2009 RESULTS. 30 March :00 PM

Transcription

1 Financial Communication 2009 RESULTS 30 March :00 PM Présentation des résultats 2009 et perspectives de développement

2 CONTENT GLOBAL OVERVIEW 3 FOCUS ON PETROEUM MARKET 6 OPERATIONAL PERFORMANCES FINANCIAL PERFORMANCES DEVELOPMENT & PERSPECTIVES Présentation des résultats 2009 et perspectives de développement 2

3 GLOBAL OVERVIEW Présentation des résultats 2009 et perspectives de développement 3

4 GLOBAL OVERVIEW About SAMIR Corporate Name Société Anonyme Marocaine de l Industrie du Raffinage (SAMIR) Creation January Status Main Shareholder Governance Activity Société anonyme with Board of Directors Joint Stock Company in Casablanca Stock Exchange under ticker SAM Stock Exchange Capitalization : Mdh on 23 march 2010 Corral Morocco Holding (67,3%) Chairman: Mohamed Houssain SHEIKH AL AMOUDI General Manager : Jamal BA-AMER Capacity : 6,5 M T/ y under expansion to8,2 MT/ year Nelson Complexity Index : 12,8 Storage capacity : 2 millions Cubic meters Installed Power : 40 MW Staff persons in December 31st

5 GLOBAL OVERVIEW Samir Key Figures Average price of brent (in USD/bbl) Turnover (in Mdh) Sales (KT) 97,0 Var 2009/2008 : Var 2009/2008 : Var 2009/2008 : -36,6% -35.2% -3.3% 61, Export Local Investments (Mdh) Var 2009/2008 : -37.5% Operating Result & Net Income (Mdh) Var 2009/2008 : OR Mdh NI+1751 Mdh Operating Income Net Income 5

6 FOCUS ON PETROLEUM MARKET Présentation des résultats 2009 et perspectives de développement 6

7 FOCUS ON PETROLEUM MARKET Increasing trend of Brent price in 2009 USD/bbl janv.-05 mai-05 sept.-05 janv.-06 mai-06 sept.-06 janv.-07 mai-07 sept.-07 janv.-08 mai-08 sept.-08 janv.-09 mai-09 sept.-09 janv.-10 Source : DIREM In spite of the worldwide demand decrease, the Brent price increases by 72,1%, supported by : OPEC policy to reduce their production ; anticipation of economy recovery by the market operators. In general, the average price of Brent decreases from 97,0 $/bbl in 2008 to 61,5 $/bbl in 2009 ; Decrease of refining margins, as consequence of the decline of consumption and excess in inventories. 7

8 FOCUS ON PETROLEUM MARKET Highlights of Petroleum Domestic Market in 2009 New price formula introduced by Government with fret charges update every 6 months; Introduction of new petroleum product specifications in April 2009: Removal of Gasoil ppm; Generalisation of Gasoil 50 ppm ; Introduction of unleaded Gasoline 50 ppm As far as products specifications are concerned Morocco is ranked 40th 10 à 50 ppm 50 ppm 300 à 500 ppm worldwide for sulphur reduction à ppm Source : International Fuel Quality Center 8

9 FOCUS ON PETROLEUM MARKET Moroccan Demand of Petroleum Products Moroccan Demand of Products (in KT) Var 2009/2008 : % ,2% 5,1% Others 22,8% 20,0% Fuel Gasoil 42,8% 43,5% Jet 5,2% 5,0% Gasoline 49% 4,9% 56% 5,6% GPL 20,2% 20,8% Breakdown of national demand by product In KT Var 09/08 Var 09/08 LPG ,2% Gasoline ,4% Jet ,1% Gasoil ,5% Fuel ,4% Lubes ,1% Waxes ,0% 0% Bitumen ,6% Total ,1% No change in national demand at KT in 2009 vs KT in 2008: Decrease of fuel demand by 12,4% following to the reduction of the power plants demand ; Increase of LPG, Gasoline, Gasoil and et Bitumen at same levels for all these products. Increase of importations of finished products following to the reduction of the local production by 19,5% due to: Introduction of new specifications ; Start up and margin optimisation. 9

10 2009 OPERATIONAL PERFORMANCES Présentation des résultats 2009 et perspectives de développement 10

11 2009 OPERATIONAL PERFORMANCES Key Events 2009 January 09 Conversion of Sidi Kacem Refinery to storage site; April 09 Start up of Cogeneration plant (40 MW); 1er Semester 09 Reduction of processing to cope with new specifications; July 09 Effective start of 50 ppm Gasoil production; Starting Company debt restructuring program ; October 09 Signing of Contract with PORNER for increase of Bitumen production from 280 KT to 560 KT 2009 Continuation of works of Topping 4 project. 11

12 2009 OPERATIONAL PERFORMANCES Performance of production Units Adjustment of production strategy to cope with events having exceptionally impacted the year 2009 : Change in petroleum products specifications from January 1st 2009 ; Defer of start up of the upgrade project phase 1; Refining margin optimisation Constraints. The utilisation of refining capacity was at 76,0% of its nominal capacity and the units availability is in line with the objectives (97,0%) Reduction of cost and energy consumption : Reduction of Solomon Energy Index from 150 to 140 ; Implementation ti of an energy strategy t with Shell Global l Solution; Achieving a significant cost saving for chemicals, solvents, additives, etc... 12

13 2009 OPERATIONAL PERFORMANCES Other Achievements Modernisation of the Laboratory to meet upgrade requirements; Achievement of several capital projects : Fuel oil Railway loading; MTBE Octane Booster facility for Gasoline blending; Upgrade pipeline network to meet customers needs; Signature of maintenance contracts in compliance with the internal policy Performance of Social policy and sustainable development: Valorisation of human capital trough recruitments, training, promotion, and improvement of social performances Good safety performance : no significant accident recorded ; Improvement of quality management system (ISO 2001, QHSE, SA 8000, ISO 14001) Improvement of information system (SAP ECC6 & EDMS) 13

14 2009 OPERATIONAL PERFORMANCES Samir Supply of Petroleum Products Supply breakdown (in KT) Supply breakdown (in M USD) Var 2009/2008 : -0,2% Bitumen 815 Gasoline Fuel Gasoil Jet Crude Oil Var 2009/2008 : -35,2% Bitumen Gasoline Fuel Gasoil Jet Crude Oil No change in supply with KT in 2009 against KT in 2008 due to: Decrease by 13,7% of crude supply following decision to reduce processing in the beginning of the year ; Increase of gasoil importation by 89,0% to balance the reduction of production and meet the national market demand of gasoil 50 ppm. But the supplies value decreased by 35,2% to M USD in 2009 due to a supply average price inferior to

15 2009 OPERATIONAL PERFORMANCES Samir crude Oil Supply Supply breakdown (in KT) Supply breakdown (in M USD) ,5% 13,4% 4,4% 25,3% 28,8% 8% 18,9% 3,0% Kirkuk Urals Basrah Light % 7,7% 14,1% 4,0% 26,5% 28,8% 21,0% 21% Kirkuk Urals 2,1% Basrah Light 47,4% 49,3% Sirri Light Arabian light 47,8% 48,1% Sirri Light Arabian light Samir reliable strategy of supply by diversification of sources 15

16 2009 OPERATIONAL PERFORMANCES 2009 OPERATIONAL PERFORMANCES Slight decrease of SAMIR sales Breakdown of sales (in KT) Breakdown of sales (in Mdh) Var 2009/2008 : Var 2009/2008 : ,3% -35,2% Export Local Export Local Decrease by 3,3% 3% of sales volumes to KT in 2009 against KT in 2008 following to : Decrease by 5,4% of sales in domestic market in 2009 ; Increase of exported volumes by 14,3% mainly due to the augmentation of gasoil ppm export and diminution of naphtha. However, the turnover decreased by 35,2% from 41,6 billion dirham in 2008 to 27,0 billion dirham in connection with the decrease of the Brent price. 16

17 2009 OPERATIONAL PERFORMANCES Mix product and market shares Gasoil 3,4% Fuel 4,1% 2,6% Gasoline 4,2% 69% 6,9% Naphta 6,7% Jet Bitumen Others LPG Evolution of mix product by volumes 32,3% 3% 39,9% 4,0% 3,9% 4,7% 1,3% 50% 5,0% 6,6% 29,3% 45,2% Evolution of Samir local market share 79% 77% 65% 62% Global MS MS excl LPG The mix product evolution is in favour of gasoil. It mainly cover: Progression of gasoil share versus total sales volume by 5,3 points at 45,2%, thanks to the maintain of local market share; Decrease of fuel share versus total sales volume by 3,0 points at 29,3% due to the diminution of the power plants demand; SAMIR is maintaining its position of leader with a market share of 77% excl LPG. 17

18 2009 OPERATIONAL PERFORMANCES Refined products sales versus imported finished products Sales of refined and finished products in volume (KT) Sales of refined and finished products in value (MDh) Refined products Imported products Refined products Imported products Decrease by 18,8% of sold volumes of refined products to KT in 2009 balanced by the increase by 57,1% of imported finished products. Stabilization of imported finished products turnover (balance effect between price & volume) and decrease by 46,0% of the refined products turnover following to the decrease of brent price. 18

19 2009 OPERATIONAL PERFORMANCES Positive evolution of margins for the two products segments Evolution of margins on imported finished product sales Margin rate 3,5% Imported products sales Sales of refined products excl inventory variation Margin rate 4,2% Supply price Margin on imported Imported products sales Sypply price products sales Evolution on margins of refined products sales Supply price Tx de marge (1,3)% -412 Margin on refined products sales Sales of refined products excl inventory variations Supply price Margin on imported products sales Tx de marge 9,4% Margin on refined products sales Progressionofmarginrateon imported finished products from 3,5% to 4,2% in 2009, combined with the progression by 1,0% of sales value. Increase of margin by 21,5% to 407 Mdh. Progressionofmarginrateon refined products by -1,3% to 9,4% combined with the decrease by 41,9% of the turnover increased with inventory variation Increase of margin of Mdh 19

20 FINANCIAL PERFORMANCES 2009 Présentation des résultats 2009 et perspectives de développement 20

21 FINANCIAL PERFORMANCES 2009 Improvement of margin in spite of decrease of turnover Turnover (in Mdh) Var 2009/2008 : -35,2% Margin on economic variables costs (Mdh) Margin on Variable costs Var 2009/2008 : Mdh 7,6% Margin Rate ,2% Improvement of margin on variable costs of Mdh between 2008 and 2009 following to improvement of margin rates on imported and refined products. 21

22 FINANCIAL PERFORMANCES 2009 Improvement of the EBIDA and Operating Income EBITDA Margin of EBITDA EBITDA (Mdh) Var 2009/2008 : Mdh % 5,4% Operating Income (Mdh) Var 2009/2008 : Mdh 3,6% Operating Income Operating Margin ,7% ,9% Improvement of EBITDA of Mdh between 2008 and 2009 to reach Mdh; The operating income significantly increases by Mdh ; The operational margin rate is positive at 3,6% in 2009 against -1,9% in

23 FINANCIAL PERFORMANCES 2009 Significant ifi progression of net income following the improvement of operating margin ( Mdh) Financial Result (Mdh) Net Income (Mdh) Self Financing Capacity (in Mdh) Var 2009/2008 : -25,5% Var 2009/2008 : Mdh Var 2009/2008 : Mdh Résultat net Taux de marge nette 2,1% ,9% The financial result still mainly impacted by the net currency exchange losses (vs. net currency exchange gains in 2008) and decrease by 57 Mdh to reach -281 Mdh in 2009 ; So, the net income shows an increase of Mdh to reach 555 Mdh allowing Samir self financing capacity of 893 Mdh. 23

24 FINANCIAL PERFORMANCES 2009 Income statement Synthesis In Mdh Var 2009/2008 Turnover Changes in inventory Operating subsidies received Other operating revenues Expenses transfer OPERATING REVENUES Purchase of goods sold Consumed purchase of raw materials Other external expenses Taxes (except corporate taxes) Payroll expenses Other operating expenses Operating allowances Operating Income Operating margin rate -1,9% 3,6% Financial Revenues Financial Expenses Financial Income Non Current Income Income Before Corporate Taxes Corporate Income Taxes Net Income Net margin rate -2,9% 2,1% 24

25 FINANCIAL PERFORMANCES 2009 Increase of Mdh of the total balance sheet Balance sheet structure in 2008 (in Mdh) Balance sheet structure in 2009 (in Mdh) Immobilisations S. Equity Fixed Asset Debts LT Current Asset Current Liability Debts ST net Asset Liability Asset Liability 25

26 FINANCIAL PERFORMANCES 2009 Progression of Financing i Requirement related to the increase of prices by end of the year Financing Requirement Evolution (FR) 2008 vs FR 2008 Δinventory Δcustomers receivables ΔTax receivable Δother Debts ST Δsuppliers receivables Δother receivable of current Liability FR 2009 The financing requirement increase from 891 Mdh by end 2008 to Mdh in 2009 following the increase of prices between end 2008 and 2009 generating combined effect of: Increase of inventory and customers receivables ; Increase of suppliers receivables. 26

27 FINANCIAL PERFORMANCES 2009 Progression of fixed asset Evolution of fixed assets (in Mdh) Var 2009/2008 : +23,8% Progression by 23,8% of the fixed assets to reach Mdh in 2009 following to the increase by 19,1% of gross assets in relation with SAMIR investment plan ; 27

28 FINANCIAL PERFORMANCES 2009 Financial structure stable characterised by domination of Short Term debts Financing Structure (in %) Evolution of Gearing (DN/ (DN+FP)) 26,7% 24,8% S. Equity 73,3% 75,2% 42,1% 33,3% Financing Debts Net ST Debts 31,2% 41,8% SAMIR financing structure shows an increase of the Short Term debts from 31,2% to 41,5% in 2009 ; This domination of Short Term debts is under ongoing restructuring program ; SAMIR gearing shows an increase of 1,7 points at 75,0% in

29 FINANCIAL PERFORMANCES 2009 Performance of SAMIR Share : Evolution equivalent to the MASI Evolution of SAMIR share price Key Indicators In Dh Volume Cours 0 janvier-09 mars-09 mai-09 juillet-09 octobre-09 décembre- 09 Source : Bourse de Casablanca Evolution of SAMIR share price vs. MASI (base 100 in january 2009) février-10 In Mdh Share price on 31/12/2009 (in dh) 546 Samir performance ,7% 60 Masi performance ,9% 50 Numbre of shares (in millions) 11, Market Capitalisation at 31/12/2009 (in Mdh) Free-float 26,9% Average daily volume 2009 (in Mdh) 3,0 Global volume in 2009 (in Mdh) 745,6 Source : Casablanca Stock exchange 140 Samir 120 Masi janv.-09 mars-09 mai-09 juil.-09 oct.-09 déc.-09 févr.-10 Samir share price position in 2009 is in a range between 545 dh and 715 dh ; SAMIR share evolution is equivalent to the Masi in

30 DEVELOPMENT & PERSPECTIVES 2010 Présentation des résultats 2009 et perspectives de développement 30

31 DEVELOPMENT & PERSPECTIVES 2010 favourable outlook in 2010 for Refining Industry On the international level positive sign of recovery observed in the first quarter are in favour of the refining industry : Worldwide growth recovery : +3,9% in 2010 accordingtoimf 6 ; Increasing trend for the Brent price ; Increasing trend of the differential between Gasoil 50 ppm-fuel oil (in USD/tons) Decrease of distillate inventories in Europe generating increase of demand ; Increase of refinery hydrocracking margins janvier-10 février-10 mars-10 Source : PLATT s The domestic demand shows encouraging signs: Growth projections of the GDP by 3,2% in 2010 according the IMF 7 ; Increase of the domestic demand by 5,5% during the first quarter of 2010 vs. The same period in Bulletin of IMF of 26 january Public Information notice (PIN) n 10/19 (F) of 16 february

32 DEVELOPMENT & PERSPECTIVES 2010 Effective start up of Upgrade project Dec 08 May 09 Commissioning of project utilities and offsite ; Juil 09 Commissioning of phase 1 units (Blok production of gasoil 50 ppm) ; Effective start of 50 ppm Gasoil production; February 10 March 10 Commissioning of the Hydrocracker complex; Effective start of Hydrocracker complex. Progress and commissioning (phase 1 & 2) 0,0% 50,0% 100,0% Payments of initial and complementary investments : 0,0% 50,0% 98,0% 100,0% 32

33 DEVELOPMENT & PERSPECTIVES 2010 New Refinery configuration The hydrocracker allow Samir a processing capacity of barrels per day, corresponding to 1,8 million tons per year and quality of products in compliance with the norm Euro 5. The refinery complexity index will move from 8,0 to 12,8 (on scale of 14). Yields evolution Before Upgrade Post Upgrade Gasoil 50 Others Jet 36,0% 3,0% 40,0% 1,0% 7,0% 9,0% 6,0% Naphta 50,0% Gasoline Gasoil LPG 8,0% 5,0% 8,0% 27,0% The Hydro cracking complex will also allow Samir to attain an annual production of gasoil & kerosene of 4.2 million tons, so an increase of 60% versus the situation before upgrade Which will permit to Samir to fully meet the national market demand. 33

34 DEVELOPMENT & PERSPECTIVES 2010 What are advantages for Samir? 1 For productivity Utilisation of refining capacity at 100% No more economic constraints favouring the import of products instead of refining 2 Progression of production capacity of gasoil & kerosene: products with highh added d value For flexibility Capability for Samir to adapt its mix products by producing the most requested products for local demand and for export Capability to profit from market opportunities by offering products with high margin 3 For profitability With the hydrocracking, Samir will reach superior margin rates thanks to the spread versus the model of Hydroskimming refineries : Differencial of margin between Hydrocracking and Hydroskimming in ,0 1,6 1,9 2,0 2,9 3,2 2,2 23 2,3 1,5 1,9 1,7 1,6 janv-09 févr-0 9 mars-0 9 avr-09 mai-09 juin-09 juil-09 août-0 9 sept-0 9 oct-09 nov-09 déc-09 34

35 DÉVELOPPEMENT & PERSPECTIVES 2010 Samir will continue the implementation of its strategic plan based on the following : Improvement of SAMIR market share and identification of new opportunities Strong request to increase the local sales by 5,0% in volume in order to reach in 2010, 80,0% of market share excluding LPG; and seeking for new markets Risk management Implementation in 2010 of risk management policy to prevent unpredictable fluctuations of prices in in the international market as well as currency exchange rate; and Implementation of dealing room. Meeting the environmental and industry international standards ; Finalisation of operating excellence process Sustainable development : SAMIR confirm its commitment and priorities High performances of the safety and environment protection ; Contribution to the social and educative actions. 35

36 DEVELOPMENT & PERSPECTIVES 2010 Investment Plan SAMIR will continue the realisation of its investment plan aiming to develop the refining tools, improve the productivity and reduce the costs. Topping 4 Increase of Bitumen Production Steam Turbo Generator Topping 4 Objective: Replacement distillation units 1 & 2 Additional capacity : 4 million tons / year Global Cost : 170,0 M ~ 1 902,9 Mdh Progress : 48% of Unité des Bitumes Objective : Improvement of Bitumen production capacity to meet the increasing national demand Additional capacity : 280 K tons Global Cost : 20,7 M ~ 231,7 Mdh Turbo à vapeur Objective : Energy recovery inside the refinery allowing for annual energy saving of to 62,2 Mdh Capacity : 10 MW Global Cost : 7,0 M ~ 78,4 Mdh Expected Commissioning date. : December 2011 Progress : 15% Expected Commissioning date: June 2011 Progress : ITB under way Expected Commissioning date. :

37 DEVELOPMENT & PERSPECTIVES 2010 Debt restructuring program SAMIR mandated the BCP banks group for the implementation of the debt restructuring program in January 2010 ; The restructuring program will consist of : Adjust the debt structure in order to align the equilibrium of the balance sheet ; Improve the company financial fundamentals. This program will reduce the total amount of short term debts in the financing activity of SAMIR ; 37

38 Warning This presentation contains assumptions relative to the strategy of the company, the financial situation, and the operational result which maybe proved to be inaccurate in the future due to some risk factors, such as exchange rate variation, crude oil prices as well as some environmental and general economic conditions. As such, SAMIR does not assume any responsibility concerning the update of these information based on the aforementioned risks factors. 38

39 SAMIR 39