Mild decline in the consumption of liquid fuels in 2017

The domestic sector of fuel wholesale is examined in a recent study of Infobank Hellastat S.A. According to Alexis Nikolaidis, Economic Research & Sectorial Studies Senior Analyst, 6.9m tons of fuel were consumed in the domestic market in total in 2017; a quantity that is lower by 2.1% compared to the year before. Therefore, after the outburst of the recession, the fuel market has lost about 40% of its volume.

However, market players point out that the change in 2017 was largely due to the sharp decrease that was noticed during the last two months of the year, compared to the corresponding period of 2016. This fact is associated with the stocking of large fuel quantities during the November-December 2016 period, and the overwhelmingly high level of sales that were realized then, due to the forthcoming imposition of higher taxes. According to estimates, if this stocking had not taken place, a marginal rise of 1% would result in 2017.

The decline during the previous year is mostly attributed to gasoline, the consumption of which fell further by 3.4%, at 2.33m tons, which is associated with the shift of consumers, due to an increase in the Special Consumption Tax (E.F.K.) as of 1.1.2017, to cheaper forms of fuel, such as diesel oil and liquid gas. Furthermore, the quantity of heating oil sold fell for a second year in a row, showing a mild decline of 2.3%, at 1.17m tons. On the contrary, the consumption of diesel oil increased by 0.5%, at 2.55m tons, following the upward trend of earlier years.

As of 1.1.2017, Special Consumption Tax (E.F.K.) on unleaded gasoline has risen from €670 to €700 per kiloliter, on diesel oil from €330 to €410 per kiloliter, whereas, as of 15.10.2016, Special Consumption Tax on heating oil has risen from €230 to €280 per kiloliter.

Greece is currently the second most expensive country in the E.E., as prices have continued to form at fairly high levels, due to taxes. Taxation is the key determinant of the retail price of unleaded gasoline in our country, accounting for 65.2% of the price in late February (E.U. average: 62.7%).

According to Mr. Nicolas Gouzelos, Chairman & CEO of Infobank Hellastat, “Notwithstanding the emerging improvement of the macroeconomic conditions in the country, the fuel market will not recover, unless interventions are implemented by offering tax relief to consumers through cutting down on high Special Consumption Taxes, in order for retail prices to fall. Nevertheless, after the recent increases in indirect taxes, positive prospects can be detected in diesel oil and liquid gas, which have already started replacing a more expensive gasoline.”

Financial analysis

In the study of ΙΒ.HS, the financial statements of 14 advertising companies are analyzed. The key conclusions can be summarized as follows:    In 2016, Turnover recorded an increase of 14.4%, at €311.15m.
  • In 2016, Turnover fell further by 1.6%, at €7.71bn.
  • Total EBITDA dropped by 7.6%, at €93.68m, while pre-tax losses deteriorated to €21.68m, from €16.9m in 2015.
  • The EBITDA margin rose to 1.6%, whereas the EBT margin remained zero.
  • Capital leverage improved slightly to 2.9 over 1.
  • Receivables were collected within a period of 38 days.
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