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PAZ OIL COMPANY LTD. Second Quarter 2015 Financial Results

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PAZ OIL COMPANY LTD. Second Quarter 2015 Financial Results PMdesigners LTD. OIL COMPANY PAZ Second Quarter 2015 Financial Results .. PAZ OIL COMPANY PAZ OIL COMPANY LTD. Euro Park, Holland Building Second Quarter 2015 Yakum 6097200, Israel Financial Results www.paz.co.il WorldReginfo - 8f850467-2904-45ba-8208-c70bba334b4f Disclaimer This document is a convenience translation from the Hebrew original of the separate financial data dated June 30, 2015 (the "Statements") issued by Paz Oil Company Ltd. (the "Company"). Only the Hebrew original of the Statements is legally binding. No reliance may by placed for any purpose whatsoever on the completeness, accuracy or fairness of information contained in this document. No warranty or representation, express or implied, is made or given by or on behalf of the Company or any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information contained in this document and no responsibility or liability is accepted by any person for such information. WorldReginfo - 8f850467-2904-45ba-8208-c70bba334b4f PAZ OIL COMPANY LTD. Table of Contents A Director’s Report on the State of the Company’s Affairs B Major Changes and Developments in the Description of the Company’s Business C Condensed Consolidated Interim Financial Statement WorldReginfo - 8f850467-2904-45ba-8208-c70bba334b4f A Director’s Report on the State of the Company’s Affairs WorldReginfo - 8f850467-2904-45ba-8208-c70bba334b4f Paz Oil Company Ltd. Report of the Board of Directors on the State of Affairs of the Corporation Report of the Board of Directors on the State of Affairs of the Corporation for the Period of Six Months ended June 30, 2015 We are pleased to present the report of the Board of Directors of Paz Oil Company Ltd. ("Paz" or "the Company") and the consolidation of the Group companies ("the Paz Group" or "the Group") for the period of six months ended June 30, 2015 ("the Reporting Period"), prepared in accordance with the Israeli Securities Regulations (Periodic and Immediate Reports), 1970. Part One - Explanations of the Board of Directors regarding the Business Affairs of the Corporation 1. The corporation and its business environment 1.1 For details of the Company's organizational structure, see paragraph 1.1.1 to the Chapter of the Description of the Company's Business to the Periodic Report for 2014 ("the Periodic Report"). 1.2 The global geopolitical and security situation has a direct and material impact on the economic situation, the import of crude oil into Israel, global prices of oil and oil distillates and the refining margins. The first half of 2015 was primarily characterized by the oversupply of crude oil which was expressed by low prices. The dramatic drop in prices began in the second half of 2014 with one of the main reasons for the excess of supply being, as the Company estimates, OPEC's decision not to modify the quantity of production of crude oil barrels along with the increasing production capabilities of oil and related products from oil shale deposits in the United States. The excess supply and the drop in oil price led to a change in the market structure (from backwardation to contango) and improved refining margins in the immediate term. Despite a certain drop in the number of active oil wells in the U.S. and an increase in global consumption, the excess supply continued due to record oil outputs in Saudi Arabia and Russia as well as enhanced production in Iraq and Libya- while in the backdrop, oil barrels from Iran are expected to enter the market following the recent Iran nuclear deal. The average price of Brent oil in H1 2015 was approximately $ 58 a barrel. The maximum price was approximately $ 67 a barrel whereas the minimum price was about $ 45 a barrel. At the end of the second quarter of 2015, the price per barrel was approximately $ 61 a barrel. July 2015 presented a downward trend in the price per barrel and near the Report's publication date (August 18, 2015), the price of Brent oil was approximately $ 47 a barrel. As mentioned above, this decline in price is attributed to the high levels of oil supply arising from OPEC's continued record oil production despite the level of demand remaining relatively high. The world's leading international energy consulting firms predict a continuation of the trend of low oil prices with a forecasted average oil price ranging between $ 51 and $ 54 per barrel in the third quarter of 2015, with this trend lasting at least until the end of 2016. The information regarding such evaluations, projections and expectations represents forward-looking information, as this term is defined in the Israeli Securities Law, and may not materialize or may materialize in a considerably different manner. For additional data regarding the prices per barrel of Brent oil and the refining margin per barrel, see paragraph 3.3.4 below. As for impairment of inventories, see paragraph 3.3.6 below. A-1 WorldReginfo - 8f850467-2904-45ba-8208-c70bba334b4f Paz Oil Company Ltd. Report of the Board of Directors on the State of Affairs of the Corporation The constant political and security threats which Israel faces are liable to expose the Company to potential risks such as trading restrictions, commercial sanctions (by entities operating abroad), difficulties in the purchase and supply of crude oil, difficulties in the production and supply of oil distillates (including shutdown caused by emergency situations), damage caused by hostile acts to the Company's facilities (in Haifa and Ashdod Refinery) and/or the import ports and/or airports and/or the crude oil storage tanks used by the Group for import and/or storage of crude oil and oil distillates and a decline in the number of incoming flights into Israel and in domestic flights. 1.3 The Company is contending with the impact of the economic events in Israel and abroad from a position of business and financial strength, which is reflected in most of its activities: 1.3.1 The variety of the Company's activities in the areas of energy, industry and services, and the natural vertical synergy of all of Paz's value and supply chain, from the import, refining and distribution of crude oil and the production and sale of electricity by the Refining and Logistics Division ("the Refining Division" or "Paz-Refining" or "the Refining Segment") through the marketing of oil distillates by the Retail and Wholesale Division ("the R&W Division" or "Paz-R&W" or "the R&W Segment") and the Industries and Services Division ("the Industries Division" or "Paz- Industries" or "the Industries Segment"), while taking into account the consolidated profitability of the Group, spread out the risks of the Company and provide it a position of relative advantage. 1.3.2 The high level of complexity of the Ashdod Refinery ("the Ashdod Refinery") that is operated by Paz Ashdod together with the improvements that were made in it in the last few years, including the construction of new plants in 2011 and 2012 and the cogeneration power stations all enable Paz Ashdod's increased production capacity, the manufacture of an optimal product mix that tends toward light distillates (gasoline and naphtha) and intermediate distillates, marketing distillates to various markets, expanding Paz Ashdod's operational flexibility and saving raw material costs. All these may reduce the negative impact on the profitability of the Company at times of low margins around the world. See additional information of Paz Ashdod's facilities including the second power station in paragraphs 5.11.12 and 5.16 to the Periodic Report. A refinery's ability to manufacture high added value oil products by using complex refining facilities is measured based on the Nelson Complexity Index (NCI). The higher the index the better the refinery's ability to manufacture higher added value oil products and/or distill types of lower quality crude oil. Paz Ashdod's Refinery's NCI is 9.5 (the NCI in the Mediterranean Basin refineries ranges between 3 and 18.8). 1.3.3 The Company acts in conformity with the financial policies established by the Company's Board according to market terms in order to create hedges against market exposures, including currency, interest, linkage, commodity, inventory and refining margin related risks. However, the risk from changes in the prices of crude oil and of oil distillates cannot be fully hedged. See further details in paragraph 3.3.2 below, Note 7 to the financial statements for the second quarter of 2015 and Note 30 to the financial statements for 2014. 1.3.4 The Company's financial policy is also reflected in its debt structure. The Company has no major debts to financial institutions other than to holders of debentures which mature before 2019. The Group's average nominal adjusted interest rate in respect of financial liabilities in the Reporting Period is about 2.0%. 1.3.5 The Company has adopted certain streamlining and optimization steps to reduce its costs and retain its working capital level. A-2 WorldReginfo - 8f850467-2904-45ba-8208-c70bba334b4f Paz Oil Company Ltd. Report of the Board of Directors on the State of Affairs of the Corporation 1.3.6 The Company is taking steps to dispose of real estate properties that are not at the core of its business and might yield the Company capital gains. In January 2015, the Company signed agreements for the sale of real estate in the Pi-Glilot complex and for the sale of its interests in Pi- Glilot Petroleum Terminals and Pipelines Ltd. ("Pi-Glilot") which are likely to yield pre-tax capital gains in an aggregate of approximately NIS 112 million.
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