Rompetrol Rafinare Sa · BVB:RRC
Rompetrol Rafinare Sa — Q1 2005 Earnings Presentation
17 slides from Rompetrol Rafinare Sa's earnings presentation, Apr 21, 2005
Slide 1: 2004 IAS Audited Results and Q1 2005 Results
ROMPETROL RAFINARE S.A. 2004 IAS Audited Results and Q1 2005 Results Dinu Patriciu – CEO Philip Stephenson – Deputy CEO Adrian Petrus – Financial Controller Brokers and Analysts Presentation April 21, 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 (the “Company”) pot
Slide 3: Agenda
Agenda • 2004 final audited financials • Q1 2005 ¾Environment ¾Operational & Financial ¾Peers Comparison ¾Q & A 3 3
Slide 4: Audited IAS financials '04 vs. '03
RRC - Audited IAS financials ‘04 vs. ‘03 USD Million – Standalone 2004 2003 % Gross Revenues 1,445 1,138 +27 Sales Taxes (399) (317) +26 Net Revenues 1,046 821 +27 Gross Margin 90 32 +183 Selling, General and Admin (49) (56) -13 EBIT 41 (24) N/A EBITDA 86 16 +437 Finance, net (30) (103) N/A Exceptio
Slide 5: Consolidated IAS financials 2004
RRC - Consolidated IAS financials 2004 USD Million Consolidated Standalone Diff. Gross Revenues 1,533 1,445 +88 Sales Taxes (399) (399) - Net Revenues 1,134 1,046 +88 Gross Margin 132 90 +41 Selling, General and (94) (49) (45) Admin EBIT 38 41 (4) EBITDA 93 86 7 Finance, net (31) (30) (1) Net profit
Slide 6: Highlights
RRC - Highlights • Significant increase of EBITDA • Significant net profits • Continuing high crude oil price • Slight increase of crude oil processed • Significant increase of domestic market sales • Well ahead compared with the budget on main indicators: EBIT (2.23 times higher) EBITDA (2.23 times
Slide 7: Highlights - Standalone Q1 05 vs Q1 04
RRC – Highlights - Standalone Q1 05 Q1 04 % Total Feedstock (Kt) 872 809 +8% Gross revenues (USD Mio) 448 292 +54% Net Revenues (USD Mio) 347 219 +58% EBITDA (USD Mio) 47 14 +236% EBIT (USD Mio) 38 3 +1,114% Net Profit / (Loss) (USD Mio) 41 (3) N/A 7 7
Slide 8: Economic environment
RRC - Economic environment Q1’05 Q1’04 % ROL/USD average Fex 28,274 32,440 -12.9% ROL/EURO average Fex 37,066 40,549 -8.6% Inflation (%) 1.7 2.1 -19% Brent Dtd. price 47.70 32.03 +48.93% (USD/bbl) Ural Med price (USD/bbl) 43.28 29.00 +49.23% Brent – Ural differential 4.42 3.02 +46.14% 8 8
Slide 9: Crude price evolution Q1'05 vs Q1'04
RRC - Crude price evolution Q1’ 05 vs Q1’ 04 Avg. Q1 Crude prices - 2004 vs. 2005 Brent Dtd Urals Med Differential $4.42 2005 $43.28 $47.70 $3.02 2004 $29.00 $32.03 $- $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 9 9
Slide 10: Crude average price Q1'05 vs Q1'04
RRC - Crude average price Q1’ 05 vs Q1’ 04 Q1 Crude Prices - 2004 vs. 2005 04Q1 Brent Dtd 04Q1 Urals Med 05Q1 Brent Dtd 05Q1 Urals Med $60.00 $55.00 $50.00 $45.00 $40.00 $35.00 $30.00 $25.00 $20.00 eb eb eb ar ar ar an an an ar n n b Ja Ja Fe -M -M -M M -F -F -F -J -J -J 2- 9- 6- 5- 16 23 30 13 20 2
Slide 11: Production figures
RRC - Production figures thousands tones Q1’ 05 Q1’ 04 % Feedstock processed 872 809 +7.8% Gasoline produced 260 270 -0.3% Diesel & Petrols produced 333 321 +0.4% 11 11
Slide 12: Trading Environment
RRC - Trading Environment thousands tones Q1’ 05 Q1’ 04 % Sales motor-fuels, jet 550 553 -0.6 % Export 322 352 -8.6 % Export (%) 59% 64% Domestic market 279 201 +38.8% Domestic market (%) 41% 36% 12 12
Slide 13: IAS results Q1 2005 vs. Q1 2004
RRC - IAS results Q1 2005 vs. Q1 2004 USD Million – Standalone Q1’ 05 Q1 ’04 % Gross Revenues 448 292 +53% Sales Taxes (101) (73) +38% Net Revenues 347 219 +58% Gross Margin 49 13 +277% Selling, General and Admin (11) (10) +10% EBIT 38 3 +1,167% EBITDA 47 14 +236% Finance, net (8) (6) +33% Forex 11
Slide 14: IAS results Q1 2005 Consolidated
RRC - IAS results Q1 2005 Consolidated USD Million Consolidated Standalone Diff. Gross Revenues 469 448 +21 Sales Taxes (99) (101) +2 Net Revenues 370 347 23 Gross Margin 63 49 +14 Selling, General and Admin (23) (11) (12) EBIT 40 38 2 EBITDA 52 47 +5 Finance, net (9) (8) (1) Forex 10 11 +1 Net prof
Slide 15: Taxes paid to the State Budget
RRC - Taxes paid to the State Budget USD Million Q1’ 05 Q1’04 % Excises 98 70 VAT 50 41 Other 16 5 TOTAL 164 116 +41% In Q1 2005 the Company has paid 41% more in taxes to the state budget 15 15
Slide 16: Peer comparison
RRC – Peer comparison EV/Sales EV/EBITDA PE Ratio MOL 0.98 5.26 6.97 PKN 0.65 5.14 11.86 OMV 0.85 5.24 11.41 Tupras 0.37 5.44 11.48 Median 0.75 5.25 11.45 RRC 0.49 3.48 4.76 Difference (%) -35% -34% -58% Assumptions: 1) 2005 projections of peers & 2) 2005 annualized RRC results based on Q1 financial
Slide 17: Q&A
O&A 7 & ROMPETROL