Hellenic Petroleum Sa EBITDA surged on 88.2% in 2016 while Revenue decreased on 8.5%
23 Feb 2017 • About Hellenic Petroleum Sa (
$HLPD) • By InTwits
Hellenic Petroleum Sa reported 2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Hellenic Petroleum Sa is a company in decline: 2016 revenue growth was -8.5%, 5 years revenue CAGR was -6.4%
- EBITDA Margin is quite volatile: 12.5% in 2016, 6.1% in 2015, -0.9% in 2014, 0.3% in 2013, 2.9% in 2012
- Hellenic Petroleum Sa has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.3%. At the same time it's in pair with industry average of 10.0%.
- CAPEX is quite volatile: 126 in 2016, 165 in 2015, 136 in 2014, 105 in 2013, 518 in 2012
- The company has highly profitable business model: ROIC is at 12.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Hellenic Petroleum Sa ($HLPD) key annual financial indicators
| mln. € | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 10,469 | 9,674 | 9,478 | 7,303 | 6,680 | -8.5% |
| Gross Profit | 567 | 305 | 145 | 695 | 1,007 | 45.0% |
| SG&A | 438 | 448 | 440 | 458 | 346 | -24.4% |
| EBITDA | 300 | 29 | -84 | 444 | 836 | 88.2% |
| Net Income | 86 | -269 | -365 | 47 | 330 | 606.4% |
Balance Sheet
|
|---|
| Cash | 901 | 960 | 1,848 | 2,108 | 1,082 | -48.7% |
| Short Term Debt | 2,375 | 1,338 | 1,178 | 1,633 | 1,386 | -15.1% |
| Long Term Debt | 383 | 1,312 | 1,812 | 1,598 | 1,456 | -8.9% |
Cash flow
|
|---|
| Capex | 518 | 105 | 136 | 165 | 126 | -23.9% |
Ratios
|
|---|
| Revenue growth | 12.5% | -7.6% | -2.0% | -23.0% | -8.5% | |
| EBITDA growth | -10.3% | -90.4% | -392.0% | -628.9% | 88.2% | |
| Gross Margin | 5.4% | 3.2% | 1.5% | 9.5% | 15.1% | 5.6% |
| EBITDA Margin | 2.9% | 0.3% | -0.9% | 6.1% | 12.5% | 6.4% |
| Net Income Margin | 0.8% | -2.8% | -3.9% | 0.6% | 4.9% | 4.3% |
| SG&A, % of revenue | 4.2% | 4.6% | 4.6% | 6.3% | 5.2% | -1.1% |
| CAPEX, % of revenue | 4.9% | 1.1% | 1.4% | 2.3% | 1.9% | -0.4% |
| ROIC | 2.2% | -3.7% | -5.9% | 5.0% | 12.3% | 7.3% |
| ROE | 3.6% | -12.0% | -19.7% | 2.8% | 17.7% | 14.9% |
| Net Debt/EBITDA | 6.2x | 58.8x | | 2.5x | 2.1x | -0.4x |
Revenue and profitability
Hellenic Petroleum Sa's Revenue decreased on 8.5% in 2016. Revenue decline happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 6.4 pp from 6.1% to 12.5% in 2016.
Gross Margin increased on 5.6 pp from 9.5% to 15.1% in 2016. SG&A as a % of Revenue decreased slightly on 1.1 pp from 6.3% to 5.2% in 2016.
Net Income marign increased on 4.3 pp from 0.64% to 4.9% in 2016.
Capital expenditures (CAPEX) and working capital investments
Hellenic Petroleum Sa's CAPEX/Revenue was 1.9% in 2016. The company showed small growth in CAPEX/Revenue of 0.80 pp from 1.1% in 2013 to 1.9% in 2016. Average CAPEX/Revenue for the last three years was 1.9%.
Return on investment
The company operates at good ROIC (12.28%) and ROE (17.71%). ROIC increased on 7.3 pp from 5.0% to 12.3% in 2016. ROE jumped on 14.9 pp from 2.8% to 17.7% in 2016.
Leverage (Debt)
Debt level is 2.1x Net Debt / EBITDA and 3.4x Debt / EBITDA. Net Debt / EBITDA dropped on 0.4x from 2.5x to 2.1x in 2016. Debt dropped on 12.0% in 2016 while cash dropped on 48.7% in 2016.
Appendix 1: Peers in Oil & Gas Producers
Below you can find Hellenic Petroleum Sa benchmarking vs. other companies in Oil & Gas Producers industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Cadogan Petroleum ($CAD) | -46.1% | 0.3% | 764.9% | 131.2% | |
| Eland Oil & Gas ($ELA) | | | | 54.8% | |
| Zoltav Resources Inc ($ZOL) | | | | 40.6% | |
| Novatek OAO ($NVTK) | | 41.3% | 20.0% | 32.9% | 13.1% |
| AO Tatneft ($ATAD) | | 2.5% | 4.7% | 16.0% | |
| |
|---|
| Median (38 companies) | 25.8% | 4.3% | 0.5% | -19.5% | -11.2% |
|---|
| Hellenic Petroleum Sa ($HLPD) | | -7.6% | -2.0% | -23.0% | -8.5% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bankers Petroleum Ltd ($BNK) | 77.5% | 81.1% | 80.8% | 72.2% | |
| Serica Energy ($SQZ) | | | | 67.0% | |
| Oil & Gas Development Co ($OGDC) | 69.9% | 70.9% | 68.5% | 62.7% | 54.0% |
| Nighthawk Energy ($HAWK) | 38.8% | 66.8% | 58.1% | 49.8% | |
| Caza Oil & Gas Inc ($CAZA) | 0.1% | 30.5% | 40.8% | 44.8% | |
| |
|---|
| Median (23 companies) | 18.3% | 21.7% | 17.4% | 12.6% | 11.2% |
|---|
| Hellenic Petroleum Sa ($HLPD) | 5.4% | 3.2% | 1.5% | 9.5% | 15.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Great Eastern Energy Corp ($GEEC) | 61.2% | 64.1% | 70.4% | 66.5% | 50.0% |
| Oil & Gas Development Co ($OGDC) | 73.7% | 65.9% | 69.3% | 62.4% | 55.0% |
| Serica Energy ($SQZ) | | | | 61.3% | |
| Circle Oil ($COP) | 53.5% | 54.8% | 51.1% | 53.0% | |
| Caza Oil & Gas Inc ($CAZA) | -50.7% | -3.0% | 47.7% | 49.8% | |
| |
|---|
| Median (39 companies) | 17.2% | 20.6% | 16.5% | 21.8% | 18.3% |
|---|
| Hellenic Petroleum Sa ($HLPD) | 2.9% | 0.3% | -0.9% | 6.1% | 12.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| President Energy ($PPC) | 51.5% | 24.6% | 10.4% | 142.7% | |
| Ruspetro ($RPO) | 139.8% | 55.2% | 77.2% | 80.3% | |
| Parkmead Group(The) ($PMG) | 6.4% | 85.4% | 39.8% | 67.4% | 6.1% |
| Bankers Petroleum Ltd ($BNK) | 64.1% | 50.0% | 58.7% | 47.3% | |
| Volga Gas ($VGAS) | | | 14.0% | 45.5% | |
| |
|---|
| Median (39 companies) | 17.7% | 24.6% | 16.5% | 16.5% | 9.3% |
|---|
| Hellenic Petroleum Sa ($HLPD) | 4.9% | 1.1% | 1.4% | 2.3% | 1.9% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Turkiye Petrol Rafinerileri A.S. ($TPRD) | 13.6% | 5.8% | 5.3% | 25.4% | 17.4% |
| Oil & Gas Development Co ($OGDC) | 46.7% | 40.4% | 39.7% | 24.3% | 14.1% |
| AO Tatneft ($ATAD) | 19.2% | 19.1% | 17.8% | 19.7% | |
| Novatek OAO ($NVTK) | 21.7% | 29.0% | 21.2% | 19.4% | 26.6% |
| Serica Energy ($SQZ) | -6.2% | -5.1% | -5.5% | 19.4% | |
| |
|---|
| Median (39 companies) | 5.8% | 6.4% | 5.3% | 0.8% | 7.6% |
|---|
| Hellenic Petroleum Sa ($HLPD) | 2.2% | -3.7% | -5.9% | 5.0% | 12.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jubilant Energy N.V. ($JUB) | 77.9x | 38.8x | 44.6x | 192.7x | |
| Ruspetro ($RPO) | 369.1x | 34.8x | 27.9x | 116.8x | |
| Iofina ($IOF) | -5,718.9x | | | 32.8x | |
| Edge Resources Inc ($EDG) | | | 8.0x | 7.6x | |
| BP ($BP.A) | 1.1x | 0.6x | 1.3x | 4.0x | 2.7x |
| |
|---|
| Median (30 companies) | 0.4x | 0.7x | 1.3x | 1.5x | 1.8x |
|---|
| Hellenic Petroleum Sa ($HLPD) | 6.2x | 58.8x | | 2.5x | 2.1x |
