Oil Refineries Ltd. Fourth Quarter and Full Year 2011 Results. March 2012

Transcription

1 Oil Refineries Ltd. Fourth Quarter and Full Year 21 Results March 22 1

2 Disclaimer This presentation has been prepared by Oil Refineries Ltd. (the "Company") as a general presentation of the Company and its financial results. The information included in the presentation and any other information communicated by the Company while the presentation is being given (all such information as aforesaid or any part thereof - the "Information") is presented for convenience purposes only. The Information does not constitute a basis for investment decision, or replace the need for carrying out independent collection of information and analysis of the Information nor does the Information purport to make or give any recommendation and/or opinion and/or to substitute for the independent judgment of any potential investor. The Company does not warrant the completeness or accuracy of the Information and it disclaims any responsibility for any damages and/or losses whatsoever resulting from the use of the Information. In case of contradiction or inconsistency between the Information and information recorded in the Company's ledgers and/or appearing in official publications, such recorded information will prevail. The Information may contain various forward-looking statements based on current data and expectations. Actual operations, results and other data may differ materially from those stated in such forward-looking statements, owing to various uncertainties and risks, including the risk factors referred to and discussed in the Company's financial statements and Management Discussion and Analysis as published by the Company. The Company assumes no obligation to update the said data and expectations or any other part of the Information. 2

3 Agenda Current Status and Implementation of the Strategic Plan Operating Environment Overview Fourth Quarter and Full Year 21 Results 3

4 Strategic Plan Conversion of HVGO HDS to Mild Hydrocracker Completed in June 20 Increased Gasoil refining capacity of 3-4% Completed Crude Unit 4 Shutdown and Upgrade Increased refining capacity to 197kbpd Increased refining flexibility for larger variety of crudes Synergies from merging ORL with Carmel Olefins Leveraged synergies for polymer production: a $45m investment expected to yield $30m/yr. Project finished and activated in Q1 12 Expanding Propylene production: a $90m investment expected to yield $55m/yr. Hydrocracker Investment Investment as of December 31, 21 at $326 million Activation planned mid-22 Transition to Natural Gas The Company has completed the transition to use of natural gas Two agreements were signed for the supply of natural gas over next few years. 4

5 Current Status Natural gas shortage Hydrocracker progress Diversification of funding sources Completion of organizational restructuring Creating efficient teams with support of BCG 5

6 Operating Environment Crude Oil Prices (USD/BBL) /09 12/10 12/11 Continue to operate in highly volatile market In 21, crude oil prices rose 15% to 107 USD/bbl, following 20 in which prices rose by 19% Oil futures retreated from the second of 21 and onwards 6

7 Operating Environment Mediterranean Ural Cracking Margin (USD/BBL) Average: 2.9 USD/BBL 21 Average: 1.2 USD/BBL

8 Operating Environment Mediterranean Product Margins (USD/BBL) 30 CIF Product Prices as compared with Brent Crude Oil Prices Gasoline Diesel Fuel Oil 8

9 Operating Environment Assessment of National Transportation Fuel Demand (Thousand Tons) 0% 21: 6,131 20: 6,141 Delta: 0% -1% +1% Source : National Infrastructure Ministry 9

10 1,200 1,100 1, Operating Environment Petrochemical Products ($/Ton) Polypropylene Polyethylene 21 Polymer Prices Above Naphtha , Xylene Paraxylene Aromatics Prices above Gasoline

11 Annual & Q4 21 Results Refining & Production (Thousand tons) 1, Refining Aromatics (Gadiv) Polymers (CAOL) Lube Oils Q4 '10 Q4 '11 7,603 8, Refining Aromatics (Gadiv) Polymers (CAOL) Lube Oils

12 Annual & Q4 21 Results ORL Refining Margin vs. Regional Benchmark (USD/bbl) Q4 20 Q4 21 Ural Crack Med ORL (Adjusted) Note: Adjusted margin is ORL s refining margin calculated for comparison purposes and excludes impact of inventory w\o and gains as well as IFRS 12

13 Annual & Q4 21 Results Key Figures (millions) EBITDA Q4 11 Q Refining & Trade (7) (13) (18) 29 Polymers (CAOL) (23) Aromatics (Gadiv) Lube-Oils (HBO) (1) Consolidation (3) Consolidated EBITDA (23) Net Consolidated Profit (78) 24 (87) 73 Note: In the refining and trade sector, EBITDA and margin are presented net of inventory and IFRS impact 13

14 Annual & Q4 21 Results Change in Adjusted Consolidated EBITDA (m. US$) (23) (45) (22) Adj. EBITDA Q4 '10 Decrease in Ref. Margin Decrease in Pet. Margin Increase in Quantities Increase in Trade Increase in Other Income Increase Operating Expenses Adj. EBITDA Q4 '11 Inventory & IFRS Impact EBITDA Q4 '11 14

15 Annual & Q4 21 Results Consolidated Net Debt Bridge (m. US$ as of December 31, 21 ) 112 1, ,439 2, , Current Loans Debentures Loans Total Debt Traded Securities Net Debt Note: Loans & debentures include current maturities 15

16 Annual & Q4 21 Results Balance Sheet Consolidated, December 31, 21 (m. US$) Current Assets Cash & securities Other current assets Inventory 1,2 1,080 1,935 1,954 Non Current Assets Other NC assets Property, plant & eqpmt. 2,030 2,245 2,438 2,551 Current Liabilities Current Fin. liabilities Other current liabilities ,614 1,772 Non Current Liabilities NC fin. liabilities 1,497 1,581 Other NC fin. liabilities ,636 1,716 Capital Shareholder s Capital 1,124 1,8 4,374 4,505 4,374 4,505 16

17 Thank You 17