1. petrol group’s results · 2 contents 1. petrol group’s results 2. strategy 2012 - 2016 3....
TRANSCRIPT
1
Online Roadshow
of Slovene Prime Companies
PETROL
Ljubljana, June 4th, 2012
2
Contents
1. Petrol Group’s Results
2. Strategy 2012 - 2016
3. Investor Information
Appendix
2
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3
1. Petrol Group’s Results
4
Introduction of the Petrol Group
The leading Slovenian energy company.
The principal strategic supplier of petroleum products and other energy
products in Slovenia.
Main activities: oil trading activity, gas, electricity and other energy
and environmental activities.
The Petrol Group: 31 companies, 9 countries, retail network of 453
service stations as per 31.3.2012.
The largest company and largest group in terms of turnover in 2011 in
Slovenia.
Fourth largest company in terms of market capitalisation on the
Ljubljana Stock Exchange as per 28.5.2012.
4
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5
Parent Company Petrol d.d., Ljubljana
Subsidiaries in Slovenia Petrol Maloprodaja Slovenija d.o.o., Ljubljana
Petrol Skladiščenje d.o.o., Ljubljana
Petrol Tehnologija d.o.o., Ljubljana
Petrol Energetika d.o.o., Ravne na Koroškem
Petrol VNC d.o.o., Ljubljana
Instalacija d.o.o., Koper
IGES d.o.o., Nova Gorica
Eltec Petrol d.o.o., Bled
Subsidiaries abroad AUSTRIA: Petrol-Trade Handelsges.m.b.H., Vienna
CYPRUS: Cypet Oils Ltd., Limassol
Cypet-Trade Ltd., Limassol
CROATIA: Petrol Hrvatska d.o.o., Zagreb
Euro - Petrol d.o.o., Rijeka
Petrol-Jadranplin d.o.o., Šibenik
Petrol-Butan d.o.o., Osijek
BOSNIA AND HERZEGOVINA: Petrol BH Oil Company d.o.o.,
Sarajevo
SERBIA: Petrol d.o.o., Beograd
Petrol Gas Group d.o.o., Novi Sad
Rodgas AD, Bačka Topola
Beogas Invest d.o.o., Beograd
MONTENEGRO: Petrol Crna gora d.o.o., Cetinje
Petrol-Bonus d.o.o., Cetinje
MACEDONIA: Petrol-Energetika DOOEL, Skopje
Joint Ventures Geoenergo d.o.o., Lendava, Slovenia
Soenergetika d.o.o., Kranj, Slovenia
Petrol – Oti – Slovenija L.L.C., Priština, Kosovo
Affiliated companies
Aquasystems d.o.o., Maribor, Slovenia
Geoplin d.o.o., Ljubljana, Slovenia
Marche Gostinstvo d.o.o., Logatec, Slovenia
Istrabenz d.d., Koper, Slovenia
Bio goriva d.o.o., Rače, Slovenia
The Petrol Group 5
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The Petrol Group – Two Key Activities 6
Energy Activity
Gas and heat
Electricity
Environmental solutions
Energy solutions
Oil Trading Activity
Petroleum products: Motor fuels
Heating oil
Air fuels
Motor oils and lubricants
Merchandise: Food
Automaterial - tires
Fancy goods
Tobacco products
Lottery, coupons,
cards
Coffee to go
Products for industry
Chemical products
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The Petrol Group
Independence and flexibility in sourcing of petroleum products.
Own storage facilities and optimal logistic network for oil trading activity.
Wide retail network of service stations in Slovenia and across SE
Europe.
Concept of convenience model of service stations.
Pricing models in key markets quarantee stable margins and limit risk
exposure (Slovenia, Croatia, Montenegro – margins regulated by the
Government).
Comprehensive energy supply (gas, heat, electricity, energy and
environmental solutions).
Energy supply center (supplying a wide range of energy solutions).
Our supply is reliable, with long tradition.
Stable dividend policy.
Financial stability.
7
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Financials: Good Results in Q1 2012 8
(EUR million unless stated) 1-3/2012 1-3/2011 2011 2010
Index
(1-3/12 / 1-3/11)
Index
(2011 / 2010)
Sales revenue 903 749 3,270 2,803 121 117
Revenue from sales of merchandise 129 110 436 417 117 105
EBITDA1
33.4 29.4 115.6 95.8 114 121
Net profit 12.9 9.8 52.3 35.5 132 147
Total assets 1,561 1,309 1,537 1,266 119 121
Total equity 451 417 442 405 108 109
Net debt2
675 560 551 475 121 116
Added value per employee (EUR th.) - - 55.6 51.0 - 109
Net debt2/Equity ratio 1.50 1.34 1.25 1.17 112 107
Net debt2/EBITDA ratio - - 4.8 5.0 - 97
CAPEX 50.7 7.8 82.1 65.9 650 125
Sales quantities of petroleum products (m tons) 0.60 0.55 2.38 2.35 109 101
Number of service stations 453 442 454 441 102 103
Total number of employees 3,882 3,544 3,897 3,520 110 1111 EBITDA = operating profit or loss + regular depreciation
2Net debt = long-term + short-term financial liabilities - cash and cash equivalents
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Revenues and Gross Profit: The
Petrol Group (2009 – Plan 2012)
9
EUR million 2009 2010 2011 1-3/2012 Plan 2012
Sales revenue 2,334 2,803 3,270 903 3,771
Gross profit 280 295 326 87 347
Gross pr./Sales rev. 12% 11% 10% 10% 9%
500
900
1,300
1,700
2,100
2,500
2,900
3,300
3,700
4,100
2009 2010 2011 1-3/2012 Plan 2012
Sale
s r
even
ue (
EU
R m
illi
on
)
0
50
100
150
200
250
300
350
400
Gro
ss p
rofi
t (E
UR
mil
lio
n)
Gross profit Sales revenue
CAGRgross pr.12/09 = 5.5% CAGRsales rev.12/09 = 12.7%
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EBITDA and Net Profit: The Petrol
Group (2009 – Plan 2012)
10
57
13
52
36
8
0
10
20
30
40
50
60
2009 2010 2011 1-3/2012 Plan 2012N
et
pro
fit
(EU
R m
illi
on
)
127
33
1169696
0
20
40
60
80
100
120
140
2009 2010 2011 1-3/2012 Plan
2012
EB
ITD
A (
EU
R m
illi
on
)
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11
Balance Debt Profile: The Petrol
Group (2009 – Plan 2012)
Gearing ratio = Net debt / (Net debt + Equity and provisions) Net debt = Total debt – Cash and cash equivalents
11
457449
411388455
675
551
475491
537
56% 55%54%
60%
54%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
31.12.09 31.12.10 31.12.11 31.3.12 Plan 2012
Geari
ng
rati
o
0
100
200
300
400
500
600
700
800
Eq
uit
y a
nd
pro
vis
ion
s,
Net
deb
t (E
UR
mil
lio
n)
Equity and provisions Net debt Gearing ratio
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12
Oil Trading Activity in Q1 2012
No. of service stations as per 31.3.2012: 453 (Slovenia 313, Croatia
86, Bosnia and Herzegovina 37, Serbia 7, Montenegro 6, Kosovo 4)
Sales revenue from the oil trading activity: 819 million EUR
(Index12/11 = 118)
Sales quantities of petroleum products (77% in Slovenia and in EU,
23% in SE Europe): 0.598 million tons (Index12/11 = 109)
Revenue from sales of merchandise: 128.7 million EUR
(Index12/11 = 117)
Market share – sale of oil derivatives: Slovenia 59%, Croatia 15%,
Bosnia and Herzegovina 25%, Montenegro 6%
12
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Energy Activity
Key processes on energy field
Sales and distribution of natural gas
Sales and distribution of LPG
Production, sales, distribution and
trading of electricity
Production, sales and distribution of
heat
Other energy services (efficient energy
consumption and renewable energy
projects, solar power stations)
Environmental activities (wastewater
treatment plants, energy use of waste)
NATURAL
GAS
sales
distribution
LPG
sales
distribution
ELECTRICITY
production
sales
distribution
trading
HEAT POWER
production
sales
distribution
TOTAL ENERGY
MANAGEMENT
OTHER ENERGY
SERVICES
ENVIRONMENTAL
ACTIVITIES
13
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Energy Activity in Q1 2012 14
1-3/2012 1-3/2011 2011 2010
Index
(1-3/12 / 1-3/11)
Index
(2011 / 2010)
Sales revenue from the energy activity (EUR m) 84 53 204 115 159 178
Sales quantities of natural gas (th. m3) 51,444 50,073 114,062 104,239 103 109
Sales quantities of LPG (th. tons) 16.8 13.0 56.4 47.8 129 118
Sales quantites of electricity (MWh) 521,924 253,307 1,081,768 356,703 206 303
Distribution quantities of electricity (MWh) 83,000 82,841 315,600 283,700 100 111
Sales quantities of heat (MWh) 34,592 34,085 71,909 65,317 101 110
Number of gas concessions 30 29 30 29 103 103
Number of heat concessions 5 5 5 2 100 250
Number of concessions for wastewater treatment 5 4 5 4 125 125
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Structure of Investments
(2009 – Plan 2012)
15
20% 21% 20%
39%28% 28%
22%
24%
37%
36%46%
27%
44%
69%
8%5%6%
1%4%
15%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011 1-3/2012 Plan 2012
Oil trading activity in the Slovene market Oil trading activity in the markets of SE Europe
Energy activity Other
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Recent Acquisition Activities OIL TRADING ACTIVITY
Purchase of the remaining 50% share in
the company Petrol-Bonus d.o.o., which
activity is sale of oil derivatives and other
merchadise in Montenegro (August 2011).
Purchase of the remaining 51% share in
the company Instalacija d.o.o., Koper,
which activity is warehousing of oil
derivatives (September 2011).
Purchase of the remaining 49% share in
the company Euro-Petrol d.o.o., which
activity is sale of oil derivatives and other
merchandise in Croatia (September 2011).
ENERGY ACTIVITY
Purchase of 100% share of the company
IGES d.o.o., which is together with her
subsidiaries engaged in electricity and
inovative energy solutions (June - July 2011).
Purchase of 74.9% share of the company
EL-TEC Mulej d.o.o., which activity is trading
with the most quality products and
comprehensive system services in the field of
efficient use of energy (August 2011).
Purchase of the remaining 49% share in the
company Petrol-Jadranplin d.o.o., which is
engaged in the storage, distribution and sale
of LPG (February 2012).
Purchase of 85% share of the company
Beogas Invest d.o.o., which activity is
distribution of natural gas in three Belgrade
municipalities (April 2012).
16
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17
Key Activities in 2012
Growth and development on existing markets of SE Europe in
oil trading activity and in other energy activities.
To strengthen position in oil trading activity in the Slovenian market.
Consolidation of the new companies and activities into the Petrol
Group.
To monitor and manage consistenly all business processes within
the Petrol Group (business optimisation and rationalisation).
To provide own financial resourses through the management of
stocks, operating receivables and payables, and other financial
resources.
To manage financial risks.
17
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2. Strategy 2012 - 2016
19
Energy – World Trends (1)
Sources: Key World Energy Statistics, IEA 2011; Renewables 2011 – Global Status Report; International Energy Outlook 2011, EIA, september 2011
19
Over the next twenty years, the structure of primary energy supply will
not change essentially; crude oil will remain the dominant energy source.
No essential changes are expected in the final energy consumption
structure; transport will retain its present 28% share.
The price of crude oil is expected to increase over the long term and is
projected to reach USD 200/barrel by 2035.
The main reasons for this:
expected economic growth, particularly in Asia,
necessary investment in new wells, and
measures introduced by governments to reduce greenhouse gas
emissions in combating climate changes.
The fastest energy growth is expected in the area of renewable energy
sources, particularly wind, solar and tidal energy for power generation
(7.2% p.a.); the current total contribution of renewable energy (13%) to the
primary energy balance is expected to increase by around 1% by 2030.
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Energy – World Trends (2)
Sources: Key World Energy Statistics, IEA 2011; Renewables 2011 – Global Status Report; International Energy Outlook 2011, EIA, september 2011
20
Until 2020, the EU’s political efforts will be directed towards providing
secure supply and higher energy efficiency as well as achieving the 20%
target for renewable energy in the final energy consumption structure;
another goal is to reduce greenhouse gas emissions by 20% (compared
to 1990).
Over the next twenty years, Slovenia may expect support for measures
with regard to efficient energy use and renewable energy sources.
The territory of Western Balkans is becoming an important strategic
region for the supply of energy to Europe – the greatest potential is in
natural gas and new gas conduits; new investments in the electricity
sector will be needed to enable taking advantage of great opportunities
in the electricity trade.
The rate of motorisation is also expected to increase.
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21
Strategy 2012 – 2016
Mission: by providing a comprehensive range of energy and
environmental products and services, to secure reliable, economical
and environmentally friendly supply to our customers in Slovenia
and on the markets of SE Europe.
Vision: to become a market player committed to meeting the
highest quality and development standards relating to the
comprehensive supply of energy products and the “convenience”
model of service stations in SE Europe, ensuring above-average
satisfaction of our customers.
Key business areas: oil trading activity on the Slovenian market
and on the markets of SE Europe (Croatia, Bosnia and
Herzegovina, Serbia, Montenegro, Kosovo), and energy activity
(gas, heat, electricity and environmental solutions).
21
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Key Strategic Directions and Strategies
Strategic Directions
Strategies
22
high growth in sales,
increase in net profit and profitability,
increase in added value per employee,
increase in return on assets,
long-term financial stability, and
focus on quality.
To strengthen the Petrol Group’s oil-trading position on the Slovenian market.
To expand the Petrol Group’s business on SE European markets in order to develop and improve its market
position.
To develop all energy activities in Slovenia and transfer successful business models to SE European markets.
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Plan 2012 and Strategy 2016
(EUR million unless stated) Real. 2011 Plan 2012 Strategy 2016
Index
(plan 12/real. 11)
Index
(strategy 16/plan 12)
Sales revenues 3,270 3,771 4,608 115 122
EBITDA1
116 127 177 110 140
Net profit 52.3 57 91.2 109 160
Net debt2/Equity ratio 1.25 1.2 0.85 95 71
Net debt2/EBITDA ratio 4.8 4.23 3.4 88 79
Sales quantities of petroleum products (m tons) 2.38 2.4 2.8 103 113
Number of service stations 454 465 527 102 113
Revenues from sales of merchandise 436 470 533 108 113
Revenues from the energy activity 204 227 515 111 227
Sales quantities of natural gas (m m3) 114 115 152 101 132
Sales quantities of electricity (m kWh) 1,082 1,461 5,022 135 344
CAPEX3
82.1 80 405 97 -1 EBITDA = operating profit or loss + regular depreciation
2 Net debt = long-term + short-term financial liabilities - cash and cash equivalents
3 CAPEX in Strategy 2016 is for period 2012 - 2016
23
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Retail Network of the Petrol Group
31.12.2011 – Strategy 2016
Growth of the
retail network
454 527
+ 16%
24
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Basic Financial Goals of the Petrol Group
– Growth of the Net Revenue
25
2.1
2.9
2.32.8
3.3
3.8
4.6
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
2007 2008 2009 2010 2011 P 2012 S 2016
in EUR billion
+22%
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Basic Financial Goals of the Petrol Group
– Growth of the EBITDA
26
85100 96 96
116127
177
0
20
40
60
80
100
120
140
160
180
200
2007 2008 2009 2010 2011 P 2012 S 2016
in EUR million
+40%
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27
Basic Financial Goals of the Petrol Group
– Growth of the Net Profit
27
91
5752
36
8
-62
53
-80
-60
-40
-20
0
20
40
60
80
100
2007 2008 2009 2010 2011 P 2012 S 2016
in EUR million
+60%
average year growth in the period 2012-2016:
+ 12%
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Assurance of the Long-term
Development and Growth
28
Oil trading activity
in SE Europe
31%
Oil trading activity
in Slovenia and EU
38%
Energy activities
31%
Total CAPEX in period 2012 – 2016:
EUR 405 million
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3. Investor Information
30
Shareholders’ Structure as per
28 May 2012
30
10 top shareholders of Petrol d.d., Ljubljana
Shareholder Share in %
1 SLOVENSKA ODŠKODNINSKA DRUŽBA, D.D. 19.75%
2 KAPITALSKA DRUŽBA, D.D. 8.27%
3 NLB D.D. 6.06%
4 ISTRABENZ D.D. 4.05%
5 GB D.D., KRANJ 4.04%
6 VIZIJA HOLDING, K.D.D. 3.44%
7 VIZIJA HOLDING ENA, K.D.D. 3.05%
8 NFD 1 DELNIŠKI PODSKLAD 2.31%
9 HYPO BANK D.D. 2.09%
10 NOVA KBM D.D. 2.06%
11 OTHERS 44.88%
Sum 100.00%
Others
31%
Other institutional
investors
19% Insurers
1% Banks
19%
Treasury shares
1% Slovene Indemnity
Fund
20%
Kapitalska družba
Group
9%
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Petrol (PETG) on the Stock Exchange
– Ratios I.
29.12.11-28.5.12
Index SBI TOP:
4%
Petrol:
18%
31
Share price and transactions with Petrol share
0
20
40
60
80
100
120
140
160
180
200
220
240
260
280
300
3.1
.20
11
19
.1.2
01
1
4.2
.20
11
23
.2.2
01
1
11
.3.2
01
1
29
.3.2
01
1
14
.4.2
01
1
6.5
.20
11
24
.5.2
01
1
9.6
.20
11
27
.6.2
01
1
13
.7.2
01
1
29
.7.2
01
1
17
.8.2
01
1
2.9
.20
11
20
.9.2
01
1
6.1
0.2
01
1
24
.10
.20
11
11
.11
.20
11
29
.11
.20
11
15
.12
.20
11
5.1
.20
12
23
.1.2
01
2
9.2
.20
12
27
.2.2
01
2
14
.3.2
01
2
30
.3.2
01
2
19
.4.2
01
2
10
.5.2
01
2
28
.5.2
01
2
Sh
are
pri
ce (
EU
R)
0
500
1,000
1,500
2,000
2,500
Tra
nsacti
on
s
Share price Transactions
2010 2011 3. Jan. - 28. May 2012
Number of shares 2,086,301 2,086,301 2,086,301
Average market capitalisation (EUR) 569,163,776 432,135,526 359,240,169
Capital yield (average y/y) -6.38% -24.08% -16.87%
Dividend yield 2.16% 3.62% 4.79%
Total yield -4.21% -20.45% -12.08%
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Petrol (PETG) on the Stock Exchange
– Ratios II.
Petrol comprised 8.4% of the total Market Capitalisation on LJSE/shares and ranked fourth by Market Capitalisation as per 28.5.2012.
36,575 shareholders.
32
2010 2011 3. Jan. - 28. May 2012
Average value of share (EUR) 273 207 172
Highest (EUR) 330 274 198
Lowest (EUR) 236 155 156
Value of share at the end of period (EUR) 272 155 183
Book value (EUR) 201 183 -
P / BV (average share price/book value) 1.36 1.13 -
P / E (average share price/EPS) 14.82 36.79 -
EPS (EUR) 18.41 5.63 -
Average daily trading value (EUR) 72,293 109,157 93,957
Yearly trading value (EUR) 18,145,589 27,289,249 9,301,752
In total trade on LJSE Petrol ranked 4. place 3. place -
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Appendix: Slovenian Pricing Model Legal basis: Regulation on Oil Product Prices
(Official Gazette RS No. 79/2011); valid until
8.10.2012.
The regulation provides measures and
mechanisms for defining the highest level of
net selling prices.
The conversion of selling prices is carried out
each 14 days (on Mondays) in accordance
with the shown formula.
The established model selling price, valid as
from Tuesday, is based on average
quotations and EUR/USD exchange rate
valid in the past 14-day period.
Margin (M) is fixed and amounts to:
Motor gasoline: 8.530 €cent/litre,
Diesel: 7.998 €cent/litre,
Gasoil 0.1: 5.265 €cent/litre.
Formula for the calculation of net selling prices:
Mrn
eCIFMedH
P
n
iii
t
10001
where it means:
Pt: model price of oil derivative in EUR/l
ρ: density of oil derivative
r: contribution for merchandise reserve in EUR/l
M: profit margin of distributors
i: daily data
t: 14-days interval of current period
n=14
e: 1 USD = x EUR
Cif Med H: exchange quotation of derivative
33
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Contact Persons
Janez Živko, MBA
Member of the Management Board, CFO
Tel: +386 1 471 4415
Fax: +386 1 471 4660
E-mail: [email protected]
Barbara Jama Živalič, M.Sc.
Head of Risk Management
Tel: +386 1 471 4880
Fax: +386 1 471 4108
E-mail: [email protected]