Hellenic Petroleum reported Q4 adjusted EBITDA of €170m, a 20.9% decrease y-o-y, 7.7% below our Q417 estimates. This reduction was primarily due to lower benchmark margins partly offset by strong operational performance with refining utilisation at 111% (input over nominal capacity), exports (+12%) and a 14% increase in domestic marketing net sales driven by aviation and bunkering. FY17 adjusted EBITDA growth was strong at +14% with record production (15Mt) and sales (16.1Mt). Our last p
23 Feb 2018
Q4 strong ops performance, weaker margins
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Q4 strong ops performance, weaker margins
HELLENiQ ENERGY Holdings S.A. (ELPE:ATH) | 0 0 0.0%
- Published:
23 Feb 2018 -
Author:
Sanjeev Bahl -
Pages:
2
Hellenic Petroleum reported Q4 adjusted EBITDA of €170m, a 20.9% decrease y-o-y, 7.7% below our Q417 estimates. This reduction was primarily due to lower benchmark margins partly offset by strong operational performance with refining utilisation at 111% (input over nominal capacity), exports (+12%) and a 14% increase in domestic marketing net sales driven by aviation and bunkering. FY17 adjusted EBITDA growth was strong at +14% with record production (15Mt) and sales (16.1Mt). Our last p