BETA SEC: Motor oil posted a satisfactory set of results beating our estimates

29.08.2016 18:34

Motor oil posted a satisfactory set of results beating our estimates on very solid marketing performance despite the tough domestic environment.

Four weeks (May 2016) maintenance shutdown affected refinery performance reducing refining EBITDA by 46%.

Once again exports remained high accounting for 66% of total sales while relevant MOH benchmark in H1 came at 8.88  $/bbl or 8.07$/bbl.

The following table summarise results vs our estimates:

 

Motor oil 2015 2016 (A) Y-o-Y 2016 (E) Vs 2015 2016 (A) Y-o-Y 2016 (E) Vs
EUR mn. H1 H1 (%) H1 Estimate 2Q 2Q (%) 2Q Estimate
Volumes (MTx1000) 6,115 5,810 -5.0%  5,658 2.7%  3,258  2,752  -15.5%  2,600  5.8% 
Sales 3,657.4 2,656.2 -27.4% 2,705 -1.8% 2,035.2 1,371 -32.6% 1,420 -3.5%
EBITDA 287.5 259.8 -9.6% 242.4 7.2% 183.2 144.4 -21.2% 127.0 13.7%
Adjusted EBITDA 281.5 235.8 -16.2% 224.4 5.1% 168.2 108.4 -35.6% 97.0 11.8%
of Which Refining 248.3 195.5 -21.3% 192.8 1.4% 153.0 82.2 -46.3% 80.0 2.8%
of which Marketing & other 33.1 40.8 23.3% 31.6 29.1% 15.2 26.2 72.4% 17.0 54.1%
Net Income 141.9 118.0 -16.8% 113.7 3.8% 100.2 69.3 -30.8% 65.0 6.6%
Adjusted Net Income 137.4 101.0 -26.5% 92.2 9.5% 89.1 43.8 -50.8% 35 25.1%

Manos Chatzidakis

Head of research

Beta Securities S.A.

29 Alexandras Ave.

GR – 11473

Athens, Greece

Tel: +30 210 6478755 /754

Fax +30 210 6448791

Email: [email protected]

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