|Key figures for the group
||2014 Pro forma
|Net sales, MEUR
|Operating profit / loss, MEUR
|Operating profit, % of net sales
|Result for the financial period, MEUR
|Cash flow from operating activities
|Return on equity, %
In 2014, the group’s revenue was EUR 2,720.8 million; an increase of EUR 1,043.2 million on the previous year. The increase in revenue mainly resulted from the transfer of the Shell retail station and marketing business from St1 Group Oy to St1 Nordic Oy on 31 December 2013. Of the total revenue, 58 % was generated in Finland, 37 % in Sweden and 5 % in Norway. The group’s operating profit increased to EUR 45.3 million from EUR 32.9 million in the previous year.
In 2014, St1 continued reorganisation with the aim of simplifying and streamlining the structure of the St1 group. The St1 group comprises two sister groups: St1 Group Oy and St1 Nordic Oy. St1 Nordic Oy is engaged in fuel retail and marketing activities, and St1 Group Oy focuses on refinery operations in Gothenburg, Sweden.
As the last stage of the reorganisation process, the retail and marketing business in Sweden was transferred from St1 Group Oy to St1 Nordic Oy. St1 Nordic Oy also presents pro forma income statement information for 2014, which includes the figures for the Swedish retail and marketing business transferred to the group in October 2014 for all of 2014. More information on the compilation of the pro forma information is provided at the end of the attachment.
Kim Wiio, CEO of St1 Nordic Oy
St1 Nordic’s operations and financial performance continued to develop positively in 2014. Our position as a Nordic energy company and fuel retailer strengthened and will strengthen even further, in particular, thanks to the acquisition of Shell’s Norwegian marketing company at the end of the year. The acquisition is subject to regulatory approval and is expected to be closed during the latter half of 2015.
The markets in our operating sector remained steady, and our operating environment was stable. The general economy and the surprising fall in the world market price of crude oil have not affected our financial result significantly.
As we can start 2015 on a solid basis, we aim to achieve as high a profit as in 2014, with the exception of any non-recurring items relating to the integration of the Norwegian operations. We will continue optimising our cost-effectiveness and increasing average sales at each service station across our network. The investment programme of TuuliWatti is proceeding as planned, and construction of the first ethanol plant using sawdust as raw material to be delivered by St1 Biofuels will start in Kajaani. The acquisition of Shell’s Norwegian marketing company will be completed, and its operations will be integrated into the St1 operating model.
In the long term, our goal is that an increasing proportion of the use of imported fossil fuels will be replaced by domestic and cleaner fuels. The role of biofuels in our operation will keep growing, and our investments in wind power will continue in accordance with TuuliWatti’s investment programme.
St1 Nordic Oy will publish its Annual Report 2014 on 30 April 2015.
Kati Ylä-Autio, CFO, +358 10 557 5263
Kim Wiio, CEO, +358 10 557 4701