Results for the first quarter 2015. The CLH group after-tax profit increased by 19.8% and totalled 39.3 million euros in the first three months of 2015
Investments for the quarter amounted to 14.6 million euros
Oil product deliveries from CLH facilities during the first quarter totalled 10.2 million cubic metres
The turnover generated by the CLH Group in the first quarter of 2015 amounted to 126.2 million euros, 1.6% more than in the same period for 2014.
Recurring operating profit for the first quarter of 2015 stood at 57.6 million euros, 12.9% more than in the previous year. Operating income increased by 1.3%, while operating expenses decreased by 5.6%.
Under the operating income heading basic logistics is notable, having increased by 3.4%. In particular, earnings from consignments of gasolines and diesel oils increased by 4.2% and earnings from consignments of aviation products increased by 9.0%. Under the same heading, strategic and security storage revenues have remained the same, and biofuel receipt and storage revenues increased by 0.3% With regard to revenues in distribution logistics, an overall increase was experienced of 2.8%, or 0.3 million. Under this heading, revenues in the marine sector were reduced by 8.9% and those in the aviation sector increased by 6.7%.
The net result on financial operations was minus 3.2 million euros, an improvement of 22.0% compared to the same quarter in 2014. This is due to the reduction in the average indebtedness, with a value of 15.3 million euros and a reduction in the debt cost rate, from 2.41% in 2014 to 2.03% in the first quarter of 2015.
Profit before tax in the first quarter of 2015 amounted to 54.4 million euros, which is 16.5% more than in 2014.
The expense in corporation tax for the first quarter of 2015 totalled 15.1 million euros, 8.6% more than in the same period of 2014.
Nonetheless, the CLH Group profit after tax amounted to 39.3 million euros, 19.8% higher than the figure obtained in the previous year.
Activity
Deliveries of oil products from CLH facilities in the January-March 2015 period totalled 10.2 million m3, 6.8% more than in the previous year.
In land sector products, which represent 85.5% of the total, withdrawals of automotive fuels increased by 5.9%, which represents a notable improvement in consumption. The rest of diesel oils increased by 12.0%. On the other hand, deliveries of fuel oils increased by 62.5%, deriving from a higher consumption in power generation plants.
Deliveries of aviation products increased in the first quarter of 2015 by 8.1% compared with the same period of the previous year. Withdrawals of products for marine use fell by 14.7%, mainly due to the reduction of the volumes intended for re-export.
Activity in transport resources, stated in tonnes per kilometre travelled, experienced an overall reduction of 4.7%. Transportation by pipeline and vessel were reduced by 2.9% and 15.5%, respectively. As for transportation by road tanker, it experienced an increase of 0.7%.
Investments
Investments made during Q1 2015 amounted to 14.6 million euros, representing an increase of 32.7%.
Of this amount, 59.6% (8.7 million euros) was devoted to storage and airport facilities, mainly focused on operation and safety improvements (4.7 million euros) and on the construction of new plants and the extension of storage capacity (4.0 million euros); 11.0% (1.6 million euros) was devoted to environmental protection projects; 9.6% (1.4 million euros) to the development of computer applications and purchase of machinery and equipment; 6.8% (1.0 million euros) to improvements in transport infrastructures and extension of the pipeline network, and finally, 13.0% (1.9 million euros) to the international investment project in Oman.