Neste Oil Corp. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2013. Revenue was EUR 4,258 million against EUR 4,454 million last year. This decrease resulted mainly from lower average crude oil prices. IFRS operating profit was EUR 86 million against EUR 191 million last year. Profit before income taxes was EUR 65 million against EUR 169 million last year. Profit attributable to owners of the parent was EUR 47 million against EUR 122 million last year. Earnings per basic and diluted share from profit attributable to the owners of the parent were EUR 0.18 against EUR 0.48 last year. Net cash used in operating activities was EUR 105 million against EUR 353 million last year. The year-on-year difference is mainly attributable to changes in working capital. Capital expenditure was EUR 34 million against EUR 48 million last year. Interest-bearing net debt was EUR 2,027 million against EUR 2,442 million at March 31, 2012. Return on equity was 7.4% against 19.8% last year. Cash flow per share was negative at EUR 0.41 against EUR 1.38 last year. IFRS operating profit was impacted by inventory losses totaling EUR 35 million against gain of EUR 64 million last year and changes in the fair value of open oil derivatives totaling negative EUR 14 million against positive EUR 3 million last year. EBITDA was EUR 166 million against EUR 274 million last year. Comparable EBITDA was EUR 215 million against EUR 162 million last year. Comparable operating profit was EUR 135 million against EUR 79 million last year. Comparable net profit was EUR 83 million against EUR 36 million last year. Comparable earnings per share were EUR 0.33 against EUR 0.14 last year. Despite ongoing economic uncertainties, which have been reflected in the oil and renewable fuel markets, the guidance remains unchanged. The company expects the group's full year of 2013 comparable operating profit and that of Renewable Fuels to improve from the levels seen in 2012, and be positive at Renewable Fuels. Comparable operating profit is expected to improve compared to 2012, assuming that Neste Oil's reference refining margin remains at the average level of approximately USD 5/bbl typical of the last few years and that Renewable Fuels' result develops as expected. The company expects capital investment in the range of EUR 300 million to EUR 350 million. Production in the first quarter of 2013 totaled 3.9 million tons against 4.0 million tons last year, of which NExBTL renewable diesel accounted for 0.4 million tons against 0.4 million tons last year.

Neste Oil Corp. has adopted the revised IAS 19 Employee Benefits standard. As a result, the group's operating profit and comparable operating profit for 2012 have increased by EUR 3 million, as the net interest cost related to employee benefits are now reported under financial items. The impact on the group's net profit for 2012 is not material.

Neste Oil Corp., Q1 2013 Earnings Call, Apr 24, 2013