St1 NORDIC OY, COMPANY RELEASE, 3 APRIL 2018 AT 12:00 EET
St1 NORDIC OY, FINANCIAL STATEMENTS RELEASE 2017
Consolidated key figures
| 2017 Pro forma | 2017 | 2016 | ||
| unaudited | ||||
| Net sales, MEUR | 6,540.7 | 5,099.8 | 4,390.4 | |
| Operating profit/loss, MEUR | 263.1 | 176.6 | 150.5 | |
| Operating profit as % of net sales | 4.0 | 3.5 | 3.4 | |
| Result for the financial period, MEUR | 209.1 | 372.8 | 112.7 | |
| Return on equity, % | 23.4* | 30.9 | ||
| Equity ratio | 42.7 | 31.3 | ||
| *) calculated without the merger gain of income statement St1 simplified its structure on 31 December 2017, by merging St1 Group Oy, the parent company of the sister group, St1 Group, with St1 Nordic Oy. The net sales of the former St1 Nordic group in 2017 were EUR 5,099.8 million, up by EUR 709.4 million (16%) on the previous year. St1 Nordic also presents pro forma income statement figures describing what the St1 Nordic group's 2017 result might have been if the merger with St1 Group Oy had occurred on 1 January 2017. Pro forma net sales amounted to EUR 6,540.7 million, of which 22% came from Finland, 52% from Sweden and 26% from Norway. The group’s operating profit increased to EUR 176.6 million from EUR 150.5 million in the preceding year. In particular, the result was improved by the sale of St1 Norge Automat AS, a chain of 39 unmanned St1 filling stations in Norway, in September 2017. Pro forma operating profit of the group created through the merger was EUR 263.1 million. The result for the financial year was EUR 372.8 million including a EUR 231.8 million merger gain. Without the merger gain, the profit for the financial year would be EUR 141.1 million (EUR 112.7 million in the previous year). The group’s pro forma result was EUR 209.1 million. The group's equity grew to EUR 800.1 million through the merger, and its equity ratio strengthened to 42.7%. Operating cash flow fell to EUR 80.1 million due to the commitment of working capital. | ||||
Kim Wiio, CEO of St1 Nordic Oy:
St1 successfully completed the merger of St1 Nordic and St1 Group at the turn of the year. All our energy businesses in Finland, Norway and Sweden, including the Gothenburg oil refinery, are now in the same group.
St1 continues its strong engagement with renewable energy development projects. In the autumn of 2017, we acquired sole ownership of the Cellunolix ethanol plant in Kajaani, which uses sawdust as feedstock. The plant was commissioned in the end of 2017. This year, we are focusing on increasing production towards target capacity. Due to challenges with the drilling technology at the second pilot plant in Otaniemi, Espoo, drilling has taken longer than expected in the St1 Deep Heat Oy project, whose objective is the production of geothermal heat. We expect to begin the next phase of the project, testing the flow of water, in the spring. This will be followed by the decision on the final stages of the drilling work.
The acquisition of Statoil Fuel & Retail Marine AS – signed in November 2017 – is expected to occur during the first half of the year. We are continuously seeking new growth opportunities for our businesses. To support this in our organisation, we will move to Nordic areas of responsibilities during 2018. As part of the reform, Henrikki Talvitie will become CEO of St1 Nordic Oy as of 1 June 2018. Henrikki has strong expertise in the international oil trade and is currently CEO of our associated company NEOT Oy. We warmly welcome Henrikki to St1. My own work will now focus on identifying and supporting growth projects through my active role on the board.
Audited financial information:
Consolidated income statement: 1 January 2017 – 31 December 2017, 1 January 2016 – 31 December 2016
Consolidated balance sheet: 31 December 2017, 31 December 2016
Consolidated cash flow statement: 1 January 2017 – 31 December 2017, 1 January 2016 – 31 December 2016
Unaudited pro forma consolidated income statement for 1 January 2017 – 31 December 2017
St1 Nordic Oy will publish its integrated report on 30 April 2018 and its first-half interim report on 31 August 2018.
For more information, please contact:
Kati Ylä-Autio, CFO +358 10 557 5263
Kim Wiio, CEO +358 10 557 11
