1. petrol group’s results · 2 contents 1. petrol group’s results 2. strategy 2012 - 2016 3....

1

Online Roadshow

of Slovene Prime Companies

PETROL

Ljubljana, June 4th, 2012

2

Contents

1. Petrol Group’s Results

2. Strategy 2012 - 2016

3. Investor Information

Appendix

2

Online Roadshow of Slovene Prime Companies


3

1. Petrol Group’s Results

4

Introduction of the Petrol Group

The leading Slovenian energy company.

The principal strategic supplier of petroleum products and other energy

products in Slovenia.

Main activities: oil trading activity, gas, electricity and other energy

and environmental activities.

The Petrol Group: 31 companies, 9 countries, retail network of 453

service stations as per 31.3.2012.

The largest company and largest group in terms of turnover in 2011 in

Slovenia.

Fourth largest company in terms of market capitalisation on the

Ljubljana Stock Exchange as per 28.5.2012.

4



5

Parent Company Petrol d.d., Ljubljana

Subsidiaries in Slovenia Petrol Maloprodaja Slovenija d.o.o., Ljubljana

Petrol Skladiščenje d.o.o., Ljubljana

Petrol Tehnologija d.o.o., Ljubljana

Petrol Energetika d.o.o., Ravne na Koroškem

Petrol VNC d.o.o., Ljubljana

Instalacija d.o.o., Koper

IGES d.o.o., Nova Gorica

Eltec Petrol d.o.o., Bled

Subsidiaries abroad AUSTRIA: Petrol-Trade Handelsges.m.b.H., Vienna

CYPRUS: Cypet Oils Ltd., Limassol

Cypet-Trade Ltd., Limassol

CROATIA: Petrol Hrvatska d.o.o., Zagreb

Euro - Petrol d.o.o., Rijeka

Petrol-Jadranplin d.o.o., Šibenik

Petrol-Butan d.o.o., Osijek

BOSNIA AND HERZEGOVINA: Petrol BH Oil Company d.o.o.,

Sarajevo

SERBIA: Petrol d.o.o., Beograd

Petrol Gas Group d.o.o., Novi Sad

Rodgas AD, Bačka Topola

Beogas Invest d.o.o., Beograd

MONTENEGRO: Petrol Crna gora d.o.o., Cetinje

Petrol-Bonus d.o.o., Cetinje

MACEDONIA: Petrol-Energetika DOOEL, Skopje

Joint Ventures Geoenergo d.o.o., Lendava, Slovenia

Soenergetika d.o.o., Kranj, Slovenia

Petrol – Oti – Slovenija L.L.C., Priština, Kosovo

Affiliated companies

Aquasystems d.o.o., Maribor, Slovenia

Geoplin d.o.o., Ljubljana, Slovenia

Marche Gostinstvo d.o.o., Logatec, Slovenia

Istrabenz d.d., Koper, Slovenia

Bio goriva d.o.o., Rače, Slovenia

The Petrol Group 5



6

The Petrol Group – Two Key Activities 6

Energy Activity

Gas and heat

Electricity

Environmental solutions

Energy solutions

Oil Trading Activity

Petroleum products: Motor fuels

Heating oil

Air fuels

Motor oils and lubricants

Merchandise: Food

Automaterial - tires

Fancy goods

Tobacco products

Lottery, coupons,

cards

Coffee to go

Products for industry

Chemical products



7

The Petrol Group

Independence and flexibility in sourcing of petroleum products.

Own storage facilities and optimal logistic network for oil trading activity.

Wide retail network of service stations in Slovenia and across SE

Europe.

Concept of convenience model of service stations.

Pricing models in key markets quarantee stable margins and limit risk

exposure (Slovenia, Croatia, Montenegro – margins regulated by the

Government).

Comprehensive energy supply (gas, heat, electricity, energy and

environmental solutions).

Energy supply center (supplying a wide range of energy solutions).

Our supply is reliable, with long tradition.

Stable dividend policy.

Financial stability.

7



8

Financials: Good Results in Q1 2012 8

(EUR million unless stated) 1-3/2012 1-3/2011 2011 2010

Index

(1-3/12 / 1-3/11)

Index

(2011 / 2010)

Sales revenue 903 749 3,270 2,803 121 117

Revenue from sales of merchandise 129 110 436 417 117 105

EBITDA1

33.4 29.4 115.6 95.8 114 121

Net profit 12.9 9.8 52.3 35.5 132 147

Total assets 1,561 1,309 1,537 1,266 119 121

Total equity 451 417 442 405 108 109

Net debt2

675 560 551 475 121 116

Added value per employee (EUR th.) - - 55.6 51.0 - 109

Net debt2/Equity ratio 1.50 1.34 1.25 1.17 112 107

Net debt2/EBITDA ratio - - 4.8 5.0 - 97

CAPEX 50.7 7.8 82.1 65.9 650 125

Sales quantities of petroleum products (m tons) 0.60 0.55 2.38 2.35 109 101

Number of service stations 453 442 454 441 102 103

Total number of employees 3,882 3,544 3,897 3,520 110 1111 EBITDA = operating profit or loss + regular depreciation

2Net debt = long-term + short-term financial liabilities - cash and cash equivalents



9

Revenues and Gross Profit: The

Petrol Group (2009 – Plan 2012)

9

EUR million 2009 2010 2011 1-3/2012 Plan 2012

Sales revenue 2,334 2,803 3,270 903 3,771

Gross profit 280 295 326 87 347

Gross pr./Sales rev. 12% 11% 10% 10% 9%

500

900

1,300

1,700

2,100

2,500

2,900

3,300

3,700

4,100

2009 2010 2011 1-3/2012 Plan 2012

Sale

s r

even

ue (

EU

R m

illi

on

)

0

50

100

150

200

250

300

350

400

Gro

ss p

rofi

t (E

UR

mil

lio

n)

Gross profit Sales revenue

CAGRgross pr.12/09 = 5.5% CAGRsales rev.12/09 = 12.7%



10

EBITDA and Net Profit: The Petrol

Group (2009 – Plan 2012)

10

57

13

52

36

8

0

10

20

30

40

50

60

2009 2010 2011 1-3/2012 Plan 2012N

et

pro

fit

(EU

R m

illi

on

)

127

33

1169696

0

20

40

60

80

100

120

140

2009 2010 2011 1-3/2012 Plan

2012

EB

ITD

A (

EU

R m

illi

on

)



11

Balance Debt Profile: The Petrol

Group (2009 – Plan 2012)

Gearing ratio = Net debt / (Net debt + Equity and provisions) Net debt = Total debt – Cash and cash equivalents

11

457449

411388455

675

551

475491

537

56% 55%54%

60%

54%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

31.12.09 31.12.10 31.12.11 31.3.12 Plan 2012

Geari

ng

rati

o

0

100

200

300

400

500

600

700

800

Eq

uit

y a

nd

pro

vis

ion

s,

Net

deb

t (E

UR

mil

lio

n)

Equity and provisions Net debt Gearing ratio



12

Oil Trading Activity in Q1 2012

No. of service stations as per 31.3.2012: 453 (Slovenia 313, Croatia

86, Bosnia and Herzegovina 37, Serbia 7, Montenegro 6, Kosovo 4)

Sales revenue from the oil trading activity: 819 million EUR

(Index12/11 = 118)

Sales quantities of petroleum products (77% in Slovenia and in EU,

23% in SE Europe): 0.598 million tons (Index12/11 = 109)

Revenue from sales of merchandise: 128.7 million EUR

(Index12/11 = 117)

Market share – sale of oil derivatives: Slovenia 59%, Croatia 15%,

Bosnia and Herzegovina 25%, Montenegro 6%

12



13

Energy Activity

Key processes on energy field

Sales and distribution of natural gas

Sales and distribution of LPG

Production, sales, distribution and

trading of electricity

Production, sales and distribution of

heat

Other energy services (efficient energy

consumption and renewable energy

projects, solar power stations)

Environmental activities (wastewater

treatment plants, energy use of waste)

NATURAL

GAS

sales

distribution

LPG

sales

distribution

ELECTRICITY

production

sales

distribution

trading

HEAT POWER

production

sales

distribution

TOTAL ENERGY

MANAGEMENT

OTHER ENERGY

SERVICES

ENVIRONMENTAL

ACTIVITIES

13



14

Energy Activity in Q1 2012 14

1-3/2012 1-3/2011 2011 2010

Index

(1-3/12 / 1-3/11)

Index

(2011 / 2010)

Sales revenue from the energy activity (EUR m) 84 53 204 115 159 178

Sales quantities of natural gas (th. m3) 51,444 50,073 114,062 104,239 103 109

Sales quantities of LPG (th. tons) 16.8 13.0 56.4 47.8 129 118

Sales quantites of electricity (MWh) 521,924 253,307 1,081,768 356,703 206 303

Distribution quantities of electricity (MWh) 83,000 82,841 315,600 283,700 100 111

Sales quantities of heat (MWh) 34,592 34,085 71,909 65,317 101 110

Number of gas concessions 30 29 30 29 103 103

Number of heat concessions 5 5 5 2 100 250

Number of concessions for wastewater treatment 5 4 5 4 125 125



15

Structure of Investments

(2009 – Plan 2012)

15

20% 21% 20%

39%28% 28%

22%

24%

37%

36%46%

27%

44%

69%

8%5%6%

1%4%

15%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2009 2010 2011 1-3/2012 Plan 2012

Oil trading activity in the Slovene market Oil trading activity in the markets of SE Europe

Energy activity Other



16

Recent Acquisition Activities OIL TRADING ACTIVITY

Purchase of the remaining 50% share in

the company Petrol-Bonus d.o.o., which

activity is sale of oil derivatives and other

merchadise in Montenegro (August 2011).


the company Instalacija d.o.o., Koper,

which activity is warehousing of oil

derivatives (September 2011).


the company Euro-Petrol d.o.o., which

activity is sale of oil derivatives and other

merchandise in Croatia (September 2011).

ENERGY ACTIVITY

Purchase of 100% share of the company

IGES d.o.o., which is together with her

subsidiaries engaged in electricity and

inovative energy solutions (June - July 2011).

Purchase of 74.9% share of the company

EL-TEC Mulej d.o.o., which activity is trading

with the most quality products and

comprehensive system services in the field of

efficient use of energy (August 2011).

Purchase of the remaining 49% share in the

company Petrol-Jadranplin d.o.o., which is

engaged in the storage, distribution and sale

of LPG (February 2012).

Purchase of 85% share of the company

Beogas Invest d.o.o., which activity is

distribution of natural gas in three Belgrade

municipalities (April 2012).

16



17

Key Activities in 2012

Growth and development on existing markets of SE Europe in

oil trading activity and in other energy activities.

To strengthen position in oil trading activity in the Slovenian market.

Consolidation of the new companies and activities into the Petrol

Group.

To monitor and manage consistenly all business processes within

the Petrol Group (business optimisation and rationalisation).

To provide own financial resourses through the management of

stocks, operating receivables and payables, and other financial

resources.

To manage financial risks.

17



18

2. Strategy 2012 - 2016

19

Energy – World Trends (1)

Sources: Key World Energy Statistics, IEA 2011; Renewables 2011 – Global Status Report; International Energy Outlook 2011, EIA, september 2011

19

Over the next twenty years, the structure of primary energy supply will

not change essentially; crude oil will remain the dominant energy source.

No essential changes are expected in the final energy consumption

structure; transport will retain its present 28% share.

The price of crude oil is expected to increase over the long term and is

projected to reach USD 200/barrel by 2035.

The main reasons for this:

expected economic growth, particularly in Asia,

necessary investment in new wells, and

measures introduced by governments to reduce greenhouse gas

emissions in combating climate changes.

The fastest energy growth is expected in the area of renewable energy

sources, particularly wind, solar and tidal energy for power generation

(7.2% p.a.); the current total contribution of renewable energy (13%) to the

primary energy balance is expected to increase by around 1% by 2030.



20

Energy – World Trends (2)

Sources: Key World Energy Statistics, IEA 2011; Renewables 2011 – Global Status Report; International Energy Outlook 2011, EIA, september 2011

20

Until 2020, the EU’s political efforts will be directed towards providing

secure supply and higher energy efficiency as well as achieving the 20%

target for renewable energy in the final energy consumption structure;

another goal is to reduce greenhouse gas emissions by 20% (compared

to 1990).

Over the next twenty years, Slovenia may expect support for measures

with regard to efficient energy use and renewable energy sources.

The territory of Western Balkans is becoming an important strategic

region for the supply of energy to Europe – the greatest potential is in

natural gas and new gas conduits; new investments in the electricity

sector will be needed to enable taking advantage of great opportunities

in the electricity trade.

The rate of motorisation is also expected to increase.



21

Strategy 2012 – 2016

Mission: by providing a comprehensive range of energy and

environmental products and services, to secure reliable, economical

and environmentally friendly supply to our customers in Slovenia

and on the markets of SE Europe.

Vision: to become a market player committed to meeting the

highest quality and development standards relating to the

comprehensive supply of energy products and the “convenience”

model of service stations in SE Europe, ensuring above-average

satisfaction of our customers.

Key business areas: oil trading activity on the Slovenian market

and on the markets of SE Europe (Croatia, Bosnia and

Herzegovina, Serbia, Montenegro, Kosovo), and energy activity

(gas, heat, electricity and environmental solutions).

21



22

Key Strategic Directions and Strategies

Strategic Directions

Strategies

22

high growth in sales,

increase in net profit and profitability,

increase in added value per employee,

increase in return on assets,

long-term financial stability, and

focus on quality.

To strengthen the Petrol Group’s oil-trading position on the Slovenian market.

To expand the Petrol Group’s business on SE European markets in order to develop and improve its market

position.

To develop all energy activities in Slovenia and transfer successful business models to SE European markets.



23

Plan 2012 and Strategy 2016

(EUR million unless stated) Real. 2011 Plan 2012 Strategy 2016

Index

(plan 12/real. 11)

Index

(strategy 16/plan 12)

Sales revenues 3,270 3,771 4,608 115 122

EBITDA1

116 127 177 110 140

Net profit 52.3 57 91.2 109 160

Net debt2/Equity ratio 1.25 1.2 0.85 95 71

Net debt2/EBITDA ratio 4.8 4.23 3.4 88 79

Sales quantities of petroleum products (m tons) 2.38 2.4 2.8 103 113

Number of service stations 454 465 527 102 113

Revenues from sales of merchandise 436 470 533 108 113

Revenues from the energy activity 204 227 515 111 227

Sales quantities of natural gas (m m3) 114 115 152 101 132

Sales quantities of electricity (m kWh) 1,082 1,461 5,022 135 344

CAPEX3

82.1 80 405 97 -1 EBITDA = operating profit or loss + regular depreciation

2 Net debt = long-term + short-term financial liabilities - cash and cash equivalents

3 CAPEX in Strategy 2016 is for period 2012 - 2016

23



24

Retail Network of the Petrol Group

31.12.2011 – Strategy 2016

Growth of the

retail network

454 527

+ 16%

24



25

Basic Financial Goals of the Petrol Group

– Growth of the Net Revenue

25

2.1

2.9

2.32.8

3.3

3.8

4.6

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

2007 2008 2009 2010 2011 P 2012 S 2016

in EUR billion

+22%



26


– Growth of the EBITDA

26

85100 96 96

116127

177

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 P 2012 S 2016

in EUR million

+40%



27


– Growth of the Net Profit

27

91

5752

36

8

-62

53

-80

-60

-40

-20

0

20

40

60

80

100

2007 2008 2009 2010 2011 P 2012 S 2016

in EUR million

+60%

average year growth in the period 2012-2016:

+ 12%



28

Assurance of the Long-term

Development and Growth

28

Oil trading activity

in SE Europe

31%

Oil trading activity

in Slovenia and EU

38%

Energy activities

31%

Total CAPEX in period 2012 – 2016:

EUR 405 million



29

3. Investor Information

30

Shareholders’ Structure as per

28 May 2012

30

10 top shareholders of Petrol d.d., Ljubljana

Shareholder Share in %

1 SLOVENSKA ODŠKODNINSKA DRUŽBA, D.D. 19.75%

2 KAPITALSKA DRUŽBA, D.D. 8.27%

3 NLB D.D. 6.06%

4 ISTRABENZ D.D. 4.05%

5 GB D.D., KRANJ 4.04%

6 VIZIJA HOLDING, K.D.D. 3.44%

7 VIZIJA HOLDING ENA, K.D.D. 3.05%

8 NFD 1 DELNIŠKI PODSKLAD 2.31%

9 HYPO BANK D.D. 2.09%

10 NOVA KBM D.D. 2.06%

11 OTHERS 44.88%

Sum 100.00%

Others

31%

Other institutional

investors

19% Insurers

1% Banks

19%

Treasury shares

1% Slovene Indemnity

Fund

20%

Kapitalska družba

Group

9%



31

Petrol (PETG) on the Stock Exchange

– Ratios I.

29.12.11-28.5.12

Index SBI TOP:

4%

Petrol:

18%

31

Share price and transactions with Petrol share

0

20

40

60

80

100

120

140

160

180

200

220

240

260

280

300

3.1

.20

11

19

.1.2

01

1

4.2

.20

11

23

.2.2

01

1

11

.3.2

01

1

29

.3.2

01

1

14

.4.2

01

1

6.5

.20

11

24

.5.2

01

1

9.6

.20

11

27

.6.2

01

1

13

.7.2

01

1

29

.7.2

01

1

17

.8.2

01

1

2.9

.20

11

20

.9.2

01

1

6.1

0.2

01

1

24

.10

.20

11

11

.11

.20

11

29

.11

.20

11

15

.12

.20

11

5.1

.20

12

23

.1.2

01

2

9.2

.20

12

27

.2.2

01

2

14

.3.2

01

2

30

.3.2

01

2

19

.4.2

01

2

10

.5.2

01

2

28

.5.2

01

2

Sh

are

pri

ce (

EU

R)

0

500

1,000

1,500

2,000

2,500

Tra

nsacti

on

s

Share price Transactions

2010 2011 3. Jan. - 28. May 2012

Number of shares 2,086,301 2,086,301 2,086,301

Average market capitalisation (EUR) 569,163,776 432,135,526 359,240,169

Capital yield (average y/y) -6.38% -24.08% -16.87%

Dividend yield 2.16% 3.62% 4.79%

Total yield -4.21% -20.45% -12.08%



32

Petrol (PETG) on the Stock Exchange

– Ratios II.

Petrol comprised 8.4% of the total Market Capitalisation on LJSE/shares and ranked fourth by Market Capitalisation as per 28.5.2012.

36,575 shareholders.

32

2010 2011 3. Jan. - 28. May 2012

Average value of share (EUR) 273 207 172

Highest (EUR) 330 274 198

Lowest (EUR) 236 155 156

Value of share at the end of period (EUR) 272 155 183

Book value (EUR) 201 183 -

P / BV (average share price/book value) 1.36 1.13 -

P / E (average share price/EPS) 14.82 36.79 -

EPS (EUR) 18.41 5.63 -

Average daily trading value (EUR) 72,293 109,157 93,957

Yearly trading value (EUR) 18,145,589 27,289,249 9,301,752

In total trade on LJSE Petrol ranked 4. place 3. place -



33

Appendix: Slovenian Pricing Model Legal basis: Regulation on Oil Product Prices

(Official Gazette RS No. 79/2011); valid until

8.10.2012.

The regulation provides measures and

mechanisms for defining the highest level of

net selling prices.

The conversion of selling prices is carried out

each 14 days (on Mondays) in accordance

with the shown formula.

The established model selling price, valid as

from Tuesday, is based on average

quotations and EUR/USD exchange rate

valid in the past 14-day period.

Margin (M) is fixed and amounts to:

Motor gasoline: 8.530 €cent/litre,

Diesel: 7.998 €cent/litre,

Gasoil 0.1: 5.265 €cent/litre.

Formula for the calculation of net selling prices:

Mrn

eCIFMedH

P

n

iii

t

10001

where it means:

Pt: model price of oil derivative in EUR/l

ρ: density of oil derivative

r: contribution for merchandise reserve in EUR/l

M: profit margin of distributors

i: daily data

t: 14-days interval of current period

n=14

e: 1 USD = x EUR

Cif Med H: exchange quotation of derivative

33



34

Contact Persons

Janez Živko, MBA

Member of the Management Board, CFO

Tel: +386 1 471 4415

Fax: +386 1 471 4660

E-mail: [email protected]

Barbara Jama Živalič, M.Sc.

Head of Risk Management

Tel: +386 1 471 4880

Fax: +386 1 471 4108

E-mail: [email protected]

1. petrol group’s results · 2 contents 1. petrol group’s results 2. strategy 2012 - 2016 3....

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