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Pin to quick picksHelleniq Gds S Regulatory News (HLPD)

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1st Quarter Results

20 May 2009 16:25

RNS Number : 5988S
Hellenic Petroleum S.A.
20 May 2009
 



PRESS RELEASE

May 20, 2009

FIRST QUARTER 2009 FINANCIAL RESULTS

Strong operating profitability in the 1st quarter of 2009

 

Key figures for the 3-month period to 31 March 2009 are:
·; EBITDA €92m (1Q08: €123m)
·; Adjusted EBITDA €114m (1Q08: €53m)
·; Net Income €34m (1Q08: €92m)
·; Adjusted Net Income €51m (1Q08: €47m)
 

1Q09 in brief:

Hellenic Petroleum delivered strong underlying operating profitability in 1Q09On a comparable basis (ie changing the consolidation method of our Power Generation division from 'full' to 'equity' and, thus treating its results as income from associates), adjusted EBITDA grew by 115% y-o-y to €114m, with adjusted Net income up 8% to €51m, driven by higher refining margins, stronger US$, as well as gains from our transformation initiatives

Refining, Supply & Trading, which continues to be our core business unit, enjoyed a particularly strong quarter. Adjusted EBITDA increased to €104m from €29m in 1Q08, driven by a 2% increase in volumes, increased market share in higher value products, higher margins and favourable FX movements. Reported results include a €22m inventory-related loss, versus inventory gains of €44m and €26m of one-off OKTA-related income in 1Q08.

In domestic Marketing, despite lower sales volumes in aviation and bunkering, the improvement in average retail throughputs and in the sales mix led to a 3% y-o-y increase in EBITDA. Our international subsidiaries' margins and overall profitability were affected by the slowing Balkan economies, however sales volumes and market shares were up on the back of an expanded footprint and the successful integration of recent local network acquisitions. 

In Petrochemicals, despite improving market conditions over end-2008 levels, the global economic slowdown depressed results. With respect to our associated companies, which are consolidated using the equity method, the contribution from Power & Gas was affected by the stoppage of the T-Power unit and the weaker natural gas sales in Greece.

Commenting on the results, Hellenic Petroleum's CEO, John Costopoulos, said:

"Within a challenging environment characterised by a major economic slowdown, our Group in 1Q09 delivered a 2% increase in refining sales volumes, an increase in adjusted EBITDA of 115% to €114m and an adjusted Net income increase of 8% to €51m. These results were supported by higher refining margins and a stronger US$, but also by the planned and targeted efforts put in by all our business units to enhance performance and competitiveness.

The improved resultscombined with a gearing ratio of just 26%, demonstrate our Group's ability to weather the difficult times, while remaining focused on our long term business and investment plans to support profitable growth

During the 1st quarter of 2009, the upgrades of our Elefsina and Thessaloniki refineries progressed on time and within budget. We also advanced further our transformation initiatives to strengthen the Group's competitiveness across the board. Finally, we redesigned our organisational structure and are implementing the relocation of our headquarters and shared services programme, aiming to upgrade service levels and improve cost structures over the next 24 months." 

Key consolidated financial indicators (prepared in accordance with IFRS) for the three-month period ended 31 March 2009 are shown below:

€ million

1Q08 1

1Q09

P&L figures

Net Sales

2,490

1,594

-36%

EBITDA

123

92

-25%

Adjusted EBITDA 2

53

114

115%

Net Income

92

34

-63%

Adjusted Net Income 2

47

51

8%

EPS (€)

0.30

0.11

-63%

Adjusted EPS (€) 2

0.15

0.17

8%

Balance Sheet Items

Capital Employed

3,496

3,401

-3%

Net Debt

831

892

7%

Debt Gearing (D/D+E)

24%

26%

-

Notes:

1. 1Q08 results have been restated for the equity consolidation of Elpedison, the 50/50 JV with Italy's Edison: T-Power's results have been treated as income from associates, rather than being fully consolidated

2. Calculated as Reported less the inventory effects and other non-operating items 

Notes to Editors:

Founded in 1998, Hellenic Petroleum is one of the leading energy groups in South East Europe, with activities spanning across the energy value chain and in 11 countries in the region. Its shares are primarily listed on the Athens Exchange (ATHEX: ELPE), and its market capitalisation amounts to about €2.5 billion.

Further information and Conference call:

E. Stranis, PR and Corporate Affairs Director

Tel.:  +30-210-5539241

Email: estranis@helpe.gr

G. Grigoriou, IRO

Tel.:  +30-210-5539109

Email: ggrigoriouiro@helpe.gr

Website: http://www.hellenic-petroleum.gr

Group Consolidated Balance Sheet as at 31 March 2009

As at

31 March 2009

31 December 2008

ASSETS

Non-current assets

Property, plant and equipment

1,450,428

1,439,919

Intangible assets

126,626

129,391

Investments in associates

520,531

508,219

Deferred income tax assets

55,291

69,619

Available-for-sale financial assets

2,891

2,879

Loans, advances and other receivables

169,853

169,043

2,325,620

2,319,070

Current assets

Inventories

984,107

1,020,780

Trade and other receivables

889,470

929,604

Cash and cash equivalents

828,228

876,536

2,701,805

2,826,920

Total assets

5,027,425

5,145,990

EQUITY

Share capital

1,020,081

1,020,081

Reserves

502,749

501,332

Retained Earnings

836,832

803,471

Capital and reserves attributable to owners of the parent

2,359,662

2,324,884

Non-controlling interests

149,413

148,782

Total equity

2,509,075

2,473,666

LIABILITIES

Non- current liabilities

Borrowings

456,853

448,084

Deferred income tax liabilities

22,108

22,104

Retirement benefit obligations

155,342

153,736

Long term derivatives

57,734

71,219

Provisions and other long term liabilities

51,709

52,706

743,746

747,849

Current liabilities

Trade and other payables

488,602

791,544

Current income tax liabilities

17,012

19,378

Borrowings

1,265,793

1,110,355

Dividends payable

3,197

3,198

1,774,604

1,924,475

Total liabilities

2,518,350

2,672,324

Total equity and liabilities

5,027,425

5,145,990

 

 

Group Consolidated Income Statement for the period ended 31 March 2009

For the three month period ended

31 March 2009

31 March 2008

Sales

1,593,540

2,545,440

Cost of sales

(1,446,064)

(2,360,603)

 

 

Gross profit

147,476

184,837

Selling, distribution and administrative expenses

(100,283)

(93,196)

Exploration and development expenses

(1,339)

(5,555)

Other operating income/(expenses)- net

17,132

21,052

 

 

Operating profit

62,986

107,138

Finance costs- net

(6,792)

(8,946)

Currency exchange (losses)/gains 

(19,675)

23,108

Share of net result of associates and dividend income

11,759

17,991

 

 

Profit before income tax 

48,278

139,291

Income tax expense

(13,145)

(32,164)

 

 

Profit for the period

35,133

107,127

Other comprehensive income:

Gains/losses recognised directly in equity

Available-for-sale financial assets

11

-

Unrealised gains / (losses) on revaluation of hedges

1,417

(32,376)

Currency translation differences

(1,152)

(547)

Other Comprehensive income for the period, net of tax

276

(32,923)

Total comprehensive income for the year

35,409

74,204

Profit attributable to:

Owners of the parent

34,116

96,519

Non-controlling interests

1,017

10,608

Total comprehensive income attributable to:

Owners of the parent

34,778

63,596

Non-controlling interests

631

10,608

Basic and diluted earnings per share (expressed in Euro per share)

0.11

0.32

Group Consolidated Cash Flow Statement for the period ended 3March 2009

For the three month period ended

31 March 2009

31 March 2008

Cash flows from operating activities

Cash generated from operations

(133,970)

218

Income tax paid

(1,415)

(14,608)

Net cash (used in) / generated from operating activities

(135,385)

(14,390)

Cash flows from investing activities

Purchase of property, plant and equipment & intangible assets

(42,603)

(35,021)

Sale of property, plant and equipment & intangible assets

300

-

Grants received

28

154

Interest received

9,325

5,568

Investments in associates

(565)

(15)

Net cash used in investing activities

(33,515)

(29,314)

Cash flows from financing activities

Interest paid

(16,117)

(14,514)

Dividends paid

(1)

(582)

Proceeds from borrowings

541,651

731,222

Repayments of borrowings

(405,836)

(676,741)

Net cash generated from / (used in ) financing activities

119,697

39,385

Net increase in cash & cash equivalents

(49,203)

(4,319)

Cash & cash equivalents at the beginning of the period

876,536

208,450

Exchange losses on cash & cash equivalents

895

(1,521)

Net increase in cash & cash equivalents

(49,203)

(4,319)

Cash & cash equivalents at end of the period

828,228

202,610

Parent Company Balance Sheet as at 31 March 2009

As at

31 March 2009

31 December 2008

ASSETS

Non-current assets

Property, plant and equipment

873,589

855,247

Intangible assets

15,830

17,446

Investments in associates and joint ventures

707,902

707,838

Deferred income tax assets

48,510

61,465

Available-for-sale financial assets

21

21

Loans, advances and other receivables

1,215

632

1,647,067

1,642,649

Current assets

Inventories

884,463

940,722

Trade and other receivables

768,699

713,693

Cash and cash equivalents

430,014

520,232

2,083,176

2,174,647

Total assets

3,730,243

3,817,296

EQUITY

Share capital

1,020,081

1,020,081

Reserves

490,824

489,407

Retained Earnings

395,663

371,901

Total equity

1,906,568

1,881,389

LIABILITIES

Non- current liabilities

Borrowings

270,275

263,227

Retirement benefit obligations

124,067

123,496

Long term derivatives

57,734

71,219

Provisions and other long term liabilities

30,880

31,565

482,956

489,507

Current liabilities

Trade and other payables

413,239

682,404

Borrowings

924,283

760,798

Dividends payable

3,197

3,198

1,340,719

1,446,400

Total liabilities

1,823,675

1,935,907

Total equity and liabilities

3,730,243

3,817,296

Parent Company Income Statement for the period ended 31 March 2009

For the three month period ended

31 March 2009

31 March 2008

Sales

1,481,470

2,399,138

Cost of sales

(1,394,444)

(2,294,435)

 

 

Gross profit

87,026

104,703

Selling, distribution and administrative expenses

(46,159)

(44,529)

Exploration and development expenses

(1,339)

(5,555)

Other operating income/(expenses) - net

14,341

(8,967)

 

 

Operating profit

53,869

45,652

Finance cost -net

(1,785)

(3,846)

Currency exchange(losses)/gains

(19,524)

22,236

 

 

Profit before income tax 

32,560

64,042

Income tax expense

(8,798)

(23,769)

Profit for the period

23,762

40,273

Other comprehensive income:

Gains/losses recognised directly in equity

Unrealised gains / (losses) on revaluation of hedges

1,417

(32,376)

Other Comprehensive income for the period, net of tax

1,417

(32,376)

Total comprehensive income for the period

25,179

7,897

Basic and diluted earnings per share (expressed in Euro per share)

0.08

0.13

Parent Company Cash Flow Statement for the period ended 31 March 2009

For the three month period ended

31 March 2009

31 March 2008

Cash flows from operating activities

Cash (used in) / generated from operations

(199,852)

30

Income tax paid

-

(13,467)

Net cash (used in) / generated from operating activities

(199,852)

(13,437)

Cash flows from investing activities

Purchase of property, plant and equipment & intangible assets

(34,516)

(24,133)

Grants received

28

-

Investments in affiliated companies

(562)

(15)

Disposal of investment in affiliated companies 

498

Dividends received

2,350

-

Interest received

5,536

2,785

Net cash used in investing activities

(26,666)

(21,363)

Cash flows from financing activities

Interest paid

(6,995)

(6,631)

Dividends paid

(1)

(582)

Proceeds from borrowings

281,497

232,021

Repayments of borrowings

(139,117)

(184,623)

Net cash (used in) / generated from financing activities

135,384

40,185

Net increase / (decrease) in cash & cash equivalents

(91,134)

5,385

Cash & cash equivalents at beginning of the period

520,232

26,815

Exchange losses on cash & cash equivalents

916

(1,424)

Net increase/(decrease) in cash & cash equivalents

(91,134)

5,385

Cash & cash equivalents at end of the period

430,014

30,776

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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