SELECTED FINANCIAL DATA
| 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
| 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 |
| 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 |
| 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 |
| 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
| 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
| 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 |
| 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 |
| 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 |
| 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 |
