Hellenic Petroleum reported a slightly better than expected set of Q1:16 results, yet we note the sharp increase to net debt which is attributed to seasonal effects. Inventory losses and one offs came at 41m vs 50m in Q1:15.
The following table summarise results vs our estimates:
| Hellenic Petroleum | 2015 | 2016 | Δ (%) | 2016 | Δ (%) |
| (in m Eur.) | Q1 | Q1 (Α) | y-o-y | Q1 (E) | y-o-y |
| Volumes (MTx1000) | 3.616 | 3.443 | -4,8% | 3.500 | -1,6% |
| Sales | 1.879 | 1.247 | -50,7% | 1.400 | -10,9% |
| EBITDA | 155,0 | 137,0 | -13,1% | 129,5 | 5,8% |
| Adj. EBITDA | 205,0 | 169,0 | -21,3% | 164,5 | 2,7% |
| Net Earnings | 18,0 | 32,0 | 43,8% | 31,5 | 1,6% |
| Adj. Net Earnings | 55,0 | 70,0 | 21,4% | 56,5 | 23,9% |
Segmental EBITDA y-o-y and q-o-q (Actual Q1:16):
| Segmental EBITDA (Eur, m) | Q1:15 | Q4:15 | Q1:16 | q-o-q | y-o-y |
| Refining Supply & Trading | 173 | 144 | 137 | -4,9% | -20,8% |
| Petchem | 19 | 25 | 25 | 0,0% | 31,6% |
| Marketing | 14 | 17 | 12 | -29,4% | -14,3% |
| Other | -1 | -2 | -4 | -100,0% | -300,0% |
| Adjusted EBITDA | 205 | 184 | 169 | -8,2% | -17,6% |
| Net debt | 2.085 | 1.122 | 2.504 | 123,2% | 20,1% |
Conference Call (Wednesday 11/05, 18:00 GR time)
Manos Chatzidakis
Head of research
Beta Securities S.A.
29 Alexandras Ave.
GR – 11473
Athens, Greece
