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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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