|By PR Newswire||
|November 21, 2012 02:27 AM EST||
HAIFA, Israel, November 21, 2012 /PRNewswire/ --
Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter "the Group," "ORL"), Israel's largest integrated refining and petrochemical group, announced today its financial results for the third quarter and first nine months ending September 30, 2012. Results are reported in US Dollars and under International Financial Reporting Standards (IFRS).
Key 2012 Third Quarter Highlights
- Adjusted refining margin totaled $5.3 per barrel, as compared with the average Reuter's quoted Mediterranean Ural Cracking Margin of $5.1 per barrel for the third quarter of this year. The Group continues to generate higher refining margins than the other comparable refiners in the area.
- Consolidated operating income totaled $25 million compared with a loss of $12 million, in the corresponding period last year.
- Adjusted consolidated operating income in the Sectors totaled $24 million compared with $3 million, in the corresponding period last year.
- Consolidated EBITDA totaled $61 million compared with $21 million, in the corresponding period last year
- Adjusted consolidated EBITDA totaled $53 million compared with $29 million, in the corresponding period last year.
- Net loss totaled $21 million compared with a net loss of $38 million, in the corresponding period last year.
- The hydrocracker facility is at an advanced stage of its test runs, in anticipation of its full commercial activation and running.
Mr. Pinhas Buchris, CEO of Oil Refineries: "The Group presents improved third quarter results compared with the third quarter of 2011 and the second quarter of 2012. This improvement can be seen in most of our Sector activities, especially in the fuels and petrochemicals segment. In the third quarter of 2012 the Group generated an adjusted EBITDA of $53 million and the adjusted operating income in our Sectors totaled $24 million. However, higher financing costs and accounting effects caused us to end the quarter with a net loss of $21 million. In our progress with the hydrocracker facility, we continue to work diligently to test run the various and complex facilities with the intention of meeting the targets we set out for ourselves."
Mr. Buchris added, "We are close to reaping the benefits of the strategic plan that was developed and implemented by our team in recent years. The completion of most of the plan is expected to yield results in the near future during which we will benefit from created synergies and the contribution of our investments. We believe that in the coming quarters we will see the impact of the many managerial changes we carried out, which will lead to the Group becoming more efficient and profitable, while gradually lowering our debt levels."
Additional Key Points
- Continuation of the strategy to increase profitability and turn ORL into a globally competitive organization, including carrying out an investment program, solidifying the new organizational structure, continued implementation of business processes, and improving the interface between the different business units.
- Investments program:
- The hydrocracker is currently in its final test run in advance of its full commercial activation, which will occur, according to the Group's estimates, in December 2012. Up to the end of the quarter the Group had invested $446 million and took on additional commitments for the implementation consisting of $23 million. As of the date of this report, the Group does not expect any significant deviation from the prescribed budget project.
- Synergy projects: In January 2012, the Group undertook a $45 million synergetic investment project for a CCR gas utilization facility which will yield optimal extraction of existing streams in the refinery and for which an estimated cash flow of $30 million a year is expected, working on the basis that a full gas supply is available. In addition, the Group invested $90 million for increasing propylene production capacity and this is expected to bring in an estimated cash flow of $55 million a year. In order to continue with this investment project, the Group is currently waiting for the granting of the necessary permits in order to establish it and the Group hopes to receive these permits soon.
- Environmental responsibility was defined as a strategic goal for the Group in which it invests considerable resources, both financial and human resources, to reduce the Group's environmental impact, primarily out of concern for the public's environmental safety. In recent years, ORL invested up to $161 million dollars in this area in order to meet the most advanced international standards.
- The Group continued its commitment to the community, with an emphasis on the advancement of education and youth projects.
THIRD QUARTER RESULTS 2012 ($ millions)
Results by Sector
Q3 12 Q3 11 Accounting Adjusted Accounting Adjusted Refining 24 16 (14) (6) Polymers (CAOL) 10 10 (9) (9) Aromatics (GADIV) 8 8 23 23 Lube oils (HBO) (1) (1) 3 3 Trade (5) (5) (7) (7) Consolidation diff. (4) (4) (1) (1) Total 32 24 (5) 3
EBITDA by Sector
Q3 12 Q3 11 Accounting Adjusted Accounting Adjusted Refining 41 33 (2) 6 Polymers (CAOL) 21 21 3 3 Aromatics (GADIV) 10 10 25 25 Lube oils (HBO) (1) (1) 3 3 Trade (5) (5) (7) (7) Consolidation diff. (4) (4) (1) (1) Total 61 53 21 29
The adjustedrefining margin for the third quarter of 2012 was $5.3 per barrel compared with the average Mediterranean Ural Cracking Margin quoted by Reuters of $5.1 per barrel. This is in comparison with the adjusted refining margin for the third quarter of 2011, which was $2.8 per barrel as compared with the benchmark margin of $1.2 per barrel.
Adjusted EBITDA in the third quarter of 2012 totaled $53 million, compared with $29 million in the corresponding period last year. The increase can be primarily attributed to an improvement in margins and improvements in the refining and petrochemical sectors.
Adjusted operating income for the Sectors totaled $24 million compared with a loss of $3 million in the corresponding quarter last year.
Net consolidated financing expenses amounted to $48 million in the reporting period compared with $21 million in the corresponding period last year. The increase is primarily attributable to an increase in accounting effects.
Consolidated loss in the reporting period totaled $21 million, compared with a loss of $38 million in the corresponding period last year.
FIRST NINE MONTHS RESULTS 2012 ($ millions)
Results by Sector
Q1-3 12 Q1-3 11 Accounting Adjusted Accounting Adjusted Refining 33 58 48 (34) Polymers (CAOL) (44) (44) 40 40 Aromatics (GADIV) 3 3 35 35 Lube oils (HBO) (4) (4) 10 10 Trade (7) (7) (19) (19) Consolidation diff. (3) (3) (1) (1) Total (20) 5 113 31
EBITDA by Sector
Q1-3 12 Q1-3 11 Accounting Adjusted Accounting Adjusted Refining 82 107 85 3 Polymers (CAOL) (10) (10) 75 75 Aromatics (GADIV) 9 9 40 40 Lube oils (HBO) (3) (3) 11 11 Trade (7) (7) (19) (19) Consolidation diff. (3) (3) (1) (1) Total 68 93 192 110
The adjusted refining margin for the first nine months of 2012 was $5.2 per barrel compared with the average Mediterranean Ural Cracking Margin quoted by Reuters of $4.6 per barrel. This is in comparison with the adjusted refining margin for the first nine months of 2011, which was $2.6 per barrel as compared with the benchmark margin of $1.1 per barrel.
Adjusted consolidated EBITDA in the reporting period of 2012 totaled $93 million, compared with $110 million in the corresponding period last year. The decline can be primarily attributed to a decrease in the petrochemical sector offset by an increase in refining margins.
Cash flow from current operations for the reporting period totaled $485 million, as compared with a negative cash flow of $50 million in the corresponding period last year. The increase is primarily attributable to an increase in assets and liabilities as a result of agreements with crude oil suppliers for longer credit terms.
Adjusted consolidated operating income for the sectors in the reporting period totaled $5 million compared with $31 million is the corresponding period last year.
Net consolidated financing expenses amounted to $114 million in the reporting period compared with $69 million in the corresponding period last year.
Consolidated loss in the reporting period totaled $126 million, compared with a loss of $1 million in the corresponding period last year.
The Group will also be hosting a conference call today, November 21, 2012, at 13:30 UK time, 8:30 ET, 5:30 PT and 15:30 Israeli Time.
On the call, management will present a presentation reviewing the Third quarter and first nine months 2012 highlights and industry trends. The presentation is available for download from the Group's website http://www.Bazan.co.il: Investor Relations > Financial Reports.
To participate, please call one of the following teleconferencing numbers. Please begin placing your calls at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
US Dial-in Numbers: 1-866-860-9642
UK Dial-in Number: 0-800-051-8913
Israel Dial-in Number: 03-918-0685
International Dial-in Number: +972-3-918-0685
A replay of the call will be available after the call on the Group's website at http://www.orl.co.il.
About Oil Refineries Ltd.
Oil Refineries Ltd. (ORL), located in the bay area of the city of Haifa, operates Israel's largest integrated refining and petrochemical group. It is one of the leading refineries in the Eastern Mediterranean area and integrates, on-site, petrochemical businesses. ORL runs sophisticated and state-of-the-art industrial facilities with a refining capacity of 9.8 million tons of crude oil per year and a Nelson Complexity Index of 7.4, providing a variety of quality products used in industrial operation, transportation, private consumption, agriculture and infrastructure. Besides production of fuels, the Group produces in its wholly owned subsidiaries Polymers (through Carmel Olefins Ltd), Aromatics (through Gadiv Petrochemical Industries Ltd), and Lube-Oils (through Haifa Basic Oils Ltd). The Group's shares are listed on the Tel Aviv Stock Exchange under the ticker ORL. For additional information please visit http://www.orl.co.il.
ORL is controlled by the Israel Corporation Ltd. and Israel Petrochemical Enterprises Ltd., both public companies whose shares are traded on the Tel Aviv Stock Exchange.
The above noted in this release includes forward-looking statements based on Company data, as well as Company plans and estimations based on this data. The activity, results and other data may be substantially different in reality given uncertainty and various risks, including those discussed under risk factors in the Company's financial statements and Director's report
Reported condensed consolidated statements of income without the effect of accounting for the nine month period (USD million)
1-9.2012 1-9.2011 Accounting Adjusted Accounting Adjusted Revenues 7,298 7,298 7,456 7,456 Cost of sales 7,199 7,174 7,233 7,315 Gross profit 99 124 223 141 Administrative and selling expenses 119 119 110 110 Operating profit (loss) for segments (1) (20) 5 113 31 Amortization of excess cost (20) (20) (20) (20) Operating profit (loss) (40) (15) 93 11 Financing expenses, net (114) (114) (69) (69) Share in losses of investees, net (5) (5) (8) (8) Profit (loss) before taxes on income (159) (134) 16 (66) Tax benefits (income tax) 33 27 (17) 4 Net loss (126) (107) (1) (62)
Operating profit (loss) by operating segments for the nine month period (USD million)
1-9.2012 1-9.2011 Accounting Adjusted Accounting Adjusted Fuels 33 58 48 (34) Petrochemicals - polymers (44) (44) 40 40 Petrochemicals - aromatics 3 3 35 35 Petrochemicals - oils (4) (4) 10 10 Trade (7) (7) (19) (19) Adjustments to consolidated (3) (3) (1) (1) Total consolidated (20) 5 113 31
EBITDA by operating segments for the nine month period (USD million)
1-9.2012 1-9.2011 Accounting Adjusted Accounting Adjusted Fuels 82 107 85 3 Petrochemicals - polymers (10) (10) 75 75 Petrochemicals - aromatics 9 9 40 40 Petrochemicals - oils (3) (3) 11 11 Trade (7) (7) (19) (19) Adjustments to consolidated (3) (3) - - Total consolidated 68 93 192 110
Reported condensed consolidated statements of income after adjusting for accounting effects for the three month period (USD million).
7-9.2012 7-9.2011 Accounting Adjusted Accounting Adjusted Revenues 2,398 2,398 2,745 2,745 Cost of sales 2,329 2,337 2,717 2,709 Gross profit 69 61 28 36 Administrative and selling expenses 37 37 33 33 Operating profit (loss) for segments (1) 32 24 (5) 3 Amortization of excess cost (7) (7) (7) (7) Operating profit (loss) 25 17 (12) (4) Financing expenses, net (48) (48) (21) (21) Share in losses of investees, net (2) (2) (5) (5) Loss before income tax (24) (32) (38) (30) Tax benefits (income tax) 3 5 - (2) Net loss (21) (27) (38) (32)
Operating profit (loss) by operating segments for the three month period (USD million)
7-9.2012 7-9.2011 Accounting Adjusted Accounting Adjusted Fuels 24 16 (14) (6) Petrochemicals - polymers 10 10 (9) (9) Petrochemicals - aromatics 8 8 23 23 Petrochemicals - oils (1) (1) 3 3 Trade (5) (5) (7) (7) Adjustments to consolidated (4) (4) (1) (1) Total consolidated 32 24 (5) 3
EBITDA by operating segments for the three month period (USD million)
7-9.2012 7-9.2011 Accounting Adjusted Accounting Adjusted Fuels 41 33 (2) 6 Petrochemicals - polymers 21 21 3 3 Petrochemicals - aromatics 10 10 25 25 Petrochemicals - oils (1) (1) 3 3 Trade (5) (5) (7) (7) Adjustments to consolidated (5) (5) (1) (1) Total consolidated 61 53 21 29
Condensed Consolidated Interim Statement of Financial Position
September 30, September 30, December 31, 2012 2011 2011 Current assets Cash and cash equivalents 205,294 10,528 20,465 Deposits 5,271 625 2,666 Trade receivables 822,903 627,340 561,403 Other receivables 111,763 122,780 147,328 Financial derivatives 36,294 77,498 45,958 Investments in financial assets at fair value through profit or loss -- 104,491 73,680 Inventory 1,013,860 1,176,368 1,083,037 Current tax assets 3,294 1,553 3,528 Total current assets 2,198,679 2,121,183 1,938,065 Non-current assets Investments in equity-accounted investees 4,935 9,188 4,238 Investments in financial assets at fair value through other comprehensive income 3,450 7,300 5,460 Loan to Haifa Early Pensions Ltd. 64,968 70,640 69,130 Long term loans and debit balances 59,585 20,953 21,148 Financial derivatives 118,350 172,768 139,687 Employee benefit plan assets, net 5,905 6,297 6,111 Deferred tax assets, net 6,182 327 2,893 Property, plant and equipment 2,376,363 2,215,777 2,245,194 Deferred costs 2,997 12,075 11,267 Intangible assets 54,939 69,924 65,145 Total non-current assets 2,697,674 2,585,249 2,570,273 Total assets 4,896,353 4,706,432 4,508,338
September 30, September 30, December 31, 2012 2011 2011 Current liabilities Loans and borrowings 965,683 993,206 844,349 Trade payables 1,295,349 734,303 780,458 Other payables 133,198 89,823 73,490 Current tax liability 19,481 23,159 21,663 Financial derivatives 52,891 42,009 42,990 Provisions 18,678 9,633 9,121 Total current liabilities 2,485,280 1,892,133 1,772,071 Non-current liabilities Bank loans 852,704 784,584 915,359 Debentures 524,449 780,632 665,147 Liabilities for finance lease 8,980 9,335 8,991 Financial derivatives 13,655 15,494 12,198 Employee benefits, net 70,863 70,845 78,413 Deferred tax liabilities, net 16,859 63,653 36,328 Total non-current liabilities 1,487,510 1,724,543 1,716,436 Total liabilities 3,972,790 3,616,676 3,488,507 Capital Share capital 586,390 586,390 586,390 Share premium 100,242 100,242 100,242 Reserves 131,022 88,835 101,078 Retained earnings 105,909 314,289 232,121 Total capital 923,563 1,089,756 1,019,831 Total liabilities and capital 4,896,353 4,706,432 4,508,338
Condensed Consolidated Interim Statement of Comprehensive Income
Year Nine months ended Three months ended ended September September September September December 30, 2012 30, 2011 30, 2012 30, 2011 31, 2011 Revenues 7,298,371 7,456,394 2,398,437 2,745,717 9,561,601 Cost of sales 7,211,308 7,245,871 2,333,464 2,721,329 9,389,677 Gross profit 87,063 210,523 64,973 24,388 171,924 Selling and marketing expenses 81,266 77,959 28,362 27,673 104,493 General and administrative expenses 46,045 39,384 11,441 8,489 53,534 Operating profit (loss) (40,248) 93,180 25,170 (11,774) 13,897 Financing income 20,261 20,844 8,091 (14,460) 34,574 Financing expenses (134,701) (89,756) (55,766) (6,801) (123,692) Financing expenses, net (114,440) (68,912) (47,675) (21,261) (89,118) Company's share in losses of equity accounted investees, net of tax, including impairment losses (4,685) (8,404) (2,139) (4,866) (21,932) Profit (loss) before taxes on income (159,373) 15,864 (24,644) (37,901) (97,153) Tax benefits (income tax) 33,161 (16,981) 3,156 22 20,687 Loss for the period (126,212) (1,117) (21,488) (37,879) (76,466)
Chief Economist and Head of
Contact [email protected]
Investor Relations Contact:
Ehud Helft / Porat Saar
Tel. (US) +1-646-233-2161 / (Int.) +972-52-776-3687
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