COMPANY PRESENTATION January 14, 2016 1
Disclaimer This presentation has been prepared by Corral Petroleum Holdings AB (publ ) and/or its subsidiaries and affiliates (“Corral”). The information contained in this presentation is for information purpos es only. The information contained in this presentation is not intended to be used as the basis for making an investment decision. You are solely responsible for seeking independent professional advice in relation to the information. This presentation is not and does not constitute an offer to sell or the solicitation, invitation or recommendation to purchase any securities in the United States or any other jurisdiction. If offered, any offering of securities would be made solely by means of an offering memorandum published by Corral in connection with such offering (the “Offering Memoran dum ” and, as supplemented through the time of issuance of any securities, the “Final Offering Memorandum”). If securities are offered, any purchase thereof should be made solely on the basis of the information containe d in the Final Offering Memorandum. Securities may not be offered or sold in the United States absent registration under the Securities Act of 1933 (the “Securit ies Act”) or an exemption from registration. This presentation may not be reproduced, disseminated, quoted or referred to, in whole or in part. This presentation speaks as of the date of this presentation. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Neither the shareholders of Corral nor any directors, officers, employees, agents or representatives of Corral, provide, grant or state, any representation, warranty, guarantee, undertaking or obligation, whether express or implied and whether by operation of law or otherwise, regarding or in relation to the completeness or the accuracy of the information contained in this presentation, and they are under no obligation to update or keep current the information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in this presentation are subject to change without notice. No liability whatsoever for any loss, howsoever arising, from any use of this presentation or its contents is accepted by any such person in relation to such information. Certain financial data included in the presentation are “non - IFRS financial measures.” These non -IFRS financial measures may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with International Financial Reporting Standard s (“IFRS”). Although Corral believes these non -IFRS financial measures provide useful information to users in measuring the financial performance and condition of its business, users are cautioned not to place undue reliance on any non-IFRS financial measures and ratios included in this presentation. This presentation contains forward-looking statements. Examples of these forward-looking statements include, but are not limited to statements of plans, objectives or goals and statements of assumptions underlying those statements. Words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “probab ili ty”, “risk” and other similar words are intended to identify forward -looking statements but are not the exclusive means of identifying those statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that such predictions, forecasts, projections and other forward-looking statements will not be achieved. A number of important factors could cause our actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward- looking statements. Past performance of Corral cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this presentation. Corral, its agents and advisors and all of their employees expressly disclaim any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation. No statement in this presentation is intended to be a profit forecast. As such, undue influence should not be placed on any forward-looking statement. By attending this presentation or by reading the presentation slides, you are agreeing to be bound by the foregoing limitations and restrictions and, in particular, will be deemed to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer. 2
Today’s Presenters Management Petter Holland Gunilla Spongh Janet Claesson CEO CFO Treasurer John Oswald Peder Zetterberg Senior Executive Senior Advisor / Advisor outgoing CFO 3
Agenda Current Capital Structure Overview 1 Business Overview & Key Credit Highlights 2 Financial Overview 3 4
SECTION 1 Current Capital Structure Overview 5
Current Capital Structure Current Capital Structure as of September 30, 2015 Preem expects to $m (1) x Adjusted EBITDA (2) sign a new 4.5 year RCF with its Cash (50) (0.1)x relationship banks, RCF 668 1.0x subject to, amongst others, the a TLA 133 0.2x refinancing of the 2017 Corral Notes Other interest bearing liabilities 47 0.1x The RCF is designed Total net debt at Preem 798 1.2x to allow upstream payments to service 586 (3) Existing 2017 Notes 0.9x debt at Corral level Total 3rd party debt 1,384 2.1x 1. USD/SEK exchange rate as of September 30, 2015 of 8.3882 SEK / USD 2. Based on LTM September 2015 Adjusted EBITDA of $651m (5,461 MSEK at actual LTM SEK/USD exchange rate of 8.3882 SEK/USD) 3. $586m in Corral bonds as of January 31, 2016 based on an exchange rate of EUR / USD of 1.09 6
SECTION 2 Business Overview & Key Credit Highlights 7
Preem Snapshot Overview Revenue by segment (LTM Sep-15) • Preem is the largest oil refining, distribution and Marketing 23% marketing company in the Nordic region • LTM Sep 2015 sales revenue and adjusted EBITDA of SEK 70,550m and SEK 5,461m (7.7% margin) • Dominant home market share with excellent access Supply & Refining to high demand locations in North Western Europe 77% EBITDA by segment (LTM Sep-15) • Two technology advanced refineries supported by a Marketing stable and profitable distribution network 15% • Preem is able to produce ultra-low sulphur diesel and gasoline meeting stringent Swedish environmental standards Supply & Refining 85% 8
Preem Snapshot – Key Data LTM September 2015 Segment Supply & Refining Marketing Terminals & Supply Division Lysekil Gothenburg Energy Retail Depots Technical Distribution network 220,000 bpd 125,000 bpd capacity (max throughout all 341 service stations Nelson Complexity: Nelson Complexity: na throughput / major population and 166 truck stops 10.0 7.1 day) centers in Sweden Storage 15mmbbl 12mmbbl 5.6mmbbl na na Capacity 81% Sour Crude 91% Sweet Crude 11% Sweet Crude 23% of Supply & refining output Feedstock Unfinished and na Unfinished and (revenue) (1) blended: 9% blended: 8% 44% Diesel 37% Diesel External 30% Gasoline 27% Gasoline na na na output (2) 20% Fuel Oil 29% Fuel Oil 6% Other 8% Other #1 Swedish Fuel Oil #1 Swedish Diesel Sweden: 35% (3) Customers Market Share Market Share Other (UK, Netherlands, Denmark, etc): 65% (3) (76%) (1) (35%) (1) Note: 1. For the twelve months ending September 30, 2015 2. Based on volume, for the twelve months ended September 30, 2015 3. For the twelve months ending September 30, 2015 9
Key Credit Highlights 1 Technologically advanced refineries 2 Largest oil refiner in the Nordic region with leading market position Ideal refinery locations with direct deep sea access providing crude intake 3 flexibility 4 Integrated marketing business provides stable earnings 5 Market Leading Innovations 6 Supportive Refining Industry Fundamentals 7 Strong management team with an average of ~15 years of industry experience 8 Highly supportive long term shareholder 10
Technologically advanced refineries in Europe 1 Average Net Cash Margin over last 5 years Top Quartile 2nd Quartile 3rd Quartile 4rd Quartile 10 8 Lysekil Gothenburg 6 4 $/bbl 2 0 (2) (4) (6) (8) (10) Technologically Advanced Refinery Assets • Lysekil is the largest oil refinery in the Nordic Region in terms of capacity, a complex, large-scale refinery with a strong market position producing a full range of refined products • Outperform refinery margin benchmarks • Producer of Swedish Environment Class 1 diesel (“MK1”), meeting stringent Swedish environmental standards Source: Wood Mackenzie, Preem net cash margins include surplus heat sales 11
Storage tanks above/below ground Oil tanker Processing unit VLCC crude port Product port Product storage tanks and blending 12
Recommend
More recommend
