Motor Oil – Q4/FY 2014 first glimpse

16.03.2015 18:01

Motor oil announced a strong set of results on adjustment basis which came than market estimates.

 

¡  Motor oil continues to run flat out its refinery capacity exceeding nominal capacity (all time record at 3.29m mT) keeping exports above 66% mark. Sales weakness (-10%) attributed to lower oil prices.

¡  Motor oil’s refinery margin settled to 9.8$/bll while inventory losses reached €251m (Q4: €195m). The group also recorded FX losses of €20.4m vs €12m gains in Q4 2013.

¡  Q4 Clean Net Earnings reached €61m vs €16.9m in Q3 ans -2.7m a year ago.

¡  Conference call will focus on refining margins evolution and near term outlook for domestic market.

 

Conference Call  (Tue. 17 Mar. 17:30 GR Time):

¡  GRE participants             00800 4413 1378

¡  GBR participants            0800 953 0329

¡  US participants               1866 819 7111

¡  Other Intern. participants     + 44 (0) 1452 542 301

 

 

The following table summarises results vs consensus:

 

Motor oil 2013 2014 Y-o-Y 2014 E Vs 2013 2014 Y-o-Y 2014 E Vs
EUR mn. FY FY (%) FY Estimate 4Q 4Q (%) (%) Estimate
Volumes (MTx1000) 11.984 12.672 5,7% 3.063 3.291 7,4%
Sales 9.282,3 9.050,2 -2,5% 2.298,4 2.078,9 -9,6%
EBITDA 185,0 51,5 -72,2% 49,9 -3% 38,2 -74,1 -294,0% -75,7 2,2%
EBITDA Mrg 2,0%  0,6%  -142 bps      1,7%  -3,6%  -523 bps     
Adjusted EBITDA 223,0 302,5 35,7% 300,4 -1% 40,1 121 201,5% 123,3 2,0%
EBITDA Mrg adj. 2,4%  3,3%  +94 bps      1,7%  5,8%  +407 bps     
Net Income -4,6 -83,2 -1708,7% -87,5 -5% -4,9 -83,5 -1604,1% -87,8 5,1%
Net Mrg 0,0%  -0,9%  -87 bps      -0,2%  -4,0%  -380 bps     
Adjusted Net Income 10,7 102,5 858,3% 100,5 -2% -2,7 60,8 2351,9% 60,2 -1,0%
Net Mrg adj. 0,1%  1,1%  +102 bps      -0,1%  2,9%  +304 bps     

We remain at your disposal for any further information.

Best regards,

Manos Chatzidakis

Head of research

Beta Securities S.A.

29 Alexandras Ave.

GR – 11473

Athens, Greece





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