Annual report 2012 - Äeská rafinérská, as
Annual report 2012 - Äeská rafinérská, as
Annual report 2012 - Äeská rafinérská, as
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1. INTRODUCTION<br />
In refinery business, year <strong>2012</strong> w<strong>as</strong> characterized by high yet stable crude oil prices, highly<br />
fluctuating and unusually high in second and third quarter refinery margin, and by negative<br />
growth of the Czech economy. Consumption of motor fuels stagnated for the second<br />
consecutive year.<br />
Year <strong>2012</strong> in ČESKÁ RAFINÉRSKÁ, a.s. (hereinafter also the “Company“ or “CRC”) can be<br />
considered <strong>as</strong> the second year of significant organizational changes. The main driver of<br />
those w<strong>as</strong> the pressure of shareholders to minimize the variable and fixed part of the<br />
processing fee. CRC w<strong>as</strong> subject to various audits leading to programs and investment<br />
propositions aimed at raising the company´s ability to compete on the market. Particular<br />
accent w<strong>as</strong> placed on energy efficiency, work efficiency, utilization and reliability of the<br />
refinery.<br />
The most important <strong>as</strong>pects of the company activity in <strong>2012</strong> are the following:<br />
Significant decre<strong>as</strong>e of Fixed C<strong>as</strong>h Costs of the company<br />
Energy Efficiency Index over 5pp better than l<strong>as</strong>t year<br />
Problems with hydrogen and power supply significantly influencing the stability of<br />
refinery operations in Litvínov, and having impact on refinery utilization<br />
In October CRC, problems with crude supply due to capacity limits on the TAL<br />
pipeline which enforced the speed up of some planned shutdowns<br />
Higher than in previous years number of leaks with environmental impact<br />
QGA lowest since many years<br />
Significantly better control over maintenance expenses and spare parts management<br />
policy allowed potential savings<br />
Late approval of BP - and thereafter late approval of particular projects - resulted in<br />
the relatively small Capex utilization<br />
Continuous Margin Improvement Initiatives and Energy Saving Initiatives allowed to<br />
prepare programs that would constitute the subject of investments actions in the<br />
coming years, generating more value added for the shareholders<br />
The Company employed 629 people at the end of <strong>2012</strong><br />
Dividends were paid in the value of CZK 275 million.<br />
ANNUAL REPORT ČESKÁ RAFINÉRSKÁ, a.s., <strong>2012</strong> 3
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