Results for 2014. The CLH Group after-tax profit totalled 156.9 million euros in 2014

• Investments for the year amounted to 60.9 million euros
• Oil product deliveries from CLH facilities in 2014 totalled 40.1 million m3, 0.7% more than the previous year

The turnover generated by the CLH Group in 2014 amounted to 522.6 million euros, 0.7% less than in 2013.

Recurring operating profit for 2014 stood at 233.2 million euros, 3.4% more than in the previous year. Operating income increased by 0.2%, while operating expenses decreased by 1.9%.

Under the operating income heading basic logistics is notable, having increased by 2.2%. In particular, earnings from consignments of gasolines and diesel oils increased by 2.1% and earnings from consignments of aviation products increased by 1.7%.

Under the same heading, strategic and security storage revenues increased by 1.4%, and biofuel receipt and storage revenues increased by 9.0%.

With regard to revenues in distribution logistics, an overall increase was experienced of 1.1%. Under this heading, revenues in the marine sector increased by 4.0% and in the aviation sector by 0.5%.

The net result on financial operations was minus 16.4 million euros, in line with the previous year. If the 0.7 million euro effect of the balance restatement performed by the subsidiary Terquimsa in 2013 is excluded, this would have been minus 16.3 million euros.

Non-recurring operating profit in 2014 amounted to 1.6 million euros, compared to minus 0.1 million of the previous year. This result can be broken down in the disposal of non-current assets, which generated a profit in 2014 of 1.9 million euros compared to 3.1 million euros obtained during the year 2013, and in other net gains and losses, which amounted to minus 0.3 million euros, which does not represent a significant variation compared to 2013, if 2.6 million euros resulting from a one-off tax charge on the balance restatement performed by the companies of the CLH Group in the previous year is excluded.

Profit before tax in 2014 amounted to 218.4 million euros, which is 4.0% more than in 2013.

The expense in corporate tax for 2014 totalled 61.5 million euros, 15.7 million more than in 2013, of which 15.5 million euros are due to the tax effect from the previous year's balance restatement due to a higher future deduction of depreciation/amortisation.

Nonetheless, the CLH Group profit after tax in 2014 amounted to 156.9 million euros, 4.4% less than the figure obtained in the previous year, basically due to the tax effect mentioned above. If the net impact of the balance restatement were to be excluded in 2013, the 2014 result would have been 4.2% higher.

Activity

Deliveries of oil products from CLH facilities in the January-December 2014 period totalled 40.1 million m3, 0.7% more than in the previous year.

In land sector products, which represent 82.4% of the total, withdrawals of automotive fuels increased by 2.2% and the demand for the remaining diesel oils decreased by 6.1%, mainly due to the fall in heating diesel oil consumption as a consequence of higher temperatures in the winter. On the other hand, deliveries of fuel oils increased by 19.6% deriving from a higher consumption in power generation plants.

Deliveries of aviation products increased in 2014 by 0.7% compared with the same period of the previous year. Withdrawals of products for marine use fell by 1.2%, mainly due to the reduction of the volumes intended for re-export and the entry of new agents in the market.

Activity in transport resources, stated in tonnes per kilometre travelled, experienced an overall increase of 1.3% as customer demand for services has resulted in a greater pipeline transport activity and an increase in the average distance travelled. With regard to transportation by tanker ship, a decrease of 20.1% was recorded and transportation by road tanker, mainly used for supply to small airports and air bases fell by 0.5%.

Investments

The investments made in 2014 amounted to 60.9 million euros, compared to 46.8 million euros in 2013, which therefore represents an increase of 30.1%.

Of this amount, 53.7% (32.7 million euros) was devoted to storage and airport facilities, mainly focused on operation and safety improvements (25.2 million euros) and on the construction of new plants and the extension of storage capacity (7.5 million euros); 17% (10.4 million euros) was devoted to environmental protection projects; 15.1% (9.2 million euros) to improvements on transport infrastructures and extension of the pipeline network; 6.8% (4.1 million euros) to the development of computer applications and purchase of machinery and equipment, and finally, 7.4% to the international investment project in Oman (4.5 million euros).