Oil Refineries Announces Results For Third Quarter And First Nine Months 2012
The above noted in this release includes forward-looking statements based on Company data, as well as Company plans and estimations based on this data. The activity, results and other data may be substantially different in reality given uncertainty and various risks, including those discussed under risk factors in the Company's financial statements and Director's report
Reported condensed consolidated statements of income without the effect of accounting for the nine month period (USD million)
1-9.2012 1-9.2011
Accounting Adjusted Accounting Adjusted
Revenues 7,298 7,298 7,456 7,456
Cost of sales 7,199 7,174 7,233 7,315
Gross profit 99 124 223 141
Administrative and selling
expenses 119 119 110 110
Operating profit (loss) for
segments (1) (20) 5 113 31
Amortization of excess cost (20) (20) (20) (20)
Operating profit (loss) (40) (15) 93 11
Financing expenses, net (114) (114) (69) (69)
Share in losses of
investees, net (5) (5) (8) (8)
Profit (loss) before taxes
on income (159) (134) 16 (66)
Tax benefits (income tax) 33 27 (17) 4
Net loss (126) (107) (1) (62)
Operating profit (loss) by operating segments for the nine month period (USD million)
1-9.2012 1-9.2011
Accounting Adjusted Accounting Adjusted
Fuels 33 58 48 (34)
Petrochemicals - polymers (44) (44) 40 40
Petrochemicals - aromatics 3 3 35 35
Petrochemicals - oils (4) (4) 10 10
Trade (7) (7) (19) (19)
Adjustments to consolidated (3) (3) (1) (1)
Total consolidated (20) 5 113 31
EBITDA by operating segments for the nine month period (USD million)
1-9.2012 1-9.2011
Accounting Adjusted Accounting Adjusted
Fuels 82 107 85 3
Petrochemicals - polymers (10) (10) 75 75
Petrochemicals - aromatics 9 9 40 40
Petrochemicals - oils (3) (3) 11 11
Trade (7) (7) (19) (19)
Adjustments to consolidated (3) (3) - -
Total consolidated 68 93 192 110
Reported condensed consolidated statements of income after adjusting for accounting effects for the three month period (USD million).
7-9.2012 7-9.2011
Accounting Adjusted Accounting Adjusted
Revenues 2,398 2,398 2,745 2,745
Cost of sales 2,329 2,337 2,717 2,709
Gross profit 69 61 28 36
Administrative and selling
expenses 37 37 33 33
Operating profit (loss) for
segments (1) 32 24 (5) 3
Amortization of excess cost (7) (7) (7) (7)
Operating profit (loss) 25 17 (12) (4)
Financing expenses, net (48) (48) (21) (21)
Share in losses of
investees, net (2) (2) (5) (5)
Loss before income tax (24) (32) (38) (30)
Tax benefits (income tax) 3 5 - (2)
Net loss (21) (27) (38) (32)
Operating profit (loss) by operating segments for the three month period (USD million)
7-9.2012 7-9.2011
Accounting Adjusted Accounting Adjusted
Fuels 24 16 (14) (6)
Petrochemicals - polymers 10 10 (9) (9)
Petrochemicals - aromatics 8 8 23 23
Petrochemicals - oils (1) (1) 3 3
Trade (5) (5) (7) (7)
Adjustments to consolidated (4) (4) (1) (1)
Total consolidated 32 24 (5) 3
EBITDA by operating segments for the three month period (USD million)
7-9.2012 7-9.2011
Accounting Adjusted Accounting Adjusted
Fuels 41 33 (2) 6
Petrochemicals - polymers 21 21 3 3
Petrochemicals - aromatics 10 10 25 25
Petrochemicals - oils (1) (1) 3 3
Trade (5) (5) (7) (7)
Adjustments to consolidated (5) (5) (1) (1)
Total consolidated 61 53 21 29
Condensed Consolidated Interim Statement of Financial Position
USD thousands
September 30, September 30, December 31,
2012 2011 2011
Current assets
Cash and cash equivalents 205,294 10,528 20,465
Deposits 5,271 625 2,666
Trade receivables 822,903 627,340 561,403
Other receivables 111,763 122,780 147,328
Financial derivatives 36,294 77,498 45,958
Investments in financial assets at
fair value through profit or loss -- 104,491 73,680
Inventory 1,013,860 1,176,368 1,083,037
Current tax assets 3,294 1,553 3,528
Total current assets 2,198,679 2,121,183 1,938,065
Non-current assets
Investments in equity-accounted investees 4,935 9,188 4,238
Investments in financial assets at fair
value through other comprehensive income 3,450 7,300 5,460
Loan to Haifa Early Pensions Ltd. 64,968 70,640 69,130
Long term loans and debit balances 59,585 20,953 21,148
Financial derivatives 118,350 172,768 139,687
Employee benefit plan assets, net 5,905 6,297 6,111
Deferred tax assets, net 6,182 327 2,893
Property, plant and equipment 2,376,363 2,215,777 2,245,194
Deferred costs 2,997 12,075 11,267
Intangible assets 54,939 69,924 65,145
Total non-current assets 2,697,674 2,585,249 2,570,273
Total assets 4,896,353 4,706,432 4,508,338
September 30, September 30, December 31,
2012 2011 2011
Current liabilities
Loans and borrowings 965,683 993,206 844,349
Trade payables 1,295,349 734,303 780,458
Other payables 133,198 89,823 73,490
Current tax liability 19,481 23,159 21,663
Financial derivatives 52,891 42,009 42,990
Provisions 18,678 9,633 9,121
Total current liabilities 2,485,280 1,892,133 1,772,071
Non-current liabilities
Bank loans 852,704 784,584 915,359
Debentures 524,449 780,632 665,147
Liabilities for finance lease 8,980 9,335 8,991
Financial derivatives 13,655 15,494 12,198
Employee benefits, net 70,863 70,845 78,413
Deferred tax liabilities, net 16,859 63,653 36,328
Total non-current liabilities 1,487,510 1,724,543 1,716,436
Total liabilities 3,972,790 3,616,676 3,488,507
Capital
Share capital 586,390 586,390 586,390
Share premium 100,242 100,242 100,242
Reserves 131,022 88,835 101,078
Retained earnings 105,909 314,289 232,121
Total capital 923,563 1,089,756 1,019,831
Total liabilities and capital 4,896,353 4,706,432 4,508,338
Condensed Consolidated Interim Statement of Comprehensive Income
USD thousands
Year
Nine months ended Three months ended ended
September September September September December
30, 2012 30, 2011 30, 2012 30, 2011 31, 2011
Revenues 7,298,371 7,456,394 2,398,437 2,745,717 9,561,601
Cost of sales 7,211,308 7,245,871 2,333,464 2,721,329 9,389,677
Gross profit 87,063 210,523 64,973 24,388 171,924
Selling and marketing expenses 81,266 77,959 28,362 27,673 104,493
General and administrative
expenses 46,045 39,384 11,441 8,489 53,534
Operating profit (loss) (40,248) 93,180 25,170 (11,774) 13,897
Financing income 20,261 20,844 8,091 (14,460) 34,574
Financing expenses (134,701) (89,756) (55,766) (6,801) (123,692)
Financing expenses, net (114,440) (68,912) (47,675) (21,261) (89,118)
Company's share in losses
of equity accounted
investees, net of tax,
including impairment losses (4,685) (8,404) (2,139) (4,866) (21,932)
Profit (loss) before taxes
on income (159,373) 15,864 (24,644) (37,901) (97,153)
Tax benefits (income tax) 33,161 (16,981) 3,156 22 20,687
Loss for the period (126,212) (1,117) (21,488) (37,879) (76,466)
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