Hellenic Petroleum Q1:16 1st glimpe: Slighly better than expected on refining performance

11.05.2016 17:56

Hellenic Petroleum reported a slightly better than expected set of Q1:16 results, yet we note the sharp increase to net debt which is attributed to seasonal effects. Inventory losses and one offs came at 41m vs 50m in Q1:15.

 

The following table summarise results vs our estimates:

 

Hellenic Petroleum 2015 2016 Δ (%) 2016 Δ (%)
(in m Eur.) Q1 Q1 (Α) y-o-y Q1 (E) y-o-y
Volumes (MTx1000) 3.616  3.443  -4,8%  3.500  -1,6% 
Sales 1.879 1.247 -50,7% 1.400 -10,9%
EBITDA 155,0 137,0 -13,1% 129,5 5,8%
Adj. EBITDA 205,0 169,0 -21,3% 164,5 2,7%
Net Earnings 18,0 32,0 43,8% 31,5 1,6%
Adj. Net Earnings 55,0 70,0 21,4% 56,5 23,9%

 

Segmental EBITDA y-o-y and q-o-q (Actual Q1:16):

 

Segmental EBITDA (Eur, m) Q1:15 Q4:15 Q1:16 q-o-q y-o-y
Refining Supply & Trading 173 144 137 -4,9%  -20,8% 
Petchem 19 25 25 0,0%  31,6% 
Marketing 14 17 12 -29,4%  -14,3% 
Other -1 -2 -4 -100,0%  -300,0% 
Adjusted EBITDA 205 184 169 -8,2%  -17,6% 
Net debt 2.085 1.122 2.504 123,2%  20,1% 

 

 

Conference Call (Wednesday 11/05, 18:00 GR time)

  • GR +30 211 180 2000
  • UK +44 (0) 800 368 1063
  • US +1 516 447 5632

 

Manos Chatzidakis

Head of research

Beta Securities S.A.

29 Alexandras Ave.

GR – 11473

Athens, Greece

*Τα όσα αναγράφονται στη στήλη είναι προιόν δημοσιογραφικής έρευνας και δεν αποτελούν προτροπή αγοράς, πώλησης ή διακράτησης μετοχών



Shortlink:

Contact us | About us | Terms & conditions | Privacy policy
Mikrometoxos 2014