MOH: Despite 115m inventory one off bottom line posted gains of 205m, the highest figure in Group’s history!

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