8. Business segments
| Upstream segment | Downstream segment | Consolidation adjustments | Consolidated | |||||
|---|---|---|---|---|---|---|---|---|
| 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |
| Revenue: | 1,228,483 | 711,150 | 20,120,677 | 22,372,562 | (418,070) | (374,270) | 20,931,090 | 22,709,442 |
| Intersegment sales | 364,623 | 331,256 | 53,447 | 43,014 | (418,070) | (374,270) | - | - |
| External sales | 863,860 | 379,894 | 20,067,230 | 22,329,548 | - | - | 20,931,090 | 22,709,442 |
| Operating profit/(loss) (EBIT) | 17,825 | (59,441) | 1,834,706 | 450,661 | 2,126 | 32,178 | 1,854,657 | 423,398 |
| Depreciation and amortisation | 581,988 | 249,918 | 487,423 | 466,165 | (1,517) | (1,515) | 1,067,894 | 714,568 |
| Operating profit/(loss) before depreciation and amortisation (EBITDA) | 599,813 | 190,477 | 2,322,129 | 916,826 | 609 | 30,663 | 2,922,551 | 1,137,966 |
|
Total assets as at the end of the reporting period |
4,199,995 | 4,489,613 | 16,798,801 | 16,074,434 | (1,672,487) | (1,394,715) | 19,326,309 | 19,169,332 |
Geographical structure of sales
| Upstream segment | Downstream segment | Consolidated | ||||
|---|---|---|---|---|---|---|
| 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |
| Domestic sales: | 4,679 | 6,793 | 14,535,428 | 17,170,547 | 14,540,107 | 17,177,340 |
| products and services | 4,562 | 6,409 | 13,687,693 | 15,916,989 | 13,692,255 | 15,923,398 |
| merchandise and materials | 117 | 384 | 847,735 | 1,253,558 | 847,852 | 1,253,942 |
| Export sales: | 859,181 | 373,101 | 5,531,802 | 5,159,001 | 6,390,983 | 5,532,102 |
| products and services | 858,878 | 372,986 | 5,299,578 | 4,952,310 | 6,158,456 | 5,325,296 |
| merchandise and materials | 303 | 115 | 232,224 | 206,691 | 232,527 | 206,806 |
| Total | 863,860 | 379,894 | 20,067,230 | 22,329,548 | 20,931,090 | 22,709,442 |
Sales by products, merchandise and services
| Upstream segment | Downstream segment | Consolidated | ||||
|---|---|---|---|---|---|---|
| 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |
| Gasolines | - | - | 3,257,850 | 3,649,735 | 3,257,850 | 3,649,735 |
| Naphtha | - | - | 803,900 | 880,530 | 803,900 | 880,530 |
| Diesel oils | - | - | 9,776,728 | 11,163,813 | 9,776,728 | 11,163,813 |
| Bunker fuel | - | - | 111,281 | 129,511 | 111,281 | 129,511 |
| Light fuel oil | - | - | 530,794 | 565,411 | 530,794 | 565,411 |
| Heavy fuel oil | - | - | 1,208,984 | 1,432,389 | 1,208,984 | 1,432,389 |
| Aviation fuel | - | - | 1,151,414 | 1,170,250 | 1,151,414 | 1,170,250 |
| Lubricants | - | - | 276,863 | 286,666 | 276,863 | 286,666 |
| Base oils | - | - | 502,130 | 519,654 | 502,130 | 519,654 |
| Bitumens | - | - | 624,982 | 711,251 | 624,982 | 711,251 |
| LPG | - | - | 427,974 | 444,376 | 427,974 | 444,376 |
| Crude oil | 270,374 | 133,781 | 247,165 | 254,234 | 517,539 | 388,015 |
| Natural gas | 529,319 | 230,560 | 93 | - | 529,412 | 230,560 |
| Reformate | - | - | 78,779 | 25,163 | 78,779 | 25,163 |
| Other refinery products, merchandise and materials | - | - | 403,401 | 456,983 | 403,401 | 456,983 |
| Other products, merchandise and materials | 4,648 | 4,099 | 397,131 | 354,381 | 401,779 | 358,480 |
| Services | 59,519 | 11,454 | 379,482 | 367,649 | 439,001 | 379,103 |
| Effect of cash flow hedge accounting | - | - | (111,721) | (82,448) | (111,721) | (82,448) |
| Total | 863,860 | 379,894 | 20,067,230 | 22,329,548 | 20,931,090 | 22,709,442 |
In 2016, there were no customers with a share in excess of 10% of the LOTOS Group’s total revenue.