Motor Οil Q1: Results 2016- 1st glimpse: Strong operating results above estimates on all time high exports (73%)

25.05.2016 17:59

Motor oil Q1:16 Results 1st glimpse: Strong operating results above estimates on all time high exports performance (73%). Robust FCF of 143.6m; net debt down to €537m (vs 953 Q1:15 and €681m in Q4:15)

Motor oil announced a strong Q1 in terms of underlying profitability and FCF generation.

The following table summarise results vs our estimates:

Motor oil 2015 2016 Δ (%) 2016 Δ (%)
(in m Eur.) Q1 Q1 Α y-o-y Q1 E vs Estimates
Volumes (MTx1000) 2,857  3,058       
Sales 1,622 1,285 -26.2% 1,350 -4.8%
EBITDA 104.3 112.0 6.9% 112.0 0.0%
Adj. EBITDA 113.3 127.4 11.1% 122.0 4.4%
of Which Refining 95.0 112.8 15.8% 108.0 4.4% 
of which Marketing & other 18.3 14.6 -25.3% 14.0 4.3% 
Net Earnings 41.7 48.7 14.4% 44.0 10.7%
Adj. Net Earnings 48.4 57.2 15.5% 48.9 16.9%
Inventory losses -9.0 -9.0 -10.0
FCF -48.0 143.6 60.0
Exports 67.0% 73.0% 67.5%
Net debt 953.0 537.4 621

 

 

Conference Call Details (26/5, 17:30 GR-time):

  • GBR                       0800 953 0329
  • GRE                        00800 4413 1378
  • US                          1866 819 7111
  • Other                    + 44 (0) 1452 542 301

Best Regards,

Manos Chatzidakis

Head of research

Beta Securities S.A.

29 Alexandras Ave.

GR – 11473

Athens, Greece





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