PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
I NAFTNIH DERIVATA
JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
JUGOPETROL AD KOTOR 2011 ANNUAL BUSINESS REPORT May 2012 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
I NAFTNIH DERIVATA
JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
CONTENTS 1. BUSINESS ENVIRONMENT ..................................................................3 1.1 ECONOMIC AND POLITICAL ENVIRONMENT IN MNE.....................4 1.2 STRUCTURE OF THE COMPANY’S TOP MANAGEMENT..................5 1.3 STRUCTURE OF CAPITAL, PURCHASE OF PETROL PRODUCTS AND STAFF STRUCTURE.............................................................................6 2. BUSINESS ANALYSIS............................................................................8 2.1 SALES ANALYSIS OF PETROL PRODUCTS.........................................9 2.2 OPERATING EXPENSES..................................................................11 2.3 INVESTMENT PROGRAM ..............................................................12 2.4 EXPLORATION ACTIVITIES.............................................................13 2.5 CORPORATE SOCIAL RESPONSIBILITY...........................................13 2.6 FOCUSING ON ENVIRONMENT.....................................................14 2.7 FUEL QUALITY CONTROL ..............................................................14 2.8 BUSINESS ACHIEVEMENTS IN THE 2011.......................................16 3. FINANCIAL RESULTS .........................................................................17 3.1. Consolidated Profit & Loss Statement .............................................17 3.2. Consolidated Balance Sheet.............................................................18 3.3. Consolidates Cash flow statement...................................................19 3.4. Profit & Loss Statement ...................................................................20 3.5. JPK Balance Sheet.............................................................................21 3.6. JPK Cash flow statement ..................................................................22 Page 2 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
I NAFTNIH DERIVATA
JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
1.
•
BUSINESS ENVIRONMENT Key macroeconomic indicators in petrol products business: a. daily and monthly fluctuations of crude oil price in 2011. DNEVNO KRETANJE BRENT DTD U 2011
150,00
140,00
130,00
120,00
110,00
100,00
90,00
80,00
70,00
60,00
50,00
40,00
JAN
FEB
MAR
APR
MAJ
JUN
JUL
AVG
SEP
OKT
NOV
DEC
Source: www.Platts.com b. daily and monthly fluctuation of selling rate of USD and EUR in 2011. DNEVNO KRETANJE PRODAJNOG KURSA DOLARA U 2011
0,8000
0,7800
0,7600
0,7400
0,7200
0,7000
0,6800
0,6600
0,6400
0,6200
JAN
FEB
MA
APR
MAJ
JUN
JUL
AVG
SEP
OKT
NO
DE
Source: www.cb‐mn.org Page 3 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
I NAFTNIH DERIVATA
JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
1.1
ECONOMIC AND POLITICAL ENVIRONMENT IN MNE Political and economic environment of the Jugopetrol AD Kotor in the year of 2011. were shaped by the following: − MNE has obtained the EU candidacy status in Dec 2010. Currently, the Country tries to fulfill set of criteria established by the EU in aiming to start negotiation process in June 2012 − MNE has become and WTO member as of middle Dec 2011 − Economic crisis: The Government is in contant serach of measurse of maintaining Budget liqudity and stability − State guaranties given for “third parties”: Guaratines given for Aluminium Plant as a colateral for their debts of €130 million is the biggest threat to State economy, to the Budget and potential negative infuence on monetaru stability. Overtaking and paying of debt of €22 million of the Aluminuim Plant inevitable Business environment in MNE is mainly under influence of long term goals of the MNE Government, defined through the following strategic documents: − Econimic Policy and Work Program of the MNE Government for the year 2011, − Economic and phiscal Program for the period 2010‐2013, − Strategy for the MNE regional development for the period 2010‐2014, − Strategy for the energy eficiency of the MNE, − Action Plan of the Government in the aim of further european and euro‐atlant integrations, − Other sectorial's development strategies. Some of key macroeconomic data in the Montenegro for the year 2011: a) Expected GDP of € 3.273,0 million, with estimated growth index of 2.5% b) Index of consumable prices ‐ inflation (CPI): 2.8% c) Average gross/net wage in MNE for the year 2011.: €722 gross / €484 net. Index of nominal growth of net wages was 1.0%, and with taking into account consumable prices index (CPI) was with decrease of ‐2%. d) Unemployment at 31.12.2011. was 12.1% e) Industrial production decrease of 10.3% f) Turism: During 2011., the MNE was visited by 8.7% of the guest more then in previous year, while overnight were realized with growth of 10.2%. Notes: Data under a), b), c), e), f) Source: Monstat and estimates of the Ministry of Finance Data under d) Source: Employment Fund of MNE Page 4 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
I NAFTNIH DERIVATA
JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
1.2
STRUCTURE OF THE COMPANY’S TOP MANAGEMENT During 2011.g. there was no changes in the BoD structure. The BoD structure since 02.11.2010 1. Petros Karalis, Chairman 2. Dragan Radusinovic, Member 3. Vuk Rajkovic, Member 4. Stamatia Psyllaki, Member 5. Alexandros Panourgias, Member 6. Victor Papakonstantinou, Member 7. Matthaious Matthaiou, Member COMPANY’S DIRECTORS Last Name & Name Job position Since Until 01.02.2011. onwords % of the capital 26.06.2011. / 1 Geroulanos Ioannis Executive director 2 Radović Vuk Commercial director 01.12.2011. onwords / 3 Triantopoulos Andreas Director for financial coordination and administration 14.12.2011. onwords / 4 Raičević Radovan Director of Legal and general service Division 20.06.2002. onwords 0,0189 % 5 Dimitrijević Radmilo Director of Safety and technical Division 01.10.2010. onwords / 6 Vučković Milan Director of the Develop. Division Director of the Internal Control Div. 06.11.2008. 01.11.2011. 0,0180 % 7 Pavićević Ljubica Director of the HR Division 24.07.2008. 30.10.2011. onwords onwords 8 Gačević Veselin Director of the Installations and logistics Division 01.11.2006. onwords 0,0115 % 9 Čučković Špiro Director of the Technical Division Technical director 20.06.2002. 28.09.2010. / 10 Dinić‐Tošev Nadežda Director of the IT Division 01.01.2003. 27.09.2010. onwords onwords 11 Nikić Vinko Deputy Finance Director 26.06.2009. onwords / 12 Dulanović Dejan Director of the Retail sales and marketing Division 06.04.2009. onwords / 13 Županović Ivo Director of the Retail network controlling Division 05.10.2011. onwords 0,0024 % 14 Nikolić Dragan Director of the Wholesale Division 05.10.2011. onwords / 15 Samardžić Vlado Director of Jugopetrol d.o.o. Trebinje Manager for the Bosnia Market 26.06.2009 onwords / 0,0024 % / Page 5 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
I NAFTNIH DERIVATA
JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
1.3
STRUCTURE OF CAPITAL, PURCHASE OF PETROL PRODUCTS AND STAFF STRUCTURE Structure of the capital as of 31.12.2011. (nominal share value €14.6083) Shareholder Hellenic Petroleum Int. S.A. Number of shares 2.529.489 Total nominal value in € 36.951.534
426.704 277.711 202.515 87.298 69.834 54.557 323.016 682.846 1 4.653.971 6.233.420
4.056.886
2.958.400
1.275.275
1.020.156
796.985
4.718.715
9.975.219
15
67.986.605
Privatizacioni fond „MIG” Fond zajedničkog ulaganja „TREND” HB Zbirni kastodi racun 3 Fond zajedničkog ulaganja „ATLAS MONT” CK Zbirni kastodi racun 5 NM‐ Zbirni kastodi racun 6 Other legal entities Individuals Republic of MNE % of participation in total value 54.4 % 9.2 % 6.0 % 4.4 % 1.9 % 1.5 % 1.2 % 6.9 % 14.7 % 0.0 % 100,00% PURCHASE OF PETROL PRODUCTS Jugopetrol AD Kotor imported during the 2011.god total of 273.750 m3 of the petrol products, as follows: Import of petrol products (m3)
Eurodiesel; 151.422
160.000
140.000
120.000
100.000
Eurosuper 95; 52.473
Eurosuper 98; 10.883
80.000
Gasoil 0.1; 60.000
32.398 JET A‐1; 26.479
40.000
Avio gasoline; 20.000
94
0
Page 6 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
I NAFTNIH DERIVATA
JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
STAFF STRUCTURE The number of permanently employed in JPK as of 31.12.2011 was 188 employees. The employees engaged on definite time employment contracts were 60 (including 1 trainee i 5 expats), that gives the total number of employees of 248. During 2011, 12 employees previously engaged on indefinite time, left the Company with various reasons. Age staff structure, as of 31/12/2011
3%
10%
34%
21%
< 30y
from 30y until 40y
from 40y until 50y
32%
from 50y until 60y
> 60y
Qualification staff structure, as of 31/12/2011
5; 2%
2; 1%
19; 8%
78; 31%
115; 47%
18; 7%
11; 4%
Non‐qualified, semi‐qualified (I, II level)
High school (III, IV level)
Highly‐qualified (V level)
College degree (VI level)
University degree (VII level)
Master level
PhD level
Page 7 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
I NAFTNIH DERIVATA
JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
2. BUSINESS ANALYSIS Total consolidated sales volumes of petrol products, for the 2011 are 277.868 m3 and consist of JPK sales of 274.564 m3 (out of which 796 kg of lubricants, motor oils and bottled lpg), and sales of Jugopetrol Trebinje of 3.304 m3, giving the drop in total sales of 5% in respect to the year 2010. Total sales (JPK+JPT) of petrol products in m3
299.528
290.979
277.868
Year 2010
Plan 2011
Year 2011
Sales volumes were achieved through few different distrubution channels: − Through Jugopetrol's retail network in MNE, − Through wholesale (commercial sales, other legal entities and private petrol stations), − Aviation and bunkering, − Exports (Kosovo, Bosna & Hercegovina, Serbia), − sales of 3.304 m3, realized by the »daughter« Company (Jugopetrol d.o.o. Trebinje) that participates with 1% in total petrol products sales. Structure of JPK's Sales, per groups of petrol products, in m3
Year 2010
Plan 2011
Year 2011
Total
287.058
299.528
273.768
JET
29.309
26.561
25.844
3.799
5.014
4.583
0.911
2.700
1.520
Diesels and Heating oil
183.428
191.912
179.720
Gasolines
69.611
73.341
62.101
LPG
Bitumen
Page 8 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
I NAFTNIH DERIVATA
JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
2.1 SALES ANALYSIS OF PETROL PRODUCTS a. RETAIL DISTRIBUTION CHANNEL (JPK+JPT) On total retail fuels market, Jugopetrol realized the sale of 123.475 m3 of petrol products and 796 kg of other products, that is 3% less then for the year 2010. The reason of lower sales then previous year is decreased consumption power of the citizens in the environment of high fuel prices and prolonged effect of the economic crisIs in Montenegro. The decrease of sale in this distribution channel is mitigated with the fact that three (3) new retail stations started with operations during the 2011 (new PS Podgorica 8, started with operations in March and 2 rented PS – Herceg Novi 2 and JS Marina Bar started since July), that contributed in increase of sales through this distribution channel with 4.691 m3 (3.8% of the total retail). New retail station ‐ PS Podgorica 9, started with operations in November, but the station has „replaced” previously existing PS Podgorica 1 that stopped with work. The Company has invested in installing of the additional capacities for sale of LPG, that resulted in increase of sale of this petrol product with 21%. The sold quantities of motor oils, lubricants and bottled lpg through JPK’s retail network dropped with 1% then in 2010, that is showing a negative effect from the market also in this segment of sales. In the assortments of the goods and services, the significant increase is shown in the income from this kind of sales, as well as in the realized margin. The Company in 2011, has restructured the assortment of goods, introduces new services on some of retail locations (car washes and caffe). The expected positive contribution has been delivered also from the new model of the management of the petrol stations which began during the year 2009 (COMO model) with additional efforts of the COMO managers and sales staff in providing better and higher quality of the servicing of the customers on petrol stations. The increase in total margin was of 19%, and 23% expressed with ration margin / sold petrol products in m3. Page 9 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
I NAFTNIH DERIVATA
JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
NFR margin as per m3 of petrol products
Total NFR margin (000 eur)
1.394
1.263
12,21
1.507
10,38
9,94
Year 2010
Plan 2011
Year 2011
Year 2010
Plan 2011
Year 2011
b. WHOLESALE DISTRIBUTION CHANNEL (commercial sales, other legal entities and private petrol stations) 3
Total sales through this distribution channel were 109.582 m , that is a 9% drop vs. sales in year 2010. Commercial sales and sales to other legal entities on domestic market were 38.866 m3 and in comparison to the year 2010 increased for 11%. This was a result of Company’s sales efforts, combined with discount pricing policy, that even in a period of high non‐liqudity of the Economy offered to the customers high petrol products quality, favorable payment terms, but with alert and stricts implementation of credit policy terms. Sales to private petrol stations droped by 17% as a consequence of the general drop of the consumption power of the citizens as major consumers at this group of our clients, as well as due to high non‐liqudity of clients operating in this sales segment. Additional factors for sales drop: − Sales realized to the customers „Ranč petrol” and YS Marina Bar, in 2011 is done through retail sales channel − „M petrol” closed, „Sammcomerce” competion overtaking c. INTERNATIONAL SALES DISTRIBUTION CHANNEL (aviation and bunkering sales) Sales that Jugopetrol realized on international martket during 2011 were of 35.747 m3 that is a drop of 12% vs. sales in 2010. Sales drop was under expected influence of competition in diesel fuels sales in bunkering of vessels, that mostly is done through bunkering station in complex of Page 10 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
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JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
„Porto Montenegro”. During summer season, bunkering sales through Installation Bar compensated with great part the effect of competition present in Boka bay area. Sales of jet fuel during 2011 godini were realized with a drop of 11% vs. sales in 2010, having in mind that liqudity of one of major clients (Montenegroairlines) has been drasticly worsen, that caused lower number of flights. EXPORTS: In the year 2011, Jugopetrol has made export of 8.268 m3 of petrol products, that is 4 times higher sales than realized in 2010. The major export market was Serbia market, where import regulations and occasional dissbalance of supplies and demand for heating oil, caused that Jugopetrol realized significant export on this market – 7.424 m3. 2.2 OPERATING EXPENSES The breakdown of the operation expenses is presented in the following table given under: JUGOPETROL Operating expenses* in 2011. (in €000) Year 2011 Year 2010 Expense categories Gross salaries and other personal incomes 5.434
COMO expenses 2.693
Fuel consumed costs, electricity and transport of third parties 1.578
Materials and maintenance expenses 1.030
Indirect taxes 710
Banking fees 438
Marketing expenses 122
Insurance expenses 100
Other administration and severance pays 1.816
13.919
TOTAL * Operating expenses include opex of Jugopetrol d.o.o Trebinje 5.132 2.795 1.629 1.005 501 318 110 143 1.863 13.496 Index % 2011 / 2010 6% ‐4% ‐3% 2% 42% 38% 11% ‐30% ‐3% 3% In the 2011, the Company has recorded the increase of expenses for 3%, mainly due to: − Increase of indirect taxes and banking charges, − Operations of 3 additional retail stations (PS Podgorica 8, PS Herceg Novi 2 and YS Marina Bar) that participated in the total expenses with €328 thousands, − Payment to employees nd severance pays for those employees that during the year voluntarly left the Company. Page 11 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
I NAFTNIH DERIVATA
JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
2.3 INVESTMENT PROGRAM General notes Investment activities in 2011. have been focused on further improvements of functionality and operability of the retail networl, where partcial recontructions were performed (5 PS finished). Two new petrol stations were constructed in Podgorica area (PS Podgorica 8 and PS Podgorica 9). At retail stations were installed new ATG systems and video surveillance on 24 retail facilities. Further more, on rented PS re‐braning was performed. At significant number of petrol stations, investment maintenance was done in total amount invested €101 thousands. Also, the Company started with project of increasing operability and safety at Air depot Tivat (replacement of under‐water pipeline), that will be continued in the next year. Structure of the investments in 2011 (000 eur)
Ins ta l l a ti on a nd Ai r depots ; 186,00
Review of the investments 2009. – 2011. IT a nd other ca pex; 230,00
7,8
Cons tructi on / ca pex i n new PS; 1.549,00
Recons tr. / other reta i l net. Ca pex; 735,00
5,7
2,7
God 2009
God 2010
God 2011
PS Podgorica 9 PS Podgorica 8 Page 12 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
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JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
2.4 EXPLORATION ACTIVITIES Jugopetrol AD Kotor, as a concessionaire (licensee) in the offshore of Montenegro, Blocks 1 and 2 (Prevlaka), has not realized its planned work program in 2011. In this area, Jugopetrol has a Joint Venture Contract with Medusa Montenegro Limited and Hellenic Petroleum International. Government of Montenegro states that “the permission for contacting exploration on the subject blocks expired on 31 March 2007”. JPK and all of his partners resist this statement and reserve their rights on this issue. It is noted that Jugopetrol had submitted to the Government a revised exploration proposal before March 31 2007, without receiving any reply. With regards to the exploration of oil and gas in the Area of the Block 3 (Ulcinj), as it is known, the Government has terminated the Contract about Concession with Jugopetrol in this area in 2006 and it is preparing it for new licensing.” 2.5 CORPORATE SOCIAL RESPONSIBILITY In fiscal year 2011, being the Company focused on the welfare of the community in which we operate, we have continued with implementing the Corporate Social Responsibility Policy and we approved donations to the variety of the institutions and we sponsored sport and cultural clubs and events as well as social projects in Montenegro. Within the frame of CRS programmes in the year 2011, among other things, Jugopetrol donated an ambulance with medical equipment to Kotor Hospital, it donated fuel to the Ministry of the Interior avio‐helicopter unit for the helicopters which were extinguishing flames in Montenegro during summer of 2011, it supported realization of the project »Let's clean the river Morača« which was organized by the Agency for Environmental Protection. For New Year and Christmas holidays Jugopetrol approved donations to the Institute for education of persons suffering hearing and speech disorder from Kotor and to the orphanage »Mladost« from Bijela. Additionally, during the year 2011 Jugopetrol sponsored 18th Podgorica International Marathon, Mediterranean theatre festival »Purgatorije Tivat«, preventive action in traffic safety which was organized by the Police Directorate of kotor and titled »Do not drink and drive«, filming of the series »Budva – na pjenu od mora«, 6th Congress of Certified Accountants and Auditors of Montenegro. Page 13 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
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Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
2.6 FOCUSING ON ENVIRONMENT Jugopetrol AD Kotor as the member of Hellenic Petroleum Group fully applies the proclaimed Policy for all kind of protection, safety and accidents prevention. Our Company has assured all prerequisites and has organized its work processes in order to achieve the overall safety and protection at every work position, as well as the Environmental protection and quality of life of all citizens. Jugopetrol AD Kotor not only fully complies with the legislation and standards applied in Montenegro, but follows the process of designing and adjusting the national regulations with the European standards by using international knowledge and experience applied in Hellenic Petroleum Group, by implementing new technologies and by applying the newest technical solutions. It is well known that Jugopetrol is regional leader in this field. Organizational and functional structure of the Company is adjusted to the needs of preventing, monitoring and eliminating possible causes for the occurrence of any kind of accidents in every business segment. The continuous and permanent training of the employees has been done according to the specified plan that complies with the Legal regulations. Periodical checking of the employees' competence on how to proceed in case of accident have been foreseen in specific Plans. The exercises for checking or additional training of the employees have been done in accordance with these Plans. 2.7 FUEL QUALITY CONTROL Jugopetrol AD Kotor is mainly supplied from the refineries of Hellenic Petroleum and the fuels are transported by "environmental friendly" double‐bottom and panel vessels where the possibility of ecological accidents is minimal. In order to assure that the same high quality fuels are delivered to Jugopetrol installations and to consumers, every received fuel quantity is labelled with unique "Batch number" providing the fuel control through its other distribution phases. The unloading of the vessel can start only after the fuel quality control is done in the laboratory and if the fuel complies with the state legislation and standards. The sampling and analysis of the fuel from tanks is done after it is unloaded from the vessel. The distribution and trade of fuel can start only after quality analysis in the laboratory is finished. Based on this analysis the Quality Certificate is issued confirming that the fuel complies with the national standards. Page 14 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
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JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
Fuel quality monitoring continues with the fuel sampling in tank trucks before being unloaded to the tanks at petrol stations or delivered to the industry. Regular periodical analyses of the samples from petrol stations are made. In this way the overall fuel quality control is done in all distribution phases. The following fuel features are determined in the laboratory: −
Density, −
Sulphur, −
Possible presence of water can be determined by distillation and by its evaporation initiated by appropriate solvents, −
Ignition point, −
Filtering point, −
Atmospheric distillation. Page 15 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
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JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
2.8 BUSINESS ACHIEVEMENTS IN THE 2011. 9 Finished Constructions of 2 new PS (Podgorica 8 & PS Podgorica 9) 9 Finished Reconstructions of 5 PS (Bar 2, Kolasin, NK 2 and NK 3, Zabljak) 9 Rented 2 PS: PS Herceg Novi 2 (ex “Ranc petrol”) and YS Marina Bar 9 Converted PS Bar 2 operations from COCO to COMO 9 Started safety & operability project at Air depot Tivat (replacement of under‐water pipeline). Company is waiting the respond of Ministry for feasibility study 9 Finished ATG installation on PS, pending completion at 4 PS (Niksic 1, Zabljak, Savnik and Pluzine) – to be finished during first part of 2012, when the whole network will be covered 9 Completed video surveillance on PS (24 PS covered during 2011) – safety issue 9 Performed significant maintenance planned for 2011 9 Commercial operation of Bitumen Terminal stopped during 2011 9 Dunav court case finished – in previous years provided €1.0 mill, the cost was €0.84 mill. 9 Implemented pilot project “Employee Performance Appraisals and Rewarding”, for the year 2010 9 Voluntary exists of 8 employees Page 16 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
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Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
3. FINANCIAL RESULTS 3.1. Consolidated Profit & Loss Statement Page 17 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
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Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
3.2. Consolidated Balance Sheet Page 18 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
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JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
3.3. Consolidates Cash flow statement Cash flow statement
Cash flows from operating activities
Net income before income taxes
Depreciation and amortization
(Increase)/decrease in inventories
Decrease/(increase) in trade and other receivables
Change of liabilities towards suppliers
Provisions,retirement indemnities,jubilee awards,court cases,bad debts,inventory shortages and other
Interest paid
Income tax paid
Net cash generated from operating activities
Notes
YEAR 2011
YEAR 2010
10,11
14
8.063.028
3.317.316
‐8.251.832
9.214.666
3.226.896
‐1.297.349
15
‐3.839.101
‐4.206.341
‐2.168.670
‐2.717.956
20, 21
1.006.713
91.928
‐288.872
‐4.107.161
‐3.184.724
376.615
0
3.449.478
148.429
31.000
117.429
3.217.269
237.378
156.706
80.672
4.061.276
3.217.269
‐3.068.839
4.061.276
‐3.823.898
156.099
156.099
6.966.301
0
0
8.212.666
966.301
6.000.000
‐6.810.202
212.666
8.000.000
‐8.212.666
‐13.986.203
‐8.587.086
9
Cash flows from investing activities
Inflows from investing activities
Proceeds from disposal of PP&E and materials
Received interest from investing activities
Outflows from investing activities
Purchase of property, plant and equipment
Net cash used in investing activities
11
Cash flows from financing activities
Inflows from financing activities
Net cash from long and short term loans
Outflows from financing activities
Long and short term loans and other liabilities
Paid dividends
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Foreign exchange gains/(losses)
16
20.724.648
‐35.328
29.512.916
‐201.182
Cash and cash equivalents at 31 December
16
6.703.117
20.724.648 Page 19 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
I NAFTNIH DERIVATA
JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
3.4. JPK Profit & Loss Statement Profit & Loss Statement
Notes YEAR 2011
YEAR 2010
REVENUES
Revenues
Other operating income
60 i 61
64 i 65
192.022.655
191.650.083
372.572
159.050.788
158.863.445
187.343
50
51
‐183.754.286
‐167.012.078
‐1.347.352
‐148.931.571
‐133.541.348
‐1.417.336
54
53 i 55
‐5.540.348
‐2.984.767
‐6.869.741
‐4.877.232
‐2.891.263
‐6.204.391
8.268.369
10.119.217
66
56
160.950
‐98.836
62.114
270.249
‐321.477
‐51.228
67, 68, 691 I 692
57, 58, 591 i 592
1.210.619
‐911.109
299.510
659.586
‐1.034.469
‐374.883
8.629.993
9.693.106
54.753
‐583.689
54.753
‐583.689
‐783.642
‐774.252
‐9.390
‐866.914
‐845.218
‐21.696
8.242.502
EXPENSES
Cost of goods sold
Cost of materials
Staff cost
Depreciation and amortization
Other operating expenses
OPERATING PROFIT
Financial income
Financial expenses
FINANCE INCOME, NET
OTHER INCOME
OTHER EXPENSES
OTHER INCOME, NET
PROFIT BEFORE TAXATION
OTHER COMPREHENSIVE INCOME
52
Fair value of AFS financial assets
INCOME TAX EXPENSE
Current income tax
Deferred income tax
721
722
PROFIT FOR THE YEAR
7.901.104
EARNINGS PER SHARE
Basic earning per share
1,69
1,89 Page 20 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
I NAFTNIH DERIVATA
JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
3.5. JPK Balance Sheet Page 21 of 22 PREDUZEĆE ZA ISTRAŽIVANJE, EKSPLOATACIJU I PROMET NAFTE
I NAFTNIH DERIVATA
JUGOPETROL AD KOTOR
Trg Mata Petrovića 2, 85330 KOTOR
P I B : 0 2 0 1 3 2 5 8 , PDV: 2 0 / 3 1 - 0 0 1 1 6 - 4
3.6. JPK Cash flow statement Cash flow statement
Notes
YEAR 2011
YEAR 2010
Cash flows from operating activities
Net income before income taxes
Depreciation and amortization
(Increase)/decrease in inventories
Decrease/(increase) in trade and other receivables
10,11
14
8.629.993
2.984.767
‐8.215.821
9.693.106
2.891.263
‐1.328.047
15
‐4.136.852
‐4.215.791
‐778.011
‐4.225.511
20, 21
1.046.141
62.114
‐288.872
‐4.134.322
‐2.676.180
207.514
0
3.784.134
148.429
31.000
117.429
3.210.465
3.210.465
‐3.062.035
‐64.814
‐145.486
80.672
4.047.498
4.047.498
‐4.112.312
156.099
156.099
6.966.301
0
0
8.231.695
966.301
6.000.000
‐6.810.202
213.131
8.018.564
‐8.231.695
‐14.006.559
‐8.559.873
Change of liabilities towards suppliers
Provisions,retirement indemnities,jubilee awards,court cases,bad debts,inventory shortages and other
Interest paid
Income tax paid
Net cash generated from operating activities
9
Cash flows from investing activities
Inflows from investing activities
Proceeds from disposal of PP&E and materials
Received interest from investing activities
Outflows from investing activities
Purchase of property, plant and equipment
Net cash used in investing activities
11
Cash flows from financing activities
Inflows from financing activities
Net cash from long and short term loans
Outflows from financing activities
Long and short term loans and other liabilities
Paid dividends
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Foreign exchange gains/(losses)
16
20.685.285
‐35.328
29.446.340
‐201.182
Cash and cash equivalents at 31 December
16
6.643.398
20.685.285
Planning & Analysis Division Director for financial coordination & administration ____________________ Ljubica Pavićević ___________________ Andreas Triantopoulos Executive director ____________________ Ioannis Geroulanos Page 22 of 22 
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JUGOPETROL AD KOTOR