4Q16 results – still motoring along
Motor Oil’s 4Q16 results capped a year of strong performance for 2016. Production volumes were up 9% qoq and 3% yoy. For the full year, sales volumes were up 1.5% and down 7% qoq. Due to lower margins than in previous periods, we see flat adjusted EBITDA for the quarter, whilst it was down 11% for the full year, although still high by historical standards. Net debt/EBITDA stood at just 0.66x at the year-end, and the company is restructuring its debt, increasing tenor and cutting costs. An investment plan focused on incremental growth is under way, which will cost around EUR 50m annually for the next few years. Management plans to continue to grow volumes in a steady and sustainable manner. Given the current state of the refining margins in the region, we expect Motor Oil to continue to perform strongly in 1Q17E.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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