MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

CHINA PBOC CONDUCTS CNY267.3 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1334 TUES VS 7.1335

MNI PBOC WATCH: PBOC Cuts 7-Day Rate As Reconfigures Framework

MNI China Daily Summary: Monday, July 22

EZ/UK T-Bill Calendar: 3/6-Month RATB Auction on Tuesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

Philippine's FinSec Open To Rate Cuts, Front-End Yields Lower

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Neste Oyj (A3/NR) Misses On Headlines; Cash Flow And Leverage Slightly Worse

ENERGY SECTOR
Credit BulletsBulletHomepagemarkets-real-timeCredit


  • Q1 revenue missed BBG consensus by 11% at -9% YoY while comparable EBITDA missed by 21% at -34% YoY. Revenues were lower across all segments with Oil -16% YoY while Renewables/marketing were -4%. FY guidance unchanged.
  • Cash flow before financing turned more negative at an outflow of EUR 350mn compared to EUR 102mn in Q123 on the back of inventory build-up. EBITDA leverage of 1.2x from 1x at FY23 and 0.7x at Q123. Leverage ratio of 27.9%, up from 22.7% at FY23 (against a 40% target).
  • EUR spreads muted.
89 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.


  • Q1 revenue missed BBG consensus by 11% at -9% YoY while comparable EBITDA missed by 21% at -34% YoY. Revenues were lower across all segments with Oil -16% YoY while Renewables/marketing were -4%. FY guidance unchanged.
  • Cash flow before financing turned more negative at an outflow of EUR 350mn compared to EUR 102mn in Q123 on the back of inventory build-up. EBITDA leverage of 1.2x from 1x at FY23 and 0.7x at Q123. Leverage ratio of 27.9%, up from 22.7% at FY23 (against a 40% target).
  • EUR spreads muted.