effective tax rate was low 6.6% (31.9%) mainly due to the write-down of deferred tax liabilities resulting from the Finnish corporate tax rate change, and the tax-exempt items, such as the sale proceeds of the retail network in Poland.

Return on average capital employed after tax (ROACE) and leverage ratio are Neste Oil's financial targets. The company's long-term ROACE target is 15% and ROACE figures are based on comparable results. As of the end of 2013, the rolling twelve-month ROACE was 11.8% (2012 financial year: 5.0%). The leverage ratio target is 25–50%, and leverage was 30.0% (43.2%) at the end of 2013.

Group key figures, MEUR
2013 2012
Comparable operating profit 604 355
- inventory gains/losses -19 -61
- changes in the fair value of open oil derivatives 4 -15
- capital gains/losses 43 45
IFRS operating profit 632 324
Revenue
Oil Products 13,271 13,764
Renewable Fuels 2,493 2,163
Oil Retail 4,528 4,895
Others 204 199
Eliminations -3,034 -3,168
Total 17,462 17,853
Comparable operating profit
Oil Products 280 396
Renewable Fuels 273 -56
Oil Retail 76 58
Others -27 -43
Eliminations 2 0
Total 604 355
IFRS operating profit
Oil Products 286 491
Renewable Fuels 252 -183
Oil Retail 120 58
Others -26 -42
Eliminations 0 0
Total 632 324