The CLH Group after-tax profit totalled 174.2 million euros in 2015

• The CLH Group results include the activities of its subsidiary in the United Kingdom (CLH-PS), which started its operations on 1 May 2015 
• Oil product deliveries from CLH facilities in Spain during 2015 totalled 42 million cubic metres 
• Investments for the year amounted to over 209 million euros 

The turnover generated by the CLH Group in 2015, which for the first time includes the activities of its British subsidiary, CLH-PS, which started its operations on 1 May 2015, amounted to 601.8 million euros, 15.2% more than in 2014.

Recurring operating profit of the CLH Group for 2015 stood at 250.5 million euros, 7.4% more than in the previous year. Operating income and operating expenses recorded an increase of 13.5% and 17.7%, respectively.

Under the operating income heading basic logistics is notable, with an increase of 18.2% in 2015. In particular, earnings from consignments of gasoline and diesel oil increased by 4.3% and earnings from strategic and security storage increased by 14.5%.

As for earnings from consignments of aviation products, these increased by 60.4 million euros, or 92.0%. Of this amount, 7.2 million corresponds to the domestic market, and the remaining 53.2 million to the consolidation of the British subsidiary CLH-PS. Revenues in distribution logistics increased by 2.8% compared to the previous year.

The net result on financial operations was -15.1 million euros, a 7.6% improvement on financial year 2014.

Non-recurring operating profit in 2015 amounted to 0.2 million euros.

Profit before tax in 2015 amounted to 235.6 million euros, which is 7.8% more than in 2014, and the expense in corporate tax in the same period reached 61.4 million euros.

As a result of this, profit after tax of the CLH Group for financial year 2015 amounted to 174.2 million euros, 11.0% more than the previous year. This figure is supported by the growth of Spanish operations and the consolidation for the first time of the results of its British subsidiary, CLH-PS.

Activity

Deliveries of oil products from CLH facilities in Spain in the January-December 2015 period totalled 42.2 million m3, 5.2% more than in the previous year.

In land sector products, which represent 82.0% of the total, withdrawals of automotive fuels increased by 4.5%, with an equal 4.5% increase in other diesel oils. Deliveries of fuel oil also increased by 20.5% deriving from a higher consumption in power generation plants.

Deliveries of aviation products increased in 2015 by 7.0% compared to the previous year. Withdrawals of marine products increased by 8.9% also compared to financial year 2014. In general, the increase in demand of all products is the result of economic growth and higher domestic demand.

Activity in transport resources, stated in tonnes per kilometre travelled, experienced an overall increase of 3.2% as customer demand for services has resulted in a greater pipeline transport activity, up 4.0% compared to the year before. Transport by road tanker, mainly used in supply to small airports and air bases, increased by 1.6%, and transport by tanker vessel experienced a reduction of 1.9% in tonnes per kilometre.

Investments

Investments made in 2015 by the CLH Group reached 209.6 million euros, compared to 60.9 million euros in 2014. 28.6% (59.9 million euros) of the total investments made corresponds to investments in Spain, while 71.4% (149.7 million euros) went to international investments.

With regard to the investments made in Spain, 63.5% (or 38.1 million euros) was devoted to storage facilities and airports, of which 24.4 million euros was used in operational and safety improvements and 13.7 million euros in the construction of new centres and extension of storage capacity; 17.8% (or 10.6 million euros) was devoted to projects related to environmental protection; 9.7% (or 5.8 million euros) to improvements in transport infrastructures; 7.5% (or 4.5 million euros) to the development of computer applications and 1.5% (0.9 million euros) to the acquisition of machines and equipment.

International investments experienced important growth as a result of the acquisition of the company GPSS in the UK and the development of the logistics infrastructure construction project in Oman.