Simon Boddy, Chairman of Management Board Kaspars Bunne, Finance - - PowerPoint PPT Presentation

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Simon Boddy, Chairman of Management Board Kaspars Bunne, Finance - - PowerPoint PPT Presentation

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Simon Boddy, Chairman of Management Board Kaspars Bunne, Finance Manager Webinar on May 16, 2013 May 16, 2013 Table of contents Company in brief Highlights of 2012 Oil market in 2012 and 2013 Q1 Financial performance Forecast

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Simon Boddy, Chairman of Management Board Webinar on May 16, 2013

May 16, 2013

Kaspars Bunne, Finance Manager

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Table of contents

  • Company in brief
  • Highlights of 2012
  • Oil market in 2012 and 2013 Q1
  • Financial performance
  • Forecast for 2013

May 16, 2013

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Ventspils Nafta Group

May 16, 2013

  • Largest Latvian-Russian

joint venture

  • One of the largest oil

product transportation companies in the Baltic States

  • An integral part of Vitol

and Transneft logistical infrastructures

  • The 21st most

profitable company in Latvia (DB TOP500)

  • One of the largest
  • wner in the handy-size

and medium range tanker market segment

  • 19 modern tankers
  • Average age of the fleet

6.3 years

  • Own internal technical

and crewing management company

  • The largest petroleum

transhipment terminal in the Baltic States

  • 105 tanks with

combined capacity of 1,2 million m3

  • Pipeline / rail road

connections from CIS countries

  • The 19th most

profitable company in Latvia (DB TOP500)

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May 16, 2013

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Highlights of 2012

  • LSC has stabilised its financial performance – losses

decreasing

  • LatRosTrans cleaned 2/3 of the crude oil pipeline
  • New websites and profiles in social media
  • Two companies of the VN Group received Baltic Market

Awards in the category “Best improvement of investor relations in the Baltic States in the course of the year”

  • LSC – 1st place, VN 2nd place
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Operational environment in 2012 and 2013

  • Influence by regional politics of the countries supplying
  • il products.
  • VNT like all terminals is subject to the shape of the

global oil product market

  • regional rail tariffs becoming WTO compliant
  • Latvian rail tariffs need to become more competitive
  • LSC’s operations
  • global economic situation affecting demand for oil and oil

products

May 16, 2013

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Oil market

May 16, 2013

20 40 60 80 100 120 140 160

Crude oil price 1997-2013

Crudes Platt's Brent Dated Mid

143.14 33.65 127.54 12.62 10.43 77.57 52.39 37.61 40.05 111.14 88.62

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FINANCIALS

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VN’s financial performance as a parent company

  • VN’s revenue in 2012 was 21% less in

comparison with 2011

  • VN’s financial income in 2012 was LVL

269 thousand less than in 2011

  • Loans to related companies issued in

2012 (LVL equivalent – LVL 14.37 million)

May 16, 2013

  • In 2012 VN’s administrative costs were

17.2% less in comparison with 2011

  • the largest decrease was in professional

charges and legal costs – by more than 50%

  • *In 2010 foreign exchange gain was LVL 3.78 million

0.00 1.00 2.00 3.00 4.00 2010* 2011 2012 3.64 0.36 0.26

VN’s net profit (million, LVL)

0.00 0.50 1.00 1.50 2010 2011 2012 1.47 1.10 0.91

VN’s administrative costs (million, LVL)

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VNT’s financial performance

  • Transhipment volumes of VNT

increased by 5%

  • In 2012 gross profit of VNT is LVL 1.12

million more than in 2011

  • Administrative costs of VNT are 20.8%

lower compared to 2011

May 16, 2013

  • In 2012 net profit of VNT is LVL 10.44

million, which is LVL 1.97 million more than in 2011

0.00 20.00 40.00 60.00 80.00 2010 2011 2012 43.44 58.75 60.43 9.67 8.47 10.44

VNT’s revenue, net profit (million LVL)

Revenue (million LVL) Net profit (million LVL) 0.0 5.0 10.0 15.0 2010 2011 2012 9.0 11.4 12.0

VNT’s transhipment volumes (million metric tons)

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LRT’s financial performance

  • Transhipment volumes of LRT in 2012

increased by 8.98% or 520 thousand metric tons compared to 2011

  • LRT’s revenue in 2012 was 19.45%

higher compared to 2011

  • After a long period of time LRT
  • perated with a gross profit. In 2012

it was LVL 2.1 million (2011: gross losses of LVL 0.41 million)

May 16, 2013

  • In 2012 a net profit of LRT is LVL

11.82 million

  • Net profit from sale of crude oil was

LVL 15.06 million (2011: LVL 10.41 million)

  • Deferred tax liabilities recognized in

the amount of LVL 3.94 million

5.20 5.40 5.60 5.80 6.00 6.20 6.40 2010 2011 2012 5.64 5.79 6.31

LRT’s transhipment volumes (million metric tons)

  • 5.00

0.00 5.00 10.00 15.00 2010 2011 2012

9.90 10.18 12.16 (1.62) 8.02 11.82

LRT’s revenue, net profit/ (loss) million LVL

Revenue (million LVL) Net profit/ (loss) million LVL

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LSC Group’s financial performance

  • In 2012 revenue of the LSC Group is

LVL 13.75 million more than in 2011

  • Gross profit has increased from LVL

7.96 million in 2011 to LVL 13.05 million in 2012

May 16, 2013

  • Net loss of the LSC Group in 2012 was

LVL 18.85 million.

  • The largest proportion of the net loss –

LVL 15.28 million is related to impairment of the fleet required by International Financial Reporting Standards

0.00 20.00 40.00 60.00 80.00 2010 2011 2012 58.84 49.33 63.08

LSC Group’s revenue (million LVL)

(80.00) (60.00) (40.00) (20.00) 0.00 2010 2011 2012

(77.95) (24.09) (18.65) (51.69) (14.26) (15.28)

LSC Group’s net loss and impairment of non-financial assets (million LVL)

Net loss (million LVL) Impairment of non- financial assets (million LVL)

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VN Group’s financial performance in 2012

  • VN Group’s revenue is LVL 135.67

million or 14.8% more than in 2011

  • the largest increase in voyage

income +LVL 13,72 million

  • VN Group’s gross profit is LVL 8.65

million more than in 2011 (The largest increase of gross profit was in the LSC Group and LRT)

  • >60% of VN Group’s revenue is from

related parties.

May 16, 2013

20 40 60 80 100 120 140 2010 2011 2012 112.02 118.24 135.67

VN Group’s revenue (million, LVL)

5 10 15 20 25 30 2010 2011 2012 15.11 18.32 26.97

VN Group’s gross profit (million, LVL)

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VN Group’s financial performance in 2012 (cont’d)

  • VN Group’s financial result for 2012

is a net profit of LVL 3.87 million

  • The net result of the VN Group is still

substantially affected by losses of the LSC Group

  • Administrative costs of the VN

Group are 20.38% lower compared to 2011

May 16, 2013

  • VN Group has invested more than

LVL 6.5 million in 2012

  • the largest investments made by

VNT (LVL 3.5 million).

  • Substantial improvements in general

financial performance and earning ability of VN Group

(80.00) (60.00) (40.00) (20.00) 0.00 20.00 2010 2011 2012 (65.57) (12.19) 3.87

VN Group’s net profit/ (loss) million, LVL

  • 10

10 20 30 40 50 2010 2011 2012 24.05 23.34 40.32 (0.38) 1.10 16.62

VN Group’s EBITDA, EBIT (million, LVL)

EBITDA (million LVL) EBIT (million LVL)

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Highlights for 2013

  • All shares in regulated market
  • Conversion of 43’881’398 shares of closed issue
  • The total number of VN shares 104’479’519
  • Dividends from daughter companies:
  • Q1: VNT paid dividends for 2011 – EUR 6,145 mln
  • Q2: VNT paid dividends for 2012 – EUR 7,577 mln
  • Use dividends to continue financing LSC Group
  • Improvement in product shipping market
  • LRT testing old crude pipeline with intelligent pig
  • Next Business Update in November

May 16, 2013

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Q&A