Motor Oil’s board will seek shareholders’ approval for a plan to pay out 144,017,874 euros in dividends (or 1.3 euro per share) for 2017.
The recommended dividend payment is an historic high for the company and represents a dividend return of 6.92 pct based on share price closing on December 31, 2017 and 7.38 pct based on the volume weighted average price in 2017.
In an annual briefing of analysts, Motor Oil said than in 2017 it successfully refinanced a senior note issue worth 350 million euros with a fixed interest rate of 5.125 pct annually with a new five-year bond with an annual interest rate of 3.25 pct. The new bonds are trading in the Global Exchange Market of the Irish Stock Exchange.
Refinery production jumped to a historic record of 13 million metric tons in 2017 from 11.5 million in 2016, while the volume of sales abroad accounted for 82.28 pct of total volume of sales (77.85 pct in 2016).
Positive cash flows in 2017 allowed the company to reduce its net borrowing for the sixth successive year to 29 million euros from 863 million in 2011.
Parent EBITDA rose to 551.5 million euros, pre-tax earnings rose to 422.3 million euros and net after tax earnings rose to 295.6 million euros.
Consolidated EBITDA rose to 620.5 million euros, pre-tax earnings rose to 450.3 million euros and net after tax earnings rose to 313.6 million euros.