PETROL. Raiffeisen Centrobank Institutional Investors Conference

Transcription

1 Raiffeisen Centrobank Institutional Investors Conference PETROL

2 Contents 2 1. Introduction 2. Business Activities 3. Investor Information Appendix

3 3 1. Introduction

4 The Petrol Group 4 The leading Slovenian energy company. The principal strategic supplier of oil products and other energy products in Slovenia. Main activities: oil, gas and merchandise trading in Slovenia and in SE Europe and other energy and environmental activities. The Petrol Group: 32 companies, 10 countries, retail network of 441 service stations as per The largest company and the largest group in terms of turnover in 2010 in Slovenia. Fourth largest company in terms of market capitalisation on the Ljubljana Stock Exchange.

5 The Petrol Group 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 Ogrevanje Piran d.o.o., Portorož 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 MONTENEGRO: Petrol - Invest d.o.o., Cetinje MACEDONIA: Petrol Energetika DOOEL, Skopje Joint Ventures Instalacija d.o.o., Koper, Slovenia Geoenergo d.o.o., Lendava, Slovenia Soenergetika d.o.o., Kranj, Slovenia Petrol Bonus d.o.o., Cetinje, Montenegro Petrol Oti Slovenija L.L.C., Priština, Kosovo Petrol Slovenia Tirana Wholesale SH.A., Tirana, Albania Petrol Slovenia Tirana Distribution SH.P.K., Tirana, Albania 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

6 6 Business Model Independence and flexibility in sourcing. Own storage facilities and optimal logistic network. 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 (possible growth of margins regulated by the Government). Our supply is reliable, with long tradition. Stable dividend policy. Financial stability.

7 Financials: The Petrol Group 7 (EUR million unless stated) Plan 2011 Index (10/09) Index (plan 11/10) Sales revenues 2,803 2,334 2, Revenues from sales of merchandise EBITDA Net profit Total assets 1,266 1,136 1, Total equity Total debt Added value per employee (EUR th.) ROE 2 8.1% 2.7% 10.7% Net debt 3 /Equity ratio Net debt 3 /EBITDA ratio CAPEX Sales quantities of petroleum products (m tons) Number of service stations Total number of employees 3,520 3, EBITDA = operating profit or loss + regular depreciation 2 ROE = Net profit/equity 3 Net debt = Long-term + short-term financial liabilities - Cash and cash equivalents

8 Revenues and Gross Profit: The Petrol Group (2006 Plan 2011) 8 3,500 3,000 CAGR10/06 = 6.8% Sales revenues (EUR million) 2,500 2,000 1,500 1, Gross profit (EUR million) Plan Gross profit Sales revenues EUR million Plan 2011 Sales revenues 1,942 2,109 2,950 2,334 2,803 2,900 Gross profit Gross pr./sales rev. 11% 11% 10% 12% 11% 10%

9 EBITDA and Net Profit: The Petrol Group (2006 Plan 2011) EBITDA (EUR million) Net profit (EUR million) Plan Plan EBITDA = operating profit + regular depreciation

10 Balance Debt Profile: The Petrol Group (2006 Plan 2011) 10 Gearing ratio 60% 55% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 57% 56% 54% 52% 47% % Plan Equity and provisions, Net debt (EUR million) Equity and provisions Net debt Gearing ratio Gearing ratio = Net debt / (Net debt + Equity and provisions) Net debt = Total debt Cash and cash equivalents

11 Strategy 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).

12 Strategy Strategic orientations: stimulation of growth, increase in profitability, increase in added value per employee, financial stability, quality and business excellence, stable dividend policy. Goals: to be one of three major trading companies in each of the countries in SE Europe in which we operate, above-average satisfaction of customers, 10% annual net profit growth. Key activities to achieve strategic goals: orientation to sales, marketing, procurement and logistics of oil products and merchandise; development of conventional and alternative fuels.

13 Plan 2011 and Strategy (EUR million unless stated) Plan 2011 Strategy 2014 Index (strategy 14/plan 11) Sales revenues 2,900 3, EBITDA Net profit Added value per employee (EUR th.) ROE (%) Net debt/equity ratio Net debt/ebitda ratio Sales quantities of petroleum products (m tons) Number of service stations Revenues from sales of merchandise Sales quantities of natural gas (m m 3 ) Sales quantities of electricity (m kwh) 1,011 2, CAPEX EBITDA = operating profit or loss + regular depreciation 2 CAPEX in Strategy 2014 is for period

14 14 2. Business Activities

15 Retail Network of the Petrol Group Strategy Strategy 2014

16 Petroleum Activity in No. of service stations as per : 441 (Slovenia 313, Croatia 79, Bosnia and Herzegovina 38, Serbia 5, Montenegro 3, Kosovo 3) Sales revenues from the petroleum activity: 2,688 million EUR (Index10/09 = 120) Sales quantities of petroleum products (74% in Slovenia and EU, 26% in SE Europe): 2.35 million tons (Index10/09 = 105) Revenues from sales of merchandise: 417 million EUR (Index10/09 = 109) Revenues from services: 29 million EUR (Index10/09 = 96) Market share: Slovenia 60%, Croatia 10%, Bosnia and Herzegovina 6%

17 Energy Activity 17 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) NATURAL GAS sales distribution TOTAL ENERGY MANAGEMENT LPG sales distribution ELECTRICITY production sales distribution trading HEAT POWER production sales distribution OTHER ENERGY SERVICES ENVIRONMENTAL ACTIVITIES Environmental activities (wastewater treatment plants, energy use of waste)

18 Energy Activity in Plan 2011 Index (10/09) Index (plan 11/10) Sales revenues from the energy activity (EUR m) Sales quantities of natural gas (th. m 3 ) 104,239 99, , Sales quantities of LPG (th. tons) Sales quantites of electricity (MWh) 356, ,826 1,011, Distribution quantities of electricity (MWh) 283, , Sales quantities of heat (MWh) 65,317 60,377 76, Distribution quantities of heat (MWh) 74,865 62, Number of gas concessions Number of heat concessions We are also active on the field of: Efficient energy consumption and renewable energy projects, solar power stations. Ecology (wastewater treatment plants - Murska Sobota, Mežica, Sežana and Maribor and energy use of waste).

19 Structure of Investments and EBITDA in CAPEX = 65.9 million EUR EBITDA = 94.8 million EUR 15% 12% 21% 16% 72% 36% 28% Petroleum activity in the Slovene market Energy activity Petroleum activity in the markets of SE Europe Other

20 20 3. Investor Information

21 Shareholders Structure as at 15 March top shareholders of Petrol d.d., Ljubljana Shareholder Share in % 1 SLOVENSKA ODŠKODNINSKA DRUŽBA, D.D % 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 ZVON ENA HOLDING, D.D. 3.79% Others 32% Treasury shares 1% Slovene Indemnity Fund 20% 7 VIZIJA HOLDING, K.D.D. 3.44% 8 VIZIJA HOLDING ENA, K.D.D. 3.05% 9 NFD 1 DELNIŠKI INVESTICIJSKI SKLAD D.D. 2.96% 10 HYPO BANK D.D. 2.09% 11 OTHERS 42.51% Other institutional investors 22% Insurers 1% Banks 15% Kapitalska družba Group 9% Sum %

22 Petrol (PETG) on the Stock Exchange Ratios I. 22 Share price and transactions with Petrol share 400 Share price Transactions 2, ,000 Share price (EUR) ,500 1, Transactions Jan Mar Number of shares 2,086,301 2,086,301 2,086,301 Average market capitalisation (EUR) 607,927, ,163, ,841,275 Capital yield (average y/y) % -6.38% -6.38% Dividend yield 2.02% 2.16% - Total yield % -4.21% -6.38%

23 Petrol (PETG) on the Stock Exchange Ratios II Jan Mar Average value of share (EUR) Highest (EUR) Lowest (EUR) Value of share at the end of period (EUR) Book value (EUR) P / BV (average share price/book value) P / E (average share price/eps) EPS (EUR) Average daily trading value (EUR) 98,925 72,293 59,739 Yearly trading value (EUR) 24,830,140 18,145,589 3,046,665 In total trade on LJSE Petrol ranked 6. place 4. place 7. place Petrol comprised 7.8% of the total Market Capitalisation on LJSE/shares and ranked fourth by Market Capitalisation as per ,326 shareholders.

24 Appendix: Slovenian Pricing Model 24 Legal basis: Regulation on Oil Product Prices (Official Gazette RS No. 76/2010); valid until 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. Formula for the calculation of net selling prices: n CIFMedH i e i i P = 1 ρ t = + r + M n 1000 where it means: P t : 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 Margin (M) is fixed and amounts to: Motor gasoline: cent/litre, Diesel: cent/litre, Gasoil 0.1: cent/litre.

25 Contact Persons 25 Janez Živko, MBA Member of the Management Board, CFO Tel: Fax: Barbara Jama Živalič, M.Sc. Head of Investor Relations Tel: Fax: janez.zivko@petrol.si barbara.jama@petrol.si