Q4 15 results: comp. EBITDA was €130m (+23% yoy), slightly below consensus expectations. By division: 1) Refining comparable EBITDA came in at €76m (vs. €11m in Q4 14). The EMC benchmark margin was $3.1/bbl (vs. $0.9/bbl in Q4 14 and $4.8/bbl in the strong Q3 15). The refinery ran at 25.3mbbl (+10% yoy). Saras’ additional margin was $3.5/bbl (vs. $2.0/bbl in Q4 14 and $3.8/bbl in Q3 15); 2) Marketing: contribution to the comparable EBITDA was nil (vs. €2m in Q4 14).
