REG - Hellenic Petroleum - 2022 Half-Yearly Report
25/08/2022 16:00
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RNS Number : 2765X Hellenic Petroleum Holdings S.A. 25 August 2022
25 August 2022
Second Quarter / First Half 2022 financial results
Improved operating results on strong benchmark margins, significant
contribution from exports and increased tourism activity
HELLENIC PETROLEUM Holdings S.A. announced its 2Q22 consolidated financial
results, with Adjusted EBITDA at €535m compared with €79m in 2Q21 and
Adjusted Net Income at €367m.
The positive results reflect increased benchmark refining margins, the
improved profitability in exports and our international subsidiaries, but also
the demand recovery in the Greek market due to tourism, especially in aviation
and bunkering sales. Those outweigh the negative impact on our operating cost
from electricity and natural gas pricing, as well as the planned refining
maintenance.
Refining production amounted to 3.2m MT in 2Q22 (-13% vs 2Q21), as the
scheduled full turnaround at the Elefsina refinery and the maintenance at the
Aspropyrgos FCC unit were safely and successfully completed. As a result of
reduced output due to maintenance, sales volumes amounted to 3.4m MT (-16%),
with materially increased contribution from aviation and bunkering due to
strong tourism.
Reported EBITDA amounted to €738m, with Reported Net Income at €526m,
benefiting from the increase in international oil prices and the EUR/USD
exchange rate on the valuation of our inventory.
Strategy Implementation - Vision 2025
The Group's transformation strategy with investments in cleaner forms of
energy and reduction of its CO(2) footprint is successfully implemented, as in
2Q22, the new, 204 MW photovoltaic park in Kozani, the largest operating park
in Greece, commenced operations. The impact of this investment is particularly
positive both for the Company's results and Greece's energy balance, as it
replaces very expensive natural gas imports. It is noted that in July 2022,
the Group's installed RES capacity increased further to 340 MW, following the
acquisition of 55 MW of operating wind farms in Mani, S. Greece. Our objective
is to gradually grow the operating RES portfolio in the medium term to 1 GW
and exceed 2 GW by 2030.
In this context, on 4 July 2022, the Group, through HELPE Renewables S.A.,
signed Heads of Terms (50-50 partnership) with RWE Renewables GmbH, a
subsidiary of RWE, for the development, operation and management of offshore
wind parks in Greece. At the same time, studies are progressing to further
reduce the carbon footprint of the Group's refineries and petrol stations
network, through investments in carbon capture and green hydrogen production
technologies.
Record high crude oil prices in Euro/bbl terms, as well as of benchmark
refining margins in 2Q22
International crude oil prices increased in 2Q22 to record highs.
Specifically, Brent prices in 2Q22 averaged $114/bbl, compared to $69/bbl in
2Q21, driven by the market disruption and energy security concerns, following
Russia's invasion in Ukraine, but also the strong demand due to improved
economic activity.
The US dollar continued to strengthen, with the EUR/USD averaging 1.07 vs 1.20
in 2Q21, driven by the diverse monetary policies of the central banks and
concerns over Eurozone's higher reliance on imports relative to the US.
The combination of the highest oil prices in recent years and the
strengthening of the dollar, led to a historical high of crude oil and oil
product prices in Euro terms, with Brent averaging €107/bbl vs €57/bbl in
the corresponding period of last year; adding the impact of taxes,
international and domestic pump prices reached the highest levels on record.
Furthermore, this crisis led to a significant increase in the funding
requirements to ensure the smooth market supply.
Benchmark refining margins increased significantly in 2Q22, reaching record
high levels, mainly due to the strong demand, especially in diesel and
gasoline. Specifically, Hydrocracking and FCC benchmark margins averaged
$18.2/bbl and $21.4/bbl respectively in 2Q22.
Increased demand in the domestic fuel market
Domestic market's ground fuels demand was 2% higher, reaching 1.5m MT, while
auto fuels consumption grew by 7% y-o-y in 2Q22, as a result of the increased
economic activity and tourism. Aviation fuels consumption almost tripled, on
increased air traffic, mainly due to tourism, while bunkering fuels demand
grew by 13% y-o-y.
Balance sheet and capital expenditure
Net financial costs were flat y-o-y in 2Q22 at €25m, despite Net Debt
increasing to €1.97bn, as oil prices escalated in the wake of the Ukraine
crisis, resulting in higher working capital needs. However, Net Debt was lower
vs 1Q22, as a result of robust free cash flow generation, further
strengthening the Group's balance sheet.
Capital expenditure amounted to €136m, higher y-o-y, mainly due to the
maintenance works at the Elefsina and the Aspropyrgos refineries and the
acquisition of the Group's HQ office building.
Andreas Shiamishis, Group CEO, commented on the results:
"The 2Q22 set of financial results, with Adjusted Net Income of €367m, is
particularly positive with substantial improvements across all our business
units, mainly due to the prevailing conditions in international markets,
increased demand in Greece, as well as the ongoing focus towards the Group's
operational improvement. The efforts for extroversion and change of business
model are yielding results, as, in addition to the incremental profitability
from our investments, the contribution from exports, aviation sales and our
international subsidiaries, for the first time, significantly exceeded that of
domestic market.
During the quarter we further accelerated our strategy implementation, with
new investments in RES, where we have now created a new business pillar, as
one of the fastest growing companies in the market. Developments in the rest
of our portfolio are also evolving, with the partnership with ExxonMobil in
the Crete offshore blocks, offering a new perspective to hydrocarbons
exploration. As far as DEPA is concerned, we estimate that the sale of DEPA
Infrastructure will soon be completed, with proceeds of over €250m directed
towards new Energy, while allowing for an additional distribution to our
shareholders.
The benefits of our new business strategy, the upgraded corporate governance,
as well as the new organizational structure have become visible within a short
period of time and allow a more dynamic development of the Group. With today's
decision to convene an Extraordinary General Meeting of our shareholders to
approve our new corporate identity, we are completing the first phase of our
strategic plan Vision 2025".
Key highlights and contribution for each of the main business units in 2Q22
were:
REFINING, SUPPLY & TRADING
- Refining, Supply & Trading 2Q22 Adjusted EBITDA came in at €467m (vs
€9m in 2Q21).
- Realized HELPE System margin amounted to $26.5/bbl, with notable
overperformance vs benchmarks.
- During 2Q22, scheduled maintenance works at the Elefsina and Aspropyrgos
refineries were successfully completed. It is noted that in September an
extensive maintenance program will commence at the Thessaloniki refinery.
PETROCHEMICALS
- 2Q22 Adjusted EBITDA came in at €22m, as normalization of global PP
balances vs market deficit in 2Q21 led to lower international benchmark PP
margins.
MARKETING
- Domestic Marketing recorded improved performance on higher sales volume
(+31% y-o-y), benefiting from increased tourism. Adjusted EBITDA came in at
€24m.
- In International Marketing, demand recovery across our markets resulted in
increased sales volume (+24% vs 2Q21) and improved profitability, with
Adjusted EBITDA at €19m.
RENEWABLES
- Higher RES operating capacity, due to the contribution of the wind farms
in South Evia and the PV in Kozani, led to higher electricity output (114 GWh
vs 13 GWh in 2Q21), with Adjusted EBITDA increasing to €6m vs €1m in 2Q21.
ASSOCIATE COMPANIES
- DEPA companies' contribution to 2Q22 consolidated Net Income was €10m.
- Elpedison 2Q22 EBITDA came in at €35mn, driven by an increase of
operational flexibility and natural gas supply optimization. Increased prices
resulted in higher working capital and funding needs.
HELLENIC PETROLEUM Holdings
Key consolidated financial indicators for 2Q/1H22
(prepared in accordance with IFRS)
€ million 2Q21 2Q22 % Δ 1H21 1H22 % Δ
P&L figures
Refining Sales Volumes ('000 ΜΤ) 4,054 3,418 -16% 7,458 6,710 -10%
Sales 2,235 3,974 78% 3,957 6,777 71%
EBITDA 133 738 - 391 1,239 -
Adjusted EBITDA (1) 79 535 - 139 633 -
Net Income 54 526 - 206 872 -
Adjusted Net Income (1) 7 367 - 12 371 -
Balance Sheet Items
Capital Employed 3,769 4,835 28%
Net Debt 1,751 1,967 12%
Gearing (ND/ND+E) 46% 41% -
Note 1: Calculated as Reported adjusted for inventory effects and other
non-operating items, as well as the IFRS accounting treatment of the EUAs
deficit.
Further information:
N. Katsenos, Head of IR
Tel.: +30 210-6302305
Email: nkatsenos@helpe.gr (mailto:nkatsenos@helpe.gr)
Group Consolidated statement of financial position
As at
Note 30 June 2022 31 December 2021
ASSETS
Non-current assets
Property, plant and equipment 10 3.543.661 3.484.805
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Right-of-use assets 11 209.036 228.375
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Intangible assets 12 226.172 228.659
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Investments in associates and joint ventures 7 369.831 313.723
Deferred income tax assets 98.074 75.702
Investment in equity instruments 3 483 504
Loans, advances and long term assets 65.485 73.910
4.512.742 4.405.678
Current assets
Inventories 14 2.006.956 1.379.135
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Trade and other receivables 15 938.037 694.606
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Income tax receivables 16.444 16.479
Derivative financial instruments 3 17.008 92.143
Cash and cash equivalents 16 1.394.831 1.052.618
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4.373.276 3.234.981
Assets held for sale 193.993 191.577
Total assets 9.080.011 7.832.236
EQUITY
Share capital and share premium 17 1.020.081 1.020.081
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Reserves 18 240.434 249.104
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Retained Earnings 1.542.290 795.468
Equity attributable to equity holders of the parent 2.802.805 2.064.653
Non-controlling interests 65.342 64.402
Total equity 2.868.147 2.129.055
LIABILITIES
Non-current liabilities
Interest bearing loans & borrowings 19 1.269.420 1.516.531
Lease liabilities 159.906 172.296
Deferred income tax liabilities 197.579 89.478
Retirement benefit obligations 211.908 210.736
Derivative financial instruments 245 860
Provisions 32.711 26.959
Other non-current liabilities 27.317 27.801
1.899.086 2.044.661
Current liabilities
Trade and other payables 20 2.016.160 2.146.559
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Derivative financial instruments 374 2.214
Income tax payable 146.461 4.488
Interest bearing loans & borrowings 19 2.092.876 1.474.493
Lease liabilities 25.313 29.499
Dividends payable 25 31.594 1.267
4.312.778 3.658.520
Total liabilities 6.211.864 5.703.181
Total equity and liabilities 9.080.011 7.832.236
Group Consolidated statement of comprehensive income
For the six month period ended For the three month period ended
Note 30 June 2022 30 June 2021 30 June 2022 30 June 2021
Revenue from contracts with customers 4 6.777.314 3.957.067 3.974.379 2.234.740
Cost of sales (5.422.183) (3.482.556) (3.163.977) (2.057.034)
Gross profit / (loss) 1.355.131 474.511 810.402 177.706
Selling and distribution expenses (169.684) (150.058) (87.296) (79.368)
Administrative expenses (85.592) (64.272) (48.942) (32.813)
Exploration and development expenses (7.332) (1.662) (957) (801)
Other operating income and other gains 5 14.332 17.170 9.141 11.112
Other operating expense and other losses 5 (18.720) (11.029) (14.042) (6.988)
Operating profit /(loss) 1.088.135 264.660 668.306 68.848
Finance income 1.105 1.415 567 692
Finance expense (51.052) (50.095) (26.498) (25.191)
Finance expense - lease finance cost (4.704) (5.130) (2.342) (2.580)
Currency exchange gain / (loss) 6 1.239 8.217 5.509 3.055
Share of profit / (loss) of investments in associates and joint ventures 7 68.161 32.481 21.809 12.794
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Profit / (loss) before income tax 1.102.884 251.548 667.351 57.618
Income tax credit / (expense) 8 (230.571) (45.103) (141.668) (3.947)
Profit / (loss) for the period 872.313 206.445 525.683 53.671
Profit / (loss) attributable to:
Equity holders of the parent 869.117 204.928 523.912 52.464
Non-controlling interests 3.196 1.517 1.771 1.207
872.313 206.445 525.683 53.671
Other comprehensive income / (loss):
Other comprehensive income / (loss) that will not be reclassified to profit or
loss (net of tax):
Actuarial gains / (losses) on defined benefit pension plans 18 - (1.280) - (1.280)
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Share of other comprehensive income / (loss) of associates 18 - 146 - 122
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Changes in the fair value of equity instruments 18 (13) (335) 3 (294)
Net other comprehensive income / (loss) that will not be reclassified to (13) (1.469) 3 (1.452)
profit or loss (net of tax):
Other comprehensive income / (loss) that may be reclassified subsequently to
profit or loss (net of tax):
Recycling of (gains) / losses on hedges through comprehensive income 18 (4.941) (31.794) - (7.806)
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Share of other comprehensive income / (loss) of associates 18 (9.636) - 8.091 -
Fair value gains / (losses) on cash flow hedges 18 5.844 28.115 (4.363) 3.478
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Currency translation differences and other movements 18 66 (20) 233 (95)
Net other comprehensive income / (loss) that may be reclassified subsequently (8.667) (3.699) 3.961 (4.423)
to profit or loss (net of tax):
Other comprehensive income / (loss) for the period, net of tax (8.680) (5.168) 3.964 (5.875)
Total comprehensive income / (loss) for the period 863.633 201.277 529.647 47.796
Total comprehensive income / (loss) attributable to:
Equity holders of the parent 860.447 199.761 527.875 46.588
Non-controlling interests 3.186 1.516 1.772 1.208
863.633 201.277 529.647 47.796
Basic and diluted earnings / (losses) per share 9 2,84 0,67 1,71 0,17
(expressed in Euro per share) (file:///C%3A/Users/Gkallitsi/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/5FVBBLWY/2022%2006m%20Group%20nolinks%2025.08.xlsx#'9'!C83)
Group Consolidated statement of cash flows
For the six month period ended
Note 30 June 2022 30 June 2021
Cash flows from operating activities
Cash generated from / (used in) operations 21 362.945 72.381
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Income tax received / (paid) (3.202) 16.755
Net cash generated from / (used in) operating activities 359.743 89.135
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets 10, 12 (219.598) (110.548)
Proceeds from disposal of property, plant and equipment & intangible 172 541
assets
Share capital issue expenses - (4)
Purchase of subsidiary, net of cash acquired 26 404 -
Grants received - 56
Interest received 1.105 1.415
Prepayments for right-of-use assets (468) (220)
Proceeds from disposal of assets held for sale - 2.649
Proceeds from disposal of investments in equity instruments - 360
Net cash generated from / (used in) investing activities (218.385) (105.751)
Cash flows from financing activities
Interest paid (45.278) (43.456)
Dividends paid to shareholders of the Company (91.951) (6)
Dividends paid to non-controlling interests (2.061) (580)
Proceeds from borrowings 376.400 136.816
Repayments of borrowings (13.991) (44.979)
Payment of lease liabilities - principal, net (19.055) (16.904)
Payment of lease liabilities - interest (4.704) (5.130)
Net cash generated from / (used in) financing activities 199.360 25.761
Net increase / (decrease) in cash and cash equivalents 340.719 9.145
Cash and cash equivalents at the beginning of the period 17 1.052.618 1.202.900
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Exchange gain / (loss) on cash and cash equivalents 1.494 8.371
Net increase / (decrease) in cash and cash equivalents 340.719 9.145
Cash and cash equivalents at end of the period 17 1.394.831 1.220.416
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Parent Company Statement of Financial Position
As at
Note 30 June 2022 31 December 2021
ASSETS
Non-current assets
Property, plant and equipment 1.388 2.707.520
Right-of-use assets 11 7.770 26.547
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Intangible assets 207 1.111
Investments in subsidiaries,associates and joint ventures 7 1.627.528 933.596
Deferred income tax assets 10.940 -
Investment in equity instruments 38 37
Loans, advances and long term assets 13 120.348 143.172
1.768.219 3.811.983
Current assets
Inventories - 1.240.774
Trade and other receivables 9.072 569.077
Income tax receivables - 13.898
Derivative financial instruments - 92.143
Cash and cash equivalents 47.389 843.493
56.461 2.759.385
Assets held for sale 122.301 122.301
Total assets 1.946.981 6.693.669
EQUITY
Share capital and share premium 17 1.020.081 1.020.081
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Reserves 18 260.642 260.642
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Retained Earnings 593.770 714.744
Total equity 1.874.493 1.995.467
LIABILITIES
Non-current liabilities
Interest bearing loans & borrowings - 1.149.696
Lease liabilities 5.471 16.532
Deferred income tax liabilities - 60.807
Retirement benefit obligations 8.868 174.211
Provisions - 22.248
Other non-current liabilities 5.219 11.956
19.558 1.435.450
Current liabilities
Trade and other payables 18.704 1.901.339
Derivative financial instruments - 2.214
Income tax payable 8 377 416
Interest bearing loans & borrowings - 1.349.300
Lease liabilities 2.293 8.216
Dividends payable 25 31.556 1.267
52.930 3.262.752
Total liabilities 72.488 4.698.202
Total equity and liabilities 1.946.981 6.693.669
Parent Company Statement of Comprehensive Income
For the six month period ended For the three month period ended
Note 30 June 2022 30 June 2021 30 June 2022 30 June 2021
Continuing Operations
Revenue from contracts with customers 15.162 - 9.122 -
Cost of sales (13.785) - (8.294) -
Gross profit / (loss) 1.377 - 828 -
Selling and distribution expenses - - - -
Administrative expenses (3.407) (1.058) (1.992) (529)
Exploration and development expenses - - - -
Other operating income and other gains 5 11.044 851 7.359 427
Other operating expense and other losses 5 (9.245) (753) (5.894) (753)
Operating profit /(loss) (231) (959) 301 (854)
Finance income 2.738 2.046 1.323 1.022
Finance expense (509) - (4) (166)
Finance expense - lease finance cost (264) (325) (129) -
Currency exchange gain / (loss) - - - -
Share of profit / (loss) of investments in associates and joint ventures 7 - - - -
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Profit / (loss) before income tax from continuing operations 1.734 762 1.491 1
Income tax credit / (expense) 8 (432) (168) (401) (83)
Profit / (loss) for the period from continuing operations 1.302 595 1.090 (82)
Discontinued operations
Total comprehensive income after tax for the period from discontinued 7 - 147.195 - 10.861
operations
Total comprehensive income / (loss) for the period 1.302 147.790 1.090 10.779
Parent Company Statement of Cash flows
For the six month period ended
Note 30 June 2022 30 June 2021
Cash flows from operating activities
Cash generated from / (used in) continuing operations 21 44.890 644
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Cash generated from / (used in) discontinued operations 21 - (1.089)
(file:///C%3A/Users/Gkallitsi/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/5FVBBLWY/2022%2006m%20Group%20nolinks%2025.08.xlsx#'20'!A1)
Income tax received / (paid) - 18.135
Net cash generated from / (used in) operating activities 44.890 17.690
Cash flows from investing activities
Participation in share capital increase of subsidiaries, associates and joint (16.609) (1.482)
ventures
Loans and advances to Group Companies (18.302) -
Interest received 1.118 2.046
Net cash generated from / (used in) investing activities from discontinued - (50.046)
operations
Net cash generated from / (used in) investing activities (33.793) (49.481)
Cash flows from financing activities
Dividends paid to shareholders of the Company (91.951) -
Payment of lease liabilities - principal, net (1.494) (1.313)
Payment of lease liabilities - interest (264) (325)
Net cash generated from / (used in) financing activities from discontinued - 22.221
operations
Net cash generated from / (used in) financing activities (93.709) 20.583
Net increase / (decrease) in cash and cash equivalents (82.612) (11.208)
Cash and cash equivalents at the beginning of the period 843.493 992.748
Exchange gain / (loss) on cash and cash equivalents - 8.041
Net cash outflow due to demerger 7 (713.493) -
Net increase / (decrease) in cash and cash equivalents (82.612) (11.208)
Cash and cash equivalents at end of the period 47.388 989.581
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. END IR UVSSRUBUWUARRecent news on HELLENiQ ENERGY Holdings SA
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