REG - Helleniq Energy - HELLENiQ ENERGY Holdings S.A.1Q25 Fin. Results
15/05/2025 16:15
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250515:nRSO8966Ia&default-theme=true
RNS Number : 8966I Helleniq Energy Holdings S.A. 15 May 2025
Maroussi, 15 May 2025
First Quarter 2025 Financial Results
Adjusted EBITDA of €180m, on substantially weaker benchmark refining margins
- Elefsina refinery's full turnaround progressing according to schedule
HELLENiQ ENERGY Holdings S.A. ("Company") announced its 1Q25 consolidated
financial results, with Adjusted EBITDA amounting to €180m and Adjusted Net
Income to €55m.
The results were primarily driven by a weaker refining environment, in
addition to reduced oil products sales ahead of the planned full turnaround at
the Elefsina refinery which is progressing. The Fuels Marketing business, both
in Greece and internationally, recorded improved performance, achieving a
record high result for the first quarter. In the Power business, both
Elpedison, which remains consolidated under the equity method until the
closing of the transaction, and the Renewable Energy Sources (RES) business
improved their performance, with a combined EBITDA of €40m.
Refineries' output in 1Q25 amounted to 3.7m MT, while sales volume reached
3.5m MT (-11% y-o-y), as a result of production and sales planning in order to
accommodate the supply of the market during Elefsina's full turnaround.
Despite lower production and increased domestic demand, the share of exports
remained at high levels, accounting for 54% of the total sales.
The full turnaround at the Elefsina refinery commenced in late March, is
progressing according to schedule and is anticipated to be concluded by
mid-June. This represents the most extensive maintenance program since the
commencement of operations at the Elefsina refinery, encompassing a broader
scope of works, including equipment upgrades following the initial 12 years of
operation of the new units and a number of projects both for operational
optimization aimed at enhancing refinery performance, as well as for the
reduction of carbon footprint by approximately 10,000 tons of CO(2).
1Q25 Reported EBITDA amounted to €122m, with Reported Net Income coming in
at €11m, primarily due to the impact of the substantial decline in
international prices at the beginning of 2Q25 on inventory valuation.
Main developments - Strategy implementation
Upon the completion of the initial phase of the strategic program's
implementation, the Group is updating its strategy with an outlook extending
to 2030, based on a balanced and pragmatic approach towards energy transition.
In this context, following up on the agreement for the acquisition of the
remaining 50% of Elpedison's share capital in December 2024, the relevant
share purchase agreement was signed with Edison in April 2025. The completion
of the transaction is anticipated within the next two months.
In Refining and Petrochemicals, the Group is implementing initiatives aimed at
achieving energy autonomy and enhancing energy efficiency, alongside the
expansion of the polypropylene production unit, while maturing carbon
footprint improvement projects. At the same time, the Company has upgraded its
Supply and Trading operating model by establishing a crude and products
trading platform in Geneva, one of the major oil and commodities' trading hubs
worldwide, with the objective of further leveraging its asset base and
expanding its international business.
In Marketing, the transformation program is progressing, focusing on the
optimization of the retail network in Greece, with the total number of
stations down to 1,578, approximately 100 less in the past three years, while
increasing company-managed stations, as well as market shares. At the same
time, selective expansion in international markets is progressing. Emphasis is
placed on the higher contribution of premium products, as well as the sales of
products and services other than fuel, while the penetration of the loyalty
program is growing.
In the Renewable Energy Sources (RES) business, HELLENiQ Renewables manages a
portfolio of a total operational capacity of 494 MW and is developing
photovoltaic parks with a cumulative capacity of 211 MW in Romania and 150 MW
of battery storage projects in Greece. The total capacity of the project
portfolio under development amounts to 5.1 GW within Greece and Southeastern
Europe.
Lower crude oil prices and benchmark refining margins - Increased electricity
EUA prices
In 1Q25, Brent crude oil declined by 9% y-o-y, averaging $76/bbl. The EUR/USD
exchange rate averaged 1.05 vs 1.09 in 1Q24.
On the contrary, natural gas and electricity prices increased by 69% y-o-y and
67% y-o-y respectively, on average, in 1Q25. Accordingly, CO(2) prices (EUAs)
in 1Q25 recorded an increase of 23% y-o-y, on average.
Refining margins decreased compared with particularly high levels recorded in
1Q24, with our refineries' system benchmark margin averaging $5.1/bbl vs
$8.0/bbl in 1Q24.
Increased demand for fuels in the domestic market
Domestic market demand in 1Q25 reached 1.7m MT, 4% higher y-o-y, with
automotive fuels consumption increasing by 2% y-o-y. Demand for aviation fuels
grew by 9%, while marine fuel consumption declined by 9%.
Balance sheet and capital expenditure
In 1Q25, operating cash flows were negatively affected, primarily due to the
payment of the Solidarity Contribution amounting to €223m, which was imposed
on 2023 profits and a temporary increase in working capital requirements due
to the full turnaround at the Elefsina refinery. Capital expenditures reached
€66m. Consequently, net debt increased to €2.5bn, while excluding
non-recourse project finance, it stood at €2.1bn. Nevertheless, the debt
service cost declined by 4% y-o-y due to the reduction in base interest rates
and spreads. The Group maintains sufficient capacity to support its strategic
initiatives and manage market volatility.
Andreas Shiamishis, Group CEO, commented on the results:
"Having completed the first phase of the Vision 2025 strategic transformation
plan, we are updating our strategy, based on a pragmatic and balanced
transition towards the new energy era. For 1Q25, we reported Adjusted EBITDA
of €180m, a satisfactory performance, considering the weak refining
environment and the reduced sales resulting from the scheduled full turnaround
at the Elefsina refinery. Fuels Marketing performance improved further; it is
anticipated that the full consolidation of Elpedison, upon transaction
closing, will enhance the contribution from the electricity and RES business,
thereby introducing an additional revenue stream to the Group.
The maintenance program at the Elefsina refinery is progressing safely and
according to schedule. When operations resume in June, a substantial
improvement is expected in the operational performance of the facilities and
the environmental footprint.
The transformation program, coupled with ongoing operational improvements, has
resulted in a high profitability level. We place particular emphasis on
strengthening core refining and trading activities, as well as expanding our
international presence in wholesale and fuel stations operations. Vertical
integration within the electricity market is anticipated to provide the
benefit of a diversified portfolio, encompassing renewable energy sources and
natgas-fired units, thereby enabling the realization of synergies and
increasing business opportunities.
The key highlights and contribution for each of the main business units in
1Q25 were:
Refining, Supply & Trading
- Refining, Supply & Trading Adjusted EBITDA came in at €134m in 1Q25,
lower than the respective period in 2024 due to weaker benchmark margins,
tighter crude spreads and reduced sales volume.
- Production amounted to 3.7m MT (-3% y-o-y), with sales volume at 3.5 m MT,
11% lower y-o-y, as, due to the start of the full turnaround at the Elefsina
refinery at the end of 1Q25, emphasis was placed on increasing products'
inventory for the smooth supply of the domestic market.
Petrochemicals
- 1Q25 Adjusted EBITDA amounted to €8m, lower y-o-y, due to reduced
polypropylene (PP) margins.
Marketing
- In 1Q25, Domestic Marketing's Adjusted EBITDA improved to €8m due to
higher sales volume and increased contribution from the sales of non-fuel
products and services, despite the ongoing rationalization in the network
(1,578 fuel stations vs 1,623 in 1Q24), alongside the regulatory constraints.
Market shares and the contribution from premium products increased for yet
another quarter.
- Similarly, International Marketing's Adjusted EBITDA improved to
€17m (+28% y-o-y), driven by network expansion (330 fuel stations vs 323 in
1Q24) and higher margins, with an improved contribution from the sales of
non-fuel products and services.
Renewables
- 1Q25 RES EBITDA amounted to €12m. Power generation increased by 8%
y-o-y to 173 GWh due to increased installed capacity (494 MW vs 381 MW in
1Q24).
Associate companies
- The contribution of associate companies consolidated using the equity
method amounted to €8m, on increased contribution from ELPEDISON.
HELLENiQ ENERGY Holdings S.A.
Key consolidated financial indicators for 1Q 2025
(prepared in accordance with IFRS)
€ million 1Q24 1Q25 % Ä
P&L figures
Refining Sales Volume ('000 ÌÔ) 3,987 3,532 -11%
Sales 3,278 2,733 -17%
EBITDA 350 122 -65%
Adjusted EBITDA (1) 338 180 -47%
Operating Profit 268 43 -84%
Net Income 179 11 -94%
Adjusted Net Income (1) 164 55 -66%
Balance Sheet Items
Capital Employed 4,887 5,257 8%
Net Debt 1,750 2,486 42%
Gearing (ND/ND+E) 36% 47% 11 pps(2)
Note 1: Adjusted for inventory effects and other non-operating/one-off items,
as well as the IFRS accounting treatment of the EUAs deficit.
Note 2: pps stands for percentage points
Further information:
Investor Relations
8A Chimarras str., 151 25 Maroussi, Greece
Tel: 210-6302526, 210-6302305
Email: ir@helleniq.gr (mailto:ir@helleniq.gr)
Group Consolidated statement of financial position
As at
Note 31 March 2025 31 December 2024
Ássets
Non-current assets
Property, plant and equipment 3.744.052 3.742.339
Right-of-use assets 238.154 238.753
Intangible assets 384.527 357.905
Investments in associates and joint ventures 210.961 202.251
Deferred income tax assets 102.322 101.802
Investment in equity instruments 689 646
Derivative financial instruments 70 -
Loans, advances and long term assets 153.721 156.496
4.834.496 4.800.192
Current assets
Inventories 1.661.677 1.311.169
Trade and other receivables 857.687 935.932
Income tax receivable 78.193 80.810
Derivative financial instruments 5.154 8.196
Cash and cash equivalents 513.191 618.055
3.115.902 2.954.162
Total assets 7.950.398 7.754.354
Equity
Share capital and share premium 1.020.081 1.020.081
Reserves 325.127 326.690
Retained Earnings 1.370.292 1.360.168
Equity attributable to the owners of the parent 2.715.500 2.706.939
Non-controlling interests 55.678 55.283
Total equity 2.771.178 2.762.222
Liabilities
Non- current liabilities
Interest bearing loans and borrowings 2 2.799.120 2.169.486
Lease liabilities 191.638 191.832
Deferred income tax liabilities 165.870 164.716
Retirement benefit obligations 165.164 168.784
Derivative financial instruments 1.491 1.940
Provisions 36.308 36.247
Other non-current liabilities 42.870 43.099
3.402.461 2.776.104
Current liabilities
Trade and other payables 1.485.584 1.602.981
Derivative financial instruments 0 - -
Income tax payable 56.517 276.388
Interest bearing loans and borrowings 2 200.413 240.893
Lease liabilities 32.258 33.482
Dividends payable 1.987 62.284
1.776.759 2.216.028
Total liabilities 5.179.220 4.992.132
Total equity and liabilities 7.950.398 7.754.354
Group Consolidated statement of comprehensive income
For the period ended For the three-month period ended
Note 31 March 2025 31 March 2024 31 March 2025 31 March 2024
Revenue from contracts with customers 1 2.732.822 3.278.481 2.732.822 3.304.010
Cost of sales (2.529.738) (2.869.817) (2.529.738) (3.066.811)
Gross profit / (loss) 203.084 408.664 203.084 237.199
Selling and distribution expenses (104.988) (100.756) (104.988) (113.297)
Administrative expenses (52.124) (43.784) (52.124) (53.430)
Exploration and development expenses (518) (1.387) (518) (897)
Other operating income and other gains 7.854 8.504 7.854 39.550
Other operating expense and other losses (10.496) (3.436) (10.496) (41.710)
Operating profit / (loss) 42.812 267.805 42.812 67.415
Finance income 2.288 3.439 2.288 5.754
Finance expense (31.137) (33.444) (31.137) (36.660)
Lease finance cost (2.576) (2.436) (2.576) (2.644)
Currency exchange gains / (losses) (2.518) 5.824 (2.518) (10.100)
Share of profit / (loss) of investments in associates and joint ventures 8.480 (3.650) 8.480 3.148
Profit / (loss) before income tax 17.349 237.538 17.349 26.913
Income tax (expense) / credit (6.373) (58.270) (6.373) (12.181)
Profit / (loss) for the period 10.976 179.268 10.976 14.732
Profit / (loss) attributable to:
Owners of the parent 10.571 179.172 11.381 15.458
Non-controlling interests 405 96 (405) (726)
10.976 179.268 10.976 14.732
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 - - (52.212) (9.035)
Changes in the fair value of equity instruments 42 (34) 108 107
42 (34) (52.104) (8.928)
Other comprehensive income / (loss) that may be reclassified subsequently to
profit or loss (net of tax):
Share of other comprehensive income / (loss) of associates - 570 (3.524) 759
Fair value gains / (losses) on cash flow hedges (1.381) 12.709 2.979 (36.700)
Recycling of (gains) / losses on hedges through comprehensive income - - - -
Currency translation differences and other movements (234) 17 4.197 (71)
(1.615) 13.296 3.652 (36.012)
Other comprehensive income / (loss) for the period, net of tax (1.573) 13.262 (48.452) (44.940)
Total comprehensive income / (loss) for the period 9.403 192.530 (37.476) (30.208)
Total comprehensive income / (loss) attributable to:
Owners of the parent 9.019 192.455 (37.486) (32.580)
Non-controlling interests 384 75 10 2.372
9.403 192.530 (37.476) (30.208)
Åarnings / (losses) per share (expressed in Euro per share) 0,03 0,59 0,04 0,05
Group Consolidated statement of cash flows
For the period ended
Note 31 March 2025 31 March 2024
Cash flows from operating activities
Cash generated from operations 3 (292.900) 197.298
Income tax (paid) / received (228.479) (114.148)
Net cash generated from/ (used in) operating activities (521.380) 83.150
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets (65.978) (93.124)
Proceeds from disposal of property, plant and equipment & intangible - 326
assets
Acquisition of share of associates and joint ventures (75) 1
Cash and cash equivalents of acquired subsidiaries - 1.639
Grants received 118 10.000
Interest received 2.288 3.439
Prepayments for right-of-use assets (182) -
Dividends received - -
Net cash generated from/ (used in) investing activities (63.829) (77.719)
Cash flows from financing activities
Interest paid on borrowings (32.141) (27.595)
Dividends paid to shareholders of the Company (60.293) (90.425)
Dividends paid to non-controlling interests - -
Proceeds from borrowings 2 690.001 205.000
Repayments of borrowings 2 (102.343) (525.397)
Payment of lease liabilities - principal (12.062) (10.634)
Payment of lease liabilities - interest (2.576) (2.436)
Net cash generated from/ (used in) financing activities 480.586 (451.487)
Net increase/ (decrease) in cash and cash equivalents (104.623) (446.056)
Cash and cash equivalents at the beginning of the year 618.055 919.457
Exchange (losses) / gains on cash and cash equivalents (241) 5.901
Net increase / (decrease) in cash and cash equivalents (104.623) (446.056)
Cash and cash equivalents at end of the period 513.191 479.302
Parent Company Statement of Financial Position
As at
Note 31 March 2025 31 December 2024
Assets
Non-current assets
Property, plant and equipment 1.091 1.121
Right-of-use assets 6.487 7.165
Intangible assets - 1
Investments in subsidiaries, associates and joint ventures 1.782.945 1.780.538
Deferred income tax assets 8.512 8.623
Loans, advances and long term assets 419.198 152.852
2.218.233 1.950.300
Current assets
Trade and other receivables 277.367 426.176
Income tax receivables 324 3.502
Cash and cash equivalents 4.669 3.714
282.360 433.392
Total assets 2.500.593 2.383.692
Equity
Share capital and share premium 1.020.081 1.020.081
Reserves 313.411 313.411
Retained Earnings 1.128.416 950.276
Total equity 2.461.908 2.283.768
Liabilities
Non-current liabilities
Lease liabilities 4.137 4.839
Other Long Term Liabilities 1.335 890
5.472 5.729
Current liabilities
Trade and other payables 25.958 27.231
Income tax payable 2.584 2.021
Lease liabilities 2.680 2.659
Dividends payable 1.991 62.284
33.213 94.195
Total liabilities 38.685 99.924
Total equity and liabilities 2.500.593 2.383.692
Parent Company Statement of Comprehensive Income
For the period ended
Note 31 March 2025 31 March 2024
Revenue from contracts with customers 9.881 8.660
Cost of sales (8.983) (7.873)
Gross profit / (loss) 898 787
Administrative expenses (1.604) (1.443)
Other operating income and other gains 6.323 4.664
Other operating expense and other losses (6.435) (4.547)
Operating profit /(loss) (818) (539)
Finance income 3.337 4.060
Finance expense (9) (4)
Lease finance cost (65) (84)
Currency exchange gain / (loss) 5 (2)
Dividend income 176.364 -
Profit / (loss) before income tax 178.814 3.431
Income tax (expense) / credit (674) (761)
Profit / (loss) for the period 178.140 2.670
Other comprehensive income / (loss) that will not be reclassified to profit or
loss (net of tax):
Actuarial gains / (losses) on defined benefit pension plans - -
Other comprehensive income / (loss) for the year, net of tax - -
Total comprehensive income / (loss) for the period 178.140 2.670
Parent Company Statement of Cash flows
For the period ended
Note 31 March 2025 31 March 2024
Cash flows from operating activities
Cash generated from / (used in) operations 3 10.874 (3.025)
Income tax (paid) / received 3.178 (1.599)
Net cash generated from / (used in) operating activities 14.052 (4.624)
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets (27) -
Participation in share capital increase of subsidiaries, associates and joint (2.400) (52.500)
ventures
Loans and advances to Group Companies (55.730) (2.500)
Interest received 6.864 6.229
Dividends received 99.205 -
Net cash generated from / (used in) investing activities 47.912 (48.771)
Cash flows from financing activities
Dividends paid to shareholders of the Company (60.293) (90.425)
Payment of lease liabilities - principal, net (652) (608)
Payment of lease liabilities - interest (65) (84)
Net cash generated from / (used in) financing activities (61.010) (91.117)
Net increase / (decrease) in cash and cash equivalents 955 (144.512)
Cash and cash equivalents at the beginning of the period 3.714 150.528
Net increase / (decrease) in cash and cash equivalents 955 (144.512)
Cash and cash equivalents at end of the period 4.669 6.016
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END QRFUVRVRVBUVAARRecent news on HELLENiQ ENERGY Holdings SA
See all newsREG - Helleniq Energy - HELLENiQ ENERGY Holdings S.A.1Q25 Fin. Results
AnnouncementREG - Helleniq Energy - HELLENiQ ENERGY Holdings Fin. Results 4Q/FY24
AnnouncementREG - Helleniq Energy - HELLENiQ ENERGY 3Q_9M 2024 financial results
AnnouncementREG - Helleniq Energy - Second Quarter / First Half 2024 financial results
AnnouncementREG - Helleniq Energy - 1st Quarter Results
Announcement