ZUG, Switzerland, Nov 05, 2009 (BUSINESS WIRE) -- Regulatory News:
Petroplus Holdings AG (SIX: PPHN) today reported an estimated clean net
loss of ($160) million, or ($2.28) per share for the three months ended
September 2009. For the nine months ended September 30, 2009, Petroplus
reported an estimated clean net loss of ($110) million, or ($1.62) per
share.
In accordance with the International Financial Reporting Standards
("IFRS") presentation, Petroplus reported net loss of ($259.4) million,
or ($3.67) per share, for the three months ended September 30, 2009 as
compared to a net loss of ($445.6) million, or ($6.01) per share for the
three months ended September 30, 2008. For the nine months ended
September 30, 2009, Petroplus reported net loss of ($65.7) million, or
($0.94) per share, as compared to net income of $258.3 million, or $3.48
per share for the nine months ended September 30, 2008.
Special items included in the IFRS pre-tax loss for the three months
ended September 30, 2009 are non-cash impairment charges of $125 million
to reduce the book value of the Teesside refinery and the Antwerp
processing facility and finance charges of approximately $12 million
related to the refinancing activities entered into during the quarter.
In addition, the IFRS pre-tax loss includes a benefit of approximately
$10 million related to the impact of using the First-In, First-Out
("FIFO") methodology versus using a more current inventory costing
method.
Slides have been posted on the investor relations page of the website.
The slides include an example of the estimated impact of the net change
in the oil price environment for the third quarter 2009 results. The
slides also include certain 2010 outlook information.
Regarding the results for the third quarter, Karyn F. Ovelmen,
Petroplus's Chief Financial Officer, commented, "The European refining
environment was particularly challenging in the third quarter with
continued depressed refining margins, weaker crude oil differentials,
increased cost of fuel consumed, maintenance activity at our BRC
refinery and the impact of the SPSE pipeline incident on Cressier and
Reichstett refinery contributions. Clean refining and marketing EBITDA
contribution was a loss of approximately $40 million in the third
quarter 2009 as compared to a profit of approximately $135 million in
the second quarter 2009."
Commenting on the balance sheet at quarter end, Ms. Ovelmen said, "On a
pro forma basis, we ended the quarter with approximately $400 million in
available cash, net of short-term borrowings and approximately $1
billion in available credit under our working capital facility. Our
working capital burden was also negatively impacted by the SPSE pipeline
incident as well as from the increase in net hydrocarbon inventory to
meet our off-take requirements heading into the planned turnaround at
our Coryton refinery. The net debt-to-net capitalization ratio at
September 30, 2009 was approximately 38 percent."
Concerning refinery operations, Jean-Paul Vettier, Petroplus's Chief
Executive Officer, said, "Our refineries ran at reduced rates throughout
the quarter reflecting the SPSE pipeline incident, the downtime at the
BRC refinery, as well as the prevailing economic conditions. BRC was
shutdown principally for economic reasons and we opportunistically
extended the downtime to perform additional preventative maintenance.
BRC is currently running consistent with plan. We also took advantage of
the throughput reductions at Cressier and Reichstett due to the SPSE
pipeline incident to perform additional maintenance and moved a majority
of the Reichstett second quarter 2010 turnaround into the fourth quarter
2009. The Cressier refinery is currently running at planned throughput
rates and the Reichstett refinery is expected to be operational at the
beginning of December. The planned major maintenance turnaround at the
Coryton refinery began in the last week of the third quarter and is
expected to be completed in early December. Planned energy savings
initiatives and the major overhaul to the fluid catalytic cracker should
provide for increased reliability and reduced fuel consumed in
operations going forward."
With regard to the Teesside refinery, Mr. Vettier said, "Given the
current unfavorable market environment and capital expenditures required
to maintain refinery operations at Teesside, we have decided to suspend
refinery operations. The site will continue to operate as a terminal and
storage facility."
Throughput rates by refinery for the fourth quarter and full year 2009,
including intermediate feedstocks, should average approximately as
follows: Coryton at 90,000 to 100,000 bpd for the fourth quarter and
145,000 to 155,000 bpd for the year; BRC at 60,000 to 70,000 bpd for the
fourth quarter and 70,000 to 80,000 bpd for the year; Petit Couronne at
110,000 to 120,000 bpd for the fourth quarter and 100,000 to 110,000 bpd
for the year; Ingolstadt at 100,000 to 110,000 bpd for the fourth
quarter and 95,000 to 105,000 bpd for the year; Reichstett at 5,000 to
15,000 bpd for the fourth quarter and 40,000 to 50,000 bpd for the year;
and Cressier at 50,000 to 60,000 bpd for the fourth quarter and for the
year. Throughput rates by refinery for the full year of 2010, including
intermediate feedstocks, should average approximately as follows:
Coryton at 185,000 to 195,000 bpd; BRC at 80,000 to 90,000 bpd; Petit
Couronne at 120,000 to 130,000 bpd; Ingolstadt at 95,000 to 105,000 bpd;
Reichstett at 55,000 to 65,000 bpd; and Cressier at 50,000 to 60,000 bpd.
The company's conference call concerning the quarter results will be
webcast live today, November 5, 2009, at 2:00 p.m. CET on the investor
relations section of the Petroplus Holdings AG website at www.petroplusholdings.com.
The earnings presentation can also be found on the website.
Petroplus Holdings AG is the largest independent refiner and wholesaler
of petroleum products in Europe. Petroplus focuses on refining and
currently owns and operates six refineries across Europe: the Coryton
Refinery on the Thames Estuary in the United Kingdom, the Belgium
Refining Corporation Refinery in Antwerp, Belgium, the Petit Couronne
Refinery in Petit Couronne, France, the Ingolstadt Refinery in
Ingolstadt, Germany, the Reichstett Refinery near Strasbourg, France,
and the Cressier Refinery in the canton of Neuchatel, Switzerland. The
refineries have a combined throughput capacity of approximately 747,000
barrels per day. The company also owns the Teesside facility in
Teesside, United Kingdom.
This press release contains forward-looking statements, including the
company's current expectations with respect to future market conditions,
future operating results, the future performance of its refinery
operations, and other plans. Words such as "expects," "intends,"
"plans," "projects," "believes," "estimates," "may," "will," "should,"
"shall," and similar expressions typically identify such forward-looking
statements. Even though Petroplus believes the expectations reflected in
such forward-looking statements are based on reasonable assumptions, it
can give no assurance that its expectations will be attained.
Petroplus Holdings AG and Subsidiaries
Earnings Release
(in millions of USD, except for per share amounts) For the Nine Months ended September 30, For the Three Months ended September 30,
2009 2008 (1)) 2009 2008
INCOME STATEMENT DATA:
Revenue $ 11,663.7 $ 23,386.7 $ 4,340.0 $ 8,452.3
Materials cost 10,574.1 21,987.0 4,148.6 8,544.9
Gross margin $ 1,089.6 $ 1,399.7 $ 191.4 $ (92.6)
Personnel expenses (1)) 287.7 345.1 108.6 115.8
Operating expenses 385.2 411.2 123.6 170.8
Depreciation, amortization and impairment 341.4 199.4 200.8 69.0
Other administrative expenses 47.4 53.3 14.3 22.8
Operating profit/(loss) $ 27.9 $ 390.7 $ (255.9) $ (471.0)
Financial expense, net (120.2) (109.2) (48.3) (38.5)
Foreign currency exchange gain/(loss) 2.5 9.8 (2.3) 16.8
Share of loss from associates (1.5) - (0.5) -
(Loss)/profit before income taxes $ (91.3) $ 291.3 $ (307.0) $ (492.7)
Income tax benefit/(expense) 25.6 (33.0) 47.6 47.1
Net (loss)/income $ (65.7) $ 258.3 $ (259.4) $ (445.6)
Minority interest $ - $ 0.1 $ - $ -
Net (loss)/income attributable to shareholders of parent $ (65.7) $ 258.2 $ (259.4) $ (445.6)
Net (loss)/income per common share (2)):
Basic
(Loss)/income from continuing operations $ (0.94) $ 3.48 $ (3.67) $ (6.01)
Weighted average shares outstanding (in millions) 69.6 74.1 70.7 74.1
Diluted:
(Loss)/Income from continuing operations $ (0.94) $ 3.31 $ (3.67) $ (6.01)
Weighted average shares outstanding (in millions) 69.6 82.3 70.7 74.1
(1)) The 2008 financials as previously reported have been
adjusted by $21.5 million in accordance with IFRS 2 (revised)
Share -based Payment - Vesting Conditions and Cancellations.
(2) )In relation to the rights offering, the comparative
earnings per share for the nine and three months ended 2008 have
been restated to retroactively reflect the discount provided to
shareholders in the September 2009 rights issue. As the rights issue
was offered at a discount to market value the weighted average
number of shares outstanding for prior periods was adjusted in
accordance with IAS 33 Earnings Per Share. The adjustment resulted
in an increase in the weighted average shares outstanding, both
basic and diluted, in 2008 of approximately 8%.
Petroplus Holdings AG and Subsidiaries
Earnings Release
(in millions of USD) September 30, 2009 December 31, 2008
BALANCE SHEET DATA: (end of period)
Cash and short-term deposits $ 773.1 (1)) $ 209.8
Total assets $ 7,166.4 $ 6,914.9
Total interest-bearing loans and short-term borrowings $ 2,062.4 (2)) $ 1,881.9
Shareholder's equity $ 2,166.0 $ 1,987.6
(1)) Includes approximately $400 million in restricted cash
associated with the issuance on September 17, 2009 of the 9.375%
Senior Notes due 2019, of which approximately $365 million, net was
used for the tender of the 3.375% Convertible Bond due 2013 in
October 2009.
(2)) Includes approximately $385 million in long-term
borrowings from the issuance on September 17, 2009 of the 9.375%
Senior Notes due 2019 and $465 million in short-term debt from the
3.375% Convertible Bond due 2013 which was repaid on October 16,
2009.
SOURCE: Petroplus Holdings AG
Petroplus Holdings AG
Tom Trovato; +41 (0) 58 580 1166
Copyright Business Wire 2009
