Neste Oil's interim report for January - June 2010

Stock Exchange Release
Neste Oil Corporation
29 July 2010 at 9 am (EET)        

                                               
Neste Oil's interim report for January - June 2010
- Major turnaround at Porvoo resulted in a second-quarter comparable operating profit of EUR 5 million (Q2/2009: 47 million)

Second quarter in brief:
·         Comparable operating profit declined to EUR 5 million (Q2/2009: 47 million) due to a scheduled six-week maintenance turnaround at the Porvoo refinery
·         IFRS operating profit of EUR -63 million (Q2/2009: 118 million), impacted by a EUR 58 million capital loss resulting from the dismantling of the Neste Oil Pension Fund
·        Total refining margin of USD 7.35/bbl (Q2/2009: 7.87)
·         Net cash from operations of EUR 243 million (Q2/2009: 223 million)
·         Investments totaled EUR 374 million (Q2/2009: 210 million)   

President & CEO Matti Lievonen:
"We carried out the largest turnaround in our history at the Porvoo refinery during April and May. It naturally had a negative impact on our profitability during the second quarter. Looking ahead, I'm confident that the turnaround will secure smooth runs for Porvoo for the next five years.


Our refining margin looks likely to increase from current levels towards the end of the year, as the turnaround has been completed and economic growth is expected to continue, having a positive impact on demand for diesel in particular. This will benefit our Oil Products business, which is likely to have a stronger second half. The high level of inventories in many markets will limit the extent of this benefit, however.

Our capital projects in Singapore and Rotterdam are proceeding according to plan, and we expect the new Singapore renewable diesel plant to start production in the fourth quarter. We are excited to bring more of this high-quality renewable diesel to market, particularly as many of our employees, including myself, have been using 100% NExBTL renewable diesel in their cars since the early summer and have experienced the low emissions, high performance, and other excellent properties this fuel offers first hand."    

Further information:
Matti Lievonen, President & CEO, tel. +358 10 458 11
Ilkka Salonen, CFO, tel. +358 10 458 4490
Investor Relations, tel. +358 10 458 5132

News conference and conference call
A press conference in Finnish on the second quarter results will be held today, 29 July 2010, at 11:30 am EET at the company's headquarters, Keilaranta 21, Espoo. http://www.nesteoil.com will feature English versions of the presentation materials. A conference call in English for investors and analysts will be held on 29 July 2010 at 3:00 pm Finland / 1:00 pm London / 8:00 am New York. The call-in numbers are as follows: Europe: +44 (0)20 3140 8286, US: +1 718 354 1152, using access code 1946718. The conference call can be followed at company's website. An instant replay of the call will be available for one week at +44 (0)20 7111 1244 for Europe and +1 347 366 9565 for the US, using access code 1946718#.

NESTE OIL FINANCIAL STATEMENTS, 1 JANUARY - 30 JUNE 2010    
Quarterly figures are unaudited, full year figures are audited
Figures in parentheses refer to the corresponding period for 2009, unless otherwise stated.

KEY FIGURES

EUR million (unless otherwise noted)

* Comparable operating profit is calculated by excluding inventory gains/losses, capital gains/losses, and unrealized changes in the fair value of oil and freight derivative contracts from the reported operating profit. Inventory gains/losses include changes in the fair value of all trading inventories.
** Rolling 12 months

The Group's second-quarter result

Neste Oil's second-quarter sales in 2010 totaled EUR 2,576 million (2,592 million). The Group's comparable operating profit of EUR 5 million (47 million) was negatively impacted by a scheduled six-week maintenance turnaround at the Porvoo refinery. The impact of the turnaround is estimated to be EUR 65 million compared to the projected figure of EUR 50 million published in late April. This difference was due to stronger margins in May and a few of days of additional downtime at the refinery.

Oil Products' second-quarter comparable operating profit was EUR -3 million (37 million), Renewable Fuels' EUR -23 million (-6 million) and Oil Retail's EUR 13 million (14 million). Others segment's comparable operating profit totaled EUR 16 million (-2 million), of which profits from associated companies and joint ventures was EUR 20 million (9 million).

The Group's second-quarter IFRS operating profit was EUR -63 million (118 million). The majority of this figure, totaling EUR 58 million, was accounted for by the transfer of the pension liabilities of the Neste Oil Pension Fund to insurance companies. In addition, inventory losses totaled EUR 42 million. Pre-tax profit was EUR -70 million (109 million), profit for the period EUR -50 million (89 million) and earnings per share EUR -0.20 (0.35).

The Group's January-June 2010 results

Neste Oil's sales during January-June 2010 totaled EUR 5,301 million (4,645 million). The comparable operating profit was EUR 93 million (103 million), which includes EUR 47 million from an insurance compensation payment received in February and EUR 65 million of lost revenue resulting from the Porvoo refinery maintenance turnaround in April and May.

Oil Products' six-month comparable operating profit was EUR 55 million (101 million), Renewable Fuels' EUR -40 million (-13 million), Oil Retail's EUR 19 million (26 million), and Others' EUR 59 million (-13 million). Profits from associated companies and joint ventures totaled EUR 12 million (2 million).

The IFRS operating profit during January-June was EUR 34 million (213 million) and was negatively impacted by the transfer of the Neste Oil Pension Fund and inventory losses; an inventory gain of EUR 141 million was recorded in the first half of 2009. Pre-tax profit amounted to EUR 18 million (190 million), profit for the period EUR 14 million (150 million), and earnings per share EUR 0.05 (0.58).

Given the capital-intensive nature of its business, Neste Oil uses return on average capital employed after tax (ROACE) as its primary financial target. ROACE figures are based on comparable results. As of the end of June, the rolling twelve-month ROACE was 2.1% (2009 financial year: 2.5%)

Cash flow, investments, and financing

Neste Oil Group's net cash from operating activities between January and June was strong at EUR 617 million (240 million), resulting from release of funds from working capital and a EUR 85 million positive impact related to the transfer of Neste Oil Pension Fund's liabilities to insurance companies.

Investments totaled EUR 564 million in the first half (384 million), of which EUR 110 million was related to the major maintenance turnaround at the Porvoo refinery. Oil Products' capital spending was EUR 212 million (94 million), Renewable Fuels' EUR 278 million (273 million), and Oil Retail's EUR 15 million (10 million). Others' investments totaled EUR 59 million (7 million), of which EUR 51 million related to a non-cash purchase of the company's head office building. This transaction was part of the transfer of Neste Oil Pension Fund's liabilities.

Interest-bearing net debt was EUR 1,926 million as of the end of June compared to EUR 1,918 at the end of 2009. Net financial expenses between January and June were EUR 16 million (23 million). The average interest rate of borrowings at the end of June was 2.2%, and the average maturity 3.6 years.

The equity-to-assets ratio was 36.1% (31 Dec 2009: 39.1%), the leverage ratio 47.0% (31 Dec 2009: 46.3%), and the gearing ratio 88.6% (31 Dec 2009: 86.3%).

The Group's cash and cash equivalents and committed, unutilized credit facilities amounted to EUR 1,196 million as of the end of the June (31 Dec 2009: 1,407 million). The company issued a EUR 300 million bond, with a maturity of 5 years and coupon of 4.875% at the end of June. The proceeds were received in early July. Neste Oil's loan agreements contain no financial covenants.

In accordance with its hedging policy, Neste Oil has hedged the majority of its net foreign currency exposure for the next 12 months, mainly using forward contracts and currency options. The most important hedged currency is the US dollar.

Strategy implementation

Neste Oil continued to implement its clean fuel strategy during the first half of 2010. The company's capital projects consist of new plants designed to increase production of renewable diesel and high-quality base oil.

Strategic projects

Construction of the two major 800,000 t/a renewable diesel plants in Singapore and Rotterdam is proceeding according to plan. Finalizing construction work is now under way and commissioning has started at the Singapore plant, with start-up there planned during the fourth quarter. The Rotterdam plant is proceeding well and is expected to start up towards the end of the first half of 2011. The Singapore plant is on-budget at EUR 550 million, while the Rotterdam plant is expected to come in under its EUR 670 million budget.

Neste Oil has a 45% stake in a JV that is building a 400,000 t/a base oil plant in Bahrain. The project is proceeding on-schedule and on-budget, and the plant is scheduled to be completed in the second half of 2011. Neste Oil's share of the investment cost is EUR 130 million.  

Other

On 30 June, Neste Oil announced that it has sold its Portuguese subsidiary Neste Oil Portugal S.A., owning a gasoline component ETBE plant in Sines, to the Portuguese company Repsol Polimeros LDA. Neste Oil booked a small capital gain from the transaction to its second-quarter IFRS operating profit.

Market overview

Crude oil prices increased in early April to their highest level since the fall 2008, supported by expectations for an accelerating economic recovery and stronger oil demand. Brent Dated remained at close to USD 85/bbl until an evolving eurozone debt crisis and sell-off in global equity markets pushed prices down sharply in May. Prices recovered to some extent in June, with Brent Dated rising from USD 70/bbl to USD 75/bbl towards the end of the quarter. Price differentials between heavier and lighter crude narrowed in May and June, driven by lower exports of Russian crude and stronger demand for medium sour feedstocks.

Refining margins decreased in April, despite lower product supply caused by the refinery maintenance season. Margins recovered in May as a result of cheaper crude and growing demand for diesel in the US and China.

Gasoline margins declined during the quarter, despite the start of the US summer driving season. High crude oil prices pulled them down in April, although gasoline prices, reflecting limited supply, were the highest in 18 months. Margins recovered slightly in early May, but a softer gasoline market, due to high inventory levels and the general weakness of the commodities market, subsequently resulted in lower margins.

Margins for middle distillates strengthened to their highest level since early 2009 on the back of increasing demand. Refinery maintenance outages in April limited middle distillate supply and kept prices high. Prices fell back in May with rising refinery utilization rates, but a downturn in crude oil prices improved margins. Fuel oil margins weakened during the quarter due to high Russian supply.

The price differential between various biofeedstocks was very narrow during the second quarter, mainly due to weather-related worries. Differentials have widened since, thanks to increased production of palm oil. The price premium of high-quality renewable diesel compared to conventional biodiesel remained healthy.

Gasoline demand on the retail market in Finland and Baltic Rim has been lower, while demand for diesel and other products for industrial and commercial transportation use has continued to increase.

Based on good transport demand oil tanker freight markets showed some positive development during the quarter but crude freights are expected to weaken again as vessel supply remains ample.

Key drivers

Production and sales

Neste Oil's total production in the second quarter was 2.2 million tons (3.4 million), of which NExBTL renewable diesel accounted for 0.1 million tons (0.0 million). Production was low due to a planned six-week maintenance turnaround at the Porvoo refinery in April and May. The turnaround was the largest in the refinery's history and involved close to a million man-hours of work and some 2,500 people from outside contractors.

Neste Oil's production, by plant (1,000 t)

The Porvoo refinery operated at an average capacity utilization rate of 51% (79%) during the quarter as a result of the maintenance turnaround. The utilization rate of the Naantali refinery was 86% (84%).

The proportion of Russian Export Blend in Neste Oil's total refinery input was 70% (58%) during the second quarter, resulting from the low use of other crude and feedstocks at Porvoo during the turnaround. Refinery production costs totaled USD 5.6/bbl (5.5).

Sales suffered from limited production during the quarter. To compensate for lost volumes, almost the entire volume of stored product, 450,000 tons, was sold during the quarter.

Neste Oil's sales from in-house production, by product category (1,000 t)

Neste Oil's sales from in-house production, by market area (1,000 t)

SEGMENT REVIEWS

Neste Oil's businesses are grouped into four reporting segments: Oil Products, Renewable Fuels, Oil Retail, and Others.

Oil Products

Oil Products' comparable operating profit for the second quarter came in at EUR -3 million compared to EUR 37 million during the same quarter in 2009. Lower profitability resulted from the maintenance turnaround at the Porvoo refinery. The total refining margin of USD 7.35/bbl in the second quarter was close to the USD 7.87/bbl recorded during the same quarter in 2009.

The base oils business was supported by improvement in demand and margins, and gasoline components related to normal seasonality. Profitability of the oil tanker chartering business improved year-on-year due to higher freight rates. 

Oil Products' comparable return on net assets was 4.0% (7.9%) in the second quarter.

Renewable Fuels

Renewable Fuels' comparable operating profit was EUR -23 million in the second quarter, compared to EUR -6 million in the same quarter of 2009. This resulted from costs related to preparation work for the start-up of the new Singapore plant and building up operations in Rotterdam according to plan. In addition, renewable diesel margins were under pressure in the second quarter due to very narrow price differentials between biofeedstocks. The price premium of high-quality renewable diesel remained healthy. Sales volumes increased despite the Porvoo turnaround thanks to inventory stored earlier in the year.

Renewable Fuels' comparable return on net assets was -7.4% (-5.5%) in the second quarter.  

Oil Retail

* includes both station and terminal sales

Oil Retail's second-quarter comparable operating profit was EUR 13 million compared to EUR 14 million in the same period in 2009. Sales volumes were flat year-on-year, with lower gasoline sales compensated for by higher diesel sales. The restrictions placed on air traffic in Europe in April had a negative impact on jet fuel sales.

In May, Neste Oil closed a deal to acquire 22 unmanned fuel stations in Lithuania, bringing the number of Neste Oil stations in Lithuania to 59 and the company's share of the local market to approximately 15%. 

Oil Retail's comparable return on net assets was 12.4% (16.1%) in the second quarter.

Shares, share trading, and ownership

Neste Oil's shares are traded on NASDAQ OMX Helsinki Ltd. The share price closed the second quarter at EUR 11.95. At its highest during the quarter, the share price reached EUR 13.77, while at its lowest the price stood at EUR 11.13. Market capitalization was EUR 3.1 billion as of 30 June 2010. An average of 1.1 million shares were traded daily, representing 0.4% of the company's shares.

Neste Oil's share capital registered with the Company Register as of 30 June 2010 totaled EUR 40 million, and the total number of shares outstanding is 256,403,686. The company does not hold any of its own shares, and the Board of Directors has no authorization to buy back company shares or to issue convertible bonds, share options, or new shares.

As of the end of June, the Finnish State owned 50.1% (50.1%) of outstanding shares, foreign institutions 16.6% (15.0%), Finnish institutions 20.3% (20.6%), and Finnish households 12.9% (14.3%).

Personnel

Neste Oil employed an average of 5,093 (5,328) employees in the first half, of which 1,457 (1,293) are based outside Finland. As of the end of June, the company had 5,183 employees (5,547), of which 1,469 (1,330) are located outside Finland.

Health, safety, and the environment

The main indicator for safety performance used by Neste Oil - total recordable injury frequency (TRIF, number of cases per million hours worked) for all work done for the company, combining the company's own personnel and contractors - stood at 4.9 (2.8) at the end of June 2010. The target for 2010 is below 3. Lost workday injury frequency (LWIF) stood at 3.1 (2.0). The target is below 1.


The TRIF recorded for the turnaround at the Porvoo refinery, 13.3, was unsatisfactory but was an improvement on the 18.8 recorded during the previous turnaround in 2005. Involving 1,055,000 working hours and average daily staff levels of 3,200-3,300, the turnaround was one of the largest in Europe. Safety training was given for 5,600 people in Finland and service providers' home countries before the turnaround, and 5,000 reported safety observation tours were carried out during the project. Implementation of best safety procedures across the company will continue to be in central priority during the second half of 2010.

Annual General Meeting

Neste Oil's Annual General Meeting (AGM) was held on 15 April in Helsinki. The AGM adopted the company's financial statements and consolidated financial statements for 2009 and discharged the Supervisory Board, the Board of Directors, and President & CEO from liability for 2009. The AGM also approved the Board of Directors' proposal regarding the distribution of the company's profit for 2009. A dividend of EUR 0.25 per share was paid on 27 April.

In accordance with the proposal made by the AGM Nomination Committee, the AGM confirmed the membership of the Board of Directors at eight members, and the following were re-elected to serve until the end of the next AGM: Mr Timo Peltola, Mr Mikael von Frenckell, Mr Michiel Boersma, Ms Ainomaija Haarla, Ms Nina Linander, Mr Hannu Ryöppönen and Mr Markku Tapio. Ms Maija-Liisa Friman was elected as a new member. Mr Timo Peltola will continue as Chairman and Mr Mikael von Frenckell as Vice Chairman. The AGM decided to keep the remuneration paid to Board members unchanged.

The AGM confirmed that the Supervisory Board shall comprise seven members and the following members were re-elected: Ms Heidi Hautala (Chairman), Mr Kimmo Tiilikainen (Vice Chairman), Mr Esko Ahonen, Mr Timo Heinonen, Mr Markus Mustajärvi and Ms Anne-Mari Virolainen. Ms Miapetra Kumpula-Natri was elected for the first time. Members are all Finnish Members of Parliament, with the exception of Ms Heidi Hautala, who is a Member of the European Parliament. No changes were made to the remuneration paid to the Supervisory Board. A proposal to dissolve the Supervisory Board was not accepted.

In accordance with a proposal by the Board of Directors, Ernst & Young Oy, Authorized Public Accountants, were appointed as the company's Auditor, with Authorized Public Accountant Anna-Maija Simola as Responsible Auditor, until the end of the next AGM. Payment for their services shall be made in accordance with their invoice.

In accordance with a proposal by the Board of Directors, Subsection 1 of Section 11 of the Articles of Association has been amended and now requires that the invitation to an AGM should be made at least three weeks prior to a meeting and at least nine days prior to the record date set for the meeting as defined in Subsection 2 of Section 2 of Chapter 4 of the Companies Act.

Following a proposal by the Prime Minister's Office, representing the Finnish State, the AGM decided to establish a Nominations Committee to prepare proposals covering the members of the Board of Directors and their remuneration for consideration by the next AGM. The Nomination Committee comprises representatives of the Company's three largest shareholders and shall also include, as an expert member, the Chairman of the Board. The right to appoint the shareholder representatives on this Committee will lie with the three shareholders holding the largest number of votes associated with all the company's shares on 1 November preceding the AGM. The Chairman of the Board of Directors will be responsible for convening the Committee, and the Committee's members will appoint a Chairman from among themselves. The Nominations Committee will present their proposal to the Board of Directors by 1 February prior to the AGM at the latest.

Potential short-term and long-term risks

The oil market has been and is expected to continue to be very volatile. Oil refiners are exposed to a variety of political and economic trends and events, as well as natural phenomena that affect the short- and long-term supply of and demand for the products that they produce and sell.

The largest uncertainty over the short term continues to be the pace of the recovery of the world economy, which is likely to have a material impact on the demand for petroleum products generally and diesel fuel in particular.

Sudden and unplanned outages at Neste Oil's production units or facilities continue to represent a short-term operational risk.

Rapid and large changes in feedstock and product prices may lead to significant inventory gains or losses, or change in working capital. These may have a material impact on the company's IFRS operating profit and net cash from operations.

Over the longer term, access to funding and rising capital costs, as well as challenges in procuring and developing new competitive and reasonably priced raw materials, may impact the company's growth plans.

The implementation of biofuel legislation in the EU and other key market areas may influence the speed at which the demand for these fuels develops. Risks also include any problems or delays in completing the company's NExBTL renewable diesel investments or failure to capture the anticipated benefits from these investments. Over the longer term, failure to protect Neste Oil's proprietary technology or the introduction and implementation of competing renewable fuel technologies or hybrid and electric engines may have a negative impact on the company's results.

The key market drivers for Neste Oil's financial performance are international refining margins, the price differential between Russian Export Blend (REB) and Brent crude, and the USD/EUR exchange rate.

For more detailed information on Neste Oil's risks and risk management, please refer to the company's Annual Report and Financial Statements for 2009.

Outlook

As the company has stated in its previous outlooks published in February and April, it expects the market environment to remain challenging throughout 2010. It seems, however, that the diesel market could be stronger during the second half than the first, as a result of increasing demand fuelled by economic growth. According to an International Energy Agency forecast published in July, global oil demand is estimated to grow by 2.1% or 1.8 million barrels a day in 2010 compared to 2009.

Refining margins have been lower in July compared to the second quarter. Increasing demand and seasonal support for middle distillates are set to provide support for refining margins. Diesel and middle distillates are expected to be the strongest part of the barrel, but high inventories in the US and Europe will probably continue to limit the margin upside. The outlook for gasoline margins is softer through the second half, due to the seasonal weakening of demand and relatively high inventories. Relative to crude price differentials, Neste Oil expects the Urals discount to Brent to average between USD 1.0-2.0/bbl during the rest of the year.

The utilization rate at the Porvoo refinery was slightly lower than normal in July, due to a trial related to new catalysts. This resulted in some technical difficulties, which have been overcome by now.

In consequence of improving diesel demand and higher refinery utilization after the turnaround in spring, the Oil Products business is anticipated to have stronger second half of the year compared to the first half.

Neste Oil's renewable diesel plant in Singapore is anticipated to come on-stream during the fourth quarter.

In the Oil Retail business, the declining trend in gasoline demand is expected to continue. Demand for diesel will continue to be supported by higher commercial use of the fuel.

The Group's fixed costs are estimated to be similar to those in 2009.

The Group's cash investments are expected to be around EUR 920 million (870 million) in 2010, of which strategic investments will account for EUR 580 million (670 million), maintenance investments EUR 310 million (160 million), and productivity investments EUR 30 million (40 million).

Reporting date for third-quarter results

Neste Oil will publish its third-quarter results for 2010 on 29 October 2010 at approximately 9:00 a.m. EET.

Espoo, 28 July 2010

Neste Oil Corporation
Board of Directors

The preceding information contains, or may be deemed to contain, "forward-looking statements". These statements relate to future events or our future financial performance, including, but not limited to, strategic plans, potential growth, planned operational changes, expected capital expenditures, future cash sources and requirements, liquidity and cost savings that involve known and unknown risks, uncertainties, and other factors that may cause Neste Oil Corporation's or its businesses' actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements.  In some cases, such forward-looking statements can be identified by terminology such as "may,"  "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," or "continue," or the negative of those terms or other comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Future results may vary from the results expressed in, or implied by, the forward-looking statements, possibly to a material degree. All forward-looking statements made in this report are based on information presently available to management and Neste Oil Corporation assumes no obligation to update any forward-looking statements. Nothing in this report constitutes investment advice and this report shall not constitute an offer to sell or the solicitation of an offer to buy any securities or otherwise to engage in any investment activity.

CALCULATION OF KEY FIGURES

Operating profit = Operating profit includes the revenue from the sale of goods and services, other income such as gain from sale of shares or non-financial assets, share of profits (loss) of associates and joint ventures, less losses from sale of shares or non-financial assets, as well as expenses related to production, marketing and selling activities, administration, depreciation, amortization, and impairment charges. Realized and unrealized gains or losses on oil and freight derivative contracts together with realized gains and losses from foreign currency and oil derivative contracts hedging cash flows of commercial sales and purchases that have been recycled in the income statement, are also included in operating profit.

Comparable operating profit = Operating profit -/+ inventory gains/losses -/+ gains/losses from sale of shares and non-financial assets - unrealized change in fair value of oil and freight derivative contracts. Inventory gains/losses include the change in fair value of all trading inventories.

Return on equity, (ROE) % = 100 x (Profit before taxes - taxes) / Total equity average

Return on capital employed, pre-tax (ROCE) % = 100 x (Profit before taxes + interest and other financial expenses) / Capital employed average

Return on average capital employed, after-tax (ROACE) % = 100 x (Profit for the period (adjusted for inventory gains/losses, gains/losses from sale of shares and non-financial assets and unrealized gains/losses on oil and freight derivative contracts, net of tax) + minority interest + interest expenses and other financial expenses related to interest-bearing liabilities (net of tax)) / Capital employed average

Capital employed = Total assets - interest-free liabilities - deferred tax liabilities -provisions

Interest-bearing net debt = Interest- bearing liabilities - cash and cash equivalents

Leverage ratio, % = 100 x Interest- bearing net debt / (Interest- bearing net debt + Total equity)

Gearing, % = 100 x (Interest bearing net debt / Total equity)

Equity-to assets ratio, % = 100 x Total equity / (Total assets - advances received)

Return on net assets, % = 100 x Segment operating profit / Average segment net assets

Comparable return on net assets, % = 100 x Segment comparable operating profit / Average segment net assets

Segment net assets = Property, plant and equipment, intangible assets, investment in associates and joint ventures including shareholder loans, pension assets, inventories and interest-free receivables and liabilities allocated to the business segment, provisions and pension liabilities

Earnings per share (EPS) = Profit for the period attributable to the equity holders of the company / Adjusted average number of shares during the period

Equity per share = Shareholder's equity attributable to the equity holders of the company/ Adjusted average number of shares at the end of the period

Cash flow per share = Net cash generated from operating activities / Adjusted average number of shares during the period

Attachments

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