Motor oil (Results 6M 2014): By Manos Chatzidakis ~ Naked Monk

28/8/14

Motor oil (Results 6M 2014): By Manos Chatzidakis

10:09 π.μ. No comments

Motor oil (Results 6M 2014):

The group reported an expected weak set of results yet in line with market expectations. Refining volumes increased 6.5% to 6,171mt on record exports rate (69.0%).

Q2 sales posted a 5% increase to €2.35bn, aadjusted EBITDA increased by 124% at EUR 34.6mn, while the clean net loss came at €8.3mn vs losses of €19.5mn in 2Q 2013.

Refining margins in Q2 had retreated to the lowest levels since 2010 (27.8$/MT) while one off tax οf €4.3m included reducing accordingly bottom line.

The following table summarizes Q2/H1 results:

Thrace Plastics	Results H1 2014
*In thous. euro*	2013	2014	Δ
Sales	4,431,703	4,528,720	2.2%
Q2	2,240,764	2,335,438	4.2%
EBITDA	61,067	60,957	-0.2%
*(% Sales)*	*1.38%*	*1.35%*	*-3 bps*
Q2	15,198	34,287	125.6%
*(% Sales)*	*0.68%*	*1.47%*	*+79 bps*
Net Income	-31,674	-16,628	47.5%
*(% Sales)*	*-0.71%*	*-0.37%*	*+35 bps*
Q2	-19,549	-8,369	57.2%
*(% Sales)*	*-0.87%*	*-0.36%*	*+51 bps*