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Financial

Financial performance 2015 – 2018

Oilinvest (Netherlands) B.V. Consolidated Profit and Loss account for the years 2015 – 2018

Value in ‘000 Euro 2015 2016 2017 2018
Net Sales 6,560,196 5,358,304 7,330,332 7,068,843
Gross Margin 471,071 482,084 506,589 427,053
EBITDA 143,046 207,519 219,222 167,008
Net Result after tax 6,250 72,144 144,841 93,843 

Measures taken

The increasing competition faced by the oil downstream in Europe has led the company management to take drastic steps and extensive, severe rationalization measures leading – among others – 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.

The main radical measures were implemented particularly during the period 2011-2015, with full effects starting to become evident from 2016 onwards. Please note that 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.

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 five years, with potential to exceed 2018’s result depending on the international fuel price spreads versus crude and relevant refining margins.