19 per cent fall in net profit in 2012 of SAMIR

This result is attributable to costs associated with delays in financial restructuring, the company said in a statement published on the financial website of the Casablanca Stock Exchange, noting that the total sales volume remained stable at the same level as in 2011.

During fiscal 2012, SAMIR has implemented several measures that have a positive impact on the financial position of the company, says the same source.

The company has received a deferment of 18 months reached 6 billion dirhams (dirhams) and international financing in the amount of USD 200 million repayable over a period of 24 months with favorable conditions, with Glencore UK Ltd ENERGY, she added.

These measures have strengthened the top company's balance sheet and improve its working capital increased from -6.047 billion dirhams in 2011 to -1.775 billion dirhams, an increase of 71 per cent, thanks to funding alternatives and increase the permanent resources of the company, she said, noting that the capital will continue to improve to become positive at the end of June 2013.

Besides strengthening the working capital, the Company entered into during the second half of 2012 several agreements for the financing of its operations and its cash support, including starting in November 2012 using the credit line of 180 million in USD, subject to the agreement signed with the International Islamic Trade Finance ITFC and renewal in January 2013 the credit line in the amount of $ 180 million, with BNP Paribas, is in SAMIR statement.

These agreements are intended to diversify the sources of financing for the company and secure its supply in the best conditions, she added.

The release also reported a slight decline in local sales (-3 pc) offset by an increase in exports (22 pc), including Jet and naphtha, while the turnover (CA) up 10 pc totaled 54.946 billion dirhams in the 2012. Increase is explained by the increase in prices of about 11 pc.

Thus, according to the same source, the local CA increased by 7 pc, while the export turnover grew by 39 per cent at the end of 2012.

For its part, operating profit, up 20 per cent, amounted to 1.263 billion dirhams, due to an increase in revenues slightly higher than expenses, SAMIR emphasizes in his text that highlights a degradation 39 pc of the financial result.

This can be explained by the delay in restructuring financial debt during the year 2012 as well as significant tensions on cash. Factors that have led to additional costs.

The consolidated financial statements under IFRS for SAMIR show, for their part, net profit (-131 MDH), a financial result (-719 MDH), the revenue of 56.724 billion dirhams and equity of order of 5.030 billion dirhams.

The company noted in this connection that the difference between the net capital (in Moroccan standards) and consolidated net income under IFRS mainly due to a restatement of the charge transfer in immobilized accounts, noting that reprocessing have a positive impact on the IFRS accounts exercises from 2013 to 2017.

Regarding the highlights of fiscal 2012, the company has emphasized the completion of the expansion project of the refining capacity of Mohammedia with startup and commissioning of the project Topping 4 which required investment budget of 1.6 billion dirhams, and obtaining the agreement in principle of the Ministry of Energy, Mines and Water Environment (MEMEE) to operate in the distribution, through SDCC subsidiary, which will enable SAMIR to integrate downstream and secure more sales with respect to the increase of its production capacity.

About the accomplishments of its subsidiaries, CA SALAM GAS, specializing in LPG filling and held up to 50 pc by SAMIR increased by 15 pc to 5.606 billion dirhams, and net income rose 23 percent to reached 167 million dirhams, while SOMAS specializing in butane storage and held up by 38.46 pc SAMIR, achieved a turnover up 13 pc (196 MDH), and an increase of 7 per cent of its net profit to 93 million dirhams in 2012.

Side and development prospects, the company intends to continue the implementation of the Strategic Plan 2012-2016, which aims to improve profitability, improve margins through the continued action of operational excellence and achievement of plans to improve the energy efficiency, in addition to regaining market share in accelerating the development of its distribution subsidiary SDCC.

To do this, the Board of Directors of the SAMIR decided to increase the capital of the SDCC 150 MDH, she advised, adding that it will also strengthen its influence logistics through access to new facilities storage and starting its strategic investment in its logistics subsidiary TSPP.

In addition, the Board of Directors of SAMIR, met last Thursday to stop Mohammedia including financial statements for 2012, decided to convene an Extraordinary General Meeting on 18 May.