CLH-PS, the subsidiary acquired in the United Kingdom which started operations in May, contributed 5.8% to this percentage. The remaining 4.2% is attributable to the growth of the domestic market.

Recurring operating profit in the first half of 2015 amounted to 114.2 million euros, 5.2% more than in the same period of the previous year. Due to the incorporation of CLH-PS, operating income increased by 9% and operating expenses by 11.6%.

In operating income, basic logistics was prominent with 248.5 million euros in the first half of 2015, showing an increase of 11.5% compared with the same period of 2014, and earnings from consignments of gasolines and diesels stood out with an increase of 4.3%, while earnings from consignments of aviation products grew by 59.9%. Of this figure, 81.3% corresponds to the consolidation of CLH-PS.

Also, earnings from strategic and security storage increased by 6.3% and income from the receipt and storage of biofuels increased by 3.9%.

Distribution logistics experienced an overall increase of 0.3%. Earnings in the marine sector fell by 6.2%, while those in the aviation sector increased by 1.9%.

The net result on financial operations stood at -7 million euros, an improvement of 15.7% compared to the first half of 2014, with an average debt cost rate of 2.04% during the first six months of this year, compared to 2.45% in the same period of the previous year.

Pre-tax profit in the first half of 2015amounted to 106.3 million euros, 6.4% more than in the same period of 2014.

The corporation tax expense in the first half of 2015 amounted to 29.8 million euros, 8.8% more than in the same period of 2014.

All in all, the CLH Group after-tax profit in the first half of 2015 has amounted to 76.5 million euros, 5.5% more than the amount obtained in the same period of the previous year.

Activity

Deliveries of oil products from CLH facilities in the first half of 2015 amounted to 20.5 million cubic metres, 5.9% more than those recorded last year.

In land sector products, which represent 83.1% of the total, withdrawals of automotive fuels increased by 5.8%, which reflects the continuing improvement in consumption. The remaining diesel oils increased by 7.4%.

With regard to deliveries of fuel oils, they have maintained their upward trend and have increased by a total of 45%.

Deliveries of aviation products increased by 6.3% in the first half of 2015 compared with the same period of the previous year, as a result of heightened activity at airports. Withdrawals of marine products fell by 7.5% mainly due to the reduction in volumes for re-export.

The activity in transport resources, expressed in tonnes per kilometre travelled, experienced an overall reduction of 0.5%. Transportation by tanker ship, road tanker and pipeline fell by 4.7%, 1.9% and 1%, respectively mainly due to the increase in imports where delivery point and destination are the same.

Investments

Investments carried out by the CLH Group in the first half of 2015 totalled 148.3 million euros compared to the 23.3 million euros recorded in the same period of 2014, mainly due to international investments.

These international investments have experienced a relevant increase in the first half of the year due to the acquisition of the company GPSS in the UK (118.1 million euros) and the performance of the logistics infrastructure construction project in Oman (3.6 million euros).

The remaining amount (26.6 million euros) was allocated to investments in Spain. In particular, 72.2% (19.2 million euros) was spent on storage and airport facilities, mainly focusing on operational and safety improvements, on building new centres and the expansion of the storage capacity; 11.3% (3 million euros) were devoted to projects related to environmental protection; 9% (2.4 million euros) went to improvements in transport infrastructures and 7.5% (2 million euros) to developing computer applications and purchasing machinery and equipment.