2 minutes• Statement of the Chairman of the BoD, E. Tsotsoros, on First quarter 2017 results
"HELPE Group’s upward course continued in Q1 of 2017, with increased performance. The best possible utilization of our system’s production capabilities, our continued reinforcement coupled with high margins led to increased sales by 67%, increased exports by 18% and net income of €124m, an increase of 287,5% compared to 1Q2016.
The significantly positive performance and results led to increased operational cash flows by 48%, to a decreased net debt by 29%, and to an overall balance sheet improvement. Markets had forecast Helpe’s positive course and continue to support the stock, which reached €6,36 on May 16th 2017, an increase of 119,31% compared to €2,90 on February 2nd 2016, which marked an ASE all-time low for 2016.
An equivalent increase in capitalization, saw it reach €1.943m on May 16th 2017, adding €1.058m to the company’s value compared to the €1.058m of February 2nd 2016, recording better performance than the competition after four years.
At the same time, we completed the design of the new “5-year Sustainable Development Business Plan 2017-2021”, which aims at the reinforcement of the Group’s orientation towards extroversion, the international competitiveness and the further improvement of the Group’s financial structure by adopting fundamental strategies for the acceleration of the Group’s digital and energy transformation.
As per the 5-year Business Plan, on one hand we have the balance sheet improvement by decreasing gross debt by €500m, annual finance costs by 50%, and outstanding debt by €550m, and on the other hand we have the initiation of sustainable development with approximately €1bn of investments. At the same time, the Group’s positive results are reflected on the reinforcement of our dividend policy throughout the 2017-2021 period."
• Statement of the Group's CEO, G. Stergioulis, on First Quarter 2017 results
"HELPE Group continues its upward course with steady steps.
Today, we are reporting strong operating results for another quarter, which was higher in profitability than the analysts’ estimates, but also quite indicative of HELPE Group’s commitment to its main goal, which is to transform ourselves into an energy flagship in SE Europe.
We take full advantage of the high international refining margins, the trade agreements we have entered into, the optimization of supply as well as the increased contribution of our refineries operating performance. At the same time, we continually strengthen our commercial position.
We are, in turn, honoring the trust that surrounds us in the market.
The seamless and safe operation of all our facilities, as well as the optimal utilization of the qualified human resources available to the Group constitute our comparative advantages.