|Key indicators for the group||1 January – 30 June 2016||1 January – 30 June 2015||2015|
|Net sales, MEUR||2,127.7||1,612.4||3,602.4|
|Operating profit, MEUR||64,9||45,3||86,7|
|Operating profit, % of Net sales||3,1||2,8||2,4|
|Profit for the period, MEUR||47,3||46,9||72,4|
|Return on equity, %||25,8||20,9||28|
|Equity ratio, %||28,9||32,3||26,7|
St1 Nordic group’s H1 2016 progressed as expected. The increase in turnover to EUR 2,127.7 million from EUR 1,612.4 million in the corresponding period of the previous year was due to the acquisition of Norwegian Smart Fuel AS in October 2015. As a result of this acquisition, the number of service stations in the group rose by 400 to nearly 1,500. The company also operates a significant direct sales business, selling to industrial and marine customers as well as resellers. Finland accounted for 29% of the group’s turnover, while Sweden accounted for 34% and Norway for 37%.
The sale of the 39 unmanned St1 stations owned by St1 in Norway is still being processed by the competition authorities.
St1 Nordic group’s operating profit for H1 2016 was EUR 64.9 million, up by EUR 19.6 million year-on-year.
Profit after tax came to EUR 47.3 million. In the comparative period of the previous year, the profit was EUR 46.9 million, including an exceptionally large amount of income from associated companies, Tuuliwatti Oy and North European Oil Trade (Neot) Oy, recognised as financial items.
The group's equity grew to EUR 363.9 million from EUR 320.8 million at the end of last year. Cash flow from operations continued to be normal, standing at EUR 86.2 million.
Kim Wiio, CEO of St1 Nordic Oy
The markets in our sector continued to be rather steady, and our performance developed as expected. The year 2016 has begun with interesting renewable energy projects. In February, we decided to invest in a geothermal energy pilot plant, and its construction has begun in Otaniemi, Espoo. St1 Biofuels Oy will deliver to North European Bio Tech the first Cellunolix® ethanol plant using forest industry residues as feedstock. Construction is under way in Kajaani, and the plant is expected to be deployed in late 2016. A letter of intent for the construction of a similar kind of plant in Follum, Norway, was signed in August. We see this as an important opening in a new market.
In accordance with its vision, St1 continues to develop domestic, renewable fuels and energy sources to replace imported fossil fuels. Biofuels play a central role in our operations. We will also continue to invest in wind power, in line with Tuuliwatti’s investment programme.
Unaudited financial information
Consolidated income statement 1 January 2016 – 30 June 2016, 1 January 2015 – 30 June 2015, 1 January 2015 – 31 December 2015
Consolidated balance sheet 30 June 2016, 31 December 2015
Consolidated cash flow statement 1 January 2016 – 30 June 2016, 1 January 2015 – 31 December 2015
St1 Nordic Oy will release its financial statements for 2016 on 31 March 2017.
For further information, please contact
Kati Ylä-Autio, CFO +358 10 557 5263
Kim Wiio, CEO +358 10 557 11
St1 is a Nordic energy group whose vision is to be the leading producer and seller of CO2-aware energy. The company researches and develops economically viable, environmentally sustainable energy solutions. St1 consists of two sister groups: St1 Nordic focuses on fuels marketing activities in Finland, Sweden and Norway and on renewable energy solutions such as waste-based advanced ethanol fuels and industrial wind power. Company has nearly 1500 St1 and Shell branded retail stations in Finland, Sweden and Norway. The sister group St1 Group focuses on oil refining. Headquartered in Helsinki, the company employs currently 700 people in Finland, Sweden and Norway. www.st1.eu