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Half Yearly Report

27 Aug 2015 17:11

RNS Number : 3632X
Hellenic Petroleum S.A.
27 August 2015
 

PRESS RELEASE

27 August 2015

Second quarter/first half 2015 financial results

 

 

Positive results on strong benchmark refining margins -

uninterrupted operations during the banking crisis

 

 

During 2Q15, HELLENIC PETROLEUM Group had to address the consequences of the 8 May 2015 accident at Aspropyrgos refinery, which also extended the turnaround process, the unplanned shut-down of the flexicoker unit at Elefsina refinery, as well as the banking crisis, with the capital controls imposition and the bank holiday at the end of June. Despite the challenges, the Group achieved a significant improvement in 2Q15 results compared with last year, with Adjusted EBITDA amounting to €130m (2Q14: €49m), mainly on the back of stronger benchmark refining margins and euro/usd rate, as well as improved operational performance in all business units.

Management efforts were focused on the smooth start-up of the Aspropyrgos refinery, which came into full operation on 25 June 2015, as well as managing the banking crisis in Greece, aiming to continue the operation of our refineries with minimum disruptions and the uninterrupted supply of the domestic market and our international customers.

 

Positive refining environment: resilient benchmark refining margins

The increased international demand for oil products, mainly gasoline, continued in the second quarter of 2015. Crude oil prices remained weak and in combination with the continued economic recovery in developed markets, drove global demand growth. Crude oil prices recovered partially from 1Q15 lows, averaging $63/bbl, however remained significantly lower compared with 2Q14.

The dollar strengthened slightly against the euro, with the exchange rate averaging 1.11 usd/euro for 2Q15, the strongest (for the dollar) since 2003.

As a result of the above, benchmark Med FCC margins averaged $7.3/bbl, while Ηydrocracking margins came at $5.8/bbl, due to increased diesel supply.

 

Greek market: Fuels demand growth in the second quarter, deterioration of domestic economic sentiment

The domestic fuels market continued to grow in 2Q15, amounting to 1.6 million tonnes (+6%), as demand increased for all products.

The bank holiday and capital controls imposed on 28 June 2015 are expected to have a negative impact on economic activity during the second half of the year, according to estimates, also affecting fuels market, with the first signs of falling demand appearing in 3Q15, despite the increase in tourism.

 

Financial results and main business developments

2Q15 results were driven mainly by the improved performance of refining, while Adjusted Net Income amounted to €38m.

Reported IFRS results were also positive, supported by inventory valuation and FX gains, partly offsetting losses recorded in previous quarters. Reported EBITDA amounted to €144m and Net Income to €49m.

Operating cashflow was also positive, despite increased capital expenditure due to maintenance works, and finance costs, which despite the successful actions for the gradual reduction in 2014, continue to be affected by developments in Greece and remain disproportionately high. Net debt came at €1.1bn, slightly lower than year-end, while gearing stood at 38%.

At the end of June, as Greek economy crisis escalated following the 3-week bank holiday and the imposition of capital controls, the Group successfully rolled-out a comprehensive plan in response to the crisis, in line with its established risk management policy, aiming at sustaining normal operations and uninterrupted market supply. As a result, refineries operated as planned, covering Greek market demand and continuing export activity. Due to its business model and increased export orientation, almost 60% of the proceeds from sales originates outside of Greece; those transactions are executed through international banks, with which the Group maintains a long-term relationship, mitigating the consequences of the Greek banking system crisis. The Group's financial strategy for funding diversification with the issuance of the Eurobonds, as well as negotiations with international banks was a key factor for the successful management of the crisis, as it resulted to 50% of debt sourced outside of Greece and therefore not affected by the Greek banking system.

Finally, in addition to the start-up of the Aspropyrgos refinery, Elefsina refinery also completed the maintenance of its flexicoker unit in July, with all Group's refineries in full operational availability in 3Q15.

Regarding the sale of 66% of DESFA share capital to SOCAR, the Share Purchase Agreement has been extended until December 2015, with the approval of the European Competition Authorities being the final step for the completion of the regulatory clearance.

HELLENIC PETROLEUM participated in the recent international tender process for exploration and production in offshore areas in Western Greece on 14 July 2015, reiterating the Group's interest in developments in the country, following the opening of the upstream sector to the international oil industry.

 

Key highlights and contribution for each of the main business units in 2Q15 were:

 

REFINING, SUPPLY & TRADING

- Domestic Refining, Supply & Trading 2Q15 Adjusted EBITDA at €77m.

- Production came in at 2.2 million tonnes, affected by the extended turnaround of Aspropyrgos refinery.

- Domestic market and Bunkering & Aviation sales were higher, leading total volumes sold to 2.9 million tonnes.

 

PETROCHEMICALS

- International PP margins led Adjusted EBITDA to €23m, despite the drop in propylene production out of Aspropyrgos refinery and the maintenance works in Thessaloniki polypropylene complex.

 

DOMESTIC MARKETING

- Performance improvement particularly in Aviation & Bunkering led Domestic Marketing 2Q15 Adjusted EBITDA to €13m.

- Improvement in market shares continued, mainly on the back of the successful network strategy.

 

INTERNATIONAL MARKETING

- Increased market demand, on lower product price environment and higher vertical integration with Thessaloniki refinery led to sales volumes growth (+12%).

- 2Q15 Adjusted EBITDA amounted to €15m.

 

ASSOCIATED COMPANIES

- DEPA Group contribution to consolidated Net Income amounted to €3m, due to reduced demand from gas-fired electricity generators and industrial customers, despite an increase in EPA's sales volumes.

- Elpedison profitability continued to be affected by the significant delay in transitional regulatory framework for independent power producers.

Key consolidated financial indicators (prepared in accordance with IFRS) for 2Q15 are shown below:

€ million

2Q14

2Q15

% Δ

1H14

1H15

% Δ

P&L figures

Refining Sales Volumes ('000 ΜΤ)

3,185

2,950

-7%

5,976

6,565

10%

Sales

2,385

1,785

-25%

4,462

3,664

-18%

EBITDA

53

144

-

78

299

-

Adjusted EBITDA 1

49

130

-

100

335

-

Net Income

(50)

49

-

(91)

66

-

Adjusted Net Income 1

(53)

38

-

(72)

93

-

Balance Sheet Items

Capital Employed

3,751

2,947

-21%

Net Debt

1,625

1,115

-31%

Debt Gearing (ND/ND+E)

43%

38%

-

Notes:

1. Calculated as Reported adjusted for inventory effects and other non-operating items.

 

Note 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 presence in 7 countries.

 

Further information:

V. Tsaitas, Investor Relations Officer

Tel.: +30-210-6302399

Email: vtsaitas@helpe.gr

 

E. Stranis, Group Corporate Affairs Director

Tel.: +30-210-6302241

Email: estranis@helpe.gr

 

G. Stanitsas, Group Communications Director

Tel.: +30-210-6302197

Email: gstanitsas@helpe.gr

 

 

  

Group Consolidated Statement of Financial Position

 

As at

Note

30 June 2015

31 December 2014

ASSETS

Non-current assets

Property, plant and equipment

11

3.387.863

3.398.170

Intangible assets

12

126.428

131.978

Investments in associates and joint ventures

675.111

682.425

Deferred income tax assets

184.722

224.788

Available-for-sale financial assets

3

602

1.547

Loans, advances and other receivables

87.743

86.698

4.462.469

4.525.606

Current assets

Inventories

13

784.282

637.613

Trade and other receivables

14

772.288

708.227

Cash, cash equivalents and restricted cash

15

2.209.739

1.847.842

3.766.309

3.193.682

Total assets

8.228.778

7.719.288

EQUITY

Share capital

16

1.020.081

1.020.081

Reserves

17

471.239

435.013

Retained Earnings

229.322

163.048

Capital and reserves attributable to owners of the parent

1.720.642

1.618.142

Non-controlling interests

110.167

110.404

Total equity

1.830.809

1.728.546

LIABILITIES

Non-current liabilities

Borrowings

18

1.654.957

1.811.995

Deferred income tax liabilities

39.913

40.953

Retirement benefit obligations

95.154

92.728

Provisions for other liabilities and charges

6.245

6.224

Other long term liabilities

21.242

21.861

1.817.511

1.973.761

Current liabilities

Trade and other payables

19

2.885.201

2.679.199

Derivative financial instruments

3

10.515

60.087

Current income tax liabilities

12.831

34.901

Borrowings

18

1.670.766

1.177.645

Dividends payable

1.145

65.149

4.580.458

4.016.981

Total liabilities

6.397.969

5.990.742

Total equity and liabilities

8.228.778

7.719.288

 

  

Group Consolidated Statement of Comprehensive Income

For the six month period ended

For the three month period ended

Note

30 June 2015

30 June 2014

30 June 2015

30 June 2014

Sales

3.664.022

4.462.649

1.784.524

2.386.226

Cost of sales

(3.250.207)

(4.271.776)

(1.579.993)

(2.272.588)

Gross profit

413.815

190.873

204.531

113.638

Selling and distribution expenses

(161.405)

(153.193)

(85.050)

(76.755)

Administrative expenses

(54.516)

(54.931)

(26.175)

(29.592)

Exploration and development expenses

(674)

(1.317)

(319)

(832)

Other operating income / (expenses) - net

5

8.190

189

3.875

(2.301)

Operating profit / (loss)

205.410

(18.379)

96.862

4.158

Finance (expenses) / income - net

6

(100.440)

(106.251)

(50.570)

(53.396)

Currency exchange gains / (losses)

7

(20.682)

(655)

18.252

(1.867)

Share of net result of associates

8

10.962

24.118

2.861

9.589

Profit / (loss) before income tax

95.250

(101.167)

67.405

(41.516)

Income tax (expense) / credit

9

(29.017)

10.164

(18.335)

(8.940)

Profit / (loss) for the period

66.233

(91.003)

49.070

(50.456)

Other comprehensive income:

Items that may be reclassified subsequently to profit or loss:

Fair value gains/(losses) on available-for-sale financial assets

(174)

23

(159)

(12)

Fair value gains / (losses) on cash flow hedges

17

36.683

718

32.559

3.156

Other movements and currency translation differences

(479)

528

(476)

503

Other comprehensive (loss) / income for the period, net of tax

36.030

1.269

31.924

3.647

Total comprehensive (loss) / income for the period

102.263

(89.734)

80.994

(46.809)

Profit attributable to:

Owners of the parent

66.274

(88.035)

47.985

(50.191)

Non-controlling interests

(41)

(2.968)

1.085

(265)

66.233

(91.003)

49.070

(50.456)

Total comprehensive income attributable to:

Owners of the parent

102.500

(86.669)

79.952

(46.540)

Non-controlling interests

(237)

(3.065)

1.042

(269)

102.263

(89.734)

80.994

(46.809)

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

10

0,22

(0,29)

0,16

(0,16)

  

 

Group Consolidated Statement of Cash Flows

 

For the six month period ended

Note

30 June 2015

30 June 2014

Cash flows from operating activities

Cash generated from operations

20

299.511

211.705

Income and other taxes paid

(25.410)

(7.777)

Net cash generated from / (used in) operating activities

274.101

203.928

Cash flows from investing activities

Purchase of property, plant and equipment & intangible assets

(78.856)

(60.827)

Proceeds from disposal of property, plant and equipment & intangible assets

198

133

Interest received

4.387

4.168

Dividends received

18.277

37.988

Proceeds from disposal of available for sale financial assets

771

-

Net cash generated from / (used in) investing activities

(55.223)

(18.538)

Cash flows from financing activities

Interest paid

(103.461)

(113.564)

Dividends paid to shareholders of the Company

(64.004)

(359)

Proceeds from borrowings

396.023

376.087

Repayments of borrowings

(95.151)

(137.322)

Net cash generated from / (used in) financing activities

133.407

124.842

Net (decrease) / increase in cash, cash equivalents and restricted cash

352.285

310.232

Cash,cash equivalents and restricted cash at the beginning of the period

15

1.847.842

959.602

Exchange gains / (losses) on cash, cash equivalents and restricted cash

9.612

911

Net (decrease) / increase in cash, cash equivalents and restricted cash

352.285

310.232

Cash, cash equivalents and restricted cash at end of the period

15

2.209.739

1.270.745

 

  

Parent Company Statement of Financial Position

 

As at

Note

30 June 2015

31 December 2014

ASSETS

Non-current assets

Property, plant and equipment

10

2.770.909

2.767.874

Intangible assets

11

11.568

11.477

Investments in subsidiaries, associates and joint ventures

662.426

659.826

Deferred income tax assets

133.378

174.573

Available-for-sale financial assets

50

50

Loans, advances and long-term assets

18.345

142.980

3.596.676

3.756.780

Current assets

Inventories

12

689.660

543.783

Trade and other receivables

13

1.043.250

899.057

Cash, cash equivalents and restricted cash

14

1.894.400

1.593.262

3.627.310

3.036.102

Total assets

7.223.986

6.792.882

EQUITY

Share capital

15

1.020.081

1.020.081

Reserves

16

466.677

429.994

Retained Earnings

(184.851)

(273.388)

Total equity

1.301.907

1.176.687

LIABILITIES

Non- current liabilities

Borrowings

17

1.519.202

1.760.493

Retirement benefit obligations

76.512

74.495

Provisions for other liabilities and charges

3.000

3.000

Other long term liabilities

11.698

11.618

1.610.412

1.849.606

Current liabilities

Trade and other payables

18

2.813.696

2.614.360

Derivative financial instruments

10.515

60.087

Current income tax liabilities

8

973

16.901

Borrowings

17

1.485.360

1.010.114

Dividends payable

1.123

65.127

4.311.667

3.766.589

Total liabilities

5.922.079

5.616.195

Total equity and liabilities

7.223.986

6.792.882

 

  

Parent Company Statement of Comprehensive Income

 

For the six month period ended

For the three month period ended

Note

30 June 2015

30 June 2014

30 June 2015

30 June 2014

Sales

3.357.750

4.127.881

1.621.068

2.199.056

Cost of sales

(3.079.131)

(4.058.335)

(1.496.828)

(2.152.428)

Gross profit

278.619

69.546

124.240

46.628

Selling and distribution expenses

(59.231)

(54.275)

(31.478)

(26.611)

Administrative expenses

(33.828)

(34.278)

(15.273)

(19.068)

Exploration and development expenses

(670)

(1.317)

(315)

(832)

Other operating income / (expenses) - net

5

1.921

(2.003)

1.626

(4.161)

Dividend income

32.659

47.545

32.526

47.545

Operating profit / (loss)

219.470

25.218

111.326

43.501

Finance (expenses) / income -net

6

(82.442)

(85.445)

(42.340)

(44.652)

Currency exchange gains / (losses)

7

(20.180)

(509)

17.134

(1.592)

Profit / (loss) before income tax

116.848

(60.736)

86.120

(2.743)

Income tax expense

8

(28.311)

8.029

(18.239)

(7.714)

Profit / (Loss) for the period

88.537

(52.707)

67.881

(10.457)

Other comprehensive income:

Items that may be reclassified subsequently to profit or loss:

Fair value gains/(losses) on cash flow hedges

36.683

5.171

32.559

7.609

Other Comprehensive income/(loss) for the period, net of tax

36.683

5.171

32.559

7.609

Total comprehensive income/(loss) for the period

125.220

(47.536)

100.440

(2.848)

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

9

0,29

(0,17)

0,22

(0,03)

  

 

Parent Company Statement of Cash Flows

 

For the six month period ended

Note

30 June 2015

30 June 2014

Cash flows from operating activities

Cash used in operations

19

272.986

120.384

Income tax paid

(15.933)

(3.476)

Net cash generated from operating activities

257.053

116.908

Cash flows from investing activities

Purchase of property, plant and equipment & intangible assets

10,11

(68.470)

(54.658)

Dividends received

23.159

37.988

Interest received

6

10.308

9.356

Participation in share capital increase of affiliated companies

(850)

(5)

Net cash generated from / (used in) investing activities

(35.853)

(7.319)

Cash flows from financing activities

Interest paid

(69.833)

(89.619)

Dividends paid

(64.004)

(359)

Proceeds from borrowings

354.398

366.354

Repayments of borrowings

(150.252)

(102.684)

Net cash generated from / (used in) financing activities

70.309

173.692

Net increase in cash, cash equivalents and restricted cash

291.509

283.281

Cash, cash equivalents and restricted cash at beginning of the period

14

1.593.262

739.311

Exchange gains / (losses) on cash, cash equivalents and restricted cash

9.629

907

Net increase in cash, cash equivalents and restricted cash

291.509

283.281

Cash, cash equivalents and restricted cash at end of the period

14

1.894.400

1.023.499

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR BLGDIUGDBGUR
12
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12

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