Petrol Group 2015 results (quick note):

Sales volume of petroleum products iis up by 6% to 2.86m tons.

Merchandise sales is up by 2% YoY to EUR 486.6m.

Other energy segment delivered 32% increase in revenues as it amounted to EUR 700m in 2015.

All in all Net sales revenues is down by 5% YoY to 3,817, however this is the consequence of lower price of oil and thereby oil products.

More importantly gross profit is up by 2% to EUR 347.9m versus EUR 339.5m in 2014. However EBITDA amounted to EUR 135.4m in 2015 versus 138.1m in 2014. This is below our forecast of EUR 139.6m.

Net profit totaled EUR 65.3m, up by 8% YoY. This is above our forecast of EUR 61.1m.

CAPEX amounted to EUR 69.5m in 2015 versus EUR 58.5m in 2014.

Reported net debt stood at EUR 451m at 2015 yearend, but this does not take into account significant LT investments.

Research report will be available in upcoming week.

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