St1 Nordic Oy's Interim Report January-June 2023


Consolidated key figures
  1.1.-30.6.2023 1.1.-30.6.2022 2022
Net sales, MEUR 4,032.5 5,045.0 10,474.8
Operating profit/loss, MEUR 36.5 276.6 284.4
Operating profit as % of net sales 0.9 5.5 2.7

Profit/loss for the financial period,

28.8 226.6 234.6
Return on equity, % 2.3 37.3 19.3
Equity ratio 51.0 49.7 51.2


The net sales of the St1 Nordic group for the first half of 2023 amounted to EUR 4.0 billion, which was approximately 20% less than last year. In spring 2022, the global market prices for refined oil products were significantly higher than now due to the onset of the war in Ukraine. Furthermore, the maintenance turnaround of the Gothenburg oil refinery in April–May contributed to the decrease in net sales. Finland accounted for 24%, Sweden for 50%, Norway for 25% and the UK for 1% of net sales.

Operating profit amounted to EUR 36.5 million, which is EUR 240.1 million less than in the corresponding period in the previous year. Profit after tax amounted to EUR 28.8 million, while profit for 2022 amounted to EUR 226.6 million. The refining margin was historically higher in the second quarter of 2022 due to the world political situation and concerns over the availability of products. In addition, the inventory impact resulting from the increase in oil prices was strongly visible in the profit for 2022. The refining margin has been at a satisfactory level this year, except for the period of the maintenance turnaround. The effect of valuation items, i.e. price changes and future refining margin hedges, on the result was approximately EUR -33 million. The operating environment in the Retail market continued to be challenging. The biogas market has levelled off during this year as prices decreased from last year’s exceptionally high and volatile levels.

Cash flow from operating activities amounted to EUR 2.7 million. The group’s most significant investment during the first half of the year was maintenance turnaround of the Gothenburg refinery. The construction of the biorefinery at the same location continued. Investments were also made in the station and terminal network, as well as a biogas upgrading and liquefaction plant in Borås, Sweden.

The group’s equity amounted to EUR 1,240.1 million at the end of the financial period, and its equity ratio was 51.0. The group’s net debt grew due to the need for working capital caused by the maintenance turnaround and investments.

Henrikki Talvitie, CEO of St1 Nordic Oy:

The year 2023 has been very busy and interesting at St1. The Gothenburg refinery had its quadrennial maintenance turnaround in April–May. The turnaround is a considerable effort that involves servicing and replacing components to ensure uninterrupted operation.

The biggest investment in the history of the group, building a biorefinery at the Gothenburg refinery, has simultaneously reached the final straight. The pretreatment plant is already at the commissioning phase, and the commissioning of the refinery is expected to commence during the fourth quarter. The main products of the biorefinery are renewable diesel and renewable aviation fuel (SAF), and its completion is a significant milestone in St1’s energy transition. The Swedish forest industry company SCA owns half of the joint venture, which owns 50% of the company building the biorefinery, Biorefinery Gothenburg AB. Within the framework of this cooperation, SCA will be supplying tall oil as raw material for the biorefinery. Another significant source of raw materials for the biorefinery is the UK-based Brocklesby Ltd., which St1 acquired in early 2022. The company will supply food waste raw material.

St1 will also continue strong investments in the biogas business. A biogas upgrading and liquefaction refinery is about to be completed in Borås, Sweden, and it is estimated to commence operation at the beginning of 2024. In Finland, the preparations for the construction of the biogas refinery of Suomen Lantakaasu Oy, a joint venture of the food company Valio and St1, are advancing. Kiuruvesi in Upper Savonia has been confirmed as the location of the facility. The biogas plant will use dairy farm manure and other agricultural by-products to produce renewable biogas. The aim is to make the investment decision next year, and the plant is planned to be completed in 2026. We are also building biogas filling stations for heavy-duty vehicles in Finland. The first liquefied biogas (LBG) filling stations will open in Mäntsälä and Iittala at the turn of the year. In Norway, Biogass Energi AS, 33.33%-owned by St1, is building six biogas filling stations across the country, expected to be commissioned by the end of 2024. St1 aims for a comprehensive biogas filling network and more production in the Nordic countries.

The war continuing in Ukraine has further emphasised the role of energy supply and various renewable sources of energy. We are closely monitoring the development of the energy market and its regulation and will continue to work on ambitious projects together with our partners to realise the energy transition.

Unaudited financial information:

Consolidated income statement 1/1/2023–30/6/2023, 1/1/2022–30/6/2022, 1/1/2022–31/12/2022
Consolidated balance sheet 30/6/2023, 31/12/2022
Consolidated cash flow statement 1/1/2023–30/6/2023, 1/1/2022–31/12/2022

 St1 Nordic Oy will publish its financial statements release for 2023 on 28 March 2024.

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 06/2023


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