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INVESTOR PRESENTATION – PKN Orlen SA

PKN Orlen SA · Feb 28, 2006 · 40 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. INVESTOR PRESENTATION – PKN Orlen SA – slide 1
    PSGJAN05EPK2_OVERVIEW(01).PPT Financial results: FY 2005 (IFRS) and financial assumptions for the 2006 plan Igor Chalupec, CEO Pawe Szymaski, CFO February 28, 2006 1
  2. INVESTOR PRESENTATION – PKN Orlen SA – slide 2
    Financial results 2005 The highest ever results of PKN ORLEN following restructuring and corporate culture changes; supported by market conditions1 The highest ever net profit of PKN ORLEN Operating data PKN ORLEN m PLN Q4 '05 2005…
  3. INVESTOR PRESENTATION – PKN Orlen SA – slide 3
    Financial assumptions for 2005 were significantly exceeded compared to the plan CAPEX (PLN m) EBITDA (PLN m)1 PKN ORLEN PKN ORLEN TARGET FOR 2005: 2,3 PLN bln TARGET FOR 2005: 14%1 EXECUTION: 36% INCREASE COMPARED TO 2004 EXECUTION :…
  4. INVESTOR PRESENTATION – PKN Orlen SA – slide 4
    Agenda z Financial plan assumptions for 2006 z Financial results FY 2005 overview z Supporting slides 4
  5. INVESTOR PRESENTATION – PKN Orlen SA – slide 5
    Targeted petrochemical expansion and strengthening retail market position Main operational assumptions of PKN ORLEN main company Target for 2006 Wholesale sales volume increase1 3% (gasoline, diesel, Jet, LHO) Retails sales volume…
  6. INVESTOR PRESENTATION – PKN Orlen SA – slide 6
    Financial assumptions for 2006 Continuing implementation of PKN ORLEN strategy in order to achieve ambitious financial targets for shareholders value creation. PKN ORLEN financial assumptions EBITDA : 15 % based on comparable…
  7. INVESTOR PRESENTATION – PKN Orlen SA – slide 7
    Ongoing proefficiency and M&A activities in 2006 in accordance with PKN ORLEN Stratgey Strategic actions for 2006 for PKN ORLEN Tire 1 of PKN ORLEN Strategy Tire 2 & 3 of PKN ORLEN Strategy Strengthening existing core business…
  8. INVESTOR PRESENTATION – PKN Orlen SA – slide 8
    Ongoing restructuring of Unipetrol Group and strengthen existing core businesses in home markets Strategic actions for 2006 at Unipetrol Disposals of Kaucuk, and Spolana in a tender Combined crude purchases with PKN ORLEN -…
  9. INVESTOR PRESENTATION – PKN Orlen SA – slide 9
    Agenda z Assumptions for 2006 financial plan z Summary of 2005 financial results z Supporting slides 9
  10. INVESTOR PRESENTATION – PKN Orlen SA – slide 10
    Macroeconomic environment in 2005 Variable and volatile refining and petrochemical sector Refinery margin 5,12 /b average in 20053 Exchange rates average1 Decrease by 9% y/y 5,0 PLN/USD PLN/EUR 16 2005 2006 2 PLN/USD 2006E PLN/EUR…
  11. INVESTOR PRESENTATION – PKN Orlen SA – slide 11
    Macroeconomic assumptions for 2006 Macro assumtions1 2005 (realised) 2006 Refinery margin2: 5,12 5,33 Brent/Ural differential2: 4,38 3,50 Brent crude oil2: 54,4 53,0 Exchange rate PLN/USD2 3,23 2,98 Exchange rate PLN/EUR2 4,02…
  12. INVESTOR PRESENTATION – PKN Orlen SA – slide 12
    Profit and loss account Increase of net profit by 6% excluding negative goodwill* IFRS, PLN m 2004 Unipetrol 2005 change Comments 7months'05 2005/2004 Revenues 30 729 8 984 42 804 39,3% zUnipetrol consolidation visible across all…
  13. INVESTOR PRESENTATION – PKN Orlen SA – slide 13
    Increase of net profit mainly due to further operating improvement and Unipetrol consolidation as well as one off negative goodwill effect* 2004 2005 In m PLN One off item due to excess of fair value of acquired net assets over…
  14. INVESTOR PRESENTATION – PKN Orlen SA – slide 14
    Revenues by segment Higher petrochemical share in total revenues1 IFRS basis, PLN m 2004 2005 y/y Comments Revenue total 30 729 42 804 39% of which z Visible impact of Unipetrol 2) 14 338 21 421 consolidation and increase of Refining…
  15. INVESTOR PRESENTATION – PKN Orlen SA – slide 15
    Expenses Operating costs grew by less than revenues excluding Unipetrol Unipetrol Comment IFRS basis, PLN m 2004 7 monts ''2005 2005 y/y Raw m aterials and energy 12 494 5 346 21 529 72,3% z Excluding Unipetrol Costs of goods for…
  16. INVESTOR PRESENTATION – PKN Orlen SA – slide 16
    Operating profit PKN ORLEN by segment Visible improvement in results across all core business segments Im pact of Unipetrol Comment IFRS basis, PLN m 2004 consolidation 2005 y/y Operating profit 2 670 229 5 060 89,5% zzExcluding…
  17. INVESTOR PRESENTATION – PKN Orlen SA – slide 17
    Refinery segment Impressive 21% increase in sales of refining products and execution of major plant investments to increase value of the company1 IFRS, PLN m 2004 2005 y/y Q4'04 Q4'05 q/q Revenues 21 197 32 811 55% 5 933 10 387 75% Segm…
  18. INVESTOR PRESENTATION – PKN Orlen SA – slide 18
    Refining segment Increase in efficiency operating due to Unipetrol consolidation using at the same time advantageous fuels cracks PLN m 2004 2005 4 500 125 93 48 9 158 4 000 (50) (149) 3 500 562 (282) 664 3 000 (350) 839…
  19. INVESTOR PRESENTATION – PKN Orlen SA – slide 19
    Retail Implementation of Retail Sales Development Plan for Poland provides the first effects segment profit amounts to PLN 105 m excluding negative goodwill1 IFRS, PLN m 2004 2005 y/y change Q4 '04 Q4 '05 q/q change Revenue 11 584 13…
  20. INVESTOR PRESENTATION – PKN Orlen SA – slide 20
    Retail segment Result increase due to pro-efficiency actions and Unipetrol consolidation PLN m 2004 2005 300 One-off effect of Unipetrol negative goodwill 15 250 17 38 200 161 (40) 150 266 (49) Consolidation of 7 months…
  21. INVESTOR PRESENTATION – PKN Orlen SA – slide 21
    Petrochemical Dynamic increase in sales and building strong position on the petrochemical market in the region (BOP, Chemopetrol)1 IFRS, PLN m 2004 2005 y/y change Q4 '04 Q4 '05 q/q change Revenue 5 624 9 085 62% 1 544 3 225 109% Segm…
  22. INVESTOR PRESENTATION – PKN Orlen SA – slide 22
    Petrochemical segment Chemopetrol assets consolidation and Olefins II installation revamping in Plock are the main factors influencing segment result PLN m 2004 2005 2000 One-off effect of Unipetrol 1800 negative goodwill 1600 105 1…
  23. INVESTOR PRESENTATION – PKN Orlen SA – slide 23
    Successful realisation of Cost cutting programme Target exceeded by over 10% Cost cutting programme effects summary in 2003 - 2005 z Implementation of initiatives and management determination allowed to increase the level of cost…
  24. INVESTOR PRESENTATION – PKN Orlen SA – slide 24
    Agenda Supporting slides z Supporting slides z Characteristics of macroeconomic environment z Financial and operating results Q42005 z CAPEX z ORLEN Deutschland z Unipetrol z Petrochemicals market environment summary…
  25. INVESTOR PRESENTATION – PKN Orlen SA – slide 25
    Macroeconomic environment 4Q2005 Refinery margin average 5.17/b in Q4 20053 Exchange rates average1 Decrease of 27% y/y PLN/USD PLN/EUR 16 Q4'2005 5,0 2 2 PLN/USD 2005 E PLN/EUR 2005 E Q4'2004 14 20052E 4,5 12 4,0 10 8 3,5…
  26. INVESTOR PRESENTATION – PKN Orlen SA – slide 26
    Macroeconomic environment in Poland and in Czech Republic Fuel consumption Poland Fuel consumption Poland (gasoline, diesel, LHO); (in thousand tonnes) (gasoline, diesel); (in thousand tonnes) +6,7% 0% 12 650 13 500 13 500 +6,5%…
  27. INVESTOR PRESENTATION – PKN Orlen SA – slide 27
    Operating profit by segment Increasing share of petrochemicals IFRS basis, PLN m Q4'2004 Q4'2005 y/y Comments Revenue total 8 376 12 940 54% of which zRevenue increase due to 1) 4 127 Refining 6 464 57% Unipetrol consolidation…
  28. INVESTOR PRESENTATION – PKN Orlen SA – slide 28
    Profit and loss account 4Q 2005 Results affected by provision on economic risk and restructurization Unipetrol IFRS, PLN m Q4'2004 Q4'2005 Q4'2005 Change Comment Revenues 8 399 3 721 12 969 54,4% zDecrease in operating profit Cost of…
  29. INVESTOR PRESENTATION – PKN Orlen SA – slide 29
    Expenses Cost cutting initiative visible in fixed cost decrease IFRS basis, PLN m Q4'2004 Q4'05 Unipetrol Q4'2005 y/y Comment Raw m aterials and energy 3 383 2 341 7 191 112,6% Costs of goods for resale 2 912 442 3 069 5,4% zUnipetrol…
  30. INVESTOR PRESENTATION – PKN Orlen SA – slide 30
    Operating profit by segment Over 40% operating profit recorded in petrochemicals Q4'05 IFRS basis, PLN m Q4'04 Unipetrol Q4'05 y/y Comment Operating profit 561 34 400 -28,7% zDecrease in refinery result of which: caused by lower…
  31. INVESTOR PRESENTATION – PKN Orlen SA – slide 31
    Operating data 4Q 2005 vs 4Q 2004 4Q' 05 Operating data1 4Q'04 4Q'05 y/y Unipetrol Total sales (tt) , of which 4 041 947 4 719 16,8% - light products sales (tt) 2 2 754 597 3 233 17,4% - other refinery products sales (tt) 618 159 677…
  32. INVESTOR PRESENTATION – PKN Orlen SA – slide 32
    Capex in 2005 Focus on petrochemicals development Investment in Q405 including Unipetrol In PLN m 1100 1050 2004 1000 2005 950 2005, Unipetrol 900 165 850 800 750 700 650 53 600 34 550 500 450 400 722 740 350 300…
  33. INVESTOR PRESENTATION – PKN Orlen SA – slide 33
    ORLEN Deutschland Start-up of the retail restructuring Operational activities and trends in 2005 z In 2005 was made a decision to restructure and develope retail network in Germany. In 2005, 11 sites were closed and finally 60…
  34. INVESTOR PRESENTATION – PKN Orlen SA – slide 34
    ORLEN Deutschland Financial data 2005 vs 2004 IFRS in m PLN Q4'04 Q4'05 change 2004 2005 change Assets 1 387 1 309 -5,6% 1 387 1 309 -5,6% Equity 419 325 -22,4% 419 325 -22,4% IFRS in m PLN Q4'04 Q4'05 change 2004 2005 change…
  35. INVESTOR PRESENTATION – PKN Orlen SA – slide 35
    Unipetrol Group Selected financial data for FY2004 vs. FY2005 Preliminary financial results of main subsidiaries of Unipetrol a.s. in 000 CZK 2004 IFRS* 2005 IFRS Chem opetrol a.s. Revenues 28,899,450 31,237,276 EBIT 2,743,604 3,163,848…
  36. INVESTOR PRESENTATION – PKN Orlen SA – slide 36
    Unipetrol Group Financial and Operational Results for 2005 Preliminary consolidated financial highlights of Unipetrol a.s. 2004-2005 in '000 CZK 2004 IFRS* 4Q 2005 IFRS 2005 IFRS UNIPETROL a.s. Equity 32 670 542 39 010 634 39 010…
  37. INVESTOR PRESENTATION – PKN Orlen SA – slide 37
    Unipetrol Group Selected financial data for FY2004 vs. FY2005 Operational highlights for years 2003-2005 Operating data* Q1'03 Q2'03 Q3'03 Q4'03 2003 Q1'04 Q2'04 Q3'04 Q4'04 2004 Q1'05 Q2'05 Q3'05 Q4'05 2005 Total sales (tt) , of…
  38. INVESTOR PRESENTATION – PKN Orlen SA – slide 38
    Financial assumptions for 2006 at Unipetrol Financial assumptions EBITDA : + 11 % referring to macro environment 1 CAPEX CZK 4.9 bn2 Total increase in CAPEX of ca. CZK 1 448 m 2006 vs. 2005 2 196 1 869 2005 2006 1 595 1…
  39. INVESTOR PRESENTATION – PKN Orlen SA – slide 39
    Strategic actions at Unipetrol in 2005 Key steps undertaken in 2005 Acquisition of Unipetrol by PKN ORLEN Partnership Program launched by Unipetrol with support from PKN ORLEN Mandatory Tender Offer for shares of Unipetrol a.s.,…
  40. INVESTOR PRESENTATION – PKN Orlen SA – slide 40
    Petrochemical market from 1 January 2004 to mid February 2006 Ethylene Prophylene 900 900 800 in EUR/tone 800 in EUR/tone 700 700 600 600 500 500 413 398 398 427 370 383 400 322 314 304 400 353 331 290 293 331 300 300 254 211 232…

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