Motor oil FY’15 : Strong set, better than expected EBITDA on healthy refining margins, slighly miss on bottom line on one off impairment of retail subsidiary. Dividend €0.65 (yield: 6.7%); FCF €239mn; Net Debt €681mn
Motor oil announced a strong set of FY’15 results reflecting the positive environment in refining margins and domestic market.
Despite 115m inventory one off bottom line posted gains of 205m, the highest figure in Group’s history.
Motor oil | 2014 | 2015 | Y-o-Y | 2015 | Vs |
EUR mn. | 12M | 12M | (%) | 12M E | Estimate |
Volumes (MTx1000) | 12,672 | 9,238 | -27.1% | 12,465 | -25.9% |
Sales | 9,282.3 | 7,060.2 | -23.9% | 7,075 | -0.2% |
EBITDA | 51.5 | 492.1 | 855.5% | 475 | 3.6% |
EBITDA Mrg | 1.8% | 7.0% | +517 bps | 6.5% | |
Adjusted EBITDA | 302.5 | 612.1 | 102.3% | 590 | -3.6% |
EBITDA Mrg adj. | 2.6% | 8.7% | +606 bps | 7.4% | |
Net Income | -82.4 | 205.0 | 348.8% | 208 | -1.3% |
Net Mrg | 0.0% | 2.9% | +290 bps | 2.9% | |
Adjusted Net Income | 103.0 | 290.2 | 181.7% | 293 | -0.9% |
Net Mrg adj. | 0.0% | 3.0% | +300 bps | 2.9% | |
Refining Margin ($/MT) | 50.50 | 68.70 | 67.50 | ||
Inventory one offs | 251.0 | 115.0 | 115 |
Manos Chatzidakis
Head of research
Beta Securities S.A.
29 Alexandras Ave.
GR – 11473