The CLH Group obtained an after-tax profit of 238.3 million euros in 2018

• Investments reached over 77 million euros, of which over 50% was devoted to improving the Group’s infrastructures in Spain
• The contribution made by our international business increased by 17.2% compared to 2017, and now represents 14% of the total revenues of the CLH Group. This boost to the international business offset the drop in the results of our traditional business in Spain
• Deliveries of oil products from CLH facilities in Spain in 2018 amounted to 46.8 million cubic metres, which represents an increase of 1.9% compared to the previous year

The CLH Group obtained an after-tax profit of 238.3 million euros in 2018, which represents an increase of 2% compared to the year before.

Operating income totalled more than 724 million euros, 0.5% less than in 2017, mainly due to the drop in storage revenues in Spain.

The contribution made by the company’s international businesses continued to grow and reached 101.2 million euros in operating income, now representing 14% of the CLH Group’s total revenues. 

Operating expenses amounted to 407.2 million euros, 2.2% less than in 2017, thanks to the efficiency and cost reduction plans promoted by the company.

All in all, EBITDA for the CLH Group amounted to 428.2 million euros, 6.9% more than in 2017, thanks to the strong growth of aviation fuel demand both in Spain and in Ireland, as well as the commencement of commercial operations in Panama and the result of the commercial actions undertaken in the United Kingdom.

Investments

The CLH Group invested 77.6 million euros in 2018 to continue to improve its infrastructures and services in all the countries where it is present and to develop new international projects.

In Spain, the company invested 38.5 million euros in the implementation of several projects. Most of the investments were made in maintenance and growth of the business, as well as equipment replacement, expansion and modernisation and in environmental and safety projects.

In the rest of the countries where the CLH Group is present, investments amounted to 36.9 million euros.

Additionally, the CLH Group used 2 million euros for financial investments, such as the capital contributions in the Mexican company HST, which is 60% owned by CLH.

Operations in Spain

Deliveries of oil products from CLH facilities in Spain in 2018 amounted to 46.8 million cubic metres, which represents an increase of 1.9% compared to the previous year, owing, among other reasons, to the strong growth in aviation fuels and heating oil after a colder winter than in 2017.

Broken down by products, deliveries of gasoline and diesel oil decreased by 2.2% compared to 2017, kerosene and aviation fuel grew by 4.5% and fuel oils and IFOs grew by 4.2%. Furthermore, in 2018 CLH consolidated the naphtha dispatch service that started in December 2017, supplying nearly 1.4 million cubic metres in 2018.

The volume of oil products transported by pipeline reached 23.5 million tonnes. The company also transported 2.9 million tonnes by vessel, which represents an increase of 15.3% compared to the year before.

With regard to biofuel services, CLH managed 1.67 million cubic metres of biodiesel and HVO (hydrobiodiesel) and 0.25 million cubic metres of bioethanol. The company received biofuels already blended with diesel oil and gasoline and in their pure form or denatured in order to be blended in the loading arm and in-line.

Furthermore, during 2018, CLH maintained the average price of its logistics and storage services in Spain at a similar level to the year before, representing 0.84 euro cents per litre, that is, less than one euro cent per litre or around 0.7% of the end prices paid by consumers for automotive diesel oil and 95-octane gasoline.

Other relevant events

During 2018 the CLH Group continued to develop its Strategic Plan approved in 2017 aimed at maintaining operational excellence, focusing on meeting new customer needs and the development of new services and on continuing to promote its international expansion.

Along these lines, CLH continued to reinforce the development of new services, particularly in coastal facilities and in terminals connected to refineries in Spain and in the United Kingdom.

CLH Aviación renewed its presence at 20 Spanish airports, including Madrid and Barcelona, and was awarded the operation of another eight airports in the country for the first time.

Another highlight of the year was the important progress made on the international expansion programme with the starting of commercial operations at five airports in Panama and the award of a new airport at the end of the year in that country.

In addition, CLH Aviation Ireland inaugurated two new storage tanks and the first section of the new hydrant network at Dublin airport, as part of the renovation project underway there.

Also in 2018, the whole of the new logistics network constructed by the CLH Group in Oman in cooperation with Orpic was put into service.

In 2018, CLH’s shareholding structure also experienced some changes after Ardian sold its 10% shareholding, which was subsequently acquired by two investment funds that were already present in the company’s share capital: the Dutch pension management fund APG and the Canadian insurer WSIB, which reveals their trust in CLH's management and growth potential.

Prizes and awards

In 2018 the companies in the CLH Group received several prizes and awards. CLH was appointed Ambassador for European Excellence by the Club for Excellence in Management (CEG) and Marca España in recognition of its commitment to continuous improvement and excellence.

For its part, the new logistics system built by CLH and Orpic in Oman received an award as the best "Downstream Project of the Year" at the Oil & Gas Middle East and Refining & Petrochemicals Middle East (RPME) Awards ceremony held in Dubai.

In addition, the CLH-PS facility in Bramhall won, for the fifth year in a row, the gold medal for its performance in health and safety at the Royal Society for the Prevention of Accidents awards.