RESULTS FOR Q ANALYST TELECONFERENCE
|
|
- Bonnie Rogers
- 6 years ago
- Views:
Transcription
1 RESULTS FOR Q2 217 ANALYST TELECONFERENCE
2 Market 1 2 Operation Financials 3 2
3 Market 1 3
4 4 217 Second Quarter Market Conditions Supply Disruptions Increase in middle distillate demand High import requirements of West Africa & Latin America Healthier economic growth rates in developed countries Refining Environment Increase in global capacity utilization rates Abundance in light & sweet crudes Stock levels were still high Political Instabilities
5 Key Highlights from Q2 Beyond targets net refinery margins $/bbl 8,1 4,1 4, ,7 6,7 8,7 Net Refining Margin Apr May Jun % 116,5 Capacity Utilization Rate rose to 116.5% 14, 12, Capacity Utilization 215 Q2 216 Q2 217 Q2 Mil. $ Strong EBITDA generation 237 EBITDA *Nameplate capacity calculated by standard 33 days of operations. 5
6 5 Months Turkish Consumption (Million tons) Diesel Jet Fuel 217 8, ,6 +5.4% -7,5% 216 8, ,73,,5 1, 1,5 2,, 1,5 3, 4,5 6, 7,5 9, Gasoline Fuel Oil* 217,85 217, % -18.3% 216,84 216,29 Source: EMRA *bunker excluded.,,2,4,6,8 1,,,5,1,15,2,25,3,35 6
7 Crude Price Differentials ($/bbl) 1 Brent Differental Range Ural Differentials ,23-1,46-1,73-1,12 -,96-1, Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Price Differentials Brent Ural Iran Light (KI) Iran Heavy (KI) Kirkuk Arab. Heavy 7
8 Quarterly Product Crack Margins ($/bbl) Diesel Jet Fuel 16 15, ,2 14, , ,5 1,7 11,2 1,8 7,9 9,3 8,9 Q1 Q2 Q3 Q ,5 11,2 1,7 9,9 1,2 9,4 7,3 7,8 7,9 Q1 Q2 Q3 Q4 Gasoline Fuel Oil (3.5%) ,4 18,9 15,2 14,3 13,5 13,3 14,4 13, 12,8 1,9 Q1 Q2 Q3 Q Q1 Q2 Q3 Q4-7, -5,7-9,1-11,6-12, -1,6-12,5-13,2-13,1-15, 8
9 2 Operations 9
10 Production Capacity Utilisation* (%) Quarterly Production Volume (Mil. Tons) , 4,1 14, 12, 4,4 5,2 116,5 7,6 18,9 99,6 96,8 64,9 Crude Oil Other Total ,1 6,6 5,6 7,8 6,9 6,7 Min / Max 27/ ,3 7,4 7,2 7,4 214 Q2 215 Q2 216 Q2 217 Q2 1Q 2Q 3Q 4Q *Nameplate capacity calculated by standard 33 days of operations. 1
11 Tüpraş Sales (Million Tons) Jet Fuel Bitümen Gasoline Diesel Domestic sales of selected products 5,44 5,42 4,64 4,15 4,34 3,89 2,62 2,94 2,75 3,29 3,52 2,8 2,86 2,23 1,83 2,27 2,33 1,66,6,64 1,73,55 1,48,52,57,54 1,8,45,46,63,91 1,16,92,79,39,43,23,27,43,44,29,42,76,86 1,,83,98 1,26 1,23 1,13 1,18 1,5 1,27,91 1,13 1,1 Q1 Q2 Q3 Q4 5,8 6,1 3,59 1,73,44,51 5,12 5,27 2,59 2,87,5,52,9, ,7 1,1 Domestic Export 5,6 1,7 3,6 3,9 6,9 7,2 1,8 2,3 5,1 5, 4,7,9 4,1 7,3 1,9 5,4 Total Sales 7,7 8,1 1,3 1,4 6,4 6,6 6,4 1,5 4,9 7,9 1,2 1,2 6,8 6,9 6,1 1,8 4,3 7,9 7,6 1,7 1,3 6,2 6, Q1 Q2 Q3 Q4 11
12 Opet Station Numbers Opet Sunpet Total Q2 Market positions as of May 217: White Product: 17.9% Black Product: 1.8% 12
13 Financials 3 13
14 Med & Tüpraş Net Margins ($/bbl) ,3,1 2 nd Quarter Tüpraş Net Med Complex 7,5 4,9 5,2 3,2 7, ,8 ($/bbl) ,1,2 First Half Tüpraş Net Margin 6,2 5,4 4, 3,5 Med Margin 8,2 5,4 214 H1 215 H1 216 H1 217 H1 $ / bbl Gross Margin TÜPRAŞ Inventory Effect Clean Gross Margin Clean NET Margin Med Margin 216 Q2 1,57,9 9,67 4,31 3,2 217 Q2 12,14 -,52 12,66 8,33 5, H 9,41,37 9,4 3,66 3, H 12,68 -,3 12,71 8,24 5,41 14
15 Product Price Effect on Tüpraş in Q2 (FOB Italy Prices) Product Price, $/ton Tüpraş Crack Margin, $/bbl Q Product Yield % LPG 356,7 293,6 3,7% -18,1-19,4 Gasoline 52,76 486,65 19,7% 14,3 14,4 Naptha 417,26 379,49 1,8% -2,7-2,7 Jet Fuel 469,95 419,55 18,1% 9,9 7,8 Diesel 45,79 48,16 29,2% 1,7 9,3 Diesel 1 437, ,8% 9, 8, Fuel Oil 1% 297,69 213,86,5% -3,9-12,6 Fuel Oil 3,5% 277,98 198,42 6,% -7, -15, Diğer 26,2 198,76 16,3% -6,7-12,6 Total Crack Margin,$/bbl 97,% 5,67 3,31 Dated Brent Avg. $/Bbl 49,8 45,6 Margin Differences, $/bbl 2,35 Total Raw Materials Charge, mn Barrel 51,9 Total Effect of Product Price, mn $ 122,3 Total Effect of Price Ratio, mn TL 437,7 15
16 Income Statement (In TL) 2Q 2Q % Diff. Million TL 6 M M 217 % Diff Net Sales Gross Profit Operating Expenses Income/Loss from other operations Operating Profit Operating Profit Before Fin. Income/Loss Financial Income Finance Expenses Profit Before Tax & Minorities Net Profit , ,4 124,1 EBITDA *(mn. TL) 1.23, ,4 24,6 376, ,7 359,3 EBITDA* (mn. TL) CCS 766, ,6 29,4 628,5 1.62, 158 EBITDA (mn.tl)-cmb 1.36,6 3.74,5 196,6 316,6 1.86,3 47,6 EBITDA (mn.tl)-cmb- CCS 779,8 2.95,7 278,4 16
17 Income Statement (In USD) 2Q 2Q % Diff. Million USD 6 M M 217 % Diff Net Sales Gross Profit Operating Expenses Income/Loss from other operations Operating Profit Operating Profit Before Fin. Income/Loss Financial Income Finance Expenses Profit Before Tax & Minorities Net Profit ,8 43,9 82, EBITDA *(mn. $) 35,6 857,6 144,6 119,7 483,3 33,6 EBITDA* (mn. $) CCS 256, 826,9 223, 216,6 451,8 18,6 EBITDA (mn.$)-cmb 355,1 845,8 138,2 99,5 54,2 46,7 EBITDA (mn.$)-cmb- CCS 26,5 815, 212,9 17
18 _R Q H 214 9M Q1 215 Q M Q H 216 9M Q1 217Q2,4,11,16,24,22,26,3 551,32, ,45,55 Financial Highlights (mn $) EBITDA Net Income Net Debt Return on Average Equity 3. 2.,6,5 1.,4, ,2,1, Q H 216 9M Q1217Q2 18
19 Balance Sheet Analysis 3,22 3,1 3,28 3,4 2,46 1,74 1,7 1,59 1,36 1,23 1,69 1,98 2,2 2,62 2, ,72 1,69 1,3 Cash & Equivalents (Billion $) 1,64 1,68 1,21 1,4 1,4,82 1,64 1,59 2,45 2,2 1,72 1,58 1,6 1,2,8,4,,93,71,52,51 Receivables (Billion $),9,2,66 1,7,88,7 1,9 1,15,91,91,75 Financial Loans (Billion $) Payables (Billion $) ,1,5 3,7 3,2 3,2 3,3 3,7 3,9 4, 4,2 3,6 3,6 3,4,9,3,3,3,4,5,6 1, 1,2 1,1 3,45 3,57 3,3,6,56,63 1, ,6 2,8 2,9 2,9 3, 3,3 3,1 3, 2,8 2,9 2,8 3,1 2,892,95 2,1 1 1 LT Loans ST Loans 19
20 Tüpraş Balance Sheet Million USD Difference % Difference Current Assets Cash & C. Equivalents Receivables Derivatives Inventories Pre-paid expenses Other Current Assets Long Term Assets Financial Assets & Subsidiaries Fixed Assets Derivatives Pre-paid expenses Deferred Tax Other Long Term Assets Total Assets Short Term Liabilities Financial Loans Payables Derivatives Deferred Incomes Provisions Other ST Liabilities Long Term Liabilities Financial Loans Payables & Provisions Derivatives Other LT Liabilities 2 2 Equity Minority Interests Total Liabilities
21 FX Risk Exposure (3 June 217) Consolidated Assets Consolidated Liabilities Million $ Cash 541 Receivables & other assets 2 Stock Forward & CFH 2,142 Payables 932 ST Financials 1.75 RUP 35 Eurobond 7 LT Financials: 1,797 RUP Loans: 1,111 Other credits million $ *Cash flow hedge accounting : 1,329 mn $ 21
22 217 Expectations vs First Half Results ,7 55,1 51,6 Crude Oil Price 52,53 5,42 46,52 17'1 17'2 17'3 17'4 17'5 17'6 17'7 17'8 17'9 17'1 17'11 17' ,7 81,9 84,1 74,9 CDU 14 11,3 111,6 99, ,5 11,516,4 12,5 15,3 111,5 14'Q1 14'Q2 14'Q3 14'Q4 15'Q1 15'Q2 15'Q3 15'Q4 16'Q1 16'Q2 16'Q3 16'Q4 17'Q1 17'Q The average Brent price in 217 is expected to be 55 $/bbl In H1, the average was 49,8 $/bbl Expected Capacity Utilisation in above 1 % In H1, 111,5% capacity utilisation was achieved. Tupras Net Refinery Margin Med Margin Mil. $ 4 Tüpraş Ditaş 1, 8, 8,7 8,2 3 6, 4, 2,, 5, 5,4 17 Q1 17 Q2 17 Q3 17 Q , ,8 76, H1 Net Tüpraş refinery margin for H1: 8,2 $/bbl (Target is $/bbl) Planned investments for Million dollars
23 23 Future Expectations Brent Price Estimation Med Complex Margin Tüpraş Net Margin Capacity Utilisation Investment The average Brent price in 217 is expected to be 5-55 dollars per barrel. We expect Med Complex margins to be between dollars per barrel band in 217. Net Tüpraş refinery margin is expected to be in the region of dollars per barrel Expectations for 217; Full Capacity Utilization Production: approximately 29.2 million tons Imports of finished products will be minimal, as we focus on selling increased volumes of production Total sales: 3.6 million tons Refining investments is expected to be 225 Million dollars. Additionally, 125 million dollars investment is planned for increasing the marine tanker fleet capacity.
24 Disclaimer This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially. Neither Tüpraş nor any of its directors, managers or employees nor any other person shall have any liability whatsoever for any loss arising from use of this presentation. 24
25 Extras 25
26 2Q Product Yields Coke 3% Other 5% Fuel Oil 5% Other 5,4% Bitumen 13% Black Prod. 2,7% Light Distil. 22,5% Gasoline 21% Naphtha 2% ASRFO+Vac % Bitumen 12% Coke 3% Other 6% Fuel Oil 7% Other 6,2% Black Prod. 21,4% Light Distil. 21,3% Gasoline 2% Naphtha 1% Mid. Distil. 51,4% Jet 19% Mid. Distil. 51,1% Jet 17% ULSD 32% ULSD 34% White Product %78,2 Production : 6,7 mn tons API: 3,83 % -,86 White Product %77,34 Production : 7,8 mn tons API: 3,37 26
27 6M Product Yields Coke 2% ASRFO+Vac 1% Other 6% Fuel Oil 1% Other 5,7% Bitumen 11% Black Prod. 23,4% Mid. Distil. 48,4% Light Distil. 22,5% Gasoline 21% Naphtha 1% Jet 17%,1-2,2 Coke 3% Other 6% ASRFO+Vac % Fuel Oil 9% Other 5,8% Bitumen 9% Black Prod. 21,2% Mid. Distil. 51,4% Light Distil. 21,6% Gasoline 21% -,9 Naphtha 1% Jet 16% ULSD 31% White Product %75,59 Production : 13,34 mn tons API: 3,99 % +3 ULSD 35% 3 White Product %77,64 Production : 14,88 mn tons API: 3,71 27
28 Production (million tons) ,5 1,6 1, 3,1 1,8 1,3 3,8 3,8 2,3 2,5 1,6 1,3 Middle Distillate Jet Diesel 3, 2, 3,4 3,7 3,9 2,1 3,6 2,4 2,8 2,5 4, 2,7 1, 1,3 1,3 1, 1,1 1,3 2, 1,5 1,,5 1,3 1,2 1,4 1,6 1,6 1,3 Light Distillate Gasoline Naphtha 1,5 1,5 1,5 1,5 1,6 1,6 1,5 1,4 1,4 1,7 1,5 1,5 1,5 1,5 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17, Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 2, 1,5 1,,5, 1,4,4 1, 1,9,7 1,1 Black Product Fuel Oil Bitumen Coke 1,5,2,9,3 1,6,2,8,5 1,7,1,6 1, 1,4 1,5 1,6 1,5,2,2,2,2,8 1, 1,,4,3,4,4,9 1,7 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17,2,9,5 34,5 33,5 32,5 31,5 3,5 29,5 28,5 27,5 Crude Oil API ,1 32,2 31,1 31,1 3,8 3,4 3,3 3,5 3,3 3,1 Q 1 Q 2 Q 3 Q 4 28
29 Product Yields 8% Middle Distillate 6% 4% 27% 34% 2% 17% 17% % Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jet Diesel 3% 25% 2% 1% 26% 27% 7% 1% Black Product 26% 21% 21% 1% 21% 22% 21% 21% 21% 3% 3% 9% 3% 3% 3% 3% 3% 3% 25% 2% Light Distillate 23% 21% 21% 22% 22% 23% 22% 21% 22% 21% 15% 1% 5% % 5% 13% 11% 13% 14% 13% 12% 18% 17% 15% 12% 5% 7% 5% 5% 5% 7% Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q % 1% 5% % 22% 2% 2% 21% 22% 21% 21% 2% 21% 2% Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Fuel Oil Asphalt Coke Gasoline Naphtha 29
30 Product Yields 6% 5% 46% 46% Middle Distillate 53% 52% 51% 52% 53% 52% 51% 45% 25% 2% 23% Light Distillate 21% 21% 22% 23% 22% 22% 22% 22% 2% 4% 3% 2% 28% 27% 31% 35% 3% 32% 34% 39% 36% 34% 15% 1% 22% 2% 2% 21% 22% 21% 21% 2% 21% 2% 1% 18% 19% 21% 18% 16% 19% 18% 14% 16% 17% 5% % Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Jet Diesel % Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Gasoline Naphtha 3% 25% 2% 27% 26% 1% 7% 1% Black Product 26% 1% 21% 21% 21% 22% 21% 21% 21% 3% 3% 9% 3% 3% 3% 3% 3% 34,5 33,5 32,5 33,1 32,2 Crude Oil API % 1% 5% % 5% 13% 11% 13% 14% 13% 12% 18% 17% 15% 12% 5% 7% 5% 5% 5% 7% Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Fuel Oil Asphalt Coke 31,5 3,5 29,5 28,5 27,5 31,1 31,1 3,8 3,4 3,5 3,3 3,3 3,1 Q 1 Q 2 Q 3 Q 4 3
31 Inventory Effect* Analysis $ million Crude Product Total Crude Product Total 1st Quarter -9-13,4-22,4 26,9 56,2 83,2 2nd Quarter 46,9 7,1 117, -3,5-21,9-52,4 Apr 7,2 16,6 23,8 1,4 4,8 6,1 May 26,3 43,3 69,6-9,8-7,4-17,2 June 13,4 1,2 23,6-22,1-19,3-41,4 6 Months 37,9 56,7 94,6-3,6 34,3 3,8 *FX effect Included, hedging excluded 31
32 32 Oil Price & Exchange Rate for Q2 6 Brent Crude Price ($/bbl) USD/TL 3, Q2 USD/TL: 2,89 Brent: 45,6 $/bbl 3,82 3,77 3,72 3,67 3,62 3,57 3,52 3, Q2 USD/TRY: 3,58 Brent: 49,6 $/bbl 3,42 3,37 3,32 3,27 3,22 3,17 3,12 3,7 3,2 2,97 2,92 2,87 2,82 2,77
33 Financial Highlights Million TL Cash Cash Equivalent 3.663, ,4 3.27,5 6.5,7 4.6,3 5.54, Total Financial Debt 6.522, 7.755, 9.919, , , ,7 Net Debt 2.858, , ,9 6.83, , ,6 EBITDA(Rolling) 1.66,1 739, , , ,6 5.49,2 Net Debt /EBITDA. 2,68 5,22 1,81 1,79 2,5 1,7 33
34 Profitability Indicators, nd Q 6M (%) (%) 45,57 49,83 9 Dtd.Brent Price, ($/bbl) 39,73 51,81 3,4 3,83 3,37-1,5 Processed Crude API 3,98 3,71 -,87 78,2 77,34 -,9 White Product Yield, (%) 75,59 77,64 2,5 3,2 5,81 81,6 Med. Complex Margin,($/bbl) 3,52 5,41 53,7 5,21 7,8 49,7 Tüpraş Net Margin,($/bbl) 4,3 8,21 13,7 169,7 412, 143 Operating Profit, (mn. $) 262,6 767,5 192,2 189,9 391,2 15,9 Operating Profit for EBITDA, (mn. $) 258,1 779,3 21,9 216,6 451,8 18,6 EBITDA (mn.$)-cmb 355,1 845,8 138,2 99,5 54,2 46,7 EBITDA (mn.$)-cmb- CCS 26,5 815, 212,9 236,8 43,9 82, EBITDA *(mn. $) 35,6 857,6 144,6 119,7 483,3 33,6 EBITDA* (mn. $) CCS 256, 826,9 223, * In our EBITDA calculation, FX related items are not included, whereas CMB calculation method includes these in operationg profit 34
35 1H Trading Activities Finished Products High Sulfur Diesel import was increased, and ULSD imports were decreased due to RUP working with fully capacity. Intermediates HVGO + LCGO imports increased for the conversion units. Product Imports, Ton* Intermediate Imports, Ton* H 216 1H HVGO + LCGO 1H 216 1H 217 ASR F.Oil 35
RESULTS FOR Q ANALYST TELECONFERENCE
RESULTS FOR Q3 217 ANALYST TELECONFERENCE Market 1 2 Operation Financials 3 Market 1 217 Third Quarter Market Conditions Fires & Strikes in Europe Harsh Hurricane Season in United States Increase in Global
More information(TÜPRAŞ) THE CONSOLIDATED INCOME STATEMENT
Turkish Petroleum Refineries Corporation (TÜPRAŞ) THE CONSOLIDATED INCOME STATEMENT In accordance with Capital Market Board Regulations Unaudited Income Statement Unaudited Income Statement (1000 TL) (1000
More information(TÜPRAŞ) THE CONSOLIDATED INCOME STATEMENT
Turkish Petroleum Refineries Corporation (TÜPRAŞ) THE CONSOLIDATED INCOME STATEMENT In accordance with Capital Market Board Regulations Audited Income Statement Audited Income Statement (1000 TL) (1000
More informationLOTOS Group 2Q 2015 consolidated financial results
LOTOS Group 2Q 2015 consolidated financial results August 11th, 2015 1 Key highlights 3-4 2 EFRA Programme milestones 5-9 3 External environment 10-13 4 Upstream 14-17 5 Downstream 18-22 6 Consolidated
More information2017 1Q Results. May 2017
217 1Q Results May 217 Agenda 1. Financials 2. Market Fundamental 3. Industry Outlook 4. Plant Operation 5.Expansion 2 Financial Status (Unit: NTD Million) 4Q16 1Q17 QoQ 1Q16 YoY Revenues 152,287 164,486
More informationKoç Holding 9M17 Earnings Presentation
Koç Holding Earnings Presentation 9 November 2017 Energy Sales Volume, Domestic Market (mn tons) +8% Aygaz (mn tons) 1,595 Sales Volume Ranking: #1 +3% 1,640 697 764 Energy Segment Combined Operating Profit
More informationBAZAN Group Oil Refineries Ltd. Second Quarter 2013 Results. August 2013
BAZAN Group Oil Refineries Ltd. Second Quarter 2013 Results August 2013 1 Disclaimer This presentation has been prepared by Oil Refineries Ltd. (the "Company") as a general presentation of the Company
More informationCapital Markets presentation
Capital Markets presentation 13.11.2018 The information included in the presentation and any other information communicated by the Company while the presentation is being given (all such information as
More informationLOTOS Group Q3 Consolidated Financial results
LOTOS Group Q3 Consolidated Financial results 29 October 2014 Disclaimer Not for release, publication or distribution, directly or indirectly, in or into the United States of America, Australia, Canada
More informationCorral Q May 2017
Corral Q1 2017 May 2017 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
More information2016 1Q Results. May 2016
216 1Q Results May 216 Agenda 1. Financials 2. Refinery Division 3. Olefins Division 4. Plant Operation 5.Expansion 2 Financial Status (NTD) Category Units 2154Q 2161Q QoQ 2151Q YoY Revenue Mn 15,296 124,471-17%
More informationBAZAN Group Oil Refineries Ltd Results
BAZAN Group Oil Refineries Ltd. 213 Results March 214 1 Disclaimer This presentation has been prepared by Oil Refineries Ltd. (the "Company") as a general presentation of the Company and its financial
More informationBAZAN Group Oil Refineries Ltd. First Nine Months and Q Results. November 2012
BAZAN Group Oil Refineries Ltd. First Nine Months and Q3 2012 Results November 2012 2 Disclaimer This presentation has been prepared by Oil Refineries Ltd. (the "Company") as a general presentation of
More informationKoç Holding 9M18 Earnings Presentation
Koç Holding Earnings Presentation 8 November 2018 Strong Positioning via Diversified Structure Consolidated Net Income (TL mn) Dividend Income (TL mn) 3,832 3,827 2,484 1,228 1,291 Sustainable performance
More informationConsolidated Financial Results Q (IFRS)
Consolidated Financial Results of the LOTOS Group Q4 2008 (IFRS) Paweł Olechnowicz President of the Management Board March, 2 nd 2009 Agenda Financial Results in Q4 2008 Summary Major Events Operational
More informationSARAS Second Quarter and First Half 2014 results
SARAS Second Quarter and First Half 2014 results 8 th August 2014 8 August 2014 Saras SpA 1 AGENDA Highlights Segments Review Financials Outlook & Strategy Additional Information DISCLAIMER Certain statements
More informationTipco Asphalt Public Company Limited (TASCO)
Tipco Asphalt Public Company Limited (TASCO) 3-2018 Analyst meeting 16 th August 2018 Disclaimer This presentation material has been prepared solely for informational purposes only. TASCO is furnishing
More informationCorral Q August 2017
Corral Q2 2017 August 2017 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
More information4Q 2014 Analyst Presentation
March 5, 2015 4Q 2014 Analyst Presentation This presentation includes forward-looking statements. Actual future conditions (including economic conditions, energy demand, and energy supply) could differ
More informationKoç Holding 9M15 Earnings Presentation
Koç Holding Earnings Presentation 9 November 2015 Operating Environment www.koc.com.tr 2 02.01.12 12.03.12 21.05.12 30.07.12 08.10.12 17.12.12 25.02.13 06.05.13 15.07.13 23.09.13 02.12.13 10.02.14 21.04.14
More informationErdemir Group 2011 First Quarter Consolidated Financial Results. 06 May 2011
Erdemir Group 2011 First Quarter Consolidated Financial Results 06 May 2011 2 / 26 DISCLAIMER Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements about
More information2013 3Q Results Presentation. Athens, 14 November 2013
2013 3Q Results Presentation Athens, 14 November 2013 CONTENTS Executive Summary Industry Environment Group Results Overview Segmental Performance Financial Results Q&A 1 3Q 2013 GROUP KEY FINANCIALS FY
More information2Q/2011 Analyst Meeting. August 9, 2011 Synergy Hall
2Q/2011 Analyst Meeting August 9, 2011 Synergy Hall 1 Agenda Key Highlights 2Q/11 Financial Results Market Outlook This presentation has be prepared by PTT Aromatics and Refining Public Company Limited
More informationGRUPA LOTOS MANAGEMENT S DISCUSSION AND ANALYSIS OF Q CONSOLIDATED FINANCIAL RESULTS
This is the translated version of a document originally issued in Polish GRUPA LOTOS MANAGEMENT S DISCUSSION AND ANALYSIS OF Q1 2015 CONSOLIDATED FINANCIAL RESULTS GRUPA LOTOS S.A. ISIN Stock Exchange
More informationTupras Keep Your Optimism
TURKEY OIL AND GAS AUGUST, 217 Tupras Common TUPRS TI Recommendation BUY Last price TRY11 Target price (from TRY19) TRY13 Upside 1% Free float 9% Market cap $,7 mln ADT, 1 days $25.2 mln Prices as of August,
More informationTHE LOTOS GROUP. Contents MANAGEMENT S DISCUSSION AND ANALYSIS OF THE FINANCIAL PERFORMANCE IN Q3 2011
THE LOTOS GROUP MANAGEMENT S DISCUSSION AND ANALYSIS OF THE FINANCIAL PERFORMANCE IN This is a translation of a document originally issued in Polish. Contents 1 Market environment... 2 2 Upstream segment...
More information4Q 2016 Earnings Release
SK innovation 4Q 2016 Earnings Release 2017. 2. 3 Disclaimer This presentation contains forward-looking statements with respect to financial conditions, results of operations and business of SK Innovation,
More informationCORRAL PETROLEUM HOLDINGS AB Q November
CORRAL PETROLEUM HOLDINGS AB Q3 2018 November 28 2018 Presenters Petter Holland CEO Peder Zetterberg CFO (acting) 2 Disclaimer This presentation has been prepared by Corral Petroleum Holdings AB (publ)
More informationInvestor Presentation
Investor Presentation March 2013 Forward-Looking Statements All statements contained in or made in connection with this presentation that are not statements of historical fact are forward-looking statements
More informationArçelik Financial Results
Arçelik 2015 Financial Results 4Q15 developments Key developments Strong growth in international sales, both organic and FX related Record breaking monthly international sales in October and November Good
More informationCondensed Consolidated Interim Financial Statements as of September 30, 2017
Bazan Ltd. Condensed Consolidated Interim Financial Statements as of September 30, 2017 (Unaudited) A-1 Bazan Ltd. Contents Chapter A: Directors Report on the State of the Company s Affairs A-1 Page Description
More informationCONTINUING OBTAINING EXCELLENT RESULTS
CONTINUING OBTAINING EXCELLENT RESULTS Rompetrol Rafinare (symbols, Bucharest Stock Exchange: RRC, Reuters: ROMP.BX) has released today its 2005 second quarter and first half financial and operational
More informationCondensed Consolidated Interim Financial Statements as at September 30, 2018
Condensed Consolidated Interim Financial Statements as at 30, 2018 (Unaudited) Contents Chapter A: Directors Report on the State of the Company s Affairs A-1 Description of the Business of the Company
More informationQ3 Investor Call. September 2016
Q3 Investor Call September 2016 Disclaimer This presentation has been prepared by Corral Petroleum Holdings AB (publ) and/or its subsidiaries and affiliates ( Corral ). The information contained in this
More informationMonths Consolidated Results. 25 April 2016
1 25.04.2016 2016 3 Months Consolidated Results 25 April 2016 2 25.04.2016 DISCLAMIER Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements about forward-looking
More informationFIRST QUARTER June 4, 2018
FIRST QUARTER 2018 June 4, 2018 Presenters Petter Holland CEO Gunilla Spongh CFO 2 Disclaimer This presentation has been prepared by Corral Petroleum Holdings AB (publ) and/or its subsidiaries and affiliates
More informationSupporting Material for First Quarter Results April 2010
1 Supporting Material for First Quarter Results April Notes This document contains forward-looking statements concerning the results of operations and businesses of Showa Shell Sekiyu K.K.. Forward-looking
More informationThai Oil Public Company Limited
-1- Thai Oil Public Company Limited Q1/2016 Financial Result Conference Call 9-10 May 2016 For Thai Analysts & Investors: : +66 2 104 6000 / pin code 583480# (9 May @ 6.00 PM) For Foreign Analyst & Investors:
More informationMonths Consolidated Results. 28 April 2015
1 28.04.2015 2015 3 Months Consolidated Results 28 April 2015 2 28.04.2015 DISCLAMIER Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements about forward-looking
More information1 6 A u g u s t Q RESULTS TELECONFERENCE
1 6 A u g u s t 2 0 1 7 Q2 2017 RESULTS TELECONFERENCE SAFE HARBOR STATEMENT Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current
More informationMANAGEMENT S DISCUSSION AND ANALYSIS OF Q CONSOLIDATED FINANCIAL RESULTS
MANAGEMENT S DISCUSSION AND ANALYSIS OF Q4 2014 CONSOLIDATED FINANCIAL RESULTS GRUPA LOTOS S.A. ISIN Stock Exchange Thomson Reuters Bloomberg PLLOTOS00025 LTS LTSP.WA LTS PW 1 Market environment... 3 2
More informationFirst Quarter 2007 Results. Lisbon, 17 May 2007
Lisbon, 17 May 2007 Disclaimer Matters discussed in this presentation may constitute forward-looking statements. Forwardlooking statements are statements other than in respect of historical facts. The
More informationErdemir Group 2009 Consolidated Financial Results
Erdemir Group 2009 Consolidated Financial Results 22 February 2010 1 /28 DISCLAIMER Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements about forward-looking
More informationSupporting Material for the FY2017 Results. 14 th February 2018 Showa Shell Sekiyu K.K
1 Supporting Material for the FY Results 14 th February 218 Showa Shell Sekiyu K.K Notes 2 This document contains forward-looking statements concerning the results of operations and businesses of Showa
More information1Q 2017 IFRS Financial Results May 31, 2017
Always moving forward 1Q 2017 IFRS Financial Results May 31, 2017 Forward-Looking Statements Certain statements in this presentation are not historical facts and are forward-looking. Examples of such forwardlooking
More informationErdemir Group Months Consolidated Financial Results. 11 November 2013
Erdemir Group 2013 9 Months Consolidated Financial Results 11 November 2013 2 / 32 DISCLAIMER Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements about
More informationShai Even Senior Vice President & Chief Financial Officer Citi One-on-One MLP/Midstream Infrastructure Conference - August 2014
Shai Even Senior Vice President & Chief Financial Officer Citi One-on-One MLP/Midstream Infrastructure Conference - August 2014 Forward-Looking Statements All statements contained in or made in connection
More informationPricing of Canadian Oil Sands Blends
Pricing of Canadian Oil Sands Blends Presented to: Edmonton CFA Society Investing In Alberta s Oil Sands Conference Edmonton, Alberta June 8, 2006 Steve Fekete Senior Principal Calgary, Alberta 403-266-7086
More informationMarketability of Oil Sands Products in Asian Countries
Marketability of Oil Sands Products in Asian Countries Presentation to HUTF June 20, 2007 Duke du Plessis, Alberta Energy Research Institute (AERI) Nancy Wu, Alberta Employment, Immigration and Industry
More informationArçelik Month Financial Results
Arçelik 2016 12-Month Financial Results 2016 Q4 Key Developments 2 Strong sales in domestic MDA market both in sell-in and sell-out Slowing growth in European MDA market at retail level First signs of
More informationPiotr Kownacki, CEO Jerzy Pazura, Planning and Controlling Executive Director August 13 th 2007
Consolidated financial results of PKN ORLEN Q2 27 (IFRS) Piotr Kownacki, CEO Jerzy Pazura, Planning and Controlling Executive Director August 13 th 27 1 Agenda Financial results in Q2 7 Analysis of results
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationTHE LOTOS GROUP. Contents MANAGEMENT S DISCUSSION AND ANALYSIS OF THE FINANCIAL PERFORMANCE IN Q4 2010
THE LOTOS GROUP MANAGEMENT S DISCUSSION AND ANALYSIS OF THE FINANCIAL PERFORMANCE IN (This is a translation of a document originally issued in Polish) Contents 1 Market Environment... 2 2 Upstream Segment...
More informationDevelopment of Economy and Financial Markets of Kazakhstan
Development of Economy and Financial Markets of Kazakhstan National Bank of Kazakhstan Macroeconomic development GDP, real growth, % 116 112 18 14 1 113,5 11,7 216,7223,8226,5 19,8 19,8 19,3 19,619,7 199,
More informationThai Oil Public Company Limited
-1- Thai Oil Public Company Limited Q2/2014 Financial Result Conference Call 7 & 8 Aug 2014 For Thai Analysts & Investors: : +66 2 104 6000 / pin code 341486 # (7 Aug @ 7.00 PM) For Foreigner Investors:
More information1 6 M a y Q RESULTS TELECONFERENCE
1 6 M a y 2 0 1 7 Q1 2017 RESULTS TELECONFERENCE SAFE HARBOR STATEMENT Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views
More informationPBF Energy June 2018
PBF Energy June 2018 1 Safe Harbor Statements This presentation contains forward-looking statements made by PBF Energy Inc. ( PBF Energy ), the indirect parent of PBF Logistics LP ( PBFX, or Partnership,
More informationErdemir Group Months Consolidated Financial Results
1 / 35 Erdemir Group 2014 9 Months Consolidated Financial Results 28 October 2014 2 / 35 DISCLAIMER Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements
More informationErdemir Group Months Consolidated Financial Results
1 / 35 Erdemir Group 2014 6 Months Consolidated Financial Results 12 August 2014 2 / 35 DISCLAIMER Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements
More informationKoç Holding 1H17 Earnings Webcast Transcript
Koç Holding Participants: Gülsevin Tunçay, IR Coordinator Gizem Bodur, Investor Relations Manager Fatih Sertdemir, Finance Coordinator Gizem Bodur: Good afternoon ladies and gentlemen. Welcome and thank
More informationIntroduction to Fuel Hedging. 23 rd April 2010
Introduction to Fuel Hedging 23 rd April 2010 1 NAB Commodity Risk Management National Australia Bank & YB/CB is at the forefront of helping our global banking clients manage the impact of commodity prices
More informationVol. 5 : August Forward to Complex Refinery. The Bangchak Petroleum Public Company Limited
Vol. 5 : August 2008 Forward to Complex Refinery The Bangchak Petroleum Public Company Limited Contents Editor s Note 2 Oil Price Situation 2Q 08 3 2Q 08 Performance Summary Product Quality Improvement
More informationCONCORDIA MARITIME AB (PUBL) Capital Link London Conference October 2015
CONCORDIA MARITIME AB (PUBL) Capital Link London Conference October 2015 Kim Ullman, CEO Ola Helgesson, CFO Vision and business concept Concordia Maritime is an international shipping company Founded
More information8 M a r c h FY 2017 RESULTS TELECONFERENCE
8 M a r c h 2 0 1 8 FY 2017 RESULTS TELECONFERENCE SAFE HARBOR STATEMENT Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views
More informationDevelopment Fund for Iraq
IAMB & COFE Meeting May 1213, 2008 Summary Audit Results December 31, 2007 Content Scope of work and deliverables Entities covered Financial statement Outstanding data Key issues Internal control material
More informationINDIAN OIL CORPORATION LIMITED RESEARCH
RESULTS REVIEW Indian Oil Corporation Ltd. Hold Share Data Market Cap Rs. 439.99 bn Price Rs. 369.0 BSE Sensex 15,185.32 Reuters Bloomberg Avg. Volume (52 Week) IOC.BO IOCL IN 0.19 mn 52-Week High/Low
More informationPHOENIX ENERGY MARKETING CONSULTANTS INC. HISTORICAL NATURAL GAS & CRUDE OIL PRICES UPDATED TO July, 2018
Jan-01 $12.9112 $10.4754 $9.7870 $1.5032 $29.2595 $275.39 $43.78 $159.32 $25.33 Feb-01 $10.4670 $7.8378 $6.9397 $1.5218 $29.6447 $279.78 $44.48 $165.68 $26.34 Mar-01 $7.6303 $7.3271 $5.0903 $1.5585 $27.2714
More informationInvestor Presentation April 2012
Investor Presentation April 2012 Safe Harbor Provision Delek US Holdings is traded on the New York Stock Exchange in the United States under the symbol DK and, as such, is governed by the rules and regulations
More informationPBF Energy January 2019
PBF Energy January 2019 1 Safe Harbor Statements This presentation contains forward-looking statements made by PBF Energy Inc. ( PBF Energy ), the indirect parent of PBF Logistics LP ( PBFX, or Partnership,
More informationUNIPETROL 4Q 2013 FINANCIAL RESULTS
UNIPETROL 4Q 2013 FINANCIAL RESULTS Marek Świtajewski, CEO Mirosław Kastelik, CFO Prague, Czech Republic AGENDA Key highlights of 4Q 2013 Macro environment Financial results Segment results CAPEX, cash
More informationFUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE"
FUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE" Sep-18 FUEL PRICE RISK MANAGEMENT POLICY REPORT Sep-18 (Office of Management and Budget 09/30/2018) The Fuel Price Risk Management Policy approved
More informationFUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE"
FUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE" December 2018 FUEL PRICE RISK MANAGEMENT POLICY REPORT December 2018 The Fuel Price Risk Management Policy approved by the Board on February 16, 2006
More informationKoç Holding 1Q16 Earnings Presentation
Koç Holding Earnings Presentation 6 May 2016 Operating Environment www.koc.com.tr 2 02.01.14 14.03.14 24.05.14 03.08.14 13.10.14 23.12.14 04.03.15 14.05.15 24.07.15 03.10.15 13.12.15 22.02.16 03.05.16
More informationDriven to Create Value
Driven to Create Value Bank of America Refining Conference March 2016 2015 Corporation. All Rights Reserved. Forward Looking Statements This Presentation includes forward-looking statements within the
More informationPBF Energy March 2018
PBF Energy March 2018 1 Safe Harbor Statements This presentation contains forward-looking statements made by PBF Energy Inc. ( PBF Energy ), the indirect parent of PBF Logistics LP ( PBFX, or Partnership,
More informationPreliminary Results Second Quarter July 26, 2013
Preliminary Results Second Quarter 2013 July 26, 2013 1 Forward-Looking Statement and Cautionary Note (1/2) Variations If no further specification is included, changes are made against the same period
More informationAsphalt Supply 101. David C. Punnett Manager Business Development Asphalt and Fuel Supply, LLC
Asphalt Supply 101 David C. Punnett Manager Business Development Asphalt and Fuel Supply, LLC Always Consider Your Surroundings Always Consider Your Surroundings, The Sequel Gluts and disconnects Glut
More informationKoç Holding 9M18 Earnings Webcast Transcript
Intro: Welcome and thank you for joining us this evening. This is Gizem, IR Manager of Koç Holding. I have here with me Gülsevin, our IR Coordinator and Fatih, our Finance Coordinator with me to go over
More informationDelek US Holdings Reports Second Quarter 2018 Results
Delek US Holdings Reports Second Quarter 2018 Results August 7, 2018 Positioned to benefit from significant current Midland-Cushing discount with 207,000 bpd of Permian Basin crude oil access Reported
More informationHalf-year results Matti Lievonen, President & CEO 3 August 2017
Half-year results 2017 Matti Lievonen, President & CEO 3 August 2017 Agenda 1. Q2/17 Group financials 2. January-June 2017 review 3. Q2/17 Segment reviews 4. Current topics 5. Appendix 2 Disclaimer The
More informationFinancial Statements Matti Lievonen, President & CEO 7 February 2018
Financial Statements 2017 Matti Lievonen, President & CEO 7 February 2018 Agenda 1. Year 2017 2. Group financials 2017 3. Segment reviews 4. Current topics 5. Appendix 2 Disclaimer The following information
More informationMANAGEMENT S DISCUSSION AND ANALYSIS OF Q CONSOLIDATED FINANCIAL RESULTS
MANAGEMENT S DISCUSSION AND ANALYSIS OF Q1 2014 CONSOLIDATED FINANCIAL RESULTS GRUPA LOTOS S.A. ISIN Warsaw Stock Exchange Thomson Reuters Bloomberg PLLOTOS00025 LTS LTOS.WA LTS PW Contents 1 Market environment...
More informationTupras. Robust operational footing to be sustained. COMPANY UPDATE (Transfer of Coverage) TURKEY / Oil & Gas 25 September Equity Research BUY
. 01/09 01/10 01/11 01/12 01/13 01/14 01/15 01/16 01/17 Equity Research COMPANY UPDATE (Transfer of Coverage) TURKEY / Oil & Gas 25 September 2017 Tupras Robust operational footing to be sustained Total
More informationJet Fuel Spot Markets & Price Reporting
Airline Treasury & Risk Management Forum Jet Fuel Spot Markets & Price Reporting Andrew Bonnington, Platts JET FUEL SPOT MARKETS AND PRICE REPORTING Andrew Bonnington Editorial Director, Strategic Oil
More informationYara International ASA First Quarter results 2013
Yara International ASA First Quarter results 213 22 April 213 1 Summary first quarter Strong results with stable margins Strong cash flow Fertilizer deliveries close to last year despite late spring Record
More informationAnalyst Meeting. 2Q09 Performance. Friday 14 August 2009
Analyst Meeting 2Q9 Performance Friday 14 August 29 Agenda 2Q9 Management Highlights Operation Performance CAPEX Financial Performance Industry Outlooks 2 2Q9 Highlights Overview Operation Improving in
More informationConference call Presentation of Q results 1 March 2012
Conference call Presentation of Q4 11 results 1 March 12 Safe Harbour Statement Matters discussed in this presentation may constitute forward-looking statements. Such statements reflect TORM's current
More informationInvestor Presentation August 2012
Investor Presentation August 2012 Safe Harbor Provision Delek US Holdings is traded on the New York Stock Exchange in the United States under the symbol DK and, as such, is governed by the rules and regulations
More informationMOL Hungarian Oil and Gas Company. Q preliminary results. May 13, 2005
MOL Hungarian Oil and Gas Company Q1 2005 preliminary results May 13, 2005 Disclaimer "This presentation and the associated slides and discussion contain forward-looking statements. These statements are
More informationMarkets Have De-Valued Oil Prices: How Long Will It Last?
Markets Have De-Valued Oil Prices: How Long Will It Last? Art Berman MacroVoices September 2, 218 Slide 1 Comparative inventory: The most important approach to oil & gas price formation Ivnetories of Crude
More informationSupporting Material for the Second Quarter Results th August 2017 Showa Shell Sekiyu K.K
1 Supporting Material for the Second Quarter Results 217 8 th August 217 Showa Shell Sekiyu K.K Notes 2 This document contains forward-looking statements concerning the results of operations and businesses
More informationAnalyst Meet Presentation Standalone Financial Results, Quarter Ended 30 Sep 2011
Analyst Meet Presentation Standalone Financial Results, Quarter Ended 30 Sep 2011 Agenda Business Environment Key Developments Performance Overview Projects Update Guidance Update 2 Global economy Recovery
More informationDelek US Holdings, Inc./ Delek Logistics Partners, LP Wells Fargo Energy Symposium December 2013
Delek US Holdings, Inc./ Delek Logistics Partners, LP Wells Fargo Energy Symposium December 2013 Safe Harbor Provision Delek US Holdings and Delek Logistics Partners, LP are traded on the New York Stock
More informationQuarterly Oil Price Outlook:
Quarterly Oil Price Outlook: 2016-2018 Stratas Webinar June 28, 2016 UPSTREAM MIDSTREAM DOWNSTREAM FUEL & TRANSPORT Webinar Agenda Overview of Short Term Outlook Service Recent Happenings Highlights of
More informationAnalyst Meet Presentation Q2 FY11. Analyst Meet Presentation Q2 FY11
Analyst Meet Presentation Q2 FY11 Analyst Meet Presentation Q2 FY11 Agenda Key Developments Economic and Steel Scenario Performance Highlights Projects Update 2 Key Developments Highest ever quarterly
More informationBrent spot Brent 20-day rolling average WTI spot WTI 20 day rolling average. USD per barrel. USD per barrel. WTI - Brent Arb
USD per barrel USD per barrel Oil prices are stalling, with the market now awaiting the outcome of Opec s meeting in just nine days time. Over the past few weeks and months, a number of the more notable
More informationTurkish Equities / Oil Refining / Company Update 19 September 2017
Turkish Equities / Oil Refining / Company Update 19 September 2017 Tupras Positive market fundamentals to continue We upgrade our rating on Tupras from Neutral to Outperform while revising our 12M target
More informationConsolidated Financial Results for the First Quarter of Fiscal Year 2008 (From April 1, 2008 to June 30, 2008)
July 31, 2008 Consolidated Financial Results for the First Quarter of Fiscal Year 2008 (From April 1, 2008 to June 30, 2008) Company Name: Idemitsu Kosan Co., Ltd. (URL http://www.idemitsu.co.jp/) Company
More informationLatin American E&P Outlook
Latin American E&P Outlook Society of Petroleum Engineers April 20, 2017 www.stratasadvisors.com UPSTREAM MIDSTREAM DOWNSTREAM FUEL & TRANSPORT Who We Are Stratas Advisors is a global consulting and advisory
More informationTeleconference Q results
Teleconference Q4 21 results 1 Highlights Q4 21 Result Q4 loss before tax of USD 37m, before USD 35m impairment charge and USD 16m vessel sale adjustment Full year 21 loss before tax of USD 85m, before
More information