Finland's Neste Oil 2009 dividend to be one-third of net profit

29 September 2009 12:16  [Source: ICIS news]

LONDON (ICIS news)--Finland's Neste Oil reiterated its financial targets for 2009 at its Capital Markets Day on Tuesday, including providing investors with a dividend of at least a third of its net profit.

“Its financial targets also remain unchanged: a ROACE [returns on average capital employed] of at least 15% annually, a leverage ratio of 25-50%, and dividend policy, which calls for a payout equivalent to at least a third of comparable net profit,” the company said in a statement.

Neste Oil added that it expected to invest around €890m ($1.3bn) in 2009, €920m in 2010 and €350m in 2011.

“The figure for 2010 includes a scheduled major maintenance turnaround at the Porvoo refinery,” it added.

($1 = €0.68)

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By: Lucy Craymer
+44 20 8652 3214

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