Consolidated key figures
| 1/1–30/6/2024 | 1/1–30/6/2023 |
2023 |
|
|---|---|---|---|
| Net sales, MEUR | 4,150.8 | 4,032.5 | 8,209.6 |
| Operating profit/loss, MEUR | 149.3 | 36.5 | 185.6 |
| Operating profit as % of net sales | 3.6 | 0.9 | 2.3 |
| Profit/loss for the financial period, MEUR | 116.4 | 28.8 | 146.7 |
| Return on equity, % | 16.6 | 2.3 | 11.0 |
| Equity ratio | 55.0 | 51.0 | 55.7 |
The net sales of the St1 Nordic Group for the first half of 2024 were close to the previous year's level and amounted to EUR 4.2 billion. The distribution of net sales by country remained very similar to the previous years, with Finland representing 20%, Sweden 55%, Norway 24% and the UK 1% of net sales.
Operating profit amounted to EUR 149.3 million, which was EUR 112.8 million higher than in the corresponding period in the previous year. Profit after tax amounted to EUR 116.4 million, compared to EUR 28.8 million in the previous year. The previous year's profit was negatively affected by the maintenance turnaround of the Gothenburg oil refinery in the second quarter of 2023. Inventory and valuation items had a positive effect on profit performance in the first half of this year. The biorefinery that was opened in Gothenburg early in the year is now producing renewable fuels. The biorefinery's effect on the profit for the period was still small. The competitive situation in the retail and direct sales markets continued to be challenging.
Cash flow from operating activities amounted to EUR 21.5 million. Investments totalled EUR 97.6 million. The largest investments were allocated to the station network, new electric charging points and biogas stations. Investments were also made in a solar power plant in the Gothenburg refinery area and in the development of IT infrastructure. The group also invested in the growth of its biogas business.
The group’s equity amounted to EUR 1,434.7 million at the end of the period, and its equity ratio was strong at 55.0. The Annual General Meeting of St1 Nordic Oy authorised the Board of Directors to acquire company’s own shares, and the Board of Directors decided to acquire the offered 635,895 shares.
Henrikki Talvitie, St1 Nordic Oy’s CEO:
The year 2024 may be characterised by significant steps in our energy transition, according to our chosen strategy. Several renewable energy investments have become tangible as we have opened new production plants and a distribution network. This has also been a year of working on future growth, especially in the biogas business.
The Gothenburg biorefinery, a joint venture between St1 and SCA, was officially inaugurated in April. Following an extensive start-up phase since the beginning of the year, the biorefinery now produces sustainable aviation fuels (SAF), renewable diesel (HVO) and bionaphta. The Gothenburg biorefinery represents the largest single investment in St1's history, and a significant milestone in our energy transition roadmap.
St1 invests in both compressed and liquid biogas in the Nordics. At the beginning of the year, our new upgrading and liquefaction plant started production in Borås, Sweden.
At the end of 2023, St1, Aneo and HitecVision joined forces with the intention of consolidating their ownership in Biokraft International into a newly established company, 1Vision Biogas AB. 1Vision Biogas is owned by St1 (50%) and a joint holding company owned by HitecVision and Aneo Renewables Holding AS (50 %). The consolidation was conditional upon receipt of the necessary clearances or approvals by relevant competition and foreign direct investment (FDI) authorities, which were obtained in January 2024. This year, 1Vision Biogas acquired the rest of the shares of Biokraft, which is one of Northern Europe's largest producers of liquified biogas.
Suomen Lantakaasu Oy, the joint venture between Valio and St1, completed the acquisition of the majority shareholding in Nurmon Bioenergia Oy. The planned annual production capacity of the liquefied biogas plant in Nurmo will be 117 gigawatt-hours and the facility is expected to become operational during 2026.
As part of its energy transition, St1 is investing in the development of the distribution network also this year. This includes not only biogas but also renewable HVO diesel together with the construction of a high-power electric charging network.
Unaudited financial information:
Consolidated income statement 1/1/2024–30/6/2024, 1/1/2023–30/6/2023, 1/1/2023–31/12/2023
Consolidated balance sheet 30/6/2024, 31/12/2023
Consolidated cash flow statement 1/1/2024–30/6/2024, 1/1/2023–31/12/2023
St1 Nordic Oy will publish its financial statements release for 2024 on 31 March 2025.
For more information, please contact:
Kati Ylä-Autio, CFO, +358 10 557 5263
Henrikki Talvitie, CEO, +358 10 557 11
Downloadable content: St1 Nordic Interim Report 06/2024