Ina-industrija Nafte D.d. · ZSE:INA
Ina-industrija Nafte D.d — Conference Presentation (April 2008)
27 slides from Ina-industrija Nafte D.d's conference presentation, April 2008
Slide 1: Group 2007 Overview Results
GROUP 2007 OVERVIEW RESULTS Zürs, April 2008
Slide 2: INA business segments overview
Exploration and Production Refining and Marketing Retail Corporate and Other Refineries under Operating on SAP system Focused E&P Portfolio w ith Modernisation; Prem ier Retail Network im plemented wall-to-w all Development Upside an Extensive Logistics Jan 2007 Netw ork • Core regions • Tw o fuel r
Slide 3: INA Worldwide
INA WORLDWIDE Montenegro Hungary BiH Serbia Belarus Germany Russia United Kingdom Macedonia Slovenia Albania Italy Turkey Cuba Azerbaijan Syria Jordan China Iran Myanmar UAE Indonesia Yemen ZAGREB Egypt CROATIA Libya Gabon Namibia Angola Algeria Tunisia
Slide 4: INA Privatisation Process
INA PRIVATISATION PROCESS Privatisation Phase I Phase II (IPO) Phase III Up to 2003 2003 2005 2006 2007 MOL 25% MOL 25,00% Veterans Republic Fund of Croatia 7% Veterans 44,85% Fund 7,00 % Republic Republic Employees* of Croatia of Croatia 6,28% MOL MOL 100% 68% 25% 25% Free Float 16,87% Veterans As
Slide 5: INA d.d. share trading on Zagreb Stock Exchange
INA, d.d. share trading on Zagreb Stock Exchange (Jan 2007 - April 2008) 3,500 40,000,000 30,000,000 3,000 Share price (HRK) 20,000,000 Turnove r (HRK) 2,500 10,000,000 2,000 - Turnover (HRK) Price (HRK/share)
Slide 6: Attractive South-East Europe Markets
ATTRACTIVE SOUTH-EAST EUROPE MARKETS • INA’s Core Region comprises Croatia, INA’s Strategic Focus Area Slovenia, Bosnia-Herzegovina, Serbia, Germany D Slovakia SK Ukraine UA Moldova MD Austria A Montenegro, Macedonia and Albania Hungary UA Ukraine Slovenia SLO RO • Area of sustained above-average HR
Slide 7: CAPEX by 2011
CAPEX by 2011 CAPEX • Exploration and Production USD mill – Completion of current projects 600 550 – Offshore Croatia 500 – Onshore Syria and Croatia (EOR) 450 400 – Continue with intensive exploration 350 activities 300 250 200 2007 2008 2009 2010 2011 • Refineries and Marketing CAPEX by SEGMENT –
Slide 8: 2007 INA Group Highlights
2007 INA GROUP HIGHLIGHTS INA GROUP - highlights • Sales revenues reached HRK 25.8 billion • Operating profit increased 4.7% to HRK 1.02 billion • EBITDA reached HRK 2.8 billion (13.3% increase) Exploration and Production Refining and Marketing • Increased production of EURO IV fuels • Increased pro
Slide 9: Business Environment
BUSINESS ENVIRONMENT Brent FOB Med (USD/bbl) Economy growth rates ( % ) 100 8 5.8 75 4.9 USD 4 2.5 50 0 25 2003 2004 2005 2006 2007e 2007 2006 World Europe Middle and East Europe Premium unleaded petrol spread (USD/t ) 150 100 USD 50 0 2005 2006 2007 9
Slide 10: Domestic Business Environment
DOMESTIC BUSINESS ENVIRONMENT GDP growth (%) CPI Inflation (%) 4 5.9 3.3 3.2 6 5.3 2.9 4.8 4.3 4.3 2.1 1.8 % % 2 3 0 0 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Exchange rate movement 10 6 2 2002 2003 2004 2005 2006 2007 HRK/Eur HRK/USD 10
Slide 11: Key Financial Indicators
KEY FINANCIAL INDICATORS 25,848 1,130 2,985 2,966 23,434 2,803 21,070 885 883 869 2,474 17,988 15,345 1,756 594 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Sales revenues Net profit EBITDA HRK millions HRK millions HRK millions
Slide 12: Key Developments
KEY DEVELOPMENTS El Alamein INA – MOL CROSCO Hayan block - commercial partnership acquires Rotary Syria discovery • Hydrocarbon • International • Jazal development Exploration reserves found and • Sidi Rahman 1 expansion in phase production in Podravska drilling and Production • Mustadira Notice sta
Slide 13: Gearing
GEARING Gearing (%) Total debt (HRK mill) 5,000 30 4,923 23.55 3,938 20 20.55 % 2,500 13.29 2,182 10 0 0 2005 2006 200 7 2005 2006 2007 13
Slide 14: Capital Expenditure
CAPITAL EXPENDITURE 1,747 2006 2007 1,559 HRK mill 985 850 382 212 140 117 Corporate&other Retail Refining&Marketing Exploration&Production 14
Slide 15: Exploration and Production
EXPLORATION AND PRODUCTION
Slide 16: Exploration and Production
EXPLORATION AND PRODUCTION R e s u l t s (HRK millions) 2006 2007 % change Sales revenues 6,794 8,133 19.7 Operating profit 1,623 2,045 26.0 CAPEX 1,747 1,559 (10.8) Operating profit up by 26% Higher hydrocarbon production New discoveries of oil and gas 16
Slide 17: Exploration and Production
EXPLORATION AND PRODUCTION Natural gas production (Bcf) Natural gas prices (HRK/Mcm/33.34MJ) 120 90 86.1 1,700 71.8 64.8 60 24.1 40.6 15.7 30 49.2 47.7 42.5 0 800 2005 2006 2007 2005 2006 2007 On sho re Of sh ore Syria Av erage Sales price Imp ort price Import price differential (in HRK/Mcm/33.34 MJ
Slide 18: Exploration and Production: Hydrocarbon reserves
EXPLORATION AND PRODUCTION Hydrocarbon reserves (MMboe) 400 140,7 120,1 104,7 200 245,1 261,1 270,4 0 2005 2006 2007 Proved Probable Proved reserves increased by 9.3 MMboe Proved reserves replacement ratio: 141.0 %
Slide 19: Refining and Marketing
REFINING AND MARKETING
Slide 20: Refining & Marketing
REFINING & MARKETING R e s u l t s (HRK millions) 2006 2007 % change Sales revenues 18,136 18,746 3.5 Operating profit 170 59 (65.3) CAPEX 850 985 15.9 • With the Refinery Modernisation Programme CAPEX rose by 16 % • Sales of EURO IV from own production increased by 19% • Results strongly influenced
Slide 21: Refining & Marketing - Sales
Refining & Marketing - SALES By market (kt) By product (kt) 6,000 6,000 1,304 1,238 885 914 957 4,000 1,219 577 635 730 3,000 2,753 2,624 2,681 2,000 3,035 2,918 2,923 1,278 1,234 1,254 0 0 2005 2006 2007 2005 2006 2007 Cr oatia BiH Other markets Motor gasolines Gas and fuel oil Other products • Tot
Slide 22: Retail Segment
RETAIL SEGMENT
Slide 23: Retail
RETAIL R e s u l t s (HRK millions) 2006 2007 % change Sales revenues 5,669 5,850 3.2 Operating profit 33 (90) CAPEX 117 212 81.2 • In 2007, revenues rose by 3.2% 23
Slide 24: Retail
RETAIL Sales (kt) Number of filling stations 1,500 1,154 1,163 1,090 500 475 472 482 1,000 400 500 0 300 2005 2006 2 007 2005 2006 2007 Croatia BiH Slovenia Motor ga solines Gas a nd fuel oil LPG Othe r •Diesel sales up by 4.4 % •INA Card in total sales: 23 % •Average throughput per site: 2,816 t 24
Slide 25: Efficiency Improvement Programmes
EFFICIENCY IMPROVEMENT PROGRAMMES OptINA • Key OptINA efficiency projects include: • Total OptIN A improvements reached HRK 422 M - Procurement: Optimisation of purchasing of energy, travel, telecom, office supplies, MRO SAP (spare parts), etc. Full procurement capability- • Went live in 2 packages;
Slide 26: Disclaimer
DISCLAIMER • Some of the information in this presentation may contain projections and other forward- looking statements regarding future performance of the Company. These statements represent plans, targets or predictions and actual results may differ materially as they are subject to risks, uncerta
Slide 27: Contacts
CONTACTS Željan SImeonov, BSc.Econ. IR Head Phone: +385 1 / 64 50 102 Fax: +385 1 / 64 52 102 Fax-2-Mail: +385 1 /64 52 109 E-mail: zeljan.simeonov@ina.hr www.ina.hr INA - INDUSTRIJA NAFTE d.d. Av. V. Holjevca 10 10 000 Zagreb Croatia
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