Date post: | 30-Mar-2015 |
Category: |
Documents |
Upload: | taniya-buzby |
View: | 217 times |
Download: | 1 times |
Presentation for investors and shareholdersfor Q3 2013
31.10.2013.Novi Sad
Investor Relations
2
Disclaimer
This presentation has been prepared by NIS a.d. Novi Sad (the “Company”), and comprises the slides for a presentation to investors concerning the Company. Presentation does not constitute or form part of any offer or invitation, or any solicitation of any offer to sell or purchase or subscribe for, any shares or other securities representing shares in the Company, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision.
Any viewer of this presentation considering a purchase of such securities is hereby reminded that any such sale or purchase should be made solely on the basis of the information contained in other publicly available documents and will be subject to the restrictions set out therein. No reliance may be placed for any purposes whatsoever on the information contained in this presentation, or any other material discussed at any presentation or on its completeness, accuracy or fairness. The information in this presentation should not be treated as giving investment advice or recommendation. All reasonable measures are taken to ensure that the facts stated in this presentation are accurate, and that the opinions expressed are fair and reasonable. However, the contents of this presentation have not been adopted by the corporate body’s of Company. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its members, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in or discussed at this presentation. None of the Company or any of their respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.
3
The information in this presentation includes forward-looking statements. These forward-looking statements include all matters that are not historical facts, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties, including, without limitation, the risks and uncertainties to be set in other publicly available documents, because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company’s results of operations, financial condition and liquidity and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice.
No person is under any obligation to update or keep current the information contained herein.
By attending the presentation you confirm that you have read and understood foregoing limitations.
4
Mission, vision and values of the company
VALUES OF THE COMPANY
MISSION
To give the people of the Balkans energy to move towards betterment by responsible use of natural resources and modern technologies
VISION
NIS is to become a recognised leader among energy
companies in the Balkans, by demonstrating high social and ecological responsibility and by providing its clients with modern
services
EXPERTISEgaining up-to-date
knowledge for the goal of constant professional development, and the
ability to implement it in an actual business
processes.
POSITIVISM AND COOPERATION
readiness to participate in multifunctional groups and
projects, eagerness to meet demands of colleagues from other units of the company,
willingness to exchange information, ability to work in
a team.
INITIATIVE AND RESPONSIBILITY
finding and suggesting new solutions both in
the working environment, and in the
sphere of company interests.
COLLECTIVE RESULTS
collective effort in achieving a visible and
meaningful result, a desire to succeed and provide each other with
needed assistance.
NIS in Q3 2013
• 3D seismic survey in the area and Itebej Kikinda completed; ongoing work in the area of Čoka and Miloševo; the initial work in Martonoš, Boka and Jermenovci.
• Gas discoveries in Vojvodina as a result of the application of new drilling technology
• Drilling of the first exploration well in the Republic of Srpska coming to an end
• NIS and Falcon's explorational drilling in Hungary has been completed, testing in progress
• Drilling of well Jimbolia in Romania completed (testing)
• Second phase of reconstruction of FCC completed
• Completion of the project of site preparation in Refinery Novi Sad for construction-assembly works on the base oils project.
• In the course of the tender procedure for selection ERCM contractor for the base oils project.
• Opening of the first petrol station under the brand GAZPROM in Bulgaria
• Gazprom network of petrol stations began operations in Bosnia and Herzegovina
• Agreement with McDonald's to open first restaurant concluded
• NIS is chosen to be the authorized distributor for the sale of subsidized fuel
• NIS and GSP "Beograd" signed a contract for the supply. Over the next three years, NIS will deliver more than 100 million liters of diesel euro to GSP.
• First cogeneration modules, in Sirakovo were put to operations.
• Preparations for commissioning of small power SOS Kikinda and SS1 Velebit in progress. The factory testing of equipment for the remaining 5 plants was performed.
• Memorandum on the implementation of the construction of steam-gas power plant, with the electric capacity of 208 MW in Pancevo.
• Works on construction of WPP Plandište
• Sales of gas to Pannonian Power Plants
Exploration and production
Refining Sales Energy
5
First Serbian Wind Farm
Construction of the first Serbian wind farm was launched in the Plandište municipality on 18 September 2013
• 34 wind generators will be constructed
• Total capacity - 102 megawatt.
• Project capital investments, including the preparation of base documents and obtaining the required permits, will amount to nearly 160 million euros.
• Funds invested by NIS j.s.c. will not exceed 23 million euros.
• Remaining funds will be provided through the project partnership investments and loans.
• Wind farm construction is expected to take 12 months maximum
Plandište
Additional Modernization of Pančevo Refinery
App. 40 small-scale technical-technological projects and improvements in the Refinery will be completed by the end of the year
7
The Danube Port Modernization
Thermal Insulation of 24 Reservoirs
FCC Complex Reconstruction
Refinery Loading Terminal Modernization
8
9М 2013: HSE indicessignificantly improved (except for the perforation coefficient),
but still lower than world's best practice
Investment into environmental projects, mln. USD
36%
Transparency index increase Perforation coefficient *
43%
RAR Investigated casesLTIF
-24% -12%-3%-19%
-41% 89%
22%13%
Perforation coefficient is relation between the number of perforations, multiplied by 100 based on the total oil pipeline length in km LTIF - Lost time injury frequency rates (relation between the number of injured during accidents at work and the total working hours, multiplied by 100 thousandRAR - Road Accident Rates - relation between the number of road accidents as opposed to mileage in km, multiplied by 1 million
major accidents
serious incidents
minor incidents
potentially hazardous situations.
9М 2012 Plan 9М 2013 9М 2013
27.18
11.7816
9М 2012 9М 2013
4.631 4.609
214 586
101 112
0 4
9М 2012 Plan 9М 2013 9М 2013
1.081.43
2.04
9М 2012 Plan 9М 2013 9М 2013
0.5 0.470.38
9М 2012 Plan 9М 2013 9М 2013
2.08
1.91.84
9М 2012 Plan 9М 2013 9М 2013
56% 65%78%
Macroeconomic indicators
9
2012 2013
-3%-3%
• Decline of USD/RSD rate in first 9M of 2013 was -1,5% or -1,29 RSD (USD/RSD rate changed from 86.1763 RSD as of January 1st 2013; to 84,8859 RSD as of September 30th 2013)
• Incline of EUR/RSD rate in first 9M of 2013 was 0.78% or 0.8861 RSD (EUR/RSD rate changed from 113.7183 RSD as of January 1st 2013; to 114.6044 RSD as of September 30th 2013)
• Incline of USD/RSD rate in the first 9 months of 2012 was 9,98 % or 8,07 RSD (USD/RSD rate changed from 80.8662 RSD as of January 1st 2012; to 88,9377 RSD as of September 30th 2012.)
• Incline of EUR/RSD rate in the first 9 months of 2012 was 9,93% or 10,39 RSD (EUR/RSD rate changed from 104.6409 RSD as of January 1st 2012.; to 115.0320 RSD as of September 30th 2012 .)
• Average price of “Urals” crude oil in first 9 months of 2013 was app. 108,06 USD/bbl
USD/RSD Urals, $/bbl
I II III IV V VI VII VII IX80
85
90
95
I II III IV V VI VII VII IX90
100
110
120
2012 2013 9М 2012 9М 2013
111 108
9М 2012 9М 2013
88.2
85.6
Representative offices and BranchesTurkmenistan branch, Representative Office in the Russian Federation, Representative Office in Angola, Representative Office in Belgium, Representative Office in Bulgaria, Representative Office in Hungary, Representative Office in Croatia
NIS Group
Starting from Q3 2013 NIS reporting will be on consolidated basis
NIS Group Parent Company – NIS a.d. Novi SadUpstream Block, Refining Block, Sales&Distribution Block, Oilfield Services Block, Energy Block and Corporate Headquarters
Subsidiary companies in the country (originating from NIS` organizational structure)
Naftagas – Naftni servisi, Naftagas – Tehnički servisi, Naftagas – Transport and NTC NIS Naftagas
Subsidiary companies abroadNIS Petrol (Bulgaria), NIS Petrol (Romania), NIS Petrol (BiH), Jadran Naftagas (BiH) and Pannon Naftagas (Hungary)
Subsidiary companies – „granddaugthers“ G Petrol (B&H) ← NIS Petrol (B&H) and Adria O Zone (MNE) ← O Zone
Other subsidiary companiesJUBOS Bor, O Zone Belgrade, NIS Oversees St Petersburg, SP Ranis Černoglavka (in liquidation), NIS-SVETLOST Bujanovac and NIS Energowind (in FS shown as JV)
10
Q3 2013: Key indicators
Q3 2013. Q3 2012. (%) Key indicators Measurement unit 9M 2013. 9M 2012. (%)
110,7 109,3 1% Urals $/bbl 108,1 111,1 -3%14,0 9,6 46% Net profit billion of RSD 31,7 30,8 3%19,6 10,9 79% EBITDA* billion of RSD 47,7 47,3 1%71,7 62,4 15% Sales (without excise tax) billion of RSD 185 162,3 14%27,5 8,4 228% OCF billion of RSD 49,6 27,7 79%24,9 33,7 35% Taxes and other fiscal obligations (Serbia)** billion of RSD 86,4 63,3 37%409 404 1% Domestic oil and gas production*** thou. c. tons 1.227 1.189 3%303 295 3% Domestic oil production*** (with gazolin and TNG) thousand tons 896 858 4%801 356 125% Oil and semifinalized products refining volume thousand tons 2.204 1.518 45%833 639 30% Total sales of oil products**** thousand tons 2.183 1.707 28%
24 1,7 1312% Abroad sales thousand tons 49 2,1 2.233%
693 585 18% Oil products local market sales thousand tons 1.781 1.521 17%
167 153 9% Retail thousand tons 484 423 14%594 463 28% Light oil products sales thousand tons 1.557 1.207 29%
0 4 -100% CAPEX from GPN loan**** million of EUR 0 12,1 -100%13,8 9,2 50% CAPEX from OCF (NIS projects) billion of RSD 37,8 18,3 107%
485 367 32% Total bank indebtedness****** million of USD 485 367 32%
Calculation of percentage values is based on values expressed in millions of RSDAll possible discrepancies in percentage values and total values are due to rounding errors*EBITDA = Sales (without excise tax)– inventories ( of oil, oil products and other products) – operational expenditure (OPEX) – other costs, which management cannot affect** Taxes and other fiscal obligations includes taxes, duties, fees and other public revenues. Data includes NIS a.d. Novi Sad and subsidiaries: NTC NIS Naftagas d.o.o., Naftagas – Transport d.o.o., Naftagas – tehnicki servisi d.o.o. and Naftagas – Naftni servisi d.o.o..*** Due to change in methodology oil production includes gazoline and LPG**** Under the Agreement of sale and purchase of shares of NIS a.d Novi Sad, clause 8.1.2, JSC Gazprom Neft (GPN) has an obligation to provide EUR 500 million to NIS a.d. Novi Sad by way of special purpose loans in order to implement NIS Novi Sad technological complex reconstruction and modernization program. CAPEX from GPN loan does not include letters of credit. All obligations of Gazprom Neft under the acquisition agreement were fully met in April 2012 and in the second half of 2012 NIS started with loan repayment . Values for CAPEX from GPN loan and CAPEX from OCF are without VAT****** Total bank indebtedness = Total debt to banks + letters of credit. As of September 30 th 2013 total debt to banks amounts 471 million USD and letters of credit amount 14 million USD.11
The current negative macroeconomic trends in all countries in the region, significantly affect the fall of the oil and oil derivatives' market
Market of motor fuels trendsAll regional markets except Hungarian are falling in the first nine months of 2013
X%
12
Sources based on which forecasts are made- Eustat (10.10.2013.)- PFC: Downstream Monitoring Service – Europe (June 2013) - Serbia: internal forecasts and analysis- Bulgaria: NIS Petrol, Bulgaria
The market consists of motor and aviation fuels, and fuel oil.Market growth rates are for 9M2013/9M2012
Romania
Bulgaria
Serbia*
Croatia
Bosnia and Herzegovina
-7,8%
-7,8%
+2,5%
-10,2% -3%
n/a
-14,8%
Slovenia
Hungary
NIS Forecast based on available statistical estimates
9М 2012. 9М 2013.
1,103(64%)
1,192(75%)
629(36%)
406(25%)
1,732 1,598
The Market of the Republic of Serbia Foreign direct investment are much lower than expected while insufficiently fast recovery of economic activities and delays in the implementation of investment projects affect lower consumption of motor fuels.*
The market scope of the Republic of Serbia in thousands of tons
-8%
• Although the real annual growth in GDP and industrial production for first 8 months of 2013 was 0.2% and 5.7%, respectively, motor fuel market is still falling. Purchasing power of the population is still very low and the rate of unemployment level is over 24%, and these two indicators, besides aforementioned, influence motor fuel consumption.
• The reason behind the increase of the NIS share in the market lies in the substitution of imported fuel oil, naphtha and euro diesel with domestic products from Pancevo Refinery, and in more active sales, more effective price policy, offering products through a network of warehouses, etc.
• The retail market has seen a moderate decline in the market of motor fuels due to relocation of part of the scope of the wholesale channel to the retail channel in the segment of corporate clients.
• The reasons for the constant increase of the market share lie in a continuous process of petrol stations modernization, improvement of the service as well as in positive effects of the rebranding and marketing activities. Seasonal increase in sales of subsidized fuels to farmers is also notable, although program for the fall is going on slower pace than expected.
-2%
The Retail sale Market of the Republic of Serbia in thousands of tons
13Other*NIS*
Other*NIS*
* NIS includes motor fuels, heating oil EL and LPG cylinders and others include motor fuels, heating oil EL and EL euro.
9М 2012. 9М 2013.
423(35%)
484(41%)
771(65%)
687(59%)
1,193 1,171
14
Financial Indicators
All possible discrepancies in percentage values and total values are due to rounding errors.
• MHC/DHT put in operation
• Increased volumes of refining and sales
• Increased business efficiency
• MHC/DHT put in operation
• Increased volumes of refining and sales
• Increased business efficiency
Net profit in Q3 2013 is by 46% higher than net profit in Q3 2012, while the growth of net profit for first 9 months of 2013 compared to same period last year is 3%
EBITDA
79%
Net profit
46% 3%
Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13
10.9
18.311.8
16.319.6
9M '12 9M '13
47.3 47.7
1%
The increase in EBITDA of 79% in Q3 3013 compared to Q3 2012 caused that EBITDA for the first 9M 2013 is at the same level as the same period last year:
Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13
9.6
14.8
7.310.5
14.0
9M '12 9M '13
30.8 31.7
Starting from Q3 2013 NIS reporting will be on consolidated basis i.e.
for NIS Group
15
Increase of OCF:
Increase in Sales:
• Decrease in retail prices in Q3 2013 by app. -2,1% compared to Q3 2012, while in first 9М 2013 retail prices increased by +2,5% compared to first 9М 2012.
• Incline of average oil price for Urals RCMB in Q3 2013 ($/bbl), compared to Q3 2012 amounts to 1,2%, while decrease of avegage oil price in first 9М 2013 compared to first 9М 2012 was -2.7%.
Sales
OCF
15%
• Increase of cash inflow from buyers
Changes in retail prices Q3 9M
BMB 95 -3,90% +1,78%Europremium BMB 95 -6,32% -0,56%
D2 +3,21% +6,84%
Eurodiesel -0,75% +2,31%
14%
All possible discrepancies in percentage values and total values are due to rounding errors*EBITDA = Sales (without excise tax) – inventories (oil, oil products and other products) – operational expenditure (OPEX) – other costs, which management cannot affect
Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13
8.4 9.5 10.2 11.8
27.5
228%
9M '12 9M '13
27.7
49.6
79%
Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13
62 6550
64 72
9M '12 9M '13
162
185
Financial IndicatorsStarting from Q3 2013 NIS reporting will be on consolidated basis i.e.
for NIS Group
16
Increase of the domestic oil and gas production in Q3 2012 in comparison to the Q3 of 2012 is 1%, and for first 9M 2013 compared to first 9M 2012 it amounts to 3%
• Increase in domestic oil production 4% as a result of additional geological and technical activities implementation
• Gas production is -0,2% in comparison to the first 9 months of 2012 due to duration of the repair of compressor stations, as well as the higher pressure in the main pipeline
• Change in the methodology for oil and gas production calculation - gasoil and LPG is included, and as for gas production, data on gas refining has been taken into account
Exploration and production
1%
3%
Domestic oil and gas production (in thousand conditional tons)*
Domestic oil production (in thousand tons)
3%
4%
• 1.256 м3 of = 1 tone equivalent of oilAll possible discrepancies in percentage values and total values are due to rounding errorsDue to change in methodology oil production includes gazoline and LPG
Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13
404
416411
407 409
9M '12 9M '13
1,189
1,227
Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13
295300 300
293
303
9M '12 9M '13
858
896
17
Refining per Refineries
Refining
Imported oilDomestic oil
Novi Sad RefineryPancevo Refinery
All possible discrepancies in percentage values and total values are due to rounding errors
Volume of refining of oil and semi-finaliyed products is increased by 45% comparing to 9M 2012:
• Increased refining of crude oil
• MHC/DHТ plant operation in 2013
• Increased the volume of refining according to market demands.
Refining volume for oil and semi-finalized products (in thousand tons)
Semi-finalized products
Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13
17% 4%
83% 96% 100% 100% 100%
9M '12 9M '13
14%
86% 100%
Q3 '12 Q4' 12 Q1 '13 Q2 '13 Q3 '13
151336 287
393 429190
346235
344 305
16
54
68
75 67
356
736
591
812 801
9М '12 9М '13
6921110
768
88458
210
1,518
2,204
45%125%
9М '12 9М '13
423 4842 49
1,0981,297
1833531,707
2,183
Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13
153 174 122 196 1672 2 5
19 24
432 426338
432 526
53 86100
137116639 689
566
784 833
Sales increased by 28% compared to first 9 months of 2012:
18
Sales
30%
Oil derivatives sales (in thousand tons)
Sales structure per oil derivatives (in thousand tons)
Black and other productsWhite products
Export Wholesale RetailAbroad sales*
28%
• Retail – increase by 15%:• Increase of euro quality petrol products
sale
• Abroad assets – increase by 24x • In 9M 2012 there was no significant sale
on abroad assets
• Wholesale – increase by 18%: • Increase in the sale of diesel fuel due to
the increased placement of euro diesel from domestic production
• Decrease in the sale of heavy fuel oil due to warm weather
• Decrease in the sales of gasoline due reduced demand
• Export – increase by 93%: • Increase in the sale of heavy fuel oil and
gasoline components
• Increase in the sale of white oil products share
All possible discrepancies in percentage values and total values are due to rounding errors**Abroad sales are quantities sold by NIS' subsidiaries. In Q3 and 9M 2013 the quantities of products delivered by NIS to its subsidiaries were 16 thousand tons for Q3 and 28 thousand tons for 9M, other quantities were delivered by other suppliers
Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13
163 222 148 178 185
476 467418
607 648
639 689566
784 833
9М '12 9М '13
458 511
1,2481,672
1,707
2,183
• “Super Kartica” loyalty program was launched on May 5th 2013
• Only 5 months after the launch of “Super kartica” :• 1 million unique cards used (app. 304.000
personalized and registered in database) • Increased number of transactions• Average daily fuel bill amongst “Super Kartica”
users, is by +34% higher vs. average bill of regular (non SK) NIS user
• Non-fuel bill amongst “Super Kartica” users, is by +38% higher vs. average bill of regular NIS users
“Super kartica” loyalty program
Sales, market share and transaction trend among natural persons
19
V - IX 2012. I - IV 2013. V - IX 2013.
31,0% 33,5% 33,6%
NIS’ sales to natural persons
+2,6pp
Total sales
Market share
+0,1pp
6%20%
Average daily number of transactions
9%16%
V - IX 2012. I - IV 2013. V - IX 2013.
Source: Orfey – internal reports of Sales & Distribution Block, September 2013
Structure of bank indebtedness
20
Total debt to banks (in millions of USD)
Total bank indebtedness (in millions of USD) Structure of total debt to banks per currency in %
Other EUR USD
All possible discrepancies in percentage values and total values are due to rounding errors*Term structure of the debt to banks is shown according to Contract terms and not by maturity of the debt as of Septemberr 30th 2013
GPN loan (in millions of EUR)
Long-term* Medium-term* Short-term*
Total debt Letters of credit
GPN Loan (in millions of EUR)
31.1
2.'09
31.0
3.'10
30.0
6.'10
30.0
9.'10
31.1
2.'10
31.0
3.'11
30.0
6.'11
30.0
9.'11
31.1
2.'11
31.0
3.'12
30.0
6.'12
30.0
9.'12
31.1
2.'12
31.0
3.'13
30.0
6.'13
30.0
9.'13
201 186 111 52 25.3 62 28.4 27 40.6 13 12.6
392 448443
442430.3412402.1344 330329.2253.6253 264 316316.8376.7
200 191166
173 155 158143.4136 116115.2
100 101 98.6 95 93.694.6
793 825720 667
611 632574
507446 444
354 354 403 424 423 471
61
210
466500
477 453
31.1
2.'0
931
.03.
'10
30.0
6.'1
030
.09.
'10
31.1
2.'1
031
.03.
'11
30.0
6.'1
130
.09.
'11
31.1
2.'1
131
.03.
'12
30.0
6.'1
230
.09.
'12
31.1
2.'1
231
.03.
'13
30.0
6.'1
330
.09.
'13
233 214 110 8 33 94 74.3 56 13 14.2 12.412.914.3 17 19 14
793 825720
667 611632573.9506
446444.4353.6354403.3424 423 471
1,0261,039
830675 644
726648
562459 459
366 367 418 441 442 485
67% 73% 74% 79% 74% 76% 73% 70% 70% 70% 66% 65%56%
69% 69% 77%
32% 26% 25% 20%20% 19% 21% 24% 25% 25% 29% 29%
26%
24% 23%22%
1% 1% 1% 1% 5% 5% 6% 7% 5% 5% 6% 6%18%
8% 8% 2%
Total bank indebtedness is lower than the limit defined by Board of Directors’ Decision
Investments
Total amount of 37,8 billions RSD was invested in first 9M of 2013
Q3 2013 Q3 2012 Sources of investment funding 9M 2013 9M 2012
0.00 4.02 CAPEX from GPN loan 0.00 12.07
0.00 0.76 Ecology 0.00 2.26
0.00 3.26 MHC/DHT 0.00 9.81
13.78 9.17 CAPEX from NIS funds 37.86 18.27
0.51 0.18 Ecology 1.27 0.33
0.19 0.43 MHC/DHT 2.85 1.43
0.19 0.24 Angola PSA 0.53 0.32
9.03 6.26 Projects with direct economic effect 26.03 12.60
3.72 1.97 Projects without direct economic effects 6.53 3.47
0.14 0.08 Project-researching activities 0.65 0.12
13.78 13.19 TOTAL: 37.86 30.35
* in billions of RSD (VAT excluded)
• OMV retail sale network purchase• Reconstruction and rebranding of the
retail sale facilities • Drilling of development wells • Concessions• Geological survey in Vojvodina • Projects for increasing of efficiency and
reliability of Pancevo Refinery
CAPEX per investment projects (in billions of RSD)
All possible discrepancies in percentage values and total values are due to rounding errors*PSA - Production Sharing Agreement; **Including letters of credit for drilling facility of 9 million USD
25% increase of CAPEX in 9M 2013, in comparison to the same period in 2012
21
13,7813,19
Projects without direct economic effect
Angola PSA*
Ecology
MHC/DHT
Projects with direct economic effect
Project-research works
Q3 2012. Q3 2013.
0.94 0.51
3.69 0.19
0.24
0.19
6.26
9.03
1.97 3.72
0.08 0.14
-95%-46%
-19%
44%
89%
64%
5%
9M 2012. 9M 2013.
1.64 1.27
7.552.85
0.080.53
6.34
26.031.50
6.53
0.04
0.65
-23%
7x
4x
4x
16x
-62%
25%
30,35
37,86
The most important investments in Exploration and Production, Refining and Sales and Distributionfor the first 9M of the 2013
Increase of oil and gas productionIncrease of reserves
Reconstruction and modernization
Ecological Projects
Retail sale network development
11.1 bn RSD
• Geological exploration in Vojvodina region• Investments in concession rights • Additional geological and technological measures• Drilling new development wells • Production automatization • Reconstruction of the infrastructure
• Construction of MHC/DHT plant• In-line blending of gasoline• Industrial base oil production from the “Velebit” oil type • Reconstruction of Pancevo docks • Lower NOx emission in smoke gases from the Energy
plant
• Rebranding of 33 PS• Construction of 1 PS in Serbia• Reconstruction of 5 PS in Serbia• Regional business development in Bosnia, Bulgaria and
Romania
Exploration and production
Refining
Sale and distribution
22
8.9 bn RSD
15.7 bn RSD
14.67
12.68
8.6
4.271.32 5.59
Comparative analysis (benchmarking) of basic indicators with competitorsNIS* 9M 2013, other 6M 2013
23
EBITDA margin (%) EBITDA/FTE** (in thousands USD) Daily sales rate (in ton/day)
Ratio of other products (in %) OPEX ($/boe)
Sources: Companies reports for Q3 2013*NIS group (NIS with subsidiaries) data for 9M 2013. Other companies data for Q3 2013** NIS data without leasing employees and including “first chance” program
20.1 68,55.67
78,2 10.38
Lifing costs REVEX
39.2
26
13.4
13.1
8.9
138
79.9
67
35.5
22.3
6.45
6.09
5.69
5.13
5
87
79
78
75.2
72
N/A
Increase of EBITDA and Net Profit
Strong OCF
Total bank indebtedness below defined limit (Debt/EBITDA by 25% lower than planned)
Significant increase of Refining
Increase of motor fuels sales and retail on domestic market
Increase of export, sales on abroad assets
Expansion of the GAZPROM brand in the region
– Outstanding receivables
– Higher tax burdens
– Subsidiaries in phase of growth
24
25
NIS a.d. Novi SadInvestor Relations Sector
Narodnog fronta 1221000 Novi Sad, Serbia
e-mail: [email protected]