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2015-08-31

St1 Nordic Oy: ST1 NORDIC OY, INTERIM REPORT 1 JANUARY - 30 JUNE 2015

St1 NORDIC OY, COMPANY RELEASE, 31 AUGUST 2015 AT 3:00PM EET

ST1 NORDIC OY, INTERIM REPORT 1 JANUARY - 30 JUNE 2015

Key figures for the group

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| 1 January - 1 January - 2014 2014 |
| |
| 30 June 30 June |
| 2015 2014 |
| pro pro |
| |
| forma forma |
| Net sales, MEUR 1612.4 1921.1 3847.6 2720.8 |
| Operating profit/loss, MEUR 45.3 40.2 72.6 45.3 |
| Operating profit % of turnover 2.8 2.1 1.9 1.7 |
| Profit for the period, MEUR 46.9 29.3 57.0 38.2 |
| Cash flow from operating activities, MEUR 120.6 80.2 |
| Return on equity % 20.9 24.0 |
| Equity ratio 32.3 28.3 |
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The net sales of St1 Nordic group was EUR 1,612.4 million in January-June
2015, which was EUR 308.6 million less than the pro forma figure from the
corresponding period of the previous year. The fall in net sales was mainly
due to the price reductions in oil products resulting from the fall of crude
oil market prices. 42% of the total net sales was generated in Finland, 54%
in Sweden and 4% in Norway.

Over the first six months, the group's operating profit increased to EUR 45.3
million, up from EUR 40.2 million (pro forma) in the corresponding period of
the previous year. The development of operating profit was positive across
all of the units in the group. Income after taxes increased to EUR 46.9
million, up from EUR 29.3 million for the previous year. The improvement was
especially affected by the profit shares from associated companies (in
particular, Tuuliwatti Oy and North European Oil Trade (Neot) Oy); these are
recorded under financial income.

The pro forma income statement from 2014 includes the entire year for the
Swedish retail sales and marketing functions that became a part of the group
in October 2014. The pro forma and interim figures are unaudited.

The group's equity increased to EUR 253.5 million, including EUR 13 million in
funds received from a share issue. The share issue is aimed at St1 Nordic
Oy's current owners, and its purpose is to strengthen the group's equity and
liquidity for the future business acquisition in Norway. The shareholders are
committed to an additional investment of approx. EUR 21 million before the
business acquisition takes place. The share issue will continue until the end
of 2015.

Operating cash flow in January-June 2015 was EUR 120.6 million; in addition to
the positive profitability trend, this was affected by improvements in the
use of working capital and seasonal variation. Investments remained at a
planned, moderate level of EUR 11.6 million.

Kim Wiio, CEO of St1 Nordic Oy:

St1's financial performance remained strong in the first half of 2015 as the
market in our industry remained relatively stable. The relatively large
variations in oil price have not significantly affected our sales margins or
product demand. In the field of renewable energy, a significant event was the
opening of St1 Biofuels Oy's first international delivery of an Etanolix®
plant that produces ethanol from waste. The plant was inaugurated in
Gothenburg in early June.

Preparations for the implementation of the share purchase of Shell's Norwegian
marketing company Smart Fuel AS, signed in December 2014, have proceeded on
schedule. The purchase is expected to be completed in the last quarter of the
current year. We received approval for the transaction from the Norwegian
competition authority on 31 July 2015. The approval was granted on the
condition that St1 sells its current Norwegian operations, consisting of 39
unmanned petrol stations. The merging of Smart Fuel AS into the group will
increase annual turnover by approximately one billion EUR at the current
price and exchange rate level.

St1 Nordic will be financing the transaction using its liquid assets, existing
financial instruments and a share issue directed towards its current
shareholders. New external financing will also be taken for the transaction.
We anticipate our gearing ratio to settle below 100% at the turn of the year,
and our net debt/EBITDA to be clearly below three.

We are continuing our work in order to ensure cost-effectiveness across all
our operations. In the field of renewable energy, our attention is especially
focused on completing Tuuliwatti Oy's investment plan, delivering the
waste-based ethanol plant in Kajaani by St1 Biofuels Oy, working on St1 Deep
Heat Oy's geothermal plant and increasing St1 Lämpöpalvelu Oy's service
offering. Our goal is to improve on the 2014 financial results in 2015, with
the exception of non-recurring items that may occur due to the takeover of
the Norwegian operations.

Financial information, the pro forma and interim figures are unaudited

Consolidated income statement 1 January - 30 July 2015, pro forma 1 January -
30 June 2014, pro forma 1 January - 31 December 2014, 1 January - 31 December
2014
Consolidated balance sheet 30 June 2015, 31 December 2014
Consolidated statement of cash flows 1 January - 30 June 2015, 1 January - 31
December 2014

St1 Nordic Oy will publish the financial statement for 2015 on 31 March 2016
and the Annual Report on 30 April 2016.

More information:

Kati Ylä-Autio, CFO +358 10 557 5263
Kim Wiio, CEO +358 10 557 11

St1 Nordic Oy Interim report 1 January - 30 June 2015
http://hugin.info/161210/R/1948642/707921.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: St1 Nordic Oy via Globenewswire

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