Motor Oil (Hellas) Corinth Refineries (MOH) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue was €13.317bn, EBITDA €1.383bn and profit after tax €806.7m; adjusted EBITDA was €1.480bn and adjusted net income €881m.

• Refinery turnaround maintenance, lower petroleum prices, weaker refining margins, dollar depreciation and inventory valuation weighed on results.

• Free cash flow rose to €500m from €65m and net debt fell to €1.518bn from €1.763bn; the proposed FY 2023 dividend was €1.80/share.

• Strategic investment advanced across renewables, circular economy, alternative fuels and mobility, alongside refinery upgrades.

Financial highlights

• Revenue fell 19.93% to €13.317bn; EBITDA declined 18.29% to €1.383bn, while adjusted EBITDA fell 9% to €1.480bn, excluding inventory valuation impact.

• Profit after tax was €806.7m vs. €967.2m; adjusted net income was €881m, and basic EPS was €7.43 vs. €8.82.

• Q4 revenue was €3.348bn vs. €3.964bn and EBITDA €225m vs. €301m; Q4 net income after minorities was €88m vs. a €39m loss.

• Operating profit was €1.136bn vs. €1.512bn; profit before tax was €1.038bn vs. €1.557bn.

Outlook and guidance

• FY 2024 forecast capex was €340m consolidated and €208m standalone; parent capex guidance was €210m, mainly for the propylene splitter, 57 MW CHP unit and refinery jetty.

• 2030 targets include €4.0bn investment, over €2.5bn in low-carbon projects, and emissions reductions of 30% for Scope 1+2 and 25% for Scope 3 vs. 2021; net zero is targeted by 2050.

• Renewable-energy ambition is operating capacity above 2.0 GW and EBITDA above €250m by 2030, supported by a 2.2 GW development and storage pipeline.