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Our Strategy 458KB GROUP OVERVIEW OUR STRATEGY Our transformation is driven through We have a clear strategy which puts focusing on three pillars our customers at the heart of our business. We have accelerated the implementation of our strategy and transformed our business EBIT growth to drive greater growth and value. Focusing intensely on In addition, we established OPERATIONAL FOCUSED NEW BUSINESS our customers an arm’s-length cooperation The customer-led strategy and agreement with Trafigura to EXCELLENCE GROWTH DEVELOPMENT transformation framework we manage our supply and trading established in 2019 remains the activities. This will enable us to same. By relentlessly focusing extract more value in supporting 32 on implementing our strategy our Downstream business – and making the most of our optimising our working capital opportunities to transform requirements and leveraging through the three pillars of Trafigura’s global scale and the framework – Operational expertise. We have created Excellence, Focused Growth a Value Chain Optimisation Improving Optimising business presence Finding new and New Business Development organisation to work closely performance and product portfolio sources of value – we are operationalising our with Trafigura in ensuring we purpose to energise deliver the best possible fuel Objectives Improve management and Attract new customers and New products in existing control of existing assets increase turnover geographies communities. Achieve operational Expand Puma Energy’s New businesses in existing Refreshing our strategy improvements target product portfolio geographies During the year we took of US$67.8m In 2019 we defined Optimise network presence Market entry into new the opportunity to refresh a clear purpose Improve our value proposition and continue to target geographies our strategy and structure. to customers non-core asset disposals On 1 October 2020, we Exploring opportunities to and strategy; in 2020 Embed our ESG framework renegotiate contract terms implemented our new across all business lines with suppliers operating model: creating we focused on delivering three distinct business units and accelerating it. – Downstream, Infrastructure Enablers Alan McGown, Operational model Culture Digitalisation and Future Energies – Chief Transformation Officer, supported by global functions. Value Chain Optimisation & Procurement PUMA ENERGY ANNUAL REPORT 2020 GROUP OVERVIEW OUR STRATEGY quality and the lowest country. A focused governance possible cost-to-serve for process kept momentum Our strategic journey our customers. and ensured delivery of an Our new operating incremental gross margin of We are on an exciting journey to unlock ever-greater customer value by being at the heart model is a step change We are also working closely approximately US$78.9m of energising communities with sustainable solutions. with the Trafigura portfolio from these programmes. for us. It ensures we team to execute our portfolio are fit for growth and Portfolio Transformation: From managing assets to unlocking customer value strategy as quickly and We completed two major in the best possible effectively as possible. transactions, Paraguay EBIT shape to create the Creating more value – faster (divested in 2019) and Australia SERVING most value for our The changes further sharpen fuels (divested in June 2020), and align our leadership, as well as some non-core COMMUNITIES stakeholders. It will structure, processes, systems market divestments, generating WITH SUSTAINABLE enable us to drive US$466m of net cash inflow and capabilities to our strategy, SOLUTIONS sustainable profit values and purpose. Our new in 2019 and 2020. UNLOCKING growth in the medium 33 streamlined organisational Organisational model CUSTOMER VALUE model provides better Downstream is capitalising on its term, and to live our accountability, faster and more simplified structure, continuing to purpose to energise focused decision-making, and build capability and supporting communities in the greater efficiencies. Our aim the transformation programme, MANAGING is to intensify and accelerate years ahead. to create a more competitive and ASSETS “ Digitalisation and the implementation of our sustainable market position. the future of energy” strategy to become even more customer-led, more Infrastructure will provide cost-effective and to target enhanced operating performance. “ Gaining a deeper resources and investment Future Energies is an avenue understanding of our where it will have most impact. for growth through the energy customers to offer transition. We are leveraging Through 2020 we made good “ Building a more compelling progress in implementing the the Puma Energy footprint to deliver affordable, reliable and Downstream and value propositions” strategy despite the tough Midstream network” operating environment. sustainable energy solutions that serve our customers Transformation Programme and communities. We delivered above budget in 2020 on the two pillars – Operational Excellence and 2010 2019 2023 Time Focused Growth – across all We are here lines of business and in each PUMA ENERGY ANNUAL REPORT 2020 GROUP OVERVIEW OUR STRATEGY Making operational • Implementing a Vendor OPERATIONAL improvements Management Inventory Communication, Key operational Despite the challenges of (VMI) model improvements COVID-19, we made substantial cooperation and EXCELLENCE It was a true team effort progress on several operational • Transport optimisation including people from a range of teamwork have been improvements (OIs). We focused different areas such as business on optimising our operations, at the heart of our support, credit, procurement, • Optimising returns from differentiating ourselves from success in delivering sales and transport. It enabled our Retail-owned others, increasing the size of our us to generate US$4m of value strong results through portfolio current business, and generating in 2020. our operational sustained performance. • Developing a lubricants Looking ahead improvements. In total, we achieved US$78.9m distributor network We have a strong pipeline of of benefits from our OIs OIs to support our business We are working in 2020, beating our target • Enhancing partner transformation. Key initiatives together on a of US$67.8m. capability to deliver 34 focused on improving standardised best our customer offer Spotlight on transport Operational Excellence include: way that helps us optimisation method of site operation • Increasing lubricants We implemented several (MOSO) best practices, transform our volume in Africa through actions to optimise our transport optimisation, processes and our high-performance transport and logistics procurement optimisation, mind-set – in order lubrication solutions process to be more efficient and cost reduction and process and reduce our transport improvement initiatives in to be more efficient costs. These include: Finance and IT. and more profitable. • Negotiating lower In addition to improving our The key is to apply transport rates own operations, other strategic these global best ways • Enforcing more efficient initiatives are improving the in the right way locally distribution rules, for example customer experience and cut-off time for ordering and adding value to our business across our footprint. payment, delivery windows too. These include our Loyalty and order size programme, convenience retail • Optimising delivery development projects, global scheduling and the utilisation fleet card and optimum retail of trucks network planning. US$78.9M • Streamlining the loading Value generated from process in terminals operational improvements in 2020 PUMA ENERGY ANNUAL REPORT 2020 GROUP OVERVIEW OUR STRATEGY Divesting our non-priority impacted by this transaction Key divestments markets and we will continue to invest FOCUSED In line with our strategy, Streamlining our to enhance our service to GROWTH we continued to divest from portfolio allows us bitumen customers. These noncore countries in order to to focus, simplify two key transactions help us US$200M Completion of sale streamline our Downstream and accelerate where demonstrate our commitment portfolio so that we can increase to focus on core growth of Paraguay business our focus on our core countries we believe we can markets. They have also given to Impala during 2019 where we have the strongest make the greatest our former operations in and 2020 foundation and potential to difference and deliver Paraguay and Australia a bright grow and excel as the No1 or new future of investment and No2 Downstream energy the most value. growth under new ownership. business. By concentrating on AU$425M In total we have generated core high-potential countries, Sale of our Australian US$355m net cash inflow from we gain the twin advantage of Streamlining our commercial and retail divestments in 2020, which we 35 greater simplicity and greater Downstream portfolio fuels business will use primarily to invest in our impact, which in turn will help Closing our transactions core high-potential countries. us to accelerate our growth in Paraguay and Australia and success. In January 2020, we successfully Looking ahead completed the sale of our Our portfolio prioritisation While exploring the options to business operations in Paraguay is underpinning the focused secure the best possible future to Impala Terminals Group, growth pillar and is for our operations in non-core a joint venture between complemented by our strategic countries, we have continued Trafigura and the IFM Global
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