Net profit of the Lotos Group in the first quarter of 2016 years rose to 106 million zł to zł 101.4 million loss a year earlier and was higher than analysts’ forecasts of 74.9 million zł.
Operating profit fell to 137.8 million from 267.7 million zł zł in the previous year and was also higher than the consensus at 92 million zł.
EBITDA in the first three months of the year dropped to 400.3 million from 445.5 million zł zł in the previous year. Analysts assumed that it would be 322.5 million zł.
Purified LIFO EBITDA increased to 547.1 mln zł of 461 3 million zł and was higher than market expectations of 458.9 mln zł.
On the other hand cleaned LIFO EBIT amounted to 284.6 mln zł to zł 283.5 million in the first quarter. 2015. Consensus assumed that it will be 239 million zł.
Group revenues fell to 3.9 billion from 5.1 billion zł zł year earlier. Analysts expected the amount to 4.07 billion zł.
The LIFO effect was in the first quarter of this year, 192 million zł.
The model refining margin group was in the last quarter of USD 4.74 per barrel.
Lotus announces that an increase of one of the key “model barrel” crack for gasoline (+ 9.5 per cent.). At the same time continue to decline crack spreads for middle distillates.
increased significantly year-on-year spread Brent / Ural (approx. 52 per cent., Or about USD 0.9 per barrel).
The level carried out by the Gdansk company margins supported Quarterly average growth rate USD / PLN, approx. 6 percent.
The operating profit of the group for the first quarter consisted of a segment result of production and trade at the level of 122.1 mln zł, the upstream segment amounted to 7.5 million zł and operating loss from other operations was EUR -0.6 million zł, plus consolidation adjustments in the amount of 8.8 million zł.
The company points to a record production of hydrocarbons, at the level of approx. 30 thousand. boe a day. Oil and gas from the Sleipner assets during this period amounted to approx. 16 thousand. boe a day.
At the end of March Lotus had 477 fuel stations to 476 at the end of 2015.
Net financial group in this period amounted to 46.8 million zł. Made on him mainly foreign exchange gains of 74.9 million zł, a positive effect of valuation and settlement of hedging transactions in the amount of 33.1 million zł and a negative net to compensate for interest on debt, interest income and commissions at the level of -59.1 million zł.
The Company informs that the weakening of the dollar against the zloty at the end of the first quarter . 2016. had a positive effect on the revaluation of the debt in dollars.
Capital expenditures in the period January-March 2016. Amounted to 324.4 mln zł. In the upstream, Lotos has invested 99.6 million zł, a segment in manufacturing and trading of 224.8 million zł, of which 189.3 million zł program EFRA.
The balance of cash flows from operating activities in the first quarter. This year amounted to 319.2 million zł.
The results of the Lotos Group in the first quarter. 2016 years vs. PAP consensus
Below are the results of Grupa Lotos in the first
quarter of 2016. and the reference to consensus estimates and the previous
results.
| Data million zł / 1Q2016 | results | kons. | difference | r / r | g / g |
|---|---|---|---|---|---|
Revenue | 3936.0 | 4074.3 | 3.4% | -23.3% | -24.7% |
EBITDA | 400.3 | 322.5 | 24.1% | -10.1% | |
LIFO EBITDA | 547.1 | 458.9 | 19.2% | 18.5% | 12.5% |
EBIT | 137.8 | 92.0 | 49.8% | -48.5% | |
LIFO EBIT | 284.6 | 239.0 | 19.1% | 0.4% | |
Net profit | 106.0 | 74.9 | 41.6% | ||
EBITDA margin | 10.2% | 7.9% | 2.23 | 1.49 | 12.95 |
EBIT margin | 3.5% | 2.1% | 1.37 | 1.72 | 9.61 |
net margin | 2.7% | 1.8% | 0.93 | 4.67 | 10.18 |
Financial results for the first quarter of the Lotus. ’16 By Segment
Below are key financial results of the group Lotos
individual business segments for the first quarter of 2016 years.
The operating results of the mining segment
| |||
|---|---|---|---|
million zł | quarter. 2016 | the fourth quarter. 2015 | quarter. 2015 |
income | 291.3 | 159 | 185.9 |
EBIT | 7.5 | -118.3 | 12.3 |
amortization | 142.2 | 52.6 | 62.8 |
EBITDA | 149.7 | -65.7 | 75.1 |
cleaned EBIT | 12.8 | 18 | 12.3 |
cleaned EBITDA | 155 | 70.6 | 75.1 |
| operating results of production and trade | |||
|---|---|---|---|
million zł | quarter. 2016 | the fourth quarter. 2015 | quarter. 2015 |
income | 3730.9 | 5179.9 | 5029.2 |
EBIT | 122.1 | -195.2 | 203.1 |
amortization | 119.2 | 120.3 | 113.8 |
EBITDA | 241.3 | -74.9 | 316.9 |
LIFO EBIT | 314.1 | -189 | 218.1 |
LIFO EBITDA | 433.3 | -68.7 | 331.9 |
facials. LIFO EBITDA | 382.8 | 420.4 | 332.7 |
| The operating results of the retail area | |||
|---|---|---|---|
million zł | quarter. 2016 | the fourth quarter. 2015 | quarter. 2015 |
sales volume | 303.1 | 328.8 | 250.8 |
income | 1241.9 | 1475.8 | 1204.2 |
EBIT | 3 | -8.2 | 6.2 |
amortization | 16.9 | 16.6 | 14.5 |
EBITDA | 19.9 | 8.4 | 20.7 |
(PAP)
morb /
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