Results January-September 2015. The CLH Group after-tax profit increased by 6.9% and totalled 126.2 million euros during the first nine months of 2015

EBITDA reached 250.5 million euros, an increase of 5.5%

• Investments for the period reached over 165 million euros, mainly owing to international acquisitions
• Oil product deliveries from CLH facilities during the first nine months of 2015 reached 31.6 million cubic metres, 6.1% higher than in the same period of the previous year.

The turnover generated by the CLH Group in the first nine months of 2015 amounted to 437.9 million euros, 12.3% more than in the same period of 2014. CLH-PS contributed 9.1% to this 12.3% variation. The remaining 3.2% is attributed to the growth of the domestic market.

Recurring operating profit at the end of the third quarter of 2015 stood at 182.6 million euros, 2.9% more than in the previous year. Due to the consolidation of CLH-PS, operating income and operating expenses increased by 11.2% and 17.1%, respectively.

Under the operating income heading basic logistics is notable, reaching 396.3 million euros during the first nine months of 2015, 16.5% more than in the same period of the previous year. In particular, earnings from consignments of gasolines and diesel oils increased by 5.0% and earnings from consignments of aviation products increased by 79.4%. Of this increase, 88.5% (or 35.4 million euros) corresponds to the consolidation of CLH-PS.

In addition, income from strategic and security storage during the first nine months of 2015 increased by 10.1%, and income from biofuel receipt and storage increased by 9.8% compared to the third quarter of 2014.

Distribution logistics maintained the same income levels as in 2014. Under this heading, revenues in the marine sector were reduced by 3.7% and those in the aviation sector increased by 0.5%.

The net result on financial operations was -11.2 million euros, a 9.7% improvement on the first nine months of financial year 2014, owing to a reduction in the debt cost rate, which was reduced from 2.49% in 2014 to 2.06% in the first nine months of 2015.

Profit before tax in the first nine months of 2015 amounted to 170.9 million euros, which is 3.8% more than in 2014.

The expense in corporate tax during the first nine months of 2015 reached 44.7 million euros, 3.9% less than in the same period of financial year 2014.

All in all, profit after tax of the CLH Group at the end of the third quarter of 2015 amounted to 126.2 million euros, 6.9% more than the previous year.

Activity

Deliveries of oil products from CLH facilities in Spain for the January-September 2015 period amounted to 31.6 million cubic metres, 6.1% more than in the previous year.

In land sector products, which represent 81.7% of the total, withdrawals of automotive fuels continued their upward trend since the beginning of the year, increasing until September by 5.4%. Other diesel oil products have increased by 8.5%.

As for fuel oil deliveries, they continued their upward trend with an overall increase of 27.3%.

Deliveries of aviation products increased in the first nine months of 2015 by 7.2% compared with the same period of the previous year, and marine product withdrawals increased by 0.3%.

Activity in transport resources, stated in tonnes per kilometre travelled, experienced an overall increase of 0.7%. Pipeline transport increased by 2.9% while vessel and road tanker transport experienced a reduction of 11.7% and 2.0%, respectively.

Investments

Investments made until September 2015, including those of the British subsidiary, reached 165.9 million euros, compared to 38.6 million euros during the same period of 2014.

International investments experienced an important growth as a result of the acquisition of the company GPSS in the UK (119.1 million euros) and the development of the logistics infrastructure construction project in Oman (5.3 million euros).

With regard to the investments made in Spain (a total of 41.5 million euros), 69.4% (or 28.8 million euros) was devoted to storage facilities and airports, of which 16.6 million euros was used in operational and safety improvements and 12.2 million euros in the construction of new centres and extension of storage capacity; 14.9% (or 6.2 million euros) was devoted to projects related to environmental protection; 8.8% (or 3.7 million euros) to improvements in transport infrastructures; and 6.9% (or 2.8 million euros) to the development of computer applications and the acquisition of machines and equipment.