Motor oil Q3:17 1st glimpse: Strong operating performance in line with estimates; Interim dividend 0.30 eur/share - Mikrometoxos.gr | Mikrometoxos.gr

Motor oil Q3:17 1st glimpse: Strong operating performance in line with estimates; Interim dividend 0.30 eur/share

13.11.2017 18:00

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Motor oil posted an all-time record set of quarterly results reaching €165.5m. On reported basis including inventory one-offs EBITDA reached €180.5m (+21.5% y-o-y)

  • Net earnings came better than expected (+20%) on lower financial costs
  • Exports at 75.24% of sales, highest mark ever
  • Net debt down at €232m almost 0.35x FY:17 EBITDA
  • Interim Dividend 0.30 eur/share, x-date before December 15.

The following table summarize results vs our estimates:

Motor oil 2016 2017 (A) Y-o-Y 2017 (Est.) Vs 2016 2017 (A) Y-o-Y 2017 (Est.) Vs
EUR mn. 9M 9M (%) 9M Estimate 3Q 3Q (%) 3Q Estimate
Volumes (MTx1000) 9,565 10,065 5.2%  10,034 0.3%  3,755  3,631  -3.3%  3,600  0.9% 
Sales 4,474.5 5,737.0 28.2% 5,633 1.8% 1,818.3 1,993.6 9.6% 1,890 5.5%
EBITDA 408.4 453.6 11.1% 445.1 1.9% 148.6 180.5 21.5% 172.0 4.9%
Adjusted EBITDA 384.4 499.6 30.0% 501.6 -0.4% 148.6 165.5 11.4% 167.5 -1.2%
of Which Refining 315.4 444.0 40.8% 445.0 -0.2% 119.9 140.0 16.8% 141.0 -0.7%
of which Marketing & other 69.0 55.6 -19.4% 56.6 -1.8% 28.7 25.5 -11.1% 26.5 -3.8%
Net Income 194.1 227.0 17.0% 205.2 10.6% 76.2 101.9 33.7% 79.0 29.0%
Adjusted Net Income 177.4 256.8 44.8% 253.3 1.4% 76.2 91.5 20.1% 76 20.4%

 

Conference call details (14/11 17:30 Athens time)

  • GBR      0800 953 0329
  • GRE      00800 4413 1378
  • US        1866 819 7111

Manos Chatzidakis

Head of research

Beta Securities S.A.

29 Alexandras Ave.

GR – 11473

Athens, Greece

Shortlink:

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