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HELPE ANNUAL REPORT 2019
Financial Information

SELECTED FINANCIAL DATA

Group (amounts in €millions)
Statement of Comprehensive Income 2019 2018 2017 2016 2015
Sales 8,857 9,769 7,995 6,613 7,303
Adjusted EBITDA 572 730 834 731 758
Operating profit 341 514 662 632 245
Profit before income tax 207 369 520 466 39
Minority Interest (3) (3) (3) 1 2
Profit for the year (attributable to owners of the parent) 161 212 381 330 47
Adjusted Net Income 185 296 372 265 268
EPS 0.53 0.69 1.25 1.08 0.15
Statement of Cash Flows
Net cash generated from operating activities 486 647 443 (334) 460
Net cash used in investing activities (218) 138 (185) (116) (136)
Net cash generated from financing activities (458) (389) (300) (589) (74)
Net increase/(decrease) in cash & cash equivalents (189) 397 (42) (1,039) 250
Statement of Financial Position
Total Assets 7,092 6,989 7,160 7,189 8,029
Non-current assets 4,145 3,903 4,282 4,282 4,506
Cash and cash equivalents 1,088 1,275 1,019 1,082 2,108
Non-current liabilities 2,227 2,044 1,220 1,879 1,768
Long term borrowings 1,610 1,627 920 1,456 1,598
Short term borrowings 1,022 1,109 1,900 1,386 1,633
Minority Interest 65 64 63 102 106
Total Equity 2,327 2,395 2,372 2,142 1,790

CONSOLIDATED FINANCIAL STATEMENTS

Statement of Financial Position (amounts in € thousands)
Assets 31/12/2019 31/12/2018
Property, plant and equipment 3,297,668 3,268,928
Right-of-use assets 242,934 -
Intangible assets 104,426 105,617
Other non-current assets 499,543 528,122
Inventories 1,012,802 993,031
Trade and other receivables 748,153 776,487
Income tax receivable 91,391 37,466
Assets held for sale 2,520 3,133
Derivative financial instruments 3,474 -
Cash, cash equivalents and restricted cash 1,088,198 1,275,159
Investment in equity instruments 1,356 634
Total Assets 7,092,465 6,988,577
Equity And Liabilities 31/12/2019 31/12/2018
Share capital 666,285 666,285
Share premium 353,796 353,796
Retained earnings and other reserves 1,241,944 1,310,691
Equity attributable to equity holders of the parent 2,262,025 2,330,772
Non-controlling interests 64,548 63,959
Total Equity 2,326,573 2,394,731
Interest bearing loans and borrowings 1,610,094 1,627,171
Lease liabilities 199,894 -
Provisions and other long term liabilities 447,894 416,348
Short-term Interest bearing loans and borrowings 1,022,270 1,108,785
Other short-term liabilities 1,485,740 1,441,542
Total liabilities 4,765,892 4,593,846
TOTAL EQUITY AND LIABILITIES 7,092,465 6,988,577
Statement of Comprehensive Income for the period (amounts in € thousands)
1/1/19-31/12/19 1/1/18-31/12/18
Revenue from contracts with customers 8,856,965 9,769,155
Gross profit 805,159 999,386
Operating profit 340,944 514,212
Profit before Income Tax 207,010 368,930
Less : Taxes (43,434) (154,218)
Profit for the year 163,576 214,712
Profit attributable to:
Owners of the parent 160,798 211,614
Non-controlling interests 2,778 3,098
163,576 214,712
Other comprehensive income / (loss) for the year, net of tax 2,650 (32,666)
Total comprehensive income for the year 166,226 182,046
Total comprehensive income/(loss) attributable to:
Owners of the parent 163,427 178,958
Non-controlling interests 2,799 3,088
166,226 182,046
Basic and diluted earnings per share (in Euro per share) 0.53 0.69
Earnings Before Interest, Taxes, Depreciation
and Amortisation (EBITDA)
573,767 711,395
Statement of Changes in Equity (amounts in € thousands)
31/12/2019 31/12/2018
Total equity at beginning of the year 1/1/2019 (published) & 1/1/2018 2,394,731 2,371,574
Change in accounting policy 0 (3,303)
Total equity at beginning of the year 1/1/2018 (restated) & 1/1/2017 2,394,731 2,368,271
Total comprehensive (loss) / income for the year 166,226 182,046
Dividends to shareholders of the parent (229,226) (152,816)
Dividends to non-controlling interests (2,246) (2,061)
Participation of minority shareholders in share capital increase of subsidiary 34 17
Share based payments - (1,214)
Transfer of grant received to tax free reserves - (683)
Acquisition of treasury shares - 80
Issue of treasury shares to employees - 1,214
Tax on intra-group dividends (122) (123)
Share capital issue expenses (342) -
Acquisition of non-controlling interests (2,482) -
Total equity at the end of the year 2,326,573 2,394,731
Statement of Cash Flow (amounts in € thousands)
1/1/19-31/12/19 1/1/18-31/12/18
Cash flows from operating activities
(Loss) / Profit before Tax 207,010 368,930
Adjustments for:
Depreciation and impairment of property, plant and equipment and right-of-use assets 230,585 190,851
Amortisation and impairment of intangible assets 6,844 10,066
Amortisation of grants (1,049) (965)
Finance expense 146,303 149,532
Lease finance cost 10,081 -
Finance Income (5,843) (3,827)
Share of operating profit of associates (17,862) 1,771
Provisions for expenses and valuation charges 33,003 89,103
(Gain)/Loss from disposal of available for sale financial assets 1,255 (2,194)
Foreign exchange (gains) / losses (721) -
Amortisation of long-term contracts costs (959) 454
(Gain)/Loss from disposal of Non Current Assets 32 (246)
608,679 803,475
Changes in working capital
(Increase) / decrease in inventories (20,065) 61,582
(Increase) / decrease in trade and other receivables 7,352 126,751
Increase / (decrease) in payables 38,752 (339,516)
Less:
Income tax paid (148,655) (4,918)
Net cash generated from / (used in) operating activities 486,063 647,373
Cash flows from investing activities
Purchase of property,plant and equipment & intangible assets (241,045) (156,713)
Cash from sale of property, plant and equipment & tangible assets 1,616 277
Grants received - (1,298)
Interest received (5,341) (16,000)
Dividends received 439 299
Investment in associates - net 5,843 3,827
Proceeds from disposal of investments in equity instruments 30,490 307,735
Settlement of consideration of acquisition of further equity interest in subsidiary 1,334 -
Proceeds from disposal of assets held for sale (10,295) -
Prepayments for right-of-use assets (717) -
Purchase of subsidiary, net of cash acquired 19 265
Net cash used in investing activities (217,657) 138,392
Cash flows from financing activities
Interest paid (150,411) (140,755)
Dividends paid to shareholders of the Company (153,248) (148,767)
Dividends paid to non-controlling interests - -
Loans to affiliated companies (2,246) (2,061)
Acquisition of treasury shares - (683)
Participation of minority shareholders in share capital increase of subsidiary 34 17
Proceeds from borrowings 514,700 409,694
Payment of lease liabilities (40,793) -
Repayments of borrowings (625,581) (506,358)
Net cash generated from / (used in ) financing activities (457,545) (388,913)
Net (decrease) / increase in cash & cash equivalents (189,139) 396,852
Cash and cash equivalents at the beginning of the year 1,275,159 873,261
Exchange gains / (losses) on cash and cash equivalents 2,179 5,046
Net (decrease) / increase in cash and cash equivalents (189,139) 396,852
Cash and cash equivalents at end of the year 1,088,198 1,275,159

SEGMENTAL INFORMATION

Group (amounts in € millions)
Refining, Supply & Trading 2019 2018 2017 2016 2015
Sales 7,754 8,682 7,001 5,707 6,644
Adjusted EBITDA 354 548 639 536 561
Operating profit 204 411 528 508 117
Purchase of property, plant and equipment & intangible assets 160 100 153 95 138
Depreciation & amortisation of property,
plant and equipment & intangible assets
150 145 143 154 139
Refinery production (MT million) 14.2 15.5 15.0 14.8 14.4
Refinery sales volume (MT million) 15.2 16.5 15.9 15.5 14.3
Average Brent price ($/bbl) 64 72 55 45 52
Benchmark FOB MED Cracking Margin ($/bbl) 3.3 5.0 5.9 5.0 6.5
Average exchange rate (€/$) 1.12 1.18 1.13 1.11 1.11
Marketing
Sales 3,258 3,329 2,912 2,336 2,712
Adjusted EBITDA 138 93 107 101 107
Operating profit 65 36 56 45 55
Purchase of property, plant and equipment & intangible assets 70 45 49 30 26
Depreciation & amortisation of property,
plant and equipment & intangible assets
35 45 39 48 49
Sales ('000 tonnes) 4,928 4,955 5,165 4,668 4,672
Petrol stations 2,006 2,019 2,037 2,013 1,977
Petrochemicals
Sales 299 315 267 252 263
Adjusted EBITDA 93 100 95 100 93
Operating profit 86 80 91 94 84
Purchase of property, plant and equipment & intangible assets 5 3 1 0 1
Depreciation & amortisation of property, plant and equipment & intangible assets 6 4 4 6 9
Sales ('000 tonnes) 283 279 243 256 221
31/12/2019 31/12/2018
Total Assets
Refining 4,981,990 5,072,907
Marketing 1,354,637 1,174,367
Exploration & Production 23,812 16,455
Petro-chemicals 416,401 359,703
Gas & Power 406,132 413,642
Other Segments 1,894,438 1,861,751
Inter-Segment (1,960,462) (1,901,397)
Total 7,116,948 6,997,429
Total Liabilities
Refining 2,884,618 3,090,505
Marketing 752,129 593,052
Exploration & Production 22,099 19,530
Petro-chemicals 2,275 (310)
Gas & Power 8,350 10,788
Other Segments 1,976,611 1,820,412
Inter-Segment (855,710) (931,279)
Total 4,790,373 4,602,698
Net Sales
Domestic 2,876,736 2,924,865
Aviation & Bunkering 1,361,302 1,388,841
Exports 3,333,243 4,173,821
International activities 1,285,683 1,281,628
Total 8,856,965 9,769,155

PARENT COMPANY FINANCIAL STATEMENTS

Statement of Financial Position (amounts in € thousands)
Assets 31/12/2019 31/12/2018
Property, plant and equipment 2,693,794 2,684,237
Right-of-use assets 32,084 -
Intangible assets 8,704 4,799
Other non-current assets 1,067,227 1,041,259
Inventories 899,760 893,859
Trade and other receivables 791,257 643,261
Income tax receivable 87,616 38,294
Assets held for sale - -
Derivative financial instruments 3,474 -
Cash, cash equivalents and restricted cash 888,564 1,070,377
Investment in equity instruments 965 318
Total Assets 6,473,445 6,376,404
Equity And Liabilities
Share capital 666,285 666,285
Share premium 353,796 353,796
Retained earnings and other reserves 1,218,754 1,126,596
Equity attributable to equity holders of the parent 2,238,835 2,146,677
Non-controlling interests - -
Total Equity 2,238,835 2,146,677
Interest bearing loans and borrowings 1,607,838 1,657,598
Lease liabilities 31,183 -
Provisions and other long term liabilities 365,556 337,080
Short-term Interest bearing loans and borrowings 875,576 915,350
Other short-term liabilities 1,354,457 1,319,699
Total liabilities 4,234,610 4,229,727
TOTAL EQUITY AND LIABILITIES 6,473,445 6,376,404
Statement of Comprehensive Income for the Period (amounts in € thousands)
1/1/19-31/12/19 1/1/18-31/12/18
Revenue from contracts with customers 8,023,563 8,967,702
Gross profit 460,366 680,006
Operating profit 261,844 475,732
Profit before Income Tax 350,093 669,577
Less : Taxes (33,734) (146,187)
Profit for the year 316,359 523,390
Other comprehensive income / (loss) for the year, net of tax 5,025 (31,479)
Total comprehensive income for the year 321,384 491,911
Basic and diluted earnings per share (in Euro per share) 1.04 1.71
Earnings Before Interest, Taxes, Depreciation
and Amortisation (EBITDA)
417,008 616,485
Statement of Changes in Equity (amounts in € thousands)
31/12/2019 31/12/2018
Total equity at beginning of the year 1/1/2019
(published) & 1/1/2017
2,146,677 1,809,223
Change in accounting policy - (958)
Total equity at beginning of the year 1/1/2018 (restated) & 1/1/2017 2,146,677 1,808,265
Total comprehensive (loss) / income for the year 321,384 491,911
Dividends to shareholders of the parent (229,226) (152,816)
Dividends to non-controlling interests - -
Participation of minority shareholders in share capital increase of subsidiary - -
Share based payments - (1,214)
Transfer of grant received to tax free reserves - (683)
Acquisition of treasury shares - -
Issue of treasury shares to employees - 1,214
Tax on intra-group dividends - -
Share capital issue expenses - -
Acquisition of non-controlling interests - -
Total equity at the end of the year 2,238,835 2,146,677
Statement of Cash Flow (amounts in € thousands)
1/1/19-31/12/19 1/1/18-31/12/18
Cash flows from operating activities
(Loss) / Profit before Tax 350,093 669,577
Adjustments for:
Depreciation and impairment of property, plant and equipment and right-of-use assets 151,655 136,259
Amortisation and impairment of intangible assets 4,764 5,344
Amortisation of grants (665) (675)
Finance expense 115,800 136,636
Lease finance cost 967 -
Finance Income (10,510) (9,442)
Share of operating profit of associates - -
Provisions for expenses and valuation charges 43,972 66,656
(Gain)/Loss from disposal of available for sale financial assets 910 (2,244)
Foreign exchange (gains) / losses (195,416) (318,795)
Amortisation of long-term contracts costs 1,276 951
(Gain)/Loss from disposal of Non Current Assets (1,074) (1,161)
461,772 683,106
Changes in working capital
(Increase) / decrease in inventories (8,578) 68,171
(Increase) / decrease in trade and other receivables (10,595) 153,427
Increase / (decrease) in payables 17,211 (347,508)
Less:
Income tax paid (143,204) 2,224
Net cash generated from / (used in) operating activities 316,606 559,420
Cash flows from investing activities
Purchase of property,plant and equipment & intangible assets (160,831) (101,318)
Cash from sale of property, plant and equipment & tangible assets 1,074 -
Grants received - 7,000
Interest received - (39,000)
Dividends received - -
Investment in associates - net 10,510 9,442
Proceeds from disposal of investments in equity instruments 45,416 318,795
Settlement of consideration of acquisition of further equity interest in subsidiary - -
Proceeds from disposal of assets held for sale (22,680) (21,054)
Prepayments for right-of-use assets - -
Purchase of subsidiary, net of cash acquired - -
Net cash used in investing activities (126,511) 173,865
Cash flows from financing activities
Interest paid (117,527) (131,965)
Dividends paid to shareholders of the Company (150,085) (148,767)
Dividends paid to non-controlling interests - (3,600)
Loans to affiliated companies - -
Acquisition of treasury shares - (683)
Participation of minority shareholders in share capital increase of subsidiary - -
Proceeds from borrowings 231,420 440,748
Payment of lease liabilities (8,661) -
Repayments of borrowings (329,168) (491,303)
Net cash generated from / (used in ) financing activities (374,021) (335,570)
Net (decrease) / increase in cash & cash equivalents (183,926) 397,715
Cash and cash equivalents at the beginning of the year 1,070,377 667,599
Exchange gains / (losses) on cash and cash equivalents 2,113 5,063
Net (decrease) / increase in cash and cash equivalents (183,926) 397,715
Cash and cash equivalents at end of the year 888,564 1,070,377
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