Ina-industrija Nafte D.d. · ZSE:INA
Ina-industrija Nafte D.d — INA Group — Q1-Q3 2010 Earnings Presentation
8 slides from Ina-industrija Nafte D.d's earnings presentation, Oct 29, 2010
Slide 1: INA Group: Presentation of 2010 Q1-Q3 results and activities
INA Group Presentation of 2010 Q1‐Q3 results and activities Zagreb, October 29, 2010
Slide 2: INA Group significantly improved its overall results in the first nine months of 2010
Despite the challenges of the current external environment in the first nine months of 2010 INA Group has significantly improved its overall results INA 2010 Q1‐Q3 results at a glance: Strong results for the first time in two years time Activities overview: Response to adverse global and domestic ma
Slide 3: Operating results significantly improved despite loss on gas trading
1 Operating results significantly improved despite loss on gas trading as a result of the new management’s efforts Total EBITDA of INA Group1 Total net income of INA Group1 HRK millions HRK millions 3,988 1,0322 3,030 88% ‐392 ‐10 ‐1,099 559 2,024 2,126 FY 2008 FY 2009 Q1‐Q3 Q1‐Q3 2009 2010 FY 2008
Slide 4: Cost saving initiatives helped deal with heavy drops in revenues
2 As a result of cost saving initiatives INA managed to deal with heavy drops in revenues resulting from demand drop… Total sales of INA Group Refined product sales of INA Group HRK millions Thousands tons 3,381 22,272 3,322 18,506 ‐17% 16,363 ‐11% 2,951 Q1‐Q3 Q1‐Q3 Q1‐Q3 Q1‐Q3 Q1‐Q3 Q1‐Q3 2008 2009
Slide 5: Significant decrease in oil prices and crack spreads since 2008
2 …and a significant decrease in oil prices and crack spreads since 2008 Oil price1 Crack spreads2 $ / barrel, monthly $ / t, monthly 140 133.6 300 287.4 120 250 Avg 2008 100 Avg 2008 200 ‐21% 159.7 80 Avg 2010 150 ‐63% 60 +26% 100 40 40.5 50 Avg 2010 20 48.1 28.6 2008 2009 2010 2008 2009 2010 Avera
Slide 6: Overdue liabilities to the state resolved while CAPEX adjusted
2 Meanwhile INA managed to fully resolve overdue liabilities towards the state while overall CAPEX levels are adjusted to the current financial position Capital expenditure Overdue liabilities to the state HRK millions HRK billions Exploration & Production 1.9 Refining & Marketing 1.6 1.5 Retail Ser
Slide 7: Debt level and gearing increased but expected to decrease
3 In parallel with repayment of debts debt level and gearing increased but expected to decrease within a short period of time Net debt of INA Group Gearing of INA Group HRK billions Percentage 11.3 47.7 +38% 40.9 +17% 8.2 35.3 6.6 2008 2009 Q3 2010 2008 2009 Q3 2010 INA Group net indebtedness increa
Slide 8: Outlook: INA is on a development path to lead the region
4 Outlook: INA is already on a development path, that will make it the leading oil and gas company of the region that Croatia can be proud of Focus areas of INA’s further development ▪ Efficiency improvement programs Further improving ▪ Achieving cost levels to match industrial benchmarks competitiv