Bell Potter

Historical cost NPAT down 15% to $318m vs our estimate of 330m (includes crude and product inventory gains of $64 million after tax, compared with crude and product inventory gains of $95 million after tax for the half year to 30 June 2015.) | Segment EBIT; Supply and Marketing RCOP EBIT up 14% to $359m (excluding unfavourable externalities ); vs our estimate of $359m; Lytton Refinery EBIT down 40% to $92m (Sales from production from the Lytton refinery in the first half totalled 2.9 billion litres, up 20%);vs our estimate of $93m | The average realised refiner margin for the six months was US$10.00/bbl, as compared to prior year equivalent of US$16.0/bbl | Net debt at 30 June 2016 was $693 million, which compares with $432 million at 31 December 2015 and $715 million at 30 June 2015. The increase reflects the $270 million off-market buy back completed in April and payment of 2015 final div.


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