Statoil Fuel & Retail Q2 results: profits up in Scandinavia
(Thomson Reuters ONE) -
27 July 2011 - Statoil Fuel & Retail ASA (Ticker: SFR) reports significantly
increased profits in Scandinavia in the second quarter of 2011. In Central and
Eastern Europe volumes were stable but pressure on fuel margins continued, with
convenience sales in the region showing improvement. Overall, road
transportation fuel unit margins were up by 8.5 percent.
The positive trend in the company's health, safety and environmental performance
continued with a Serious Incident Frequency (SIF) down to 1.5 compared with 1.6
in the first six months of 2010, and still fewer serious robberies.
Statoil Fuel & Retail's second quarter 2011 adjusted EBITDA was NOK 845 million
compared with NOK 880 million in 2010, a decrease of 3.9 percent. Adjusted
operating profit totalled NOK 545 million, NOK 30 million lower than for the
same period in 2010. Gross profit for the second quarter was NOK 2,628 million,
an increase of 1.0 percent compared with the same period last year.
Gross profit from road transportation fuel and convenience showed improvement in
the second quarter, while gross profit from other products and fees and services
declined. Return on capital employed was at 10.6 percent.
"Diesel volumes in Scandinavia are increasing, but do not completely offset a
notable decline in gasoline volumes. At the same time, there is growth in the
business to business (B2B) segment in the overall market," explains Jacob
Schram, CEO Statoil Fuel & Retail. "Our most important task in Scandinavia going
forward is to continue the optimisation of our full service and automats
networks, including expansion to desirable, high traffic locations."
Statoil Fuel & Retail increased its share of biofuel sales in the second quarter
2011 by 0.6 percent to 4.8 percent compared with the second quarter 2010. In
June the company set a new milestone, opening the world's first discharge-free
car wash in Denmark.
Gross profit increases
Gross profit from road transportation fuel increased by NOK 112 million in the
second quarter 2011 compared with the same period last year, driven by an 8.5
percent increase in the fuel unit margin, to NOK 0.654. In Scandinavia, despite
the competitive environment, unit margins increased by 14.5 percent compared
with the same period last year. This increase was driven by high volatility and
sliding refined oil product prices as well as improved micro market pricing. In
Central and Eastern Europe, high refined oil product prices, high price
sensitivity and a price war in Estonia contributed to a reduction in fuel unit
margins of 15.7 percent compared with the same period last year.
"We are not satisfied with our results in Central & Eastern Europe in this
second quarter. However, an encouraging economic outlook for the region makes us
believe that fuel demand will continue to grow and that we will see margin
recovery, particularly in the B2B market," says Jacob Schram. "We have a long
term outlook for this region and aim to expand our station network by 40-50
stations here in 2011," adds Schram.
Key figures for Statoil Fuel & Retail
+-----------------------------+-------+-------+--------+--------+-------+
| |Q2 2011|Q2 2010|YTD 2011|YTD 2010|FY 2010|
+-----------------------------+-------+-------+--------+--------+-------+
|Gross profit (NOK million) | 2,628| 2,601| 5,062| 5,047| 10,532|
+-----------------------------+-------+-------+--------+--------+-------+
|Adjusted EBITDA (NOK million)| 845| 880| 1,499| 1,632| 3,393|
+-----------------------------+-------+-------+--------+--------+-------+
Scandinavian fuel unit margins continue to rise
Scandinavian road transportation fuel unit margins continued to rise in the
second quarter reflecting the development of refined oil product prices and
improved micro market management. Fuel demand in Scandinavia during the second
quarter was characterised by higher diesel volumes compared with the same
quarter 2010. However, due to a decrease in demand for gasoline, total market
volumes declined the first six months of the year compared with 2010. Statoil
Fuel & Retail has maintained its leading transportation fuel market position in
Scandinavia.
In line with the general market trend, lower convenience traffic in Scandinavia
resulted in decreased sales and a slight decrease in underlying gross profit
from convenience. However, the average basket size and product mix for
convenience improved in the period in both Scandinavia and Central & Eastern
Europe, driven particularly by MADE TO GO and car washes. Focusing on lean
operations and firm cost control limited potential cost increases during the
quarter. According to recent A.C. Nielsen and other convenience reports, Statoil
Fuel & Retail's market share in the Scandinavian convenience market remained
strong during 2010.
Central & Eastern Europe unit margins still challenged by market conditions
High refined oil product prices and a competitive environment continued to put
pressure on fuel unit margins in Central & Eastern Europe. Increased fuel demand
from the business-to-business segment more than offset the decline in business-
to-consumer (B2C) fuel volumes. Convenience sales and profitability continued a
positive trend, proving Statoil Fuel & Retail's well-established full service
concept and attractive product offerings. Strong cost control and lean
operations limited pressure on the cost base. With 30 new stations so far in
2011, the growth ambition for Central & Eastern Europe is well within reach.
Cost savings programme
In the second quarter, cost saving initiatives were on plan and contributed to
NOK 20 million in reduced costs, bringing the year to date cost savings to NOK
35 million.
Statoil Fuel & Retail has progressed in its take-over of the business support
activities within HR, IT and finance and control previously provided by Statoil
ASA. Establishing cost-efficient shared service solutions is a key focus area
going forward.
Real estate asset management project
Statoil Fuel & Retail's real estate asset management optimisation project is
making good progress. The company has identified the key elements of its asset
management strategy for a more active approach to property portfolio management
and property development. The project is moving towards a conclusion and an
implementation phase.
"Statoil Fuel & Retail has a long history of developing a network of excellent
locations representing strategic value for the company. We will now use the
opportunity to optimise our real estate assets from a financial perspective,"
says Jacob Schram. "We now have our real estate asset management strategy in
place and have established a strong corporate real estate team to carry it out."
Solid balance sheet and ROCE
Statoil Fuel & Retail ended the quarter with a solid balance sheet. As of 30
June 2011, return on capital employed (ROCE) was 10.6 percent after tax,
compared with 11.0 percent as of 30 March 2011 and 11.1 percent as of 31
December 2010. ROCE is 10.6 percent in the second quarter 2011 as compared with
7.8 percent in the second quarter 2010.
Please find attached, at the bottom of this page, Statoil Fuel & Retail's second
quarter and half year 2011 financial statements and review.
For more information, please contact:
Media: Karen Romer, SVP Communications, Statoil Fuel & Retail ASA, Tel :
+47 950 74 950, karrom(at)statoilfuelretail.com
Investor Relations: Mitra Hagen Negård, SVP Investor Relations, Statoil Fuel &
Retail ASA, Tel: +47 95 79 36 31, mine(at)statoilfuelretail.com
Presentation and live webcast
On 27 July 2011, Statoil Fuel & Retail presents the results for second quarter
2011 at 9:00 AM (CEST) at Statoil Fuel & Retail's headquarters at Sørkedalsveien
8, Oslo, Norway. If you wish to participate at the presentation, please register
with Anette Ivsett by email at aniv(at)statoilfuelretail.com.
The presentation will be webcast live. Click here to access the webcast of the
second quarter results.
The presentation and the Q2 2011 financial results spreadsheet will be published
on www.statoilfuelretail.com at 9:00 (CEST).
About Statoil Fuel & Retail
Statoil Fuel & Retail is a leading Scandinavian road transport fuel retailer
with over 100 years of operations in the region. The company has 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, Statoil Fuel & Retail
operates 12 key terminals, approximately 400 road tankers and 50 depots in eight
countries. The company also delivers aviation fuel at 85 airports in
nine countries and produce and sells 750 different lubricant products.
Including employees at Statoil branded franchise stations, approximately 17,000
people work at our sites across Europe, while about 2,400 people work in our
corporate headquarters, our eight national headquarters, our terminals and
depots.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Financial statements and review Q2 2011:
http://hugin.info/143728/R/1533671/467255.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#1533671]
Unternehmensinformation / Kurzprofil:
Datum: 27.07.2011 - 07:31 Uhr
Sprache: Deutsch
News-ID 56735
Anzahl Zeichen: 10931
contact information:
Town:
OSLO
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 181 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Statoil Fuel & Retail Q2 results: profits up in Scandinavia"
steht unter der journalistisch-redaktionellen Verantwortung von
Statoil Fuel & Retail ASA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
