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Business Description: Caltex Australia Limited (CTX) is a transport fuel supplier, convenience retailer and an integrated oil refining and marketing company. It operates two major refineries at Kurnell in Sydney and Lytton in Brisbane. The company also operates with a myriad of subsidiaries; Caltex Australia Custodians, Caltex Australia Petroleum, Caltex Fuel Services, Petroleum Services, Hunter Pipe Line Company, B&S Distributors and Jet Fuels Petroleum Distributors.
Strategy Analysis: CTX strategy is based on lifting refinery utilisation rates so it can take full advantage of excess demand for refined product in Australia. Refiner margins can be volatile but high refinery utilisation rates and strong marketing activities are important in driving operating cash flow and earnings. This allows for the reduction of debt levels and improving the return on equity and the return to shareholders. The alliance with Woolworths underpins volume growth. The CEO aims to lift CTX into the top quartile in terms of total shareholder return and to eliminate earnings volatility - a very big task.
Caltex Australia reported NPAT of $57.6m for the year ended 31 December 2012. This includes significant items of approximately $309.0m (after tax), which primarily relates to provisions in respect of the closure of the Kurnell refinery. This compares favourably to the 2011 after tax loss of $713.22m, which included significant items of $1.12bn (after tax) relating to the refinery impairment. The 2012 result includes product and crude oil inventory losses of $92.0m after tax, compared with an inventory gain of $138.0m after tax in 2011. Revenues from ordinary activities were $23.26bn, up 5% from last year. Basic and Diluted EPS was 21.0 cents compared to (264.3) cents last year. Net operating cash flow was $399.74m compared to $446.4m last year. The final dividend declared was 23.0 cents, taking the full year dividend to 40.0 cents compared with 45.0 cents last year.
The Age 25/05/2013 |
In the mid-1960s, when Australia's trade minister Sir John McEwen was urging Holden and Ford to seek export markets in Asia, the leader of one of Asia's poorest countries decided his country needed a car industry.
The Age 25/05/2013 |
Debts to tradespeople and suppliers by collapsed builder National Buildplan Group have blown out to $58 million but administrators say they are likely to recoup only cents in the dollar.
The Age 25/05/2013 |
There's a simple message in what appeared to be conflicting statements from the Federal Reserve, its chairman, Ben Bernanke, and an assortment of other Fed heavies this week about the timing of a move to re-tighten monetary policy.
The Age 25/05/2013 |
Investors are contemplating a future without support from one of the biggest drivers of the global economy in recent years - the US Federal Reserve.
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