hellenic petroleum sa (ELPE) Snapshot

The Greek government has failed to attract a single bid for Public Gas Corporation S.A. The country's deputy energy minister and a spokesman for Open Joint Stock Company Gazprom (MICEX:GAZP), which had been frontrunner to take control of Public Gas Corporation, confirmed that no bid had been made. Asimakis Papageorgiou from the Ministry said that Greece would issue a new tender for the company. The ministry may also reconsider the timing of a sale of Hellenic Petroleum SA (ATSE:ELPE). Sergei Kupriyanov, Gazprom spokesman, said that company had decided not to bid because of uncertainty. Greece intends to sell Public Gas Corporation by the end of 2013.

Hellenic Petroleum SA announced consolidated parent and group earnings results for the first quarter ended March 31, 2013. For the quarter, the group’s net loss of EUR 78 million or EUR 0.25 loss per share on sales of EUR 2,241 million compared to net income of EUR 71 million or EUR 0.23 earnings per share on sales of EUR 2,716 million for the corresponding period of last year. Operating loss was EUR 72.365 million against operating profit of EUR 68.193 million for the same period last year. Loss before income tax was EUR 89.176 million against profit before income tax of EUR 94.981 million for the same period a year ago. Adjusted EBIT was EUR 38 million against EUR 76 million of prior year period. LBITDA was EUR 12 million against EBITDA of EUR 108 million of prior year period. Adjusted net loss was EUR 78 million against adjusted net income of EUR 71 million a year ago. Loss for the period was EUR 82.692 against profit of EUR 71.027 a year ago. Net debt was EUR 2,188 million against EUR 2,257 million a year ago. Capex was EUR 10 million against 80 million a year ago. Adjusted LPS was EUR 0.07 against EPS of EUR 0.15 of prior year period. Net cash used in operating activities was EUR 276.910 million against EUR 496.389 million a year ago. Purchase of property, plant and equipment & intangible assets were EUR 10.065 million against EUR 79.684 million a year ago. For the quarter, the parent company’s sales were EUR 2,065.786 million against EUR 2,613.265 million a year ago. Operating loss was EUR 74.782 million against operating profit of EUR 72.480 million for the same period last year. Loss before income tax was EUR 118.055 million against profit before income tax of EUR 85.512 million for the same period a year ago. Loss for the period was EUR 102.945 against profit of EUR 66.242 a year ago. Net cash used in operating activities was EUR 506.630 million against EUR 388.235 million a year ago. Purchase of property, plant and equipment & intangible assets were EUR 6.261 million against EUR 72.864 a year ago.

Hellenic Petroleum SA, Q1 2013 Earnings Call, May 30, 2013