INA GROUP
Q1 2024
FINANCIAL REPORT
Zagreb, April 2024
Q1 2024 REPORT
INA GROUP CONSOLIDATED
INA Group (ZB: INA-R-A; www.ina.hr) announced its Q1 2024 results. This report contains unaudited consolidated financial statements for the period ending 31 March 2024 as prepared by the Management in accordance with the International Financial Reporting Standards.
Contents | |
Management discussion and analysis: INA Group financial results | |
Refining and Marketing, including Consumer Services and Retail | |
Condensed Consolidated Cash Flow Statement (Indirect method) | |
INA Group Summary Segmental Results of Operations | 11 |
Financial overview and notes | 12 |
Special items | 13 |
Financial instruments and risk management | 13 |
Changes in equity | 14 |
Related party transactions | 15 |
Management representation | 15 |
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Q1 2024 REPORT
INA GROUP CONSOLIDATED
Management discussion and analysis: INA Group financial results (IFRS)
2023 | EUR mn | Q1 2023 | Q1 2024 | % |
3,896.3 | Net sales revenues* | 760.8 | 801.8 | 5 |
523.0 | EBITDA (1) | 37.0 | 60.0 | 62 |
500.3 | EBITDA excl. special items (2) | 37.0 | 60.0 | 62 |
496.0 | CCS EBITDA excl. special items | 23.2 | 63.7 | 174 |
330.4 | Profit/(loss) from operations | (6.7) | 20.2 | n.a. |
307.7 | Profit/(loss) from operations excl. special items (2) | (6.7) | 20.2 | n.a. |
303.4 | CCS Profit/(loss) from operations excl. special items | (20.5) | 23.9 | n.a. |
(31.9) | Net (loss)/income from financial activities | (10.3) | (7.0) | (32) |
250.0 | Profit/(loss) for the period attributable to Owners of the Company | (14.2) | 11.9 | n.a. |
227.3 | Profit/(loss) for the period excl. special items (2) | (14.2) | 11.9 | n.a. |
185.0 | Simplified Free Cash Flow (3) | (28.8) | (37.8) | 31 |
443.7 | Net operating cash flow | (11.7) | (86.2) | 637 |
Earnings per share | ||||
25.0 | Basic and diluted earnings/(loss) per share (EUR per share) | (1.4) | 1.2 | n.a. |
215.7 | Net debt | 165.0 | 424.7 | 157 |
11.6 | Net gearing (%) | 9.5 | 20.4 | |
311.0 | CAPEX total | 52.1 | 101.4 | 95 |
293.5 | Domestic | 49.5 | 98.8 | 100 |
17.5 | International | 2.5 | 2.7 | 6 |
2023 | USD mn (4) | Q1 2023 | Q1 2024 | % |
4,213.1 | Net sales revenues* | 816.3 | 870.6 | 7 |
565.5 | EBITDA (1) | 39.7 | 65.1 | 64 |
541.0 | EBITDA excl. special items (2) | 39.7 | 65.1 | 64 |
536.3 | CCS EBITDA excl. special items | 24.9 | 69.1 | 177 |
357.3 | Profit/(loss) from operations | (7.2) | 21.9 | n.a. |
332.7 | Profit/(loss) from operations excl. special items (2) | (7.2) | 21.9 | n.a. |
328.0 | CCS Profit/(loss) from operations excl. special items | (21.9) | 25.9 | n.a. |
(34.5) | Net (loss)/income from financial activities | (11.1) | (7.6) | (31) |
270.3 | Profit/(loss) for the period attributable to Owners of the Company | (15.2) | 12.9 | n.a. |
245.8 | Profit/(loss) for the period excl. special items (2) | (15.2) | 12.9 | n.a. |
200.0 | Simplified Free Cash Flow (3) | (30.9) | (41.0) | 33 |
479.8 | Net operating cash flow | (12.6) | (93.6) | 646 |
Earnings per share | ||||
27.1 | Basic and diluted earnings/(loss) per share (USD per share) | (1.5) | 1.3 | n.a. |
238.3 | Net debt | 179.6 | 459.1 | 156 |
336.3 | CAPEX total | 55.8 | 110.2 | 97 |
317.4 | Domestic | 53.1 | 107.3 | 102 |
18.9 | International | 2.7 | 2.9 | 7 |
* Related to Revenue from contracts with customers
- EBITDA = EBIT + Depreciation, amortization and impairment (net)
- In 2023 result was impacted by revision of decommission related cost in the amount of EUR 22.7 million, while in Q1 2023 and Q1 2024 there were no special items impacting the result
- Simplified free cash flow = CCS EBITDA excluding special items - CAPEX
-
In converting EUR figures into US Dollars, the following average CNB (HNB) rates were used: as at 31 December 2023 - 1.1050 EUR/USD; as at 31 March 2024 - 1.0811 EUR/USD; for Q1 2023
- 1.0730 EUR/USD; Q1 2024 - 1.0858 EUR/USD; for Q2 2023 - 1.0730 EUR/USD; for Q3 2023 - 1.0884 EUR/USD; for Q4 2023 - 1.0751 EUR/USD
Q1 2024 financial and operational highlights
After turbulent 2022 and 2023, beginning of 2024 shows a more stable external environment on oil & gas markets. INA result in Q1 2024 was stronger primarily due to better wholesale margins that, together with higher Retails sales, allowed for stronger overall result. CCS EBITDA excl. special items of INA Group amounted to EUR 64 million in Q1 2024, with net profit turning positive compared to Q1 2023 and amounting EUR 12 million. These figures also show the annual seasonality where Q1 usually doesn't contribute equally to the overall full year results compared to other quarters.
Exploration and Production EBITDA was lower following the lower gas price and natural decline of production, EUR 74 million in Q1 2024. Production was lower by 8% yoy in line with the natural production decline, water cuts on main gas fields and impact of Angola assets divested in Q2 2023, although the Egyptian production increased driven by new concession East Damanhur.
Refining and Marketing incl. Consumer services and Retail segment result improved mainly due to the mentioned market trends and better wholesale margins. Following planned turnaround market was supplied via imports and the overall sales increased 9%. Consumer Services and Retail sales volumes increased by 13% compared to the Q1 2023, mainly with higher realization on domestic market and positive market trends. Apart from the fuel sales, non-fuel margin continued to grow with 44% margin increase. Simplified Free Cash Flow of the segment stayed negative at EUR (68) million in Q1 2024, in line with the strong investment spending of EUR 84 million just in Q1 2024.
Overall capital expenditures amounted to EUR 101 million, roughly doubled compared to Q1 2023, with the Refining contributing the most to investments. Rijeka Refinery successfully went through a turnaround while Rijeka Refinery Upgrade Project reached 87% total completion, with other efficiency investment projects on track. Financial position remains stable with net debt at EUR 425 million and 20% gearing ratio.
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Q1 2024 REPORT
INA GROUP CONSOLIDATED
President of the Management Board comment
Ms. Zsuzsanna Ortutay, President of the Management Board comments on the results:
"Beginning of 2024, following the previous two years turmoil, shows generally good environment with the stable oil prices but the gas prices decreased significantly compared to previous period resulting in CCS EBITDA excl. special items of EUR 64 million in Q1.
Exploration and Production, combating with the expected natural decline of our portfolio, continue with new projects. On top of the new concession in Egypt, 40% of working interest in the SA-07 Croatian onshore block was acquired. Additionally, preparatory activities for INA's first two geothermal blocks are ongoing.
Rijeka Refinery underwent the planned turnaround, during which safe and uninterrupted supply was ensured via imports. Overall Refining and Marketing sales increased in a period of favourable margins, which together with strong Retail sales turned the segments' result positive.
Following the two solar power plants (Virje in production and Sisak in test run mode production), INA is expanding its renewable energy portfolio. Apart from preparation of additional projects for solar power plants at its locations, INA signed two contracts in sustainability area - one connected with construction of a green hydrogen plant at the Rijeka Refinery, and another one connected with a biomethane production facility in Sisak. The projects will contribute to the company's green transition efforts, while INA will become the first producer of commercial green hydrogen in Croatia.
The funds needed for the green transformation have to be generated in INA's core business segments, therefore it is important to keep the operations efficient and profitable. Of course, within our green transition efforts, we will also count on the co-financing from EU funds. With the usual seasonal nature of sales, the following quarters are expected to further strengthen INA's results."
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Q1 2024 REPORT
INA GROUP CONSOLIDATED
Exploration and Production*
2023 Segment IFRS results (EUR mn) | Q1 2023 | Q1 2024 | % | |
582.3 | Net sales revenues | 153.5 | 122.8 | (20) |
412.8 | EBITDA | 98.2 | 73.4 | (25) |
390.1 | EBITDA excl. special items ** | 98.2 | 73.4 | (25) |
323.1 | Profit from operations | 80.0 | 60.1 | (25) |
300.4 | Profit from operation excl. special items ** | 80.0 | 60.1 | (25) |
289.9 | Simplified Free Cash Flow*** | 85.8 | 55.2 | (36) |
100.2 | CAPEX | 12.4 | 18.2 | 48 |
- Exploration and Production refers to the Upstream of INA, d.d. and following subsidiary: Adriagas S.r.I. Milano
- In 2023 result was impacted by revision of decommission related cost in the amount of EUR 22.7 million, while in Q1 2023 and Q1 2024 there were no special items impacting the result
- Simplified free cash flow = EBITDA excluding special items - CAPEX
2023 | Hydrocarbon production (boe/d) | Q1 2023 | Q1 2024 | % |
11,602 | Crude oil production (boe/d) | 12,150 | 10,951 | (10) |
9,676 | Croatia | 9,925 | 9,253 | (7) |
1,746 | Egypt | 1,708 | 1,698 | (1) |
180 | Angola | 517 | - | n.a. |
11,987 | Natural gas production (boe/d) | 12,558 | 11,775 | (6) |
3,372 | Croatia - offshore | 3,529 | 2,990 | (15) |
8,563 | Croatia - onshore | 9,029 | 8,588 | (5) |
52 | Egypt | - | 198 | n.a. |
814 | Condensate (boe/d) | 921 | 734 | (20) |
812 | Croatia | 921 | 728 | (21) |
1 | Egypt | - | 6 | n.a. |
24,403 | Total hydrocarbon production | 25,629 | 23,461 | (8) |
2023 | Total average realised hydrocarbon price | Q1 2023 | Q1 2024 | % |
74 | Total average hydrocarbon price (USD/boe)* | 76 | 65 | (14) |
* Calculated based on total sales revenue including natural gas internal selling price as well
Q1 2024 vs. Q1 2023
Key drivers
- Lower prices, primarily gas prices, impacted sales revenues negatively by EUR 19.1 million
- Negative effect caused by increased water cut and natural decline on main gas and oil fields partially mitigated by better well performance after successfully performed well workovers on field Žutica and production optimization on several fields onshore
- International production higher driven by contribution from new Egypt concession East Damanhur
- Government approved relinquishment of SZH-01 block
Capital expenditures
Q1 2024 (EUR mn) | Croatia |
Exploration | 4.2 |
Development | 4.2 |
Other | 7.3 |
TOTAL | 15.7 |
Egypt
-
2.5
-
2.5
Higher CAPEX level compared to Q1 2023 due to higher Croatia onshore activities.
Main activities during Q1 2024 were related to:
Croatia Exploration:
- Block Sava-07: Acquisition of 40% of non-operated Working interest in the SA-07 Expl.Block; Drilling of Zbjegovača-1
and Međurić-1 wells completed, Drilling of Piljenice-1 well ongoing
-
Drava-03:V.Rastovac-2 Du well and Obradovci-5 well; ongoing permitting activities Croatia Geothermal:
o Preparatory activities for 3D seismic and drilling of 4 wells ongoing in exploration areas "Leščan" and "Međimurje 5";
Croatia Development:
o Production optimization: 9 well workovers performed Egypt:
o Ras Qattara: Drilling of 2 development wells
o East Bir El Nus: preparation for seismic acquisition
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Q1 2024 REPORT
INA GROUP CONSOLIDATED
Refining and Marketing, including Consumer Services and Retail*
2023 Segment IFRS results (EUR mn) | Q1 2023 | Q1 2024 | % | |
3,821.4 | Net sales revenues | 745.9 | 778.4 | 4 |
93.0 | EBITDA | (26.9) | 12.3 | n.a. |
93.0 | EBITDA excl. special items** | (26.9) | 12.3 | n.a. |
88.7 | CCS EBITDA excl. special items** | (40.7) | 16.0 | n.a. |
7.4 | Profit/(loss) from operations | (46.9) | (9.1) | (81) |
7.4 | Profit/(loss) from operations excl. special items** | (46.9) | (9.1) | (81) |
3.1 | CCS Profit/(loss) from operations | (60.7) | (5.4) | (91) |
(102.9) | Simplified Free Cash Flow*** | (79.4) | (67.9) | (14) |
191.6 | CAPEX | 38.7 | 83.9 | 117 |
- Refers to Refining and Marketing including Consumer Services and Retail INA d.d. and the following subsidiaries: INA Maziva d.o.o., INA Slovenija d.o.o., HoldINA d.o.o. Sarajevo, INA Crna Gora d.o.o., INA d.o.o. Beograd, INA Kosovo d.o.o., Energopetrol d.d., INA MALOPRODAJNI SERVISI d.o.o., Croplin d.o.o.
- In Q1 2024 and in 2023 there were no special items impacting the result
- Simplified free cash flow = CCS EBITDA excluding special items - CAPEX
2023 | Refining processing (kt) | Q1 2023 | Q1 2024 | % |
305 | Domestic crude oil | - | - | n.a. |
1,350 | Imported crude oil | - | - | n.a. |
654 | Other feedstock | 31 | 26 | (15) |
2,309 | Total refining throughput | 31 | 26 | (15) |
Refining production (kt) | ||||
130 | LPG* | - | - | n.a. |
123 | Naphtha | - | 1 | n.a. |
532 | Gasoline | 6 | 7 | 19 |
172 | Kerosene | - | - | n.a. |
867 | Diesel | 1 | - | n.a. |
- | Heating oil | - | - | n.a. |
176 | Fuel oil | 13 | 4 | (67) |
71 | Other products** | 3 | 8 | 226 |
2,070 | Total | 23 | 21 | (10) |
38 | Refining loss | 1 | 1 | 4 |
202 | Own consumption | 7 | 5 | (34) |
2,309 | Total refining production | 31 | 26 | (15) |
Refined product sales by country (kt) | ||||
2,471 | Croatia | 460 | 515 | 12 |
569 | B&H | 128 | 128 | (0) |
30 | Slovenia | 9 | 7 | (26) |
19 | Italy | 3 | 4 | 15 |
929 | Other markets | 114 | 124 | 9 |
4,019 | Total | 715 | 778 | 9 |
Refined product sales by product (kt) | ||||
186 | LPG* | 34 | 30 | (11) |
122 | Naphtha | 1 | 6 | 774 |
699 | Gasoline | 99 | 143 | 45 |
200 | Kerosene | 20 | 22 | 12 |
2,064 | Diesel | 426 | 448 | 5 |
123 | Heating oil | 39 | 33 | (15) |
187 | Fuel oil | 25 | 14 | (45) |
88 | Bitumen | 14 | 15 | 11 |
351 | Other products*** | 58 | 65 | 12 |
4,019 | Total | 715 | 778 | 9 |
1,401 | o/w Consumer services and Retail segment sales | 263 | 298 | 13 |
5,828 | Total natural gas sales (GWh) | 1,788 | 1,612 | (10) |
506 | Total number of service stations | 507 | 509 | 0 |
*LPG+propylene
**Other products = Benzene concentrate, liquid sulphur, coke, motor oils, industrial lubricants, other intermediates
***Other = Benzene concentrate, vacuum gas oil, liquid sulphur, coke, crude oil, motor oils, industrial lubricants
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Q1 2024 REPORT
INA GROUP CONSOLIDATED
Q1 2024 vs. Q1 2023
Key drivers
- Operation in import mode during Q1 2024 with turnaround activities and additional efficiency improvements and investment activities related to Rijeka Refinery Upgrade Project
- Market was safely supplied via import until own refined products availability, with higher sales on captive market
- Wholesale margins in contango environment and gas trading performance supported improved CCS result in Q1 2024 compared to Q1 2023
- Total Consumer Services and Retail sales volumes amounted to 298 kt in Q1 2024 which is 13% above same period last year driven by higher realisation on Croatian market (+29 kt) mainly as a result of positive market trends
- Non-fuelmargin increased by 44% reflecting continuous expansion in consumer goods, increasing number of Fresh Corners together with INA Loyalty program support which reached over 620 thousand registered members
Capital expenditures
- Refining and Marketing CAPEX amounted to EUR 82.9 million:
- Rijeka Refinery Upgrade Project - The Project achieved 87% completion overall with active works on civil and piping activities, on delayed coker unit mechanical works on the furnace are completed while HCU catalyst replacement was successfully finished. Interconnecting to the 35kV electrical network is finished and use permits
obtained
- CDU energy efficiency upgrade project - revamp of Crude Distillation Unit to increase energy efficiency and improve liquefied petroleum gas recovery system. All works are completed
- Replacement of condensing turbines with electric drives - aims to increase energy efficiency. Project on track
- main equipment installed, works completed, functional testing in progress
- Revitalization of LPG spherical tank 336-SE-023 - aimed to improve operations of LPG storage area. Project on track - welding completed
- Consumer Services and Retail capital investments amounted to one million EUR in Q1 2024 related to finalization of growth projects (rent and KDR) and additional Fresh corner implementation. Network currently consists of 509 stations (of which 393 in Croatia)
Main external parameters
2023 Crude oil and gas prices | Q1 2023 | Q1 2024 | % | ||
83 | Brent dtd (USD/bbl) | 81 | 83 | 3 | |
18 | Brent-Ural spread (USD/bbl) | 30 | 12 | (60) | |
3.9 | (Azeri-Brent) spread (USD/bbl) | 3.5 | 4.1 | 18 | |
42 | CEGH gas price (EUR/MWh) | 56 | 28 | (49) | |
FOB MED Products prices and crack spreads | |||||
843 | Gasoline - premium unleaded 10 ppm (USD/t) | 837 | 828 | (1) | |
815 | Diesel - ULSD 10 ppm (USD/t) | 833 | 817 | (2) | |
427 | Fuel oil 3.5% (USD/t) | 359 | 434 | 21 | |
613 | LPG (USD/t) | 750 | 606 | (19) | |
218 | Crack spread - gasoline (USD/t) | 223 | 199 | (11) | |
190 | Crack spread - diesel (USD/t) | 219 | 188 | (14) | |
(198) | Crack spread - fuel oil 3.5% (USD/t) | (255) | (195) | (24) | |
(12) | Crack spread - LPG (USD/t) | 136 | (23) | n.a. | |
6.38 | Indicative refining margins (USD/bbl)* | 6.17 | 8.19 | 33 | |
Foreign exchange | |||||
1.08 | EUR/USD average | 1.07 | 1.09 | 2 | |
1.11 | EUR/USD closing | 1.09 | 1.08 | (1) | |
5.17 | 3m Term SOFR average (%) | 4.79 | 5.32 | 11 | |
3.43 | 3m EURIBOR (%) average | 2.64 | 3.92 | 49 |
* Indicative refinery margin calculation revised in 2024 with updated natural gas and CO2 inputs.
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Q1 2024 REPORT
INA GROUP CONSOLIDATED
Condensed Consolidated Statement of Profit or Loss
For the period ended 31 March 2023 and 2024 (in EUR millions)
2023 | Note | Q1 2023 | Q1 2024 | % | |
3,896.3 | Revenue from contracts with customers | 1 | 760.8 | 801.8 | 5 |
74.3 | Other operating income | 14.9 | 6.4 | (57) | |
3,970.6 | Total operating income | 775.7 | 808.2 | 4 | |
(20.4) | Changes in inventories of finished products and work in progress | (22.8) | (29.2) | 28 | |
(1,291.2) | Costs of raw materials and consumables | 2 | (38.0) | (36.0) | (5) |
(192.6) | Depreciation, amortisation and impairment (net) | 3 | (43.7) | (39.8) | (9) |
(220.6) | Other material costs | 3 | (51.7) | (71.4) | 38 |
(74.0) | Service costs | 3 | (16.4) | (16.9) | 3 |
(255.3) | Staff costs | 5 | (60.3) | (67.1) | 11 |
(1,584.8) | Costs of other goods sold | 4 | (553.0) | (542.8) | (2) |
(14.8) | Impairment charges (net) | 3 | (4.6) | (0.5) | (89) |
(44.5) | Provision for charges and risks (net) | 3 | (3.1) | (1.0) | (68) |
58.0 | Capitalised value of own performance | 11.2 | 16.7 | 49 | |
(3,640.2) | Operating expenses | (782.4) | (788.0) | 1 | |
330.4 | Profit/(Loss) from operations | (6.7) | 20.2 | n.a. | |
21.4 | Finance income | 4.7 | 5.1 | 9 | |
(53.3) | Finance costs | (15.0) | (12.1) | (19) | |
(31.9) | Net (loss)/income from financial activities | 6 | (10.3) | (7.0) | (32) |
Share of net profit/(loss) of joint ventures accounted for using | |||||
6.7 | the equity method | 6 | - | 0.9 | n.a. |
305.2 | Profit/(Loss) before tax | (17.0) | 14.1 | n.a. | |
(54.9) | Income tax gain/(expense) | 7 | 2.8 | (2.2) | n.a. |
250.3 | Profit/(Loss) for the period | (14.2) | 11.9 | n.a. | |
Attributable to: | |||||
250.0 | Owners of the Company | (14.2) | 11.9 | n.a. | |
0.3 | Non-controlling interests | - | - | n.a. | |
Earnings per share | |||||
25.0 | Basic and diluted earnings/(loss) per share (EUR per share) | (1.4) | 1.2 | n.a. |
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Q1 2024 REPORT
INA GROUP CONSOLIDATED
Condensed Consolidated Statement of Financial Position
At 31 December 2023 and 31 March 2024 (in EUR millions) | ||||
Note | 31 December 2023 | 31 March 2024 | % | |
Assets | ||||
Non-current assets | ||||
Intangible assets | 9 | 69.9 | 95.7 | 37 |
Property, plant and equipment | 10 | 1,674.3 | 1,741.9 | 4 |
Investment property | 23.1 | 23.0 | (0) | |
Right-of-use assets | 10 | 47.8 | 45.0 | (6) |
Investments in associates and joint venture | 129.3 | 133.7 | 3 | |
Other investments | 0.9 | 0.9 | (0) | |
Other non-current financial asset | 74.0 | 74.8 | 1 | |
Deferred tax | 112.4 | 115.0 | 2 | |
Long-term marketable securities | 2.5 | 2.5 | - | |
Non-current financial assets | 98.6 | 101.0 | 2 | |
Other non-current asset | 27.6 | 26.7 | (3) | |
Total non-current assets | 2,260.4 | 2,360.2 | 4 | |
Current assets | ||||
Inventories | 11 | 345.4 | 498.5 | 44 |
Trade receivables, net | 12 | 319.2 | 300.9 | (6) |
Other current financial asset | 18.4 | 24.6 | 34 | |
Corporative income tax receivables | 2.8 | 2.9 | 4 | |
Other current assets | 34.0 | 58.1 | 71 | |
Derivative financial instruments | 9.9 | 13.0 | 31 | |
Cash and cash equivalents | 150.9 | 81.0 | (46) | |
Current assets | 880.6 | 979.0 | 11 | |
Assets held for sale | 0.9 | 0.9 | (0) | |
Total current assets | 881.5 | 979.9 | 11 | |
Total assets | 8 | 3,141.9 | 3,340.1 | 6 |
Equity and liabilities | ||||
Capital and reserves | ||||
Share capital | 13 | 1,200.0 | 1,200.0 | - |
Legal reserves | 39.9 | 39.9 | - | |
Fair value reserves | 73.9 | 75.8 | 3 | |
Other reserves | 207.5 | 207.7 | 0 | |
(Accumulated losses)/Retained earnings | 118.1 | 130.0 | 10 | |
Equity attributable to the owners of the Company | 1,639.4 | 1,653.4 | 1 | |
Non-controlling interests | 3.2 | 3.2 | 0 | |
Total equity | 1,642.6 | 1,656.6 | 1 | |
Non-current liabilities | ||||
Long-term debts | 264.1 | 264.1 | 0 | |
Long-term lease liabilities | 35.7 | 33,4 | (6) | |
Other non-current liabilities | 2.7 | 2.6 | (4) | |
Employee benefits obligation | 6.9 | 6.9 | - | |
Provisions | 412.7 | 421.8 | 2 | |
Deferred tax liability | 2.3 | 2.3 | 0 | |
Total non-current liabilities | 724.4 | 731.1 | 1 | |
Current liabilities | ||||
Bank loans and current portion of long-term debt | 102.5 | 241.6 | 136 | |
Current portion of long-term lease liabilities | 13.3 | 12.9 | (3) | |
Other current financial liabilities | 2.4 | 9.9 | 313 | |
Trade payables | 15 | 324.4 | 337.1 | 4 |
Taxes and contributions | 184.4 | 161.8 | (12) | |
Corporate tax liabilities | 31.7 | 36.6 | 15 | |
Other current liabilities | 51.5 | 73.1 | 42 | |
Derivative financial instruments | 12.1 | 26.2 | 117 | |
Employee benefits obligation | 0.5 | 0.5 | - | |
Provisions | 52.1 | 52.7 | 1 | |
Total current liabilities | 774.9 | 952.4 | 23 | |
Total liabilities | 14 | 1,499.3 | 1,683.5 | 12 |
Total equity and liabilities | 3,141.9 | 3,340.1 | 6 |
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Q1 2024 REPORT
INA GROUP CONSOLIDATED
Condensed Consolidated Cash Flow Statement (Indirect method)
For the period ended 31 March 2023 and 2024 (in EUR millions)
2023 | Note | Q1 2023 | Q1 2024 | % | |
250.3 | Profit/(loss) for the period: | (14.2) | 11.9 | n.a. | |
Adjustments for: | |||||
Depreciation, amortisation and impairment of property, plant and equipment and | |||||
192.6 | ROU asset (net) | 43.7 | 39.8 | (9) | |
54.9 | Income tax (benefit)/expense recognised in profit and loss | (2.8) | 2.2 | n.a. | |
14.8 | Impairment charges (net) | 4.6 | 0.5 | (89) | |
(18.9) | Loss/(Gain) on sale of property, plant and equipment | (0.2) | (0.3) | 50 | |
6.9 | Foreign exchange (gain)/loss | 7.2 | 1.5 | (79) | |
(2.6) | Interest income | (0.6) | (0.6) | - | |
5.4 | Interest expense | 0.8 | 1.5 | 88 | |
(6.7) | Share of loss/(gain) of joint ventures accounted for using the equity method | - | (0.9) | n.a. | |
2.5 | Other finance (income)/expense recognised in profit | (0.6) | (1.0) | 67 | |
(30.5) | Increase/(decrease) in provision | (1.0) | 0.1 | n.a. | |
19.8 | Decommissioning interests and other provision | 3.8 | 5.6 | 47 | |
2.8 | Net (gain)/loss on derivative financial instruments and hedge transactions | (9.4) | 17.4 | n.a. | |
(5.1) | Other non-cash items | - | - | n.a. | |
486.2 | Operating cash flow before working capital changes | 16 | 31.3 | 77.7 | 148 |
Movements in working capital | 17 | ||||
38.1 | Decrease/(Increase) in inventories | 58.5 | (154.6) | n.a. | |
15.1 | Decrease/(Increase) in receivables and prepayments | 16.3 | (17.9) | n.a. | |
70.2 | (Decrease)/Increase in trade and other payables | (117.0) | 9.1 | n.a. | |
609.6 | Cash generated from operations | (10.9) | (85.7) | 686 | |
(165.9) | Taxes paid | (0.8) | (0.5) | (38) | |
443.7 | Net cash inflow/(outflow) from operating activities | (11.7) | (86.2) | 637 | |
Cash flows used in investing activities | |||||
(300.6) | Capital expenditures, exploration and development costs | (61.9) | (97.1) | 57 | |
(16.8) | Payments for intangible assets | (1.8) | (7.7) | 328 | |
35.5 | Proceeds from sale of non-current assets | 0.2 | 0.3 | 50 | |
(92.7) | Investment in securities | - | - | n.a. | |
43.3 | Proceeds from sale securities | - | - | n.a. | |
Dividends received from companies classified as non current financial assets | |||||
1.4 | and from other companies | - | - | n.a. | |
7.2 | Interest received and other financial income | 2.3 | 0.9 | (61) | |
1.2 | Loans and deposits given (net) | 0.1 | 0.1 | 0 | |
(321.5) | Net cash used in investing activities | 18 | (61.1) | (103.5) | 69 |
Cash flows from financing activities | |||||
1,059.2 | Proceeds from borrowings | - | 294.2 | n.a. | |
(1,027.3) | Repayment of borrowings | (64.0) | (158.9) | 148 | |
(13.5) | Payment of lease liabilities | (3.3) | (3.4) | 3 | |
(14.7) | Interest paid | 2.7 | (15.5) | n.a. | |
(200.0) | Dividends paid | - | - | n.a. | |
(196.3) | Net cash from financing activities | (64.6) | 116.4 | n.a. | |
(74.1) | Net increase/(decrease) in cash and cash equivalents | (137.4) | (73.3) | (47) | |
226.6 | At the beginning of the period | 226.6 | 150.9 | (33) | |
(1.6) | Effect of foreign exchange rate changes | (0.1) | 3.4 | n.a. | |
150.9 | At the end of period | 89.1 | 81.0 | (9) | |
- | Overdrafts | 1.7 | - | n.a. | |
150.9 | Cash and cash equivalents in statement of financial position | 90.8 | 81.0 | (11) |
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INA dd published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 12:41:25 UTC.