Hellenic Petroleum (Q3/9M Results): HELPE
announced a positive quarter on adjustment basis (€24m vs €24.4m
market estimate) after three quarters of losses benefited of stronger dollar
and better Med refining margins (3.6$/bl vs 0.4$/bl). Refining output
remained high on better Elefsina utilization (exceeded 100%). In specifics:
¡
Adjusted EBITDA amounted to €146m,
97% higher compared with the same period last year, reflecting mainly the
improved European refining environment in 3Q14. The improvement came mainly
from Refining, Supply & Trading, which increased production and sales.
Sales in exports markets were up to 1.6 million tonnes and accounted for 46%
of total sales.
¡
On reported results, the large decline in
crude oil and product prices resulted in inventory losses of approximately
€100m, leading EBITDA to €45m (3Q13: €75m), while Net
Income amounted to -€51m (3Q13: €2m).
¡
Net debt came at €1.78bn vs
€1.6bn in 2Q2014, while gearing stood at 46% (3Q13: 49%).
¡
Domestic Marketing sales grew by 10%, with
all activities improving contribution. Increased tourism had a positive
impact both in retail as well as aviation segments, leading EBITDA to
€25m (+28%).
¡
Strong Petchems margins, record high
propylene production at Aspropyrgos refinery and cost control led to an
increase in profitability by 14%, with adjusted EBITDA at €19m.
¡
The Board of Directors decided to call an
Extraordinary General Meeting in 2014, to discuss the application of
provisions of Article 72 of L. 4172/2013 in relation to the extraordinary
taxation and distribution of special tax reserves. The Group recorded a
provision of €21m in FY13 results, which corresponds to 19% of the relative
reserves, exhausting the tax obligation for both the company and its
shareholders and the net distribution amounting to €0.21 per share is
proposed to the EGM scheduled December 15.
The following table summarizes results:
Hellenic
Petroleum
|
Results 9M 2014 - Reported
|
||
In
thous. euro
|
2013
|
2014
|
Δ
|
Sales
|
7,447,050
|
7,096,000
|
-4.7%
|
Q3
|
2,649,857
|
2,633,351
|
-0.6%
|
EBITDA
|
40,000
|
123,000
|
207.5%
|
(% Sales)
|
0.54%
|
1.73%
|
+120 bps
|
Q3
|
77,624
|
46,115
|
-40.6%
|
(% Sales)
|
2.93%
|
1.75%
|
-118 bps
|
Net Income
|
-171,028
|
-139,000
|
18.7%
|
(%
Sales)
|
-2.30%
|
-1.96%
|
+34 bps
|
Q3
|
1,944
|
-50,965
|
-2721.7%
|
(% Sales)
|
0.07%
|
-1.94%
|
-201 bps
|
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