The total amount of HRK 412m for the natural gas supplied by INA, PPD and HEP was fully paid by paying the last instalment six months before due date.

Petrokemija published an announement on the Zagreb Stock Exchange stating that they have repaid in full the old debt in the total amount of HRK 412m for the natural gas supplied by INA, PPD and HEP by paying the last instalment six months before due date. On the news company’s share price increased by 10.3% on very low turnover amounting to HRK 60 ths.

The loans provided by all three gas suppliers date from the period before the changes in the ownership structure, i.e. a portion of the debt was incurred in 2015/2016 and a portion in 2018. After change in ownership structure and share capital decrease, Petrokemija’s main gas suppliers INA and PPD became its majority owners via SPA Terra Mineralna Gnojiva which now has 54.52% ownership of Petrokemija.

Note that as of H1 2020, Petrokemija operates with a negative net debt of HRK -146.83m, meaning that their cash position (short term financial assets + cash and cash equivalents) exceed their financial debt. After restructuring and new ownership, Petrokemija is a debt free company that is operating at EBITDA margin of 24.3%. This is a reason why its share is traded at 7.5x from its book value. Market cap amounts to HRK 4.1bn, which it 6.8x more than its equity value of HRK 607m.