Neste Oil holds Capital Markets Day in Porvoo and Helsinki -
corporate strategy and financial target
(Thomson Reuters ONE) - Neste Oil is hosting a Capital Markets Day today, September 29, inPorvoo and Helsinki. Participants will be given an overview of thecompany's operations, prospects, and capital projects. A tour of thePorvoo refinery in the morning will cover areas such as R&D, refineryoperations, and refining prospects. Production Line 4, Porvoo's newdiesel unit, is now operating normally following the completion,slightly ahead of schedule, of repairs after a fire at the beginningof August.The afternoon program will cover topical issues such as theprofitability of Neste Oil's key growth business, renewable fuels,and the company's cost structure and capital investments.The main message of the Capital Markets Day is that Neste Oil remainsfully committed to its clean traffic fuel strategy. Its financialtargets also remain unchanged: a ROACE of at least 15% annually, aleverage ratio of 25-50%, and dividend policy, which calls for apayout equivalent to at least a third of comparable net profit.Renewable fuelsNeste Oil is continuing to move ahead with its two largest capitalprojects, in Singapore and Rotterdam. The company presents itsprofitability model for NExBTL renewable diesel, which is based onannual average costs of the two plants at Porvoo and those inSingapore and Rotterdam when all are operational and runningnormally. Using these cost assumptions and actual end-product and rawmaterial prices, the margin on NExBTL renewable diesel after fixedcosts would have been approximately USD 225/t for the twelve monthsfrom July 2008 to June 2009.InvestmentsThe company expects its investments to account for around EUR 890million of expenditure this year and around EUR 920 million in 2010.The figure for 2010 includes a scheduled major maintenance turnaroundat the Porvoo refinery. Investment expenditure is expected to be someEUR 350 million in 2011.CostsNeste Oil projects that its fixed costs will be approx. EUR 630million in 2009. Fixed costs in 2008 totaled EUR 679 million, ofwhich Oil Products accounted for EUR 417 million, Renewable Fuels EUR38 million, Oil Retail EUR 135 million, and Others EUR 89 million.Capital Markets Day presentations also covered production costs atthe company's refineries. These totaled EUR 445 million, or USD5.9/bbl, in 2008. Costs during the first quarter of 2009 were EUR 84million or USD 4.1/bbl, and EUR 105 million or USD 5.5/bbl during thesecond quarter.All presentation material in English will be available atwww.nesteoil.com at around 9.00 am EET.People not present at the event will be able to follow the afternoonprogram from 1.00 pm EET by logging on tohttp://qsb.webcast.fi/n/nesteoil/nesteoil_2009_0929_cmd/.Neste Oil CorporationHanna MaulaDirector, Corporation CommunicationsFurther information: Juha Rouhiainen, Director, Investor Relations,tel. +358 (0)50 458 5132Neste Oil in briefNeste Oil Corporation is a refining and marketing companyconcentrating on low-emission, high-quality traffic fuels. Thecompany is the world's leading supplier of renewable diesel. NesteOil's refineries are located in Porvoo and Naantali in Finland andhave a combined crude oil refining capacity of approx. 260,000 bbl/d.The company had net sales of EUR 15 billion in 2008 and employsaround 5,300 people. Neste Oil's share is listed on NASDAQ OMXHelsinki.Neste Oil is included in the Dow Jones Sustainability World Index andthe Ethibel Pioneer Investment Register. The company has also beenawarded 'Best in Class' recognition for its social accountability byStorebrand and is included in Innovest's Global 100 list of theworld's most sustainable corporations. For further information, seewww.nesteoil.com.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.09.2009 - 08:03 Uhr
Sprache: Deutsch
News-ID 6331
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