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CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA

PKN Orlen SA · Jul 23, 2013 · 39 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 1
    PKN ORLEN consolidated financial results 2Q13 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 23 July 2013 1
  2. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 2
    Agenda Key highlights Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2013 2
  3. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 3
    Key highlights Shareholders Value creation PLN 1,5 per 1 share: dividend payment proved by Ordinary EBITDA LIFO in 2Q13: PLN 0,8 bn General Meeting in accordance with Management recommendation Contract with Rosneft for crude oil…
  4. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 4
    Agenda Key highlights Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2013 4
  5. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 5
    Macro environment in 2Q13 (y/y) Crude oil price decrease Refining margin and B/U decrease Average Brent Crude Oil price, USD/bbl Model refining margin and Brent/Ural differential, USD/bbl 140 differential margin - 2,9 USD/bbl - 6…
  6. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 6
    Further drop in fuel consumption on Polish market GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of last year mt 2Q12 3Q12 4Q12 1Q13 2Q13 2Q12 2Q13 2Q12 2Q13 - 4% - 4% 2,3 2,86 2,76 1,3 0,7…
  7. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 7
    Agenda Key highlights Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2013 7
  8. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 8
    Financial results 2Q12 1Q13 2Q13 PLN m 6M12 6M13 + 1% - 2% Revenues: increase by 1% (y/y) mainly due to sale of 27 955 27 472 28 311 57 202 55 783 obligatory reserves in 2Q13 that increased revenues from sales of merchandise…
  9. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 9
    EBITDA LIFO PLN (-) 0,9 bn (y/y) mainly due to decrease in refining result Segments results in 2Q13 Negative impact of: PLN m 531 Lower refining margins and B/U differential -4 837 -147 Lower petchem margins Strengthening of PLN…
  10. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 10
    Refining EBITDA LIFO PLN (-) 0,8 bn (y/y) due to macro worsening and negative one-off EBITDA LIFO quarterly (without impairments) PLN m 996 + 1.000 930 Crude oil throughput and utilisation increase 843 800 716 Fuel yields increase…
  11. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 11
    Refining operational data Crude oil throughput increase by 5% (y/y) and sales volumes by 9% (y/y) Sales volumes Utilisation ratio mt % PKN ORLEN Unipetrol ORLEN Lietuva + 9% 100 7 98 98 6,3 6,3 94 93 6,1 6,0 6,1 97 5,9 89 6 5,7 5,5…
  12. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 12
    Retail EBITDA LIFO Better result due to higher fuel margins EBITDA LIFO quarterly (without impairments) PLN m + 388 369 Higher fuel sales 400 360 341 295 306 Fuel margins improvement in German market at 300 269 264 stable levels…
  13. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 13
    Retail operational data Increase of sales by 3% (y/y) Sales volumes Number of petrol stations and market shares (by volume) mt , % + 3% stations y/y % market y/y 2,0 2,0 2,0 1,9 1,9 1,9 PL 1 775 23 34,8% 1,0pp 1,9 1,9 1,8 1,8 CZ…
  14. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 14
    Petrochemicals EBITDA LIFO PLN (-) 0,1 bn (y/y) mainly due to lower petrochemical margins EBITDA LIFO quarterly (without impairments) PLN m 694 + 700 667 678 Sales volumes increase 580 600 High PTA contribution: EBITDA LIFO PLN 166 m…
  15. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 15
    Petrochemicals operational data Sales increase by 4% (y/y) Sales volumes PTA sales volumes and generated EBITDA mt kt, PLN m Volumes EBITDA 1,5 137 134 + 4% 119 115 1,4 1,4 110 1,3 1,3 1,3 1,2 1,3 1,2 1,2 1,2 1,2 1,2 1,2 150 166…
  16. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 16
    Agenda Key highlights Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2013 16
  17. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 17
    CAPEX Over PLN 800 m expenses in 1H13 CAPEX spent in 1H13 split on segments CAPEX spent in 1H13 split on growth and PLN m maintenance/regulatory PLN m Upstream 44 838 838 160 5,8 160 36 Growth 344 5,1 142 Downstream 104 140 351…
  18. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 18
    Upstream Strategic assumptions and the progress of works Strategic assumptions Unconventional projects Organic projects in exploration stages 10 exploration concessions / 9 th km2 Geopolitically safe regions: concentration in Central…
  19. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 19
    Upstream Projects realization 1 PROJECT PROJECT Unconventional projects BALTIC BALTIC (shale gas and closed gas) 7 wells finished, including: 5 vertical, 2 horizontal First fracturing finished CAPEX in 1H13 amounted PLN 97 m…
  20. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 20
    Energy Strategic assumptions and the progress of works Strategic assumptions Building a 463 MWe CCGT plant in Wloclawek Concentration on industrial cogeneration projects with the highest In 2Q13 ground works on the building site and…
  21. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 21
    Agenda Key highlights Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2013 21
  22. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 22
    Cash flow PLN 4,3 bn cash flow from operations Cash flow from operations Cash flow from investments PLN bn PLN bn Working capital change by PLN 3,8 bn 2,2 4,3 0,2 0,3 1,1 0,5 0,1 -0,5 Net inflow Sales of VAT Sales Received…
  23. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 23
    Debt Safe financial conditions Net debt and gearing Covenants PLN bn, % Financial gearing, % Net debt/EBITDA LIFO Net debt/EBITDA 27,7 26,9 3,5 3,22 25,0 24,4 22,1 3,0 2,5 2,35 2,25 8,6 1,94 1,86 8,2 2,0 6,8 1,58 1,65 5,9…
  24. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 24
    Agenda Key highlights Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2013 24
  25. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 25
    Outlook 2013 Macro in 3Q13 (till 19.07.2013) Maintenance in 2H13 Model refining margin with differential: 4,2 USD/bbl; PKN H-Oil, Hydrogen Plant decrease by (-) 1,8 USD/bbl (q/q) Anwil fertilizers Model petrochemical margin: 675…
  26. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 26
    Thank You for Your attention www.orlen.pl For more information on PKN ORLEN, please contact Investor Relations Department: phone: + 48 24 256 81 80 fax: + 48 24 367 77 11 e-mail: irorlen.pl 26
  27. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 27
    Agenda Supporting slides 27
  28. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 28
    Results split by quarters (PLN, m) 2Q13 1Q13 2Q12 r/r 6M13 6M12 Revenues 28 311 27 472 27 955 1% 55 783 57 202 -2% EBITDA LIFO 837 932 1 776 -53% 1 769 2 556 -31% Effect LIFO -439 -53 -858 49% -492 -120 -310% EBITDA 398 879 918 -57% 1…
  29. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 29
    EBITDA LIFO - split by segments (PLN, m) 2Q13 1Q13 2Q12 r/r 6M13 6M12 Refining 88 276 929 -91% 364 1 238 -71% Refining - LIFO effect -412 -69 -748 45% -481 -64 -652% Retail 369 123 341 8% 492 457 8% Petrochemicals 531 678 667 -20% 1 209…
  30. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 30
    Results - split by segments 2Q13 (PLN, m) Refining Retail Petrochemicals Upstream Corporate functions Total EBITDA LIFO 88 369 531 -4 -147 837 Effect LIFO -412 0 -27 0 0 -439 EBITDA -324 369 504 -4 -147 398 Depreciation -238 -87 -181 0…
  31. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 31
    Results - split by companies 2Q13 Others and IFRS ORLEN consolidation PLN, m PKN ORLEN S.A. Unipetrol 2) Lietuva 2) corrections Total Revenues 20 709 4 014 5 541 -1 953 28 311 EBITDA LIFO 440 108 9 280 837 Effect LIFO 1) -261 -107 -52…
  32. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 32
    EBITDA LIFO - split by segments and companies in 2Q13 Others and IFRS ORLEN Lietuva consolidation PLN, m PKN ORLEN S.A. Unipetrol 4) 4) corrections Total Refining 1) 34 -21 37 38 88 Refining - LIFO effect 278 63 52 19 412 Retail 241 21…
  33. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 33
    ORLEN Lietuva Group Key elements of the profit and loss account 1 IFRS, USD m 2Q13 1Q13 2Q12 y/y 6M13 6M12 Revenues 1 723 2 257 1 437 20% 3 980 3 368 18% EBITDA LIFO 5 39 23 -78% 43 28 54% EBITDA -12 33 -56 79% 21 -3 - EBIT -30 16 -68…
  34. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 34
    UNIPETROL Group Key elements of the profit and loss account 1 IFRS, CZK m 2Q13 1Q13 2Q12 r/r 6M13 6M12 Revenues 24 710 24 776 27 072 -9% 49 486 52 493 -6% EBITDA LIFO 663 438 1 362 -51% 1 101 1 402 -21% EBITDA -1 540 171 - 539 863 -38%…
  35. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 35
    Macro environment in 3Q13 (q/q) Crude oil price increase Refining margin and B/U decrease Average Brent Crude Oil price, USD/bbl Model refining margin and Brent/Ural differential, USD/bbl differential margin + 6 USD/bbl 8,9 9,1 - 1,8…
  36. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 36
    Macro environment in 2013 14 12 ORLEN Group model refining margin 2012 average 2013 2013 average 2012 10 8 5,7 USD/bbl 6 4,7 USD/bbl 4 2 0 -2 January February March April May June July August September October November December 5…
  37. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 37
    Production data 2Q13 1Q13 2Q12 (y/y) (q/q) 6M13 6M12 Total crude oil throughput in PKN ORLEN (tt) 6 663 7 003 6 362 5% -5% 13 666 13 017 5% Utilisation in PKN ORLEN 86% 90% 81% 5 pp -4 pp 88% 82% 6 pp Refinery in Poland 1 Processed…
  38. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 38
    Dictionary PKN ORLEN model refining margin = revenues (93,5% Products = 36% Gasoline + 43% Diesel + 14,5% HHO) - costs (100% input: crude oil and other raw materials). Total input calculated acc. to Brent Crude quotations. Spot market…
  39. CONSOLIDATED FINANCIAL RESULTS 2Q 2013 – PKN Orlen SA – slide 39
    www.orlen.pl For more information on PKN ORLEN, please contact Investor Relations Department: phone: + 48 24 256 81 80 fax: + 48 24 367 77 11 e-mail: irorlen.pl 40

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