Financial performance 2017 – 2020

Oilinvest (Netherlands) B.V. Consolidated Profit and Loss account for the years 2017 – 2020

Value in ‘000 Euro 2017 2018 2019 2020
 Net Sales    7.330.332    7.068.843    7.133.549    4.560.888
 Gross Margin       506.589       427.053       577.129       435.293
 EBITDA       219.222       167.008       247.521       221.522
 Net Result after tax        144.841         93.843       141.949       118.084

Measures taken

The increasing competition faced by the oil downstream in Europe in the last years has led the company management to take drastic steps and extensive, severe rationalization measures leading to:

  • Eliminate the exposure versus negative refining margins;
  • Optimize the retail distribution network;
  • Rationalize the wholesale business by eliminating export and low performing businesses;
  • Carry out restructuring plans and cost cutting programs to lower the break-even margin.
  • Grow through the acquisition of distribution assets

The main radical measures were implemented all over the period. In 2018 the company’s refinery in Hamburg has undertaken the full general maintenance lasting approximately two months and, in addition, the refining margins were not in general as good as in 2017.

The drastic slump in fuel demand since Q2 2020 following the COVID-19 pandemic spread and the consequent restrictive measures generated high level of business instability and uncertainty. However, the company successfully managed to deal with it and to minimize the financial effects of the pandemic in 2020.

Today, in the current challenging market with low but steady declining fuel demand, the company is continuously striving to explore business opportunities and areas of improvements aimed at boosting efficiency and competitiveness to maximize the assets value for our shareholder.

The Oilinvest new operating model, which is streamlined and based on sound lines of business, leads us foreseeing solid results also in the next years.

With respect to the energy transition challenge that the oil industry is facing, Oilinvest is looking for value creating investment options in the renewable energy sector in order to successfully transform its asset base.