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Oil Refineries Announces Results for Third Quarter and First Nine Months 2012

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.

Conference Call

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

USD thousands

                                           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

USD thousands

                                                                                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)
 


 

Company Contact:                    

Rony Solonicof                      
Chief Economist and Head of         
Investor Relations                 
Tel. +972-4-878-8152                 
Contact [email protected]

 

Investor Relations Contact:

Ehud Helft / Porat Saar
CCG Israel
Tel. (US) +1-646-233-2161 / (Int.) +972-52-776-3687
[email protected]




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