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COPYRIGHT 2007 Financial Times Ltd.
(From AFX CNF)
RNS Number:6807R Hellenic Petroleum S.A. 22 February 2007 PRESS RELEASE February 21, 2007 FULL YEAR 2006 FINANCIAL RESULTS (In accordance with International Financial Reporting Standards) Reported net income of a260m, FY06 DPS of a0.43 and "clean" net income up 45%, despite the adverse global refining environment 2006 Consolidated Net Income reached a260m, corresponding to a0.85 per share (EPS). Adjusting for inventory gains/losses, "clean" net income rose 45% y-o-y to a277m. Group Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in 2006 amounted to a502m on a reported basis, while on a comparable, " clean" basis, they grew 45% to a526m. Hellenic Petroleum's Board of Directors will recommend to the forthcoming AGM the payment of a final dividend of a0.28 per share. Including the interim dividend of a0.15 per share which was paid out in December 2006, this brings the total dividend for 2006 at a0.43 per share and implies a total yield of 3.9% (based on yesterday's closing share price). Key financials for 2006, relative to the same period last year, were as follows: a Revenues grew 22% to a8,122m a EBT of a358m, lower by 28% a Net profits amounted to a260m, down 22% a Earnings per share of a0.85, a 22% decrease a "Clean" EBT rose 32% to a382m a "Clean" net income of a277m, a 45% increase a ROACE of 8.7% a ROE of 11.7% Main factors affecting the 2006 results: (a) Improvement in underlying operating profitability: a. Increased contribution by the Supply & Trading business unit, as well as from an effective risk management in the face of falling oil prices. b. Continuation of cost containment measures, with operating expenses flat for a third consecutive year, with "self-help" for the 2004-06 period amounting to around a75m. c. Improved performances by Petrochemicals and International Marketing activities. d. Positive contribution from...
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