Hellenic Petroleum announced its consolidated financial results for the third quarter of 2021, with Adjusted EBITDA coming in at €125million, up by 90% vs a year ago and 58% compared to the second quarter of 2021, with corresponding Net Income at €39million.
The company's financial results were mainly driven by oil demand recovery in all key markets, as well as improved benchmark refining margins, following several quarters at historical lows. The strong operational performance in refining and marketing, both in Greece and internationally, as well as the first results from the strategic transformation programs, also had a positive impact.
The Group’s corporate restructuring process is also on track with the Company’s BoD approving, on 30 September 2021, the draft demerger deed for the hive down of the Refining, Supply & Trading and Petrochemical business to the new company.
The new corporate structure will have multiple benefits in terms of flexibility in developing and financing of new activities, risk management, as well as improving value transparency across the Group's activities’ portfolio.
Engineering works at the 204 MW PV park in Kozani are at the final stage, with 14 of the 18 parks -corresponding to 166 MW- already mechanically completed, while connection to the HV network and commercial operation are expected in the first quarter of 2022.
With reference to the sale process of DEPA Infrastructure (65% HRADF - 35% HELPE), in which the Group participated as a joint seller with the HRADF, Italgas was declared as preferred investor, with an offer of €733million, corresponding to €256million for Hellenic Petroleum’s participation.
The share purchase agreement is expected to be signed soon, following the Court of Audit approval, while it is anticipated that the transaction will be completed in the first half of 2022, subject to customary regulatory approvals.