Rompetrol Rafinare Sa · BVB:RRC
Rompetrol Rafinare Sa — H1 2005 Earnings Presentation
18 slides from Rompetrol Rafinare Sa's earnings presentation, Jul 27, 2005
Slide 1: Rompetrol Rafinare Q2 & H1 2005 Consolidated Results
ROMPETROL RAFINARE Q2 & H1 2005 Consolidated Results Dinu Patriciu – CEO Adrian Petrus – Financial Controller Brokers and Analysts Presentation July 27, 2005 1 1
Slide 2: Disclaimer
Disclaimer This presentation does not represent and offer or invitation to purchase any securities. This document is being delivered to you solely for your information and may not be reproduced or redistributed to any other persons. In the interest of providing Rompetrol Rafinare and its subsidiarie
Slide 3: Agenda
Agenda • Highlights • Environment • Consolidated • Segment info (refining, marketing, petrochem.) • Consolidated IFRS financial statements • The Rompetrol Group financial overview •Q&A 3 3
Slide 4: Highlights
Highlights • Excellent operating results (EBITDA, EBIT) • Important net profits • High crude oil price • High refining and retail margins • Increase of crude oil processed • Increase of domestic market sales 4 4
Slide 5: Environment
Environment USD/bbl;ROL Q2’05 Q2’04 % H1’05 H1’04 % Brent Dated 51.60 35.32 +46 49.66 33.69 +47 Ural Med 48.48 32.50 +49 45.90 30.76 +49 Brent – Ural 3.12 2.83 +11 3.76 2.92 +29 differential ROL/USD 28,748 33,747 -15 28,507 33,099 -14 average Fex ROL/EURO 36,205 40,671 -11 36,642 40,610 -10 average
Slide 6: Environment - Crude average price H1'05 vs. '04
USD 2- Ja $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 9- n J 16 an -J 23 an -J 30 an -J a 04H1 Brent Dtd 6- n F 13 eb -F 20 eb -F 27 eb -F e 5- b M 12 ar -M 19 ar -M 26 ar 04H1 Urals Med -M a 6 2- r A p 9- r A 16 pr -A 23 pr -A 30 pr -A 7- pr M 14 ay 05H1 Brent Dtd -M 21 ay
Slide 7: Consolidated - Financial
Consolidated - Financial Million USD Q2’05 Q2’04 % H1’05 H1’04 % Gross Revenues 519 285 +82 989 599 +65 Net Revenues 397 197 +102 766 438 +75 EBITDA 45 8 +463 97 24 +304 EBITDA margin 11.4% 4.0% 12.7% 5.4% EBIT 38 (5) N/A 77 (1) N/A Net result 31 (19) N/A 71 (19) N/A Net result 7.8% -9.7% 9.3% -4.3%
Slide 8: Refining Segment - Financial
Refining Segment - Financial Million USD Q2’05 Q2’04 % H1’05 H1’04 % Gross Revenues 485 269 +80 933 561 +66 Net Revenues 363 181 +101 710 400 +78 EBIT 29 (5) N/A 67 (2) N/A EBITDA 33 5 +560 81 19 +326 Net Result 20 (16) N/A 61 (20) N/A 8 8
Slide 9: Refining Segment - Margins
Refining Segment - Margins %;USD/t Q2’05 Q2’04 % H1’05 H1’04 % EBITDA margin 9.2% 2.9% 11.3% 4.7% Gross cash 75.51 36.58 +106 80.86 40.53 +100 refinery margin/t Net cash refinery 39.38 7.91 +398 46.88 12.99 +261 margin/t 9 9
Slide 10: Refining Segment – Operational
Refining Segment – Operational Kt;USD/t Q2’05 Q2’04 % H1’05 H1’04 % Feedstock 938 692 +36 1,810 1,501 +21 processed Gasoline 272 206 +32 531 477 +11 produced Diesel & Jet 405 266 +52 738 588 +26 produced Export 50% 38% 53% 52% Domestic 50% 62% 47% 48% 10 10
Slide 11: Refining Segment – Taxes paid to State Budget
Refining Segment – Taxes paid to State Budget Million USD Q2’05 Q2’04 % H1’05 H1’04 % Excises 123 82 +50 220 152 +45 VAT 49 32 +53 99 74 +34 Other 6 11 -45 23 16 +44 Total 178 125 +42 342 242 +41 11 11
Slide 12: Marketing Segment - Financial
Marketing Segment - Financial Million USD Q2’05 Q2’04 % H1’05 H1’04 % Gross Revenues 263 160 +64 468 277 +69 EBIT 8 1 +700 12 0 N/A EBITDA 9 2 +350 14 3 +367 Net Result 10 (2) N/A 10 (1) N/A 12 12
Slide 13: Marketing Segment – Operational & Margins
Marketing Segment – Operational & Margins Kt;USD/t Q2’05 Q2’04 % H1’05 H1’04 % Quantities sold 50 36 +39 91 50 +82 -Retail Quantities sold 182 181 +1 338 181 +86 -Wholesale Gross Margin – 157 92 +70 146 94 +56 Retail Gross Margin – 31 14 +114 28 13 +120 Wholesale 13 13
Slide 14: Petrochemicals Segment - Financial
Petrochemicals Segment - Financial Million USD Q2’05 Q2’04 % H1’05 H1’04 % Gross Revenues 28 20 +40 55 48 +15 EBIT (0.5) 0.1 N/A 0.6 1.4 -58 EBITDA 0.09 0.42 -79 1.71 2.06 -17 Net Result (0.22) - N/A 0.35 0.97 -64 14 14
Slide 15: Petrochemicals Segment – Operational
Petrochemicals Segment – Operational Kt; % Q2’05 Q2’04 % H1’05 H1’04 % Propylene 10 15 -33 35 37 -5 processed Production sales 16 19 -16 33 38 -13 Trading sales 12 3 +300 20 17 +18 Export 29% 63% 31% 77% Domestic 71% 37% 69% 23% 15 15
Slide 16: IFRS results – Income Statement
IFRS results – Income Statement Million USD Q2’05 Q2’04 % H1’05 H1’04 % Gross Revenues 519 285 +82 989 599 +65 Sales Taxes (122) (88) +39 (223) (161) +39 Net Revenues 397 197 +102 766 438 +75 Gross Margin 64 16 +300 127 37 +243 SGA & other (26) (21) +24 (50) (38) +32 EBIT 38 (5) N/A 77 (1) N/A EBITD
Slide 17: The Rompetrol Group – Financial Overview
The Rompetrol Group – Financial Overview Million USD Q2’05 Q2’04 % H1’05 H1’04 % Gross Revenues 555 315 +76 1,062 636 +67 Net Revenues 415 234 +77 809 478 +69 EBITDA 48 8 +500 100 23 +335 Net Result 28 (14) N/A 81 (12) N/A 17 17
Slide 18: Q&A
O&A 18 & ROMPETROL