Puma Energy announces Q2 2019 results

28 Aug 2019

Singapore, 28 August 2019 – Puma Energy, the leading global energy business, today releases its unaudited financial results for the second quarter ending 30 June 2019.

Commenting on the results, Emma FitzGerald, CEO, said:

“Puma Energy’s commitment to driving operational improvements is reflected in a year-on-year improvement in sales volumes of 3% and an increase in EBITDA of 10% in Q2. We have continued to focus on disciplined management of costs and working capital, despite ongoing unit margin pressures in some markets.

During the quarter I have been very focused on the priorities identified in our strategic review. We are making good progress in improving operational efficiency and are on track with ensuring we have the right portfolio balance and deleveraging the balance sheet by the end of 2020. We expect a planned refinery outage to weigh on results in Q3, but are confident that our strategic, centred on developing a customer-focused, margin-driven business will begin to deliver sustainable growth in the fourth quarter.”

Key Highlights



Financial Highlights

  • Sales volumes increased by 3% year-on-year (“YoY”) to 6.2 million m³, driven by higher sales, specifically in Asia-Pacific and Africa
  • Throughput volumes 9% lower YoY, to 3.5 million m³, due to lower activity in UAE and Angola
  • Delivered US$356 million in gross profit, similar to Q2 2018
  • Fixed costs were US$211 down 8% compared to Q2 2018
  • EBITDA was US$136 million, a 10% increase YoY
  • Focused capital expenditure at US$24 million, down 58% YoY, reflecting strict capital discipline
  • Disposals at US$20 million reflected continuing focus on optimising portfolio
  • Strong operating cash flow at US$177 million
  • Reduced gross debt by US$97 million, whilst net debt was US$104 million higher than Q1’19, as inventories returned back to expected levels at the end of the second quarter
  • Net Debt / EBITDA multiple at 2.9x, in line with capital structure policy
  • Maintained strong capital structure position with a balanced maturity profile and limited US$ interest rate exposure

Operational Highlights

  • Continued focus on operational improvements and implementation of the overall strategic plan
  • Optimisation of the asset portfolio remains a top priority: one non-core asset disposal complete and additional potential transactions in progress
  • Organic investment for the quarter was entirely financed by operating cash flows, which also allowed for the reduction of gross debt
  • Andrew Kemp joined as CFO in June. With other senior hires, including Chief Transformation Officer, Alan McGown and Eghosa Oriaikhi Mabhena, Head of Africa joining in July, we now have a strong leadership team in place to support the delivery of the long term sustainable strategy for Puma Energy

For press queries, please contact:

FTI Consulting
Elizabeth Adams | Genevieve Ryan
Tel: +44 (0) 20 3727 1000
Email: pumaenergy@fticonsulting.com

For investor queries, please contact:
Further information can be located at: https://www.pumaenergy.com/en/investor-relations/home/


About Puma Energy

Puma Energy is a leading global energy business which supplies, stores and distributes petroleum products in 47 countries across six continents. Founded in 1997, Puma Energy has its headquarters in Singapore and Geneva and regional hubs in South Africa, Puerto Rico, Australia and Estonia, and employs over 8,000 people globally.
Puma Energy has a network of over 100 storage terminals, more than 3,000 retail sites, and a presence at over 80 airports. Our purpose is to energise communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world.

For further information visit: www.pumaenergy.com

Cautionary Statement

This announcement is not being made in and copies of it may not be distributed or sent into any jurisdiction where distribution would be unlawful.

The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Issuer does not intend to register any of the securities in the United States or to conduct a public offering of the securities in the United States.

This communication does not constitute an offer of the securities referred to herein to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the securities referred to herein. This communication is being distributed to and is directed only at (i) persons who are outside the United Kingdom or (ii) persons who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”).
Any investment activity to which this communication relates will only be available to and will only be engaged with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.

Forward-looking statements

Some of the information included in this announcement contain forward-looking statements. You can identify these forward-looking statements by use of words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “will,” “estimates,” “intends,” “projects,” “goals,” “objectives,” “guidance,” “targets,” “forecasts” or “could”, the negative of such terms and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. Although Puma Energy believes that the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors. . Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Puma Energy or any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Puma Energy or any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement.


All press releases