Empresa Nacional del Petróleo Q Investor Presentation
|
|
- Eustace Harrington
- 6 years ago
- Views:
Transcription
1 Empresa Nacional del Petróleo Q Investor Presentation Santiago, August 2017
2 Disclaimer Forward-looking statements are based on the beliefs and assumptions of ENAP s management and on information currently available to the Company. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of ENAP and could cause results to differ materially from those expressed in such forward-looking statements. This presentation contains certain performance measures that do not represent Chilean GAAP and IFRS definitions, such as EBITDA and Net financial debt. These measures cannot be compared with the same previously used by ENAP and the same used by other companies. 2
3 Table of Contents 1. ENAP Overview 1.1 ENAP in a Nutshell 1.2 Refining & Marketing 1.3 Gas & Energy 1.4 Exploration & Production 2. Investment Highlights 3. Relevant Financial Metrics 3
4 ENAP in a Nutshell CHILE direct ownership ENAP Aa3 (Stable) A+ (Stable) A+ (Negative) Support, control & supervision (100% ownership) Fully owned by the Chilean State, ENAP has a strategic role in fuel supply in Chile (~ 60% Market Share in Refined Products) Solid credit ratings Baa3 (Stable) BBB- (Stable) A (Stable) Empresa Nacional del Petróleo (ENAP) Profile Business highlights Created by law by the Chilean state in 1950 Only refiner in the country More than 3,700 employees 3 refineries, marine terminals, storage facilities for crude and refined products, pipelines, and partial ownership of the southern hemisphere first LNG terminal Refining and Marketing (R&M) Total aggregate refining capacity of ~ 230,000 bbl/day Exploration and Production (E&P) (1) Proved Oil & Gas Reserves: 146 MM boe (2) Oil production: ~ 33,000 bbl (3) per day Gas production: ~ 23,000 boe per day Gas and Energy (G&E) Created in Aug-14 to drive the development of the LNG business and power energy projects. (1) O&G Production as of Jun 30, 2017 / Developed and undeveloped reserves as of Jun 30, (2) boe: Barrel of oil equivalent (3) bbl: Oil barrel (US barrel) Q EBITDA by Business Unit (1) Q Revenue by Business Unit (1) Downstream Upstream 63% 38% -1% 87% 9% 4% Refining and Marketing (R&M) Exploration and Production (E&P) Jun-17 Jun-17 (1) YTD R&M E&P G&E EBITDA Q US$ MM R&M E&P G&E Revenues Q US$ 3,103.3 MM Gas and Energy (G&E) 4
5 ENAP in a Nutshell Government support evidenced by Relationship with the owner Capital injections US$ 250 MM capital increase in Capital increase of up to US$ 400 MM recently approved in conjunction with the new Corporate Governance Law for ENAP. This law was promulgated on July 27th, 2017 and will take effect on December 1st, Corporate Governance Integration A new Corporate Governance law was promulgated in order to give more stability to the company in terms of long-term plans, following best practice of private sector. Chilean government and and its regulatory its regulatory bodies bodies closely closely supervise supervise operations. operations Capitalization of retained earnings (Subsidiaries) Capitalization of retained earnings at ENAP s Capitalization of retained earnings at ENAP s subsidiary subsidiary level. Capitalization level. Capitalization is approved on a is yearly approved basis. on a yearly basis Board The Chairman of of the the Board Board is the is Minister the Minister of Energy of Energy (Mr. Andrés (Mr. Rebolledo). Máximo Pacheco) Dividends The State government has waived has its waived right to receive its right any to dividends receive any for the dividends past seven for years, the past strengthening six years, strengthening ENAP s capital ENAP s base. capital base Finance Budget and and debt debt issuance issuance approved approved by the Ministry by the of Ministry Finance. of Finance Gas Sales Subsidy in Magallanes Compensation for subsidized natural gas sales to the Magallanes region which was granted and increased for 2017, from CLP 64,759 MM (approx. US$ 90 MM) in 2016 to CLP 66,701 MM (approx. US$ 95 MM) in Subsidy started in 2013 and it is approved on a yearly basis as part of the Chilean General Budget Law. Management Professional and experienced management team. team 5
6 Table of Contents 1. ENAP Overview 1.1 ENAP in a Nutshell 1.2 Refining & Marketing 1.3 Gas & Energy 1.4 Exploration & Production 2. Investment Highlights 3. Relevant Financial Metrics 6
7 Refining & Marketing Leading position based on refining capacity and extensive oil and gas wholesale distribution network in Chile which delivers natural gas and refined products to key energy centers Unmatched asset base of critical importance to Chile Three refineries, crude oil storage facilities, refined products storage facilities, marine terminals, gas pipelines, among others The three refineries owned by ENAP are the only refining facilities in Chile ENAP s refineries produce a full range of refined petroleum products including LPG, olefins, gasoline, jet fuel, diesel fuel, fuel oil, and pitch, among others ENAP distributes and markets most of these products domestically ENAP s refineries process crude oil, substantially all of which is purchased from foreign third parties ENAP s Refining Rates (%) (1) Q Sales by client (m 3 ) (1) Q Sales by refined product (m 3 ) (1) 633 km 1 2 Concón: Aconcagua Refinery Santiago: ENAP Headquarters Linares: Terminal Hualpén: Bío Bío Refinery Main Locations 4,270 km 3 Santiago: ENAP Sipetrol S.A. (HQ) Maipú: Fuel Storage Terminal San Fernando: Terminal Chillán: Pumping Station Punta Arenas: Gregorio Refinery 1 Refining capacity Aconcagua Refinery 43% 2 Products Gregorio Refinery 7% Gasoline Fuel Oil Natural Gas Diesel Kerosene Others Biobío Refinery 50% Refining capacity: ~ 230,000 bbl / day 75% 74% 75% 74% 75% 16% 16% 45% 8% 8% 3% 2% 38% 3 Storage Refineries, facilities and oil and gas pipelines 71% 4 Main customers 23% 41% Q2'17 Copec Enex Esmax (Ex-Petrobras) Others Gasoline Diesel Fuel Oil Kerosene LPG Others (1) YTD 7
8 Undisputed Leadership in the Chilean Market Key strategic asset for Chile Relevant participation in Chile s energy matrix ENAP has a dominant position in the domestic refining market, representing up to approximately 30% of Chile s energy matrix and nearly 60% of Chilean demand for refined oil products. ENAP utilizes a pricing policy based on an import parity formula: Sets the benchmark for the implied cost of importing refined petroleum products The consistent use of import parity pricing has reinforced ENAP s ability to effectively compete with international competitors. ENAP s share (Oil + Gas) 12% 15% 15% 15% 19% 19% 15% 13% 13% 12% 14% 15% 13% 16% 17% 19% 18% 18% 13% 13% 12% 11% 9% 10% 38% 33% 32% 31% 28% 46% 43% 43% 43% 40% 39% 27% Crude Oil Natural Gas Coal Electricity Firewood and others Refined oil products market share (1) 99% 97% 98% 97% 44% 51% 66% 63% 79% 69% 59% 62% 16% 16% Diesel Gasoline LPG Fuel Oil Kerosene Other Average Jun-16 Jun-17 (1) YTD 8
9 US$/bbl US$/bbl Supply and Production Crude Oil Supply by Country (Mm3) (1) Crude Oil Volume Processed (Mm 3 ) (1) Argentina 1% Brazil 56% 2,813 2,858 2,075 1,928 Ecuador 43% Light Medium Heavy Other gross inputs Total Crude Oil Purchases: 30,123,000 bbl (Q YTD) / 7 different suppliers Jun-16 Jun-17 ENAP s Refining Margin ( Margen Primo ) (2) Refined Products Production (Mm 3 ) (1) ,084 2,051 1,727 1, Diesel Gasoline LPG Fuel Oil Kerosene Others ENAP's Refining Margin ENAP's Oil Cost ENAP's Product Prices Brent Jun-16 Jun-17 (1) YTD (2) It represents the difference between ENAP s product prices and their direct cost (Oil), excluding others like energy and G&A costs 9
10 Table of Contents 1. ENAP Overview 1.1 ENAP in a Nutshell 1.2 Refining & Marketing 1.3 Gas & Energy 1.4 Exploration & Production 2. Investment Highlights 3. Relevant Financial Metrics 10
11 535 km Gas & Energy Strategy In 2014 ENAP created a third business unit, called Gas & Energy (G&E) The two main goals of the G&E division are: Increase the use of Natural Gas ( NG ) in power generation, industrial and domestic use Maintaining a conservative approach ENAP expects to promote the development of power generation projects, bringing new projects and actors into the power generation market, in order to increase competition Important presence in LNG and NG Significant interest in LNG terminal and pipeline Physical pipeline: The LNG that ENAP receives from GNL Quintero (which has regasification capacity of 15MM m3/day ) is injected as NG to the Electrogas gas pipeline and transported to the Aconcagua Refinery and to other customers Gas & Energy Unique virtual pipeline Gas Develop the NG market in Chile through the marketing of LNG or NG volumes to customers in the industrial, thermoelectric and distribution markets Q Revenues by client (1) 31% 24% Power Promote and participate in new electricity generation projects; and to support the other two business units on their energy requirements 45% Virtual pipeline (trucks): 25 trucks fleet, with a capacity of 21 tons each, ENAP can transport daily LNG from Concón to Pemuco (535 kms) Important LNG supplier for the south of Chile Satellite Regasification Plant in Pemuco (VIII Region): where the LNG (transported using trucks) is regasified and then distributed mainly to the Biobío Refinery and also to other customers in the area through the gas pipeline Gasoducto del Pacífico Power Generators Distributors Others (1) YTD 11
12 Table of Contents 1. ENAP Overview 1.1 ENAP in a Nutshell 1.2 Refining & Marketing 1.3 Gas & Energy 1.4 Exploration & Production 2. Investment Highlights 3. Relevant Financial Metrics 12
13 Exploration & Production Operations Geography ENAP s E&P operations have allowed the Company to develop field expertise and deepen relationships with E&P partners and crude oil suppliers from different parts of the world The Company s operations are focused on Latin America & North Africa with fields in Chile, Argentina, Ecuador and Egypt, producing crude oil and natural gas ENAP s main goal for its E&P operations is to increase oil and gas reserves both in Chile and abroad, and manage its E&P portfolio through sales and acquisitions In average during the last years, approximately 2% of the crude oil used by ENAP s refineries has been produced in Magallanes Investments totaled US$ MM as of June 30 st 2017 Crude oil production from E&P division represents approximately 15% of the total crude oil required by ENAP s refineries Ecuador PBH (100%) MDC (100%) PBHI (100%) Block 28 (42%) Chile Magallanes Chile (100%) Egypt East Ras Qattara (50.5%) Argentina Área Magallanes (50%) CAM 2/A Sur (50%) E2 (33%) * Camp. Central (50%) * Pampa del Castillo (100%) (%) Ownership * Blocks where ENAP is not an operator Oil and gas production Proved oil & gas reserves (1) (in 000 barrels per day) Oil Q2'17 Argentina Ecuador Egypt Chile Gas Q2'17 Argentina Chile 29% 38% 7% 26% Argentina Ecuador Egypt Chile Jun-17: MM boe (1) Developed and Undeveloped reserves 13
14 Table of Contents 1. ENAP Overview 1.1 ENAP in a Nutshell 1.2 Refining & Marketing 1.3 Gas & Energy 1.4 Exploration & Production 2. Investment Highlights 3. Relevant Financial Metrics 14
15 E&P G&E R&M World Class Operator with Unmatched Asset Base Refineries Three refineries with a total aggregate refining capacity of ~230,000 bbl/day Aconcagua: Capacity: ~ 97,000 bpd / Refinery complexity factor Solomon: 12.1 Biobío : Capacity: ~ 111,000 bpd / Refinery complexity factor - Solomon: 10.2 Gregorio : Capacity: ~ 20,000 bpd / 1 vacuum topping Midstream assets LNG Terminal Crude oil storage facilities with an aggregate storage capacity of 1.1 MMm3 Refined products storage facilities with a total capacity of approximately 1.5 MMm3 Marine terminals with capacity to receive 100% of the refineries requirements Gas pipelines in the Magallanes region First Liquefied Natural Gas (LNG) regasification terminal of the region: GNL Quintero (GNLQ) ENAP s Ownership: GNLQ (20% of stake) / GNL Chile (33.3% of stake) GNLQ s Regasification capacity: 15 MM m3/day / Trucks Loading Facility (TLF) of 2,500 m3/day. During 2014, GNLQ developed an expansion project adding a 50% of extra regasification capacity and doubled the TLF capacity in comparison with the original design of both installations. Investments of US$ 46.5 MM during the period January-June 2017 Oil reserves of 4.9MMbbl and gas reserves of 37.8 MMboe as of June-17 3 blocks in exploitation / development and 5 blocks under exploration Exploration of new gas reserves in unconventional reservoirs as well as conventional oil and gas reserves Investments of US$ 82.3 MM during the period January-June 2017 Oil reserves of 24.7 MMbbl and gas reserves of 30.1 MMboe as of June-17 3 blocks in development, 2 blocks in exploration phase Investments of US$ 19.3 MM during the period January--June 2017 Oil reserves of 38.5 MMbbl as of June-17 Operates under Service Contracts 2 blocks under development and 2 under exploration phase Investments of US$ 0.6 MM during the period January-June 2017 Oil reserves of 9.7 MMbbl as of June-17 1 block under exploration / development 15
16 US$/bbl US$/bbl US$/bbl International Market Prices Basket 7:3:3:1 vs. ICE Brent (US$/bbl) Basket 7:3:3:1 (US$/bbl) ICE Brent (US$/bbl) ENAP is making better use of its refineries given refining margins in the current market and the estimated demand of the contracts in place with our clients. Despite oil price volatility, several factors have helped ENAP s efficiency and operations: Advanced and capable refineries Import parity pricing mechanism Active Hedging policy Dominant market share in Chile High-value and quality products ULSD USGC(US$/bbl) vs. ICE Brent (US$/bbl) Unl87 USGC (US$/bbl) vs. ICE Brent (US$/bbl) F.O N 6 3% S. USGC (US$/bbl) vs. ICE Brent (US$/bbl) 16
17 Table of Contents 1. ENAP Overview 1.1 ENAP in a Nutshell 1.2 Refining & Marketing 1.3 Gas & Energy 1.4 Exploration & Production 2. Investment Highlights 3. Relevant Financial Metrics 17
18 Financial Summary Income Statement Period ended in Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Jun-16 Jun-17 Summary Income Statement (US$ million) Sales 11,612 11,211 9,837 6,351 5,217 2,460 3,103 % growth 7% (3%) (12%) (35%) (18%) (27%) 26% COGS (11,778) (10,638) (9,358) (5,708) (4,670) (2,140) (2,870) Gross profit (166) % margin (1%) 5% 5% 10% 10% 13% 8% SG&A and Distribution cost (88) (270) (247) (292) (307) (147) (159) Other income (expense) (44) (34) (3) (77) (39) (21) (3) Operational Result (298) % margin (3%) 2% 2% 4% 4% 6% 2% D&A Others* EBITDA % margin 0% 6% 6% 12% 13% 15% 10% EBITDA (LTM) Interest expense (195) (192) (172) (185) (180) (95) (91) Net income (319) *Dry exploration and abandonment wells, Exploration Costs, Geological Studies and others. 18
19 Financial Summary Balance Sheet Period ended in Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Jun-16 Jun-17 Summary Balance Sheet (US$ million) Total current assets 2,778 2,832 1,924 1,525 1,664 1,636 1,727 Cash & equivalents Accounts Receivables Inventories 1,498 1, Total non-current assets 3,534 3,442 3,733 3,929 4,179 3,924 4,393 Net PP&E 2,648 2,637 2,753 2,798 3,138 2,832 3,225 Total assets 6,312 6,274 5,657 5,454 5,843 5,560 6,120 Total current liabilities 2,906 2,239 1,392 1,095 1,603 1,250 1,431 Short-term debt 1, Total non-current liabilities 3,324 3,804 3,719 3,658 3,432 3,581 3,766 Long-term debt 3,013 3,416 3,372 3,310 3,140 3,249 3,411 Total liabilities 6,230 6,043 5,112 4,753 5,036 4,832 5,197 Shareholders' equity Minority interest Total equity Total liabilities + SHE 6,312 6,274 5,657 5,454 5,843 5,560 6,120 19
20 Financial Summary Key Financial Ratios Key Financial Ratios (US$ MM) Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Jun-16 Jun-17 Total debt 4,155 3,902 3,831 3,802 4,007 3,845 4,062 Total net debt 3,974 3,433 3,678 3,688 3,941 3,633 3,947 EBITDA (LTM) Interest expense (net) Income before Taxes Taxes Net Profit Total net debt / EBITDA (LTM) 69.7x 5.1x 5.9x 5.0x 5.8x 5.4x 6.2x Total net debt / Equity 48.1x 14.9x 6.7x 5.3x 4.9x 5.0x 4.3x EBITDA / Interest expense 0.3x 3.5x 3.6x 4.0x 3.8x 3.9x 3.5x Total net debt / EBITDA (LTM) Total net debt / Equity EBITDA / Interest expense 69.7 x 48.1 x 3.5 x 3.6 x 4.0 x 3.8 x 3.5 x 14.9 x 5.1 x 5.9 x 5.0 x 5.8 x 6.2 x 6.7 x 5.3 x 4.9 x 4.3x 0.3 x Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Jun-17 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Jun-17 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Jun-17 20
21 Financial Summary Debt Profile Financial Debt and Supplier Credit (US$ in million) Supplier's Credit Total Financial Debt 4, , , ,199 3,802 4, ,155 3,902 3,832 3,802 4,007 4,062 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Jun-17 Maturity profile (US$ in million) Projects International Bonds Local Bonds ST Bank Debt LT Bank Debt % % Bank Bond 21
22 Relevant Financial Metrics EBITDA (LTM) and EBITDA (LTM) margin (US$ in million) % 11.7% 11.0% 6.0% 6.3% % Q2'17 EBITDA EBITDA margin Capital Expenditure* (US$ in million) Q2'17 Capex - New projects Capex - Initiatives * Initiatives includes Maintenance CAPEX. Total assets (US$ in million) Equity (US$ in million) 6,312 6,274 5,657 5,454 5,843 6, Q2' Q2'17 22
23 Highlights 100% State owned, the second largest Chilean state-owned company (in terms of revenues) Q Revenues and EBITDA of US$ 3,103.3 MM and US$ MM, respectively A key strategic asset for Chile and the only refiner in the country Relevant participation in Chile s energy matrix Satisfies approximately 60% of Chilean demand for refined oil products World class operator with state of the art facilities and an extensive logistics network in Chile 3 refineries, marine terminals, storage facilities for crude and refined products, pipelines, and partial ownership on the southern hemisphere first LNG terminal (GNL Quintero S.A.) Stable & long-term relationships with a diverse base of suppliers & buyers Proven access to multiple sources of financing Experienced and professional management Investment grade ratings since 2002 in the international market (Baa3/BBB-/A ) and the local market (AAA/AA-) 23
24 Contact us at 24
Empresa Nacional del Petróleo FY 2016 Investor Presentation
Empresa Nacional del Petróleo FY 2016 Investor Presentation Santiago, March 2017 Disclaimer Forward-looking statements are based on the beliefs and assumptions of ENAP s management and on information currently
More informationEmpresa Nacional del Petróleo Q Investor Presentation
Empresa Nacional del Petróleo Q1 2015 Investor Presentation Santiago, May 2015 Disclaimer Forward-looking statements are based on the beliefs and assumptions of ENAP s management and on information currently
More informationEmpresa Nacional del Petróleo 2Q 2014 Results
Empresa Nacional del Petróleo 2Q 2014 Results Santiago, August 2014 Disclaimer Forward-looking statements are based on the beliefs and assumptions of ENAP s management and on information currently available
More informationEmpresa Nacional del Petróleo 1Q 2013 Results
Empresa Nacional del Petróleo 1Q 2013 Results Santiago, May 2013 1 Disclaimer Forward-looking statements are based on the beliefs and assumptions of ENAP s management and on information currently available
More informationEmpresa Nacional del Petróleo. 2Q 2012 Financial Results
Empresa Nacional del Petróleo 2Q 2012 Financial Results Disclaimer Forward-looking statements are based on the beliefs and assumptions of ENAP s management and on information currently available to the
More informationEmpresa Nacional del Petróleo 1Q 2012 Financial Results
Empresa Nacional del Petróleo 1Q 2012 Financial Results June 2012 Disclaimer Forward-looking statements are based on the beliefs and assumptions of ENAP s management and on information currently available
More informationEmpresa Nacional del Petróleo 2017 FY Results Presentation February 2018
Empresa Nacional del Petróleo 2017 FY Results Presentation February 2018 Disclaimer Forward looking statements are based on the beliefs and assumptions of ENAP s management and on information currently
More information2015 Interim Results Announcement
China Petroleum & Chemical Corporation 2015 Interim Results Announcement August 27, 2015 Hong Kong Cautionary Statement This presentation and the presentation materials distributed herein include forward-looking
More information9M 2003 Financial Results (US GAAP)
9M Financial Results (US GAAP) January 2004 LUKOIL Group Crude Oil Production* mln tonnes 82 80 78 76 74 72 70 68 66 64 Crude oil production 3.2 5.5 3.9 76.8 70.3 71.3 2001 Production by subsidiaries Share
More informationQ Analyst Teleconference. 9 August 2018
9 August 218 Disclaimer This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the
More informationPETROBRAS ARGENTINA S.A.
PETROBRAS ARGENTINA S.A. Second Quarter 2015 Results Buenos Aires, July 30, 2015 Petrobras Argentina S.A. (Buenos Aires: PESA NYSE: PZE) announces the results for the second quarter ended June 30, 2015.
More information2010 Interim Results Presentation. August 23, 2010 Hong Kong
Sinopec Corp. 21 Interim Results Presentation August 23, 21 Hong Kong Disclaimer i This presentation and the presentation materials distributed herein include forwardlooking statements. All statements,
More information2015 Annual Results Announcement
China Petroleum & Chemical Corporation 2015 Annual Results Announcement March 30, 2016 Hong Kong Disclaimer This presentation and the presentation materials distributed herein include forward-looking statements.
More informationNove b m er 21, Yun K Kan g Jessie i Y Yoh
Energy for tomorrow November 21, 2008 Yun Kang Jessie Yoh Industry Overview Company Overview Thesis Analysis Risks Q & A AGENDA WHY CONOCO? Leader in refining process provides natural hedge against falling
More informationJordan Petroleum Refinery Company Equity Report. Jordan Petroleum Refinery Company June June 14, 2009
Jordan Petroleum Refinery Company Equity Report June 14, 2009 Serene Zawaydeh Head of Research Awraq Investments szawaydeh@awraq.com P a g e 1 Table of Contents Executive Summary... 1 Financial Highlights...
More informationBAZAN Group Oil Refineries Ltd. First Quarter 2014 Results. May 2014
BAZAN Group Oil Refineries Ltd. First Quarter 2014 Results May 2014 1 Disclaimer This presentation has been prepared by Oil Refineries Ltd. (the "Company") as a general presentation of the Company and
More informationApril Título da apresentação DD.MM.AAAA
Aquisition of Shell Argentina downstream assets April 2018 Título da apresentação DD.MM.AAAA DISCLAIMER This presentation contains estimates and forward-looking statements regarding our strategy and opportunities
More information1H 2003 Financial Results (US GAAP)
1H 2003 Financial Results (US GAAP) October 2003 Crude Oil Production Growth bpd 1.52 1.50 1.48 1.46 1.44 1.42 1.40 Jan- 03 Daily crude production Feb- 03 Mar- 03 Apr- 03 May- 03 Jun- 03 Crude oil production*
More informationBERNSTEIN STRATEGIC DECISIONS CONFERENCE 2018
ABB LTD, NEW YORK CITY, USA, 31 MAY 2018 Positioned for profitable growth BERNSTEIN STRATEGIC DECISIONS CONFERENCE 2018 Ulrich Spiesshofer, CEO Important notice This presentation includes forward-looking
More informationPERSPECTIVES FOR THE BRAZILIAN REFINING INDUSTRY
PERSPECTIVES FOR THE BRAZILIAN REFINING INDUSTRY Jorge Celestino Refining & Natural Gas Executive Director 24.10.2016 Transformations facing the oil industry Changes in the competitive scenario: shale
More informationHealthier Net Profit under Stronger IDR
Investor Bulletin, First Half 2002 Healthier Net Profit under Stronger IDR As of June 2002, the consolidated revenue in USD increased by 32% y.o.y. Due to IDR strengthening against USD, in IDR revenue
More informationStronger Fundamental and Excellent Growth
Investor Bulletin, First Half 2004 Stronger Fundamental and Excellent Growth For the first six months of 2004, PT United Tractors Tbk (UT/Company) recorded consolidated net revenue of IDR 4.29 trillion,
More informationFinancial Statements Matti Lievonen, President & CEO 7 February 2017
Financial Statements 2016 Matti Lievonen, President & CEO Agenda 1 2 3 4 Year 2016 Financials 2016 Segment reviews Current topics 5 Appendix 2 Disclaimer The following information contains, or may be deemed
More informationMonths Investor Presentation
2018 9 Months Investor Presentation 25.10.2018 Disclaimer Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements about forward-looking information, expectations,
More informationContinued strong performance in key businesses
Continued strong performance in key businesses SECOND QUARTER PRELIMINARY RESULTS August 9, Disclaimer "This presentation and the associated slides and discussion contain forward-looking statements. These
More information3Q 2016 Analyst Presentation
3Q 2016 Analyst Presentation November 18, 2016 This presentation includes forward-looking statements. Actual future conditions (including economic conditions, energy demand, and energy supply) could differ
More informationPETROBRAS ARGENTINA S.A.
PETROBRAS ARGENTINA S.A. Fiscal Year 2014 Results Buenos Aires, February 4, 2015 Petrobras Argentina S.A. (Buenos Aires: PESA NYSE: PZE) announces the results for fiscal year ended December 31, 2014. Petrobras
More informationRESULTS FOR Q ANALYST TELECONFERENCE
RESULTS FOR Q4 216 ANALYST TELECONFERENCE Market 1 2 Operation Financials 3 Market 1 216 Fourth Quarter Market Conditions Product Market Crude Oil Postponed Maintenances Started to take place High Agricultural
More information2018 Q3 results. Millicom International Cellular S.A. Cable expansion accelerating. Mauricio Ramos, CEO Tim Pennington, CFO October 24 th, 2018
2018 Q3 results Cable expansion accelerating Mauricio Ramos, CEO Tim Pennington, CFO October 24 th, 2018 Millicom International Cellular S.A. Disclaimer This presentation may contain certain forward-looking
More informationJaguar Land Rover Results For the quarter ended 30 June August 2015
Jaguar Land Rover Results For the quarter ended 30 June 2015 7 August 2015 1 Disclaimer Statements in this presentation describing the objectives, projections, estimates and expectations of Jaguar Land
More informationOperating Results Q Asian Insulators Public Company Limited
Operating Results Q2-2010 Asian Insulators Public Company Limited 254 Seri Thai Road, Kannayaow, Bangkok 10230 Thailand http://www.asianinsulators.com Tel. (66) 0-2517-1451 Fax. (66) 0-2517-1465 E-mail
More informationJAGUAR LAND ROVER RESULTS FOR THE THREE MONTHS ENDED 31 DECEMBER th FEBRUARY 2017
JAGUAR LAND ROVER RESULTS FOR THE THREE MONTHS ENDED 31 DECEMBER 2016 14 th FEBRUARY 2017 DISCLAIMER Statements in this presentation describing the objectives, projections, estimates and expectations of
More informationLazydays Holdings, Inc. Reports Second Quarter 2018 Financial Results
News Contact: +1 (813) 204-4099 investors@lazydays.com Lazydays Holdings, Inc. Reports Second Quarter 2018 Financial Results Tampa, FL (August 9, 2018) Lazydays Holdings, Inc. ( Lazydays )(NasdaqCM: LAZY)
More informationDownstream & Chemicals
Downstream & Chemicals Pierre Breber Executive Vice President 017 Chevron Corporation Downstream portfolio Fuels refining & marketing Integrated value chains Lubricants & additives Globally positioned
More informationAnalyst Presentation 1Q 2008 Results
Analyst Presentation 1Q 2008 Results 0 Contents Section 1: Section 2: Section 3: Section 4: Section 5: Company Overview IPO Update Operating Performance Consolidated Financial Performance Dividend Update
More informationFinancial Results 4 th Quarter, 2007
February 29, 2008 Financial Results 4 th Quarter, 2007 1/32 Content 2007 Operating and Financial Highlights 4Q07 Main Highlights Upstream Downstream International Trade Financial Results Other Relevant
More informationFOURTH QUARTER 2013 RESULTS
FOURTH QUARTER 213 RESULTS 12 MARCH 214 LUCA BETTONTE, CEO DISCLAIMER This document contains certain forward-looking information that is subject to a number of factors that may influence the accuracy of
More informationINCREASING SALES FOR MINING RELATED BUSINESS
Investor Relations of PT UNITED TRACTORS Tbk INCREASING SALES FOR MINING RELATED BUSINESS In the first half 2001, the Company managed to record increase in net revenue from IDR 2.32 trillion to IDR 3.54
More informationFossil Fuel Subsidies in India: The Case for Rationalizing Petroleum Product Prices*
Fossil Fuel Subsidies in India: The Case for Rationalizing Petroleum Product Prices* 8 th March 2011 Anmol Soni TERI * This presentation is a summary of a larger policy paper being prepared by the Centre
More informationTethys assets. Sweden - Gotland större - Gotland mindre. Lithuania - Gargzdai - Rietavas - Raiseiniai. France - Attila - Permis du Bassin D Alès
1 Tethys assets Sweden - Gotland större - Gotland mindre Lithuania - Gargzdai - Rietavas - Raiseiniai France - Attila - Permis du Bassin D Alès Oman - Block 3 & 4 - Block 15 2 Tethys Oil - An expanding
More informationQ3 and Q1-Q3Q preliminary results
MOL Hungarian Oil and Gas Company Q3 and Q1-Q3Q3 2005 preliminary results November 11,, 2005 Disclaimer "This presentation and the associated slides and discussion contain forward-looking statements. These
More informationSinopec Corp. Q Results Announcement. 29 October 2010
Sinopec Corp. Q3 2010 Results Announcement 29 October 2010 Disclaimer i As required by the CSRC, financial statements of the third quarter of Sinopec Corp. (the Company ) were prepared under PRC Accounting
More informationRecord CY 2016 EPS-diluted-adjusted of $6.12, an increase of $1.10 Y-O-Y. Q EPS-diluted-adjusted of $1.28, a decrease of $0.11 Y-O-Y.
1 2 3 Q4 2016 global deliveries up 0.1 million units year-over-year (Y-O-Y), a 3.3% increase. Volume gains primarily in North America and China, offset by reductions in International Operations (excluding
More informationFinancial Highlights:
Sinopec Achieves Operating Profit RMB35.1 Billion in 1H2016 Integrated Value Chain Exerts Greater Benefits, Downstream Businesses Ensures Profit Stability (28 August 2016, Beijing, China) China Petroleum
More information1 st Half 2018 Results. August 1 st, 2018
1 st Half 2018 Results August 1 st, 2018 H1 HIGHLIGHTS & CATEGORY SPOTLIGHTS Gonzalve BICH 2 First Half 2018 Key Messages Challenging market and business environment Continued investment in targeted Brand
More informationABLC! Advancing Renewable Chemicals! November 10, 2014! Copyright 2014 Renewable Energy Group, Inc.
ABLC! Advancing Renewable Chemicals! November 10, 2014! Safe Harbor Statement! This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform
More informationEarnings Presentation
Earnings Presentation www.savola.com DISCLAIMER This presentation contains forward-looking statements which may be identified by the use of words like plans, expects, will, anticipates, believes, intends,
More informationRNG Production for Vehicle Fuel. April 4, 2018
RNG Production for Vehicle Fuel April 4, 2018 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section
More informationPetrobras Repositioning in Refining
Petrobras Repositioning in Refining Preliminary model Landulpho Alves Refinery Mataripe, BA Initial considerations In order to support its final proposal regarding partnerships in the refining segment,
More informationSOLLERS IFRS RESULTS
SOLLERS IFRS RESULTS 2017 03.05.2018 2 1. 2017 SOLLERS STRATEGIC DEVELOPMENTS 2. RUSSIAN AUTOMOTIVE MARKET OVERVIEW 3. SOLLERS OPERATING AND FINANCIAL PERFORMANCE IN 2017 4. SOLLERS JOINT VENTURES RESULTS
More informationCOMMERCIALISATION OF UGANDA S OIL AND GAS SECTOR: REFINERY AND ATTENDANT INFRASTRUCTURE DEVELOPMENT
MINISTRY OF ENERGY AND MINERAL DEVELOPMENT COMMERCIALISATION OF UGANDA S OIL AND GAS SECTOR: REFINERY AND ATTENDANT INFRASTRUCTURE DEVELOPMENT Dr. Stephen Robert Isabalija PERMANENT SECRETARY 13 th -15
More informationStrong performance by the Bolloré Group s operating activities in 2018 Mr Cyrille Bolloré unanimously appointed Chairman and Chief Executive Officer
PRESS RELEASE 2018 results (1) March 14, 2019 Strong performance by the Bolloré Group s operating activities in 2018 Mr Cyrille Bolloré unanimously appointed Chairman and Chief Executive Officer Revenue:
More informationOil Refineries Ltd. Fourth Quarter and Full Year 2011 Results. March 2012
Oil Refineries Ltd. Fourth Quarter and Full Year 21 Results March 22 1 Disclaimer This presentation has been prepared by Oil Refineries Ltd. (the "Company") as a general presentation of the Company and
More informationFISCAL YEAR MARCH 2015 FIRST QUARTER FINANCIAL RESULTS. Mazda Roadster 25 th Anniversary Model
FISCAL YEAR MARCH 2015 FIRST QUARTER FINANCIAL RESULTS Mazda Roadster 25 th Anniversary Model Mazda Motor Corporation July 31, 2014 1 PRESENTATION OUTLINE Highlights Fiscal Year March 2015 First Quarter
More informationFINANCIAL RESULTS H1 2018
FINANCIAL RESULTS H1 2018 Contact: INA Corporate Communications Avenija Veceslava Holjevca 10, Zagreb Public Relations E-mail: PR@ina.hr Press Centre at www.ina.hr AT91 1200 0528 4400 3467 INA: strong
More informationThird quarter results Matti Lievonen, President & CEO 26 October 2017
Third quarter results 2017 Matti Lievonen, President & CEO 26 October 2017 Agenda 1. Q3/17 Group financials 2. January-September 2017 review 3. Q3/17 Segment reviews 4. Current topics 5. Appendix 2 Disclaimer
More informationBUSINESS OVERVIEW FEBRUARY
BUSINESS OVERVIEW FEBRUARY 2018 Except for historical information, the statements made in this presentation constitute forward looking statements. These include statements regarding the intent, belief
More informationThe Group is expected to continue benefiting from stable coal prices, but in the car market, competitive pressures are likely to intensify.
PRESS RELEASE 24th April 2018 PT ASTRA INTERNATIONAL TBK 2018 FIRST QUARTER FINANCIAL STATEMENTS Highlights Net earnings per share down 2 at 123 Lower market share for cars and motorcycles Higher coal
More informationOil and Gas Lucas Aristizabal Senior Director
Oil and Gas Lucas Aristizabal Senior Director São Paulo, April 15, 2015 Agenda Oil and Gas - Global Oil and Gas Market - Brazil Oil and Gas Industry - Petrobras Credit Quality - Q&A - Strategic Importance
More informationInvestor presentation May The Origin of HighTech.
Investor presentation May 2014 The Origin of HighTech. Agenda DEUTZ strategy & positioning Financials Outlook 2 DEUTZ at a glance 150 years DEUTZ a tradition of achievement Independent manufacturer of
More informationCONTENT. Introduction. INA Group at a glance. Overview of 2017 results. Core businesses. Exploration and Production. Refining and Marketing
Company profile CONTENT Introduction 1 INA Group at a glance 2 Overview of 2017 results 4 Core businesses 6 Exploration and Production 6 Refining and Marketing 8 Consumer Services and Retail 10 Corporate
More informationFirst in Mind First in Choice. Capital Markets Day 2006 Gunnar Brock, President and CEO
First in Mind First in Choice Capital Markets Day 26 Gunnar Brock, President and CEO 1 December 4, 26 www.atlascopco.com Atlas Copco in a Snapshot Continuing operations A world leading provider of industrial
More informationValvoline Fourth-Quarter Fiscal 2016 Earnings Conference Call. November 9, 2016
Valvoline Fourth-Quarter Fiscal 2016 Earnings Conference Call November 9, 2016 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the
More informationHONDA CANADA FINANCE INC. AUTO FINANCE FORUM February 15, ACCORD
HONDA CANADA FINANCE INC. AUTO FINANCE FORUM February 15, 2018 2018 ACCORD 1 Caution with Respect to Forward-Looking Statements: These slides contain forward-looking statements within the meaning of the
More informationTable 1 ANTIGUA AND BARBUDA: MAIN ECONOMIC INDICATORS
Antigua Tables 2006 1 Main Indicators 03/11/2006 08:05 AM Table 1 ANTIGUA AND BARBUDA: MAIN ECONOMIC INDICATORS 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 a/ Annual growth rates b/ Gross domestic
More informationCOMPETITION FOR FOREIGN INVESTMENT IN E&P IN LATIN AMERICA
COMPETITION FOR FOREIGN INVESTMENT IN E&P IN LATIN AMERICA Prof. Edmar de Almeida Energy Economics Group Institute of Economics Federal University of Rio de Janeiro Workshop The Changing Global Energy
More informationLazydays Holdings, Inc. Reports Third Quarter 2018 Financial Results
News Contact: +1 (813) 204-4099 investors@lazydays.com Lazydays Holdings, Inc. Reports Third Quarter 2018 Financial Results Tampa, FL (November 8, 2018) Lazydays Holdings, Inc. ( Lazydays ) (NasdaqCM:
More informationA2A Results. Milan, March 23 th, 2012
A2A 2011 Results Milan, March 23 th, 2012 Agenda 2011 Main financial highlights Non-recurring and extraordinary items From EBITDA to Restated Net Income EBITDA Segment analysis Net debt and Cash Flow This
More informationANALYST BRIEFING FOR THE THIRD QUARTER ENDED NOV 2016
ANALYST BRIEFING FOR THE THIRD QUARTER ENDED 2016 21 NOV 2016 MSM Malaysia Holdings Berhad Analyst Briefing Q3 2016 21/11/2016 1 CONTENTS 01 02 03 04 05 Group Financial Highlights Performance Review Sugar
More informationQ3 & 9M 2018 Results Presentation. October 24 th, 2018
Q3 & 9M 2018 Results Presentation October 24 th, 2018 Q3 & 9M HIGHLIGHTS & CATEGORY SPOTLIGHTS Gonzalve BICH 3Q and 9M 2018 Results Presentation 2 9 Months 2018 Key Messages Continued challenging trading
More informationSOLLERS IFRS RESULTS 1H2017
SOLLERS IFRS RESULTS 1H2017 28.08.2017 2 1. 1H2017 SOLLERS STRATEGIC DEVELOPMENTS 2. RUSSIAN AUTOMOTIVE MARKET OVERVIEW 3. SOLLERS OPERATING AND FINANCIAL PERFORMANCE IN 1H2017 4. SOLLERS JOINT VENTURES
More informationInvestor Relations News
Investor Relations News Financial year 2017: MTU Aero Engines AG once again posts record figures Earnings forecast for 2017 fully met Outlook for 2018: Moderate earnings increase, cash conversion rate
More informationQ Matti Lievonen President and CEO
Q1 2018 Matti Lievonen President and CEO CONTENTS 1. Q1 2018 review 2. Group financials 3. Segment reviews 4. Current topics 5. Appendix 2 Disclaimer The following information contains, or may be deemed
More information282m 75% +575m. Net sales Operating income before non-recurring items. Operating margin before non-recurring items. Net Loss.
First-Half 2009 Financial Highlights Net sales Operating income before non-recurring items Operating margin before non-recurring items Net Loss Net debt-to-equity ratio Free cash flow** 7,134m 282m 4.0%
More informationFISCAL YEAR MARCH 2015 FIRST HALF FINANCIAL RESULTS. New Mazda Demio
FISCAL YEAR MARCH 2015 FIRST HALF FINANCIAL RESULTS New Mazda Demio Mazda Motor Corporation October 31, 2014 1 PRESENTATION OUTLINE Highlights Fiscal Year March 2015 First Half Results Fiscal Year March
More informationFISCAL YEAR MARCH 2014 FINANCIAL RESULTS
FISCAL YEAR MARCH 214 FINANCIAL RESULTS Mazda CX-5 Mazda Atenza Mazda Motor Corporation April 25, 214 New Mazda Axela 1 PRESENTATION OUTLINE Highlights Fiscal Year March 214 Results Fiscal Year March 215
More informationBURGEONING RESOURCES SECTOR POWERS PACIFIC ENERGY TO ANOTHER RECORD RESULT
350.4M 15.6M 17 August 2011 175+ MW BURGEONING RESOURCES SECTOR POWERS PACIFIC ENERGY TO ANOTHER RECORD RESULT Highlights $18.0M EBITDA - up 44 per cent on prior twelve-month period $8.4M Adjusted NPAT
More informationBusiness Opportunities downstream. Hellenic Petroleum s perspective
Business Opportunities downstream Hellenic Petroleum s perspective 9 th SE Europe Energy Dialogue Thessaloniki, Greece 29-30 June 2016 Daniil Antonopoulos Thessaloniki Refinery Operations Manager Hellenic
More informationFISCAL YEAR MARCH 2018 FIRST QUARTER FINANCIAL RESULTS
FISCAL YEAR MARCH 2018 FIRST QUARTER FINANCIAL RESULTS PRESENTATION OUTLINE Highlights Fiscal Year March 2018 First Quarter Results Fiscal Year March 2018 Full Year Forecast Structural Reform Stage 2 Progress
More informationConférence d Automne - Cheuvreux. Paris, September 26 th, 2011
Conférence d Automne - Cheuvreux Paris, September 26 th, 2011 This presentation may contain forward-looking statements. Such forward-looking statements do not constitute forecasts regarding the Company
More informationInvestor Presentation June, 2014
Investor Presentation June, 2014 Bob Espey (CEO) and Mike Lambert (CFO) Investor Relations tom.mcmillan@parkland.ca 800-662-7177 ext. 2533 Forward Looking Statements Certain information included herein
More informationFY 2017 Results. Disclaimer: Jardine Cycle & Carriage accepts no liability whatsoever with respect to the use of this document or its contents.
FY 2017 Results Disclaimer: Jardine Cycle & Carriage accepts no liability whatsoever with respect to the use of this document or its contents. FINANCIAL HIGHLIGHTS Financial Highlights Underlying earnings
More informationI remind you that our presentation is available on our website. We can start from the first 2 slides that show Piaggio Group First
CONFERENCE CALL 2009 1 st HALF RESULTS Good afternoon and welcome to everybody. I remind you that our presentation is available on our website. We can start from the first 2 slides that show Piaggio Group
More informationFISCAL YEAR MARCH 2018 FIRST HALF FINANCIAL RESULTS
FISCAL YEAR MARCH 2018 FIRST HALF FINANCIAL RESULTS PRESENTATION OUTLINE Highlights Fiscal Year March 2018 First Half Results Fiscal Year March 2018 Full Year Forecast Progress of Key Initiatives/ Business
More informationAOC Holdings, Inc. (TSE:5017)
AOC Holdings, Inc. (TSE:5017) (TSE:5017) Report on on Performance in infy2008 (April 1, 1, 2008 2008 March 31, 31, 2009) May May 18, 18, 2009 2009 AOC AOC Holdings, Inc. Inc. www.aochd.co.jp 1 Chapter
More informationA2A-LGH Partnership. Milan, September 8 th, Borsa Italiana Italian Infrastructure Day
A2A-LGH Partnership Milan, September 8 th, 2016 Borsa Italiana Italian Infrastructure Day Partnership Rationale PARTNERSHIP CRITERIA PARTNERSHIP OPPORTUNITIES Territorial leadership Territorial investments
More informationAnalysis of Operating Results and Financial Status
29 Analysis of Operating Results and Financial Status 1. Analysis of Operating Results of EGAT and Its Subsidiaries Operating results of EGAT and its subsidiaries including associated company and joint
More informationLOGO. August 16,2010
LOGO Opportunity Day TIRATHAI PUBLIC COMPANY LIMITED August 16,2010 Contents Company Profile Business Products Electrical Demand Overview Structure of Income & Q2 Operating Results Business Forecast for
More informationSAA Financial Results 2008/09. Building on Restructuring
SAA Financial Results 2008/09 Building on Restructuring 1 Content 1. Industry, Strategic and Operational Overview 2. Financial Overview 3. Conclusion and Way Forward 2 Industry Overview The airline industry
More informationFormosa Petrochemical Corporation 2006 Q3 Financial Results
Formosa Petrochemical Corporation 26 Q3 Financial Results November 26 Index Our Company 2 Financials 3 Refinery Division 4 Olefins Division 5 Capital Expansion 2 Our Company: Leading Private Integrated
More informationCHEMSYSTEMS. Report Abstract. Petrochemical Market Dynamics Feedstocks
CHEMSYSTEMS PPE PROGRAM Report Abstract Petrochemical Market Dynamics Feedstocks Petrochemical feedstocks industry overview, crude oil, natural gas, coal, biological hydrocarbons, olefins, aromatics, methane
More informationCONSOLIDATED FINANCIAL RESULTS OF THE UNIMOT GROUP 3Q 2017
CONSOLIDATED FINANCIAL RESULTS OF THE UNIMOT GROUP 3Q 2017 1 PRESENTATION AGENDA Key 3Q 2017 events Financial results of the UNIMOT Group Market overview Business segments New projects Financial indicators
More informationH1 2018: Strong organic order growth and profitability increase
Sulzer Management Ltd Neuwiesenstrasse 15 8401 Winterthur Switzerland Phone +41 52 262 30 00 Fax +41 52 262 31 00 In the first half of 2018, Sulzer s rebound continued. Order intake increased by 11.6%
More informationREPORT ON THE PRICING POLICY FOR GASOLINE AND DIESEL 1st QUARTER 2017 BACKGROUND
BACKGROUND The new pricing policy for gasoline and diesel was announced by Petrobras on material fact disclosed on 10/14/2016, and one of its principles is to never charge prices lower than international
More informationCONFERENCE CALL RESULTS Q1 2017
CONFERENCE CALL RESULTS Q1 2017 May 5, 2017 Marc Bunz (CFO) Nicolas-Fabian Schweizer (CTO) AGENDA Market & Strategy Update Financials 2016 Financials Q1 2017 Outlook SCHWEIZER Share Schweizer Electronic
More informationSinopec Corp s Net Profit for 9M 2018 Surges 52.7% Y-o-Y to RMB 60.1 billion
Sinopec Corp s Net Profit for 9M 2018 Surges 52.7% Y-o-Y to RMB 60.1 billion Improved Performance in Four Core Business Segments with Remarkable Cost Savings and Efficiency Enhancement (30 October 2018,
More informationFinancial Data Supplement Q4 2017
Bank Financial Data Supplement Q4 2017 2 February 2018 Due to rounding, numbers presented throughout this document may not sum precisely to the totals we provide and percentages may not precisely reflect
More informationCosmo Oil Co., Ltd. Presentation on Results for First Quarter of Fiscal 2012 August 2, 2012 Director: Satoshi Miyamoto
Cosmo Oil Co., Ltd. Presentation on Results for First Quarter of Fiscal 2012 August 2, 2012 Director: Satoshi Miyamoto Copyright 2012 COSMO OIL CO.,LTD. All Rights Reserved. Key Points of Financial Results
More informationLaboratory worker at Goedgevonden Coal Mine
82 Laboratory worker at Goedgevonden Coal Mine Integrated Annual Report 2013 Operational review ARM Coal 83 ARM Coal F2013 F2012 % change ARM Coal attributable sales volumes (000t) Headline earnings Rm
More informationInterim Review Q1 2006
Interim Review Q1 2006 April 26, 2006 April 26, 2006 www.ruukki.com Strategy Moving Ahead Recent Structural Changes Business Environment Financials 1-3/2006 Near-term Outlook Summary 2 April 26, 2006 www.ruukki.com
More information