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Q3 2010 – PKN Orlen SA

PKN Orlen SA · Oct 29, 2010 · 33 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. Q3 2010 – PKN Orlen SA – slide 1
    Good operating results despite still variable macro environment PKN ORLEN consolidated financial results for 3 quarter 2010 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 29 October 2010 1
  2. Q3 2010 – PKN Orlen SA – slide 2
    Agenda Achievements in 3Q 2010 Macroeconomic environment Financial and operating results in 3Q 2010 Liquidity Summary 2
  3. Q3 2010 – PKN Orlen SA – slide 3
    PKN ORLEN achievements in 3Q 2010 Very good results: PLN 1.3 bn of net profit PLN 0.7 bn of operating profit acc. to LIFO Variable macro environment:: decrease in model refining margin and URAL/Brent differential in total comparing…
  4. Q3 2010 – PKN Orlen SA – slide 4
    Agenda Achievements in 3Q 2010 Macroeconomic environment Financial and operating results in 3Q 2010 Liquidity Summary 4
  5. Q3 2010 – PKN Orlen SA – slide 5
    Improvement of macroeconomic factors in 3Q 2010 Crude oil price increase Refining margin and U/B differential increase Average Brent Crude Oil price, USD/bbl Model refining margin and Ural/Brent differential, USD/bbl + 9 USD/bbl +…
  6. Q3 2010 – PKN Orlen SA – slide 6
    Increase of diesel consumption due to GDP growths GDP increase Fuel consumption (diesel, gasoline) Change (%) to respective quarter of last year mt 3Q09 4Q09 1Q10 2Q10 3Q101 3Q09 3Q102 3Q09 3Q102 +2% 3,3 3,5 3,2-3,6 -3% 1,8 3,0…
  7. Q3 2010 – PKN Orlen SA – slide 7
    Agenda Achievements in 3Q 2010 Macroeconomic environment Financial and operating results in 3Q 2010 Liquidity Summary 7
  8. Q3 2010 – PKN Orlen SA – slide 8
    The highest operating profit acc. to LIFO since the beginning of 2009 PLN m 3Q09 2Q10 3Q10 Change y/y 21 068 22 106 Increase of revenues by 18% (y/y) 18 649 due to macro factors improvement Revenues 18% i.e. crude oil prices, margins,…
  9. Q3 2010 – PKN Orlen SA – slide 9
    Good results achieved in all segments of operations 3Q09 2Q10 3Q10 change y/y PLN m 9M09 9M10 change y/y 423 1123 789 87% EBIT, inc. following segments: 763 2 376 211% 116 682 736 534% EBIT acc. to LIFO -226 1467 - 137 983 462…
  10. Q3 2010 – PKN Orlen SA – slide 10
    The highest total sales volumes since the beginning of 2009 Sales volumes th t 3Q09 2Q10 3Q10 9M09 9M10 Total sales volumes in 3Q10 increased by 4% (y/y) to the level of 9.2 m t as a result of + 3% - 1% gradual economic revival and…
  11. Q3 2010 – PKN Orlen SA – slide 11
    Utilisation ratios increase and better product slate Crude oil throughput Utilisation ratio mt % 108 110 101 101 100 + 1% 98 100 7,3 6,9 7,4 90 90 6,6 6,2 99 90 79 79 80 84 86 78 69 70 68 3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09…
  12. Q3 2010 – PKN Orlen SA – slide 12
    Agenda Achievements in 3Q 2010 Macroeconomic environment Financial and operating results in 3Q 2010 Liquidity Summary 12
  13. Q3 2010 – PKN Orlen SA – slide 13
    Safe level of indebtedness and financial ratios Net debt and financial leverage % Financial Safe financial situation in PLN bn, % leverage Covenant net debt / (EBITDA + dividend from 13,7 Polkomtel) on safe level below 2.0. 10,3…
  14. Q3 2010 – PKN Orlen SA – slide 14
    Positive free cash flow in 2010 at the level of PLN 1 bn. change change 3Q09 2Q10 3Q10 PLN m 9M09 9M10 y/y y/y Cash flow from operations 1 355 1 209 1 625 270 2944 3 846 902 before working capital change -2 182 1 259 -1 225 957…
  15. Q3 2010 – PKN Orlen SA – slide 15
    Continuation of initiatives decreasing working capital Change in working capital Effect of operations on change of working capital in 3Q10, PLN bn as of 30.09.2010, PLN bn Change in working capital by PLN 0,7 bn in 3Q10 Additional…
  16. Q3 2010 – PKN Orlen SA – slide 16
    Agenda Achievements in 3Q 2010 Macroeconomic environment Financial and operating results in 3Q 2010 Liquidity Summary 16
  17. Q3 2010 – PKN Orlen SA – slide 17
    Consistent realization of actions increasing PKN ORLEN value Subsidiaries Further reduction of debt Development investments ORLEN Lietuva Obligatory inventories Installations EBIT according to LIFO improved in 2010 by Second…
  18. Q3 2010 – PKN Orlen SA – slide 18
    Summary Significant improvement of results PLN 0.7 bn the best operating result acc. to LIFO since the beginning of 2009. PLN 1.3 bn of net profit improvement by PLN 0.3 bn (y/y). Increase of sales volumes by 5% and improvement of…
  19. Q3 2010 – PKN Orlen SA – slide 19
    Thank You for Your attention For more information on PKN ORLEN, please contact Investor Relations Department: telephone: + 48 24 365 33 90 fax: + 48 24 365 56 88 e-mail: irorlen.pl www.orlen.pl 19
  20. Q3 2010 – PKN Orlen SA – slide 20
    Agenda Supporting slides 20
  21. Q3 2010 – PKN Orlen SA – slide 21
    PKN ORLEN Improvement of macroeconomic environment and the Companys efficiency PLN m + PLN 366 m 800 100 789 100 700 600 420 500 423 400 300 200 100 -254 0 EBIT 3Q09 Inventory valuation Macro Volumes Other EBIT 3Q10 Lower impact…
  22. Q3 2010 – PKN Orlen SA – slide 22
    Refining segment Product slate improvement at full capacity utilization PLN m + PLN 325 m 500 152 462 400 46 300 338 200 137 100 0 - 100 -211 EBIT 3Q09 Inventory valuation Macro Volumes Other EBIT 3Q10 Positive effect of…
  23. Q3 2010 – PKN Orlen SA – slide 23
    Retail segment Market pressure on fuel margins level PLN m - PLN 54 m 400 363 350 14 12 309 300 22 250 -102 200 150 100 50 0 EBIT 3Q09 Fuel margins Volumes Non-fuel sales Other EBIT 3Q10 Active commercial activity allowed to…
  24. Q3 2010 – PKN Orlen SA – slide 24
    Petrochemical segment Olefins, polyolefins and fertilizers sales growth and drop in PVC PLN m + PLN 77 m 150 6 142 32 82 100 65 50 -43 0 EBIT 3Q09 Inventory valuation Macro Volumes Other EBIT 3Q10 Increase in volume sales…
  25. Q3 2010 – PKN Orlen SA – slide 25
    Main P&L elements breakdown by key companies in 3Q 2010 Others & ORLEN ORLEN PKN ORLEN 3) ORLEN IFRS, PLN m Unipetrol 3) consolidation Group Group (unconsolidated) Lietuva excludings 3Q10 3Q09 Revenues 16 835 3 639 4 706 -3 074 22…
  26. Q3 2010 – PKN Orlen SA – slide 26
    Operating results breakdown by key segments and companies in 3Q 2010 Others & ORLEN ORLEN PKN ORLEN 4) ORLEN IFRS, PLN m Unipetrol 4) consolidation Group Group (unconsolidated) Lietuva excludings 3Q10 3Q09 EBIT 662 6 -77 198 789…
  27. Q3 2010 – PKN Orlen SA – slide 27
    ORLEN Lietuva Group Key elements of the profit and loss account1 change change 3Q09 2Q10 3Q10 IFRS, USD m 9M09 9M10 y/y y/y 1 227 1 429 1 529 25% Revenues 3 063 4 008 31% -14 41 16 - EBITDA 68 59 -13% -36 18 -7 81% EBIT 10 -8 -…
  28. Q3 2010 – PKN Orlen SA – slide 28
    UNIPETROL Group Key elements of the profit and loss account1 change change 3Q09 2Q10 3Q10 IFRS, CZK m 9M09 9M10 y/y y/y 18 732 23 409 22 505 20% Revenues 49 040 63 952 30% 866 1 669 1 170 35% EBITDA 2 159 4 191 94% 5 802 238 4660%…
  29. Q3 2010 – PKN Orlen SA – slide 29
    Key production data change change Key production data 3Q09 2Q10 3Q10 y/y q/q 1 Refinery in Poland Processed crude (tt) 3 870 3 506 3 664 -5% 5% Utilisation 108% 101% 100% -8 pp -1 pp 4 Fuel yield 58% 68% 65% 7 pp -3 pp 5 Middle…
  30. Q3 2010 – PKN Orlen SA – slide 30
    Variable macro in 4Q 2010 Crude oil price increase Refining margin and U/B diff increase Average Brent Crude Oil price, USD/bbl Model refining margin and Ural/Brent differential, USD/bbl + 6 USD/bbl + 1,3 USD/bb 75 76 78 77 83 6,5…
  31. Q3 2010 – PKN Orlen SA – slide 31
    Macro environment 12 2009 av erage 2009 2010 av erage 2010 PKN ORLEN Group model refining margin 9 6 3,9 USD/bbl* 3,8 USD/bbl 3 0 January February March April May June July August September October November December 4…
  32. Q3 2010 – PKN Orlen SA – slide 32
    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…
  33. Q3 2010 – PKN Orlen SA – slide 33
    For more information on PKN ORLEN, please contact Investor Relations Department: telephone: + 48 24 365 33 90 fax + 48 24 365 56 88 e-mail: irorlen.pl www.orlen.pl 34

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