Beta Sec: Hellenic Petroleum Q2 results came in line with our estimates

25.08.2016 18:18

Hellenic Petroleum announced Q2 results that on adjusted basis came in line with our estimates. Miss in reported level was due to lower FX and higher inventory gains that offset Q1 inventory losses.

The following table summarises results vs our estimates:

Hellenic Petroleum 2015 2016 Δ (%) 2015 2016 Δ (%) 2016 vs
(in m Eur.) H1 H1 (A) y-o-y Q2 Q2 (A) y-o-y Q2 (E) Est. (%)
Volumes (MTx1000) 6,565  7,449  13.5%  2,950  4,006  35.8%  3,607  10.0% 
Sales 3,664 2,940 -24.6% 1,785 1,693 -5.4% 1,573 7.1% 
EBITDA 299.0 334.0 10.5% 144.0 205.0 29.8% 192.0 6.3% 
Adj. EBITDA 335.0 326.0 -2.8% 130.0 156.0 16.7% 150.0 3.8% 
Net Earnings 66.0 104.0 36.5% 49.0 72.0 31.9% 83.0 -15.3% 
Adj. Net Earnings 93.0 108.0 13.9% 39.0 38.0 -2.6% 38.0 0.0% 

 

Sequential quarterly EBITDA and net debt:

 

Segmental EBITDA (Eur, m) Q1:15 Q2:15 Q3:15 Q4:15 FY:16 Q1:16 Q2:16 q-o-q y-o-y
Refining Supply & Trading 173 79 160 143 555 137 107 -21.9%  35.4% 
Petchem 19 23 26 25 93 25 25 0.0%  8.7% 
Domestic Marketing 4 13.2 27 3 47 1 11 1000.0%  -16.7% 
International Marketing 10 15.1 20 14 59 10 14 40.0%  -7.3% 
Other (DEPA) -1 0 1 -2 -2 -4 -1    
Adjusted EBITDA 205 130 234 183 752 169 156 -7.7%  19.7% 
Net debt 2,085 1,115 2,409 1,122 1,122 2,504 1,668 -33.4%  49.6% 

 

Manos Chatzidakis

Head of research

Beta Securities S.A.

29 Alexandras Ave.

GR – 11473

Athens, Greece





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