Statoil Fuel & Retail's strong financial performance continues
(Thomson Reuters ONE) -
Oslo, 8 February 2011 - Statoil Fuel & Retail's (Ticker: SFR) fourth quarter
2010 adjusted EBITDA was NOK 729 million compared with NOK 581 million in 2009,
an increase of 25.5 percent. Operating profit totalled NOK 465 million, which
was NOK 310 million higher than the same period in 2009. Operating profit for
the full year 2010 was NOK 2,342 million compared with NOK 1,186 million in
2009. Gross profit for the fourth quarter totalled NOK 2,721 million, which was
NOK 32 million higher than the same period in 2009. Gross profit for the full
year 2010 was NOK 10,532 million compared with NOK 10,105 million in 2009.
2010: best results ever
The overall financial performance improvement in 2010 continued in the fourth
quarter. With a positive volume development in road transportation fuel and
improved road transportation fuel unit margins during the year, the overall
performance for 2010 was strong. Return on capital employed after tax, at 11.1
percent, is the best ever for Statoil Fuel & Retail.
"2010 was an exciting and eventful year. We have successfully moved from being
an integrated part of Statoil ASA to be an independent, publicly listed fuel
retailer. Our 2010 results reveal that our operations are stronger and more
streamlined and our performance improved. All of this is directly thanks to the
enthusiasm and extraordinary efforts of our people," says Jacob Schram, CEO
Statoil Fuel & Retail ASA.
Key figures for Statoil Fuel & Retail in the fourth quarter
+--------------------+---------------+-----------------+
| | Q4 | Full year |
| +-------+-------+--------+--------+
| NOK million | 2010 | 2009 | 2010 | 2009 |
+--------------------+-------+-------+--------+--------+
| Gross profit | 2,721 | 2,689 | 10,532 | 10,105 |
+--------------------+-------+-------+--------+--------+
| Adjusted EBITDA | 729 | 581 | 3,393 | 2,566 |
+--------------------+-------+-------+--------+--------+
| Earnings per share | 1.07 | - | 5.29 | - |
+--------------------+-------+-------+--------+--------+
Strong overall financial performance in all Scandinavian markets
Scandinavia continues to strengthen its market position, delivering its best-
ever annual results. In 2010 the business has improved through its Swedish
turnaround, the divestment of non-core businesses and the integration of its
JET-branded stations, while focusing on operational excellence and winning the
customer meeting. In addition to strong financial results and positive road
transportation fuel volume development, health, safety and environment (HSE)
results have improved significantly, with a reduction in robberies of 34 percent
compared with 2009.
"Organic volume growth and the successful integration of JET into our portfolio
have contributed to a strong year in Scandinavia," says Schram. "Our focus on
freeing up more time to engage with customers is having positive results and our
focus on safety has provided a significantly reduced robbery rate compared to
market average in Scandinavia."
Continued improvement in CEE
In 2010 development in Central and Eastern Europe was characterised by growth in
Poland and Russia and a gradual recovery in the Baltics. Statoil Fuel & Retail
has been able to improve profitability through cost reductions. Adjusted EBITDA
improved by NOK 5 million despite the challenging market environment in the
Baltics.
"In 2010 we saw a recovery in convenience in Central and Eastern Europe, with
higher sales and improved margins compared with 2009," says Schram. "Successful
campaigns and the further roll out of our Made To Go products resulted in higher
sales in our stores, and the successful marketing of our cold weather premium
diesel, Diesel Gold, drove diesel volumes up in the fourth quarter 2010."
Solid balance sheet and ROCE
Statoil Fuel & Retail ended the year with a solid balance sheet. The company's
equity ratio is at 33.3 percent and a significantly lower net debt in 2010
compared with 2009.
As announced earlier today, the processes related to balance sheet optimisation
have commenced. Statoil Fuel & Retail has carried out a tender process for
advisory services related to its real estate strategy. That tender process has
been concluded, with Citi and DTZ winning the contract.
Return on Capital Employed (ROCE) in 2010 was 11.1 percent after tax, compared
with 5.4 percent in 2009.
Dividend payout
Statoil Fuel & Retail's ambition is to distribute at least 50 percent of its
earnings per share. Based on the company's sound financial standing, financial
flexibility, expected cash flow, capital expenditure plans and financing
requirements, the board of directors proposes to pay a dividend of 57 percent of
2010 profit, amounting to NOK 3.0 per share.
"Our overall performance has provided us with a solid balance sheet and a strong
platform for 2010 dividend distribution." concludes Schram.
Please find attached, at the bottom of this page, the 4Q10 financial statements
and review and 4Q10 financial results spreadsheet
Contacts
Karen Romer, SVP Communications Statoil Fuel & Retail ASA, +47 950 74 950,
karrom(at)statoilfuelretail.com.
Mitra Hagen Negård, SVP Investor Relations Statoil Fuel & Retail ASA, Tel:
+47 95 79 36 31, Email: mine(at)statoilfuelretail.com.
Presentation and live webcast
At 09:00 CET on 8 February 2011, Statoil Fuel & Retail presents its results for
the fourth quarter 2010 at the company's headquarters at Sørkedalsveien 8, Oslo,
Norway.
The presentation will be webcast live. For access to the webcast visit the
Investor centre on our website at www.statoilfuelretail.com.
About Statoil Fuel & Retail
Statoil Fuel & Retail is a leading Scandinavian road transport fuel retailer
with over 100 years of operations in the region. We have a broad retail network
across Scandinavia, Poland, the Baltics, and Russia with approximately 2,300
full-service (fuel and convenience) or automated (fuel only) stations.
Statoil Fuel & Retail's other products include stationary energy, marine fuel,
aviation fuel, lubricants and chemicals. In Europe, we operate 12 key terminals,
approximately 400 road tankers and 50 depots in eight countries. We also deliver
aviation fuel at 85 airports in nine countries and produce and sell 750
different lubricant products.
Including employees at Statoil branded franchise stations, more than 17,000
people work at our sites across Europe, while approximately 2,000 people work in
our corporate headquarters, our eight national headquarters, our terminals and
depots.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
4th quarter 2010 results in Excel format:
http://hugin.info/143728/R/1486356/421543.xls
Financial statements and review 4th quarter 2010:
http://hugin.info/143728/R/1486356/421537.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Statoil Fuel & Retail ASA via Thomson Reuters ONE
[HUG#1486356]
Unternehmensinformation / Kurzprofil:
Datum: 08.02.2011 - 07:32 Uhr
Sprache: Deutsch
News-ID 51178
Anzahl Zeichen: 8374
contact information:
Town:
OSLO
Kategorie:
Business News
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