Neste Oil's businesses are grouped into four reporting segments: Oil Products, Renewable Fuels, Oil Retail, and Others.
|Comparable EBITDA, MEUR||441||395|
|Comparable operating profit, MEUR||249||208|
|IFRS operating profit, MEUR||373||333|
|Total refining margin, USD/bbl||8.48||8.14|
|Net assets, MEUR||2,228||2,260|
|Comparable return on net assets, %||10.5||7.9|
Oil Products’ full-year comparable operating profit for 2011 amounted to EUR 249 million, compared to EUR 208 million in 2010. This improvement was largely due to higher total refining margin and better profitability in the base oil business. Neste Oil’s total refining margin totaled USD 8.48/bbl in 2011, which compares to USD 8.14/bbl in 2010. Fixed costs in refining operations were USD 0.3/bbl higher compared to 2010. Oil Product’s comparable return on net assets was 10.5% (7.9%) in 2011.
|Comparable EBITDA, MEUR||-85||-38|
|Comparable operating profit, MEUR||-163||-65|
|IFRS operating profit, MEUR||-170||-39|
|Net assets, MEUR||1,963||1,703|
|Comparable return on net assets, %||-8.7||-5.1|
Renewable Fuels’ comparable operating profit was EUR -163 million in 2011, compared to EUR -65 million in 2010. After a slow start sales volumes steadily increased over the year. They were still insufficient, however, to compensate for higher production costs and the start-up costs of the Rotterdam renewable diesel refinery. Renewable diesel margins continued to be good and the availability of certified feedstock improved during the year. Progress on biofuel legislation in areas affecting Neste Oil was slow, and exports to the US market were delayed. Renewable Fuels’ comparable return on net assets was -8.7% (-5.1%) in 2011.
|Comparable EBITDA, MEUR||89||94|
|Comparable operating profit, MEUR||57||60|
|IFRS operating profit, MEUR||58||61|
|Net assets, MEUR||326||315|
|Comparable return on net assets, %||17.6||19.3|
|Total sales volume*, 1,000 m3||3,982||4,150|
|- gasoline station sales, 1,000 m3||1,279||1,328|
|- diesel station sales, 1,000 m3||1,479||1,423|
|- heating oil, 1,000 m3||654||749|
|- heavy fuel oil, 1,000 m3||263||347|
|*includes both station and terminals sales|
Oil Retail posted a full-year comparable operating profit of EUR 57 million compared to EUR 60 million in 2010. Although margins were higher, total sales volumes were lower and fixed costs higher. Increased diesel volumes compensated for lower gasoline sales. Oil Retail's comparable return on net assets was 17.6% (19.3%) in 2011.