Eλληνικά Πετρέλαια: Δημοσιεύουν μετά την λήξη το δικό τους τρίμηνο- Τι περιμένουμε

Δημοσιεύουν μετά την λήξη το δικό τους τρίμηνο- Τι περιμένουμε

Hellenic Petroleum (Results Q1:21 preview):

Hellenic Petroleum will announce its Q1:21 results today after market while a conference call will follow at 18:00 GR-Time.

  • In a nutshell:

Adverse refining environment and particularly low crack margins across the board are set to push refining EBITDA at the lowest levels since 2014 by a mere €12m. Marketing also is seen affected from lockdowns with domestic figure down 41.7% and international marketing also down by 20%.

  • On the flip side, Petchems had a decent quarter posting EBITDA of €24m up 20% y-o-y. Adjusted EBITDA should land at €51m. On a reported level inventory gains of €98m will make for €149m EBITDA vs €416m losses as Q1:20 inventory losses came at €544m.

Adjusted net loss in the quarter came at €24m vs. net profits of €44m in Q1:20. Refining margins have bounced in Q2:21 yet Ural crude oil prices continue to trade lower from brent benchmark by a considerable margin.

  • Focus in the conference call: Outlook for H2:21, indications of demand from the gradual lift of restrictions in the economy, RES expansion and DEPA tender offer. 

The following table summarise our estimates: 

Hellenic Petroleum

2020

2021

Y-o-Y

EUR mn.

Q1

Q1 Est.

(%)

Refining Volumes (MTx1000)

3,883

3,551

-8.6%

Marketing Volumes (MTx1000)

1,050

950

-9.5%

Petchems Volumes (MTx1000)

66

65

-1.5%

Sales

1,919

1,940

1.1% 

Refining Supply & Trading

85

12

-85.9%

Petchem

20

24

20.0%

Domestic Marketing

12

7

-41.7%

International Marketing

15

12

-20.0%

Other

-4

-4

0.0%

Adjusted EBITDA

128

51

-60.2% 

EBITDA

-416.0

149.0

135.8%

Adjusted Net Income

44.0

-24.0

-154.5% 

Net Income

-341.0

54.0

116.7%

  • Conference call Details (18:00 GR-Time)

§   Greece:                                + 213 009 6000

§   UK (local & International)       + 44 (0) 203 059 5872

§   UK (TF)                                + 44 (0) 800 368 1063

§   US:                                      + 1 516 447 5632

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