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CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA

PKN Orlen SA · May 14, 2009 · 30 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 – PKN Orlen SA – slide 1
    Consolidated financial results of PKN ORLEN 1q2009 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 14 May 2009 1
  2. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 2
    Agenda Key events in 1q2009 Main factors shaping financial results in 1q2009 Operating perspectives and macroeconomic environment in 2q2009 Supporting slides 2
  3. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 3
    Financial results in 1q2009 under strong influence of external factors Negative impact of crude oil prices and exchange rates on financial results In 1q2009 operating result EBIT amounted to PLN -320 m and net result PLN -1092 m. The…
  4. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 4
    Realization of operating projects in 1q2009 Segment Actions realized Exchange of the second reactor at HON1 unit in Mazeikiu Nafta, thanks to which fuel production efficiency increased according to quality requirements of EU 2009.…
  5. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 5
    Important issues influencing operating activity Realization of National Index Target NIT Realization of NIT in 2008 at the level of 3,45%; According to accepted strategy the operations directed to increase of biocomponents share in…
  6. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 6
    Agenda Key events in 1q2009 Main factors shaping financial results in 1q2009 Operating perspectives and macroeconomic environment in 2q2009 Supporting slides 6
  7. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 7
    Net loss in 1q2009 exceeding PLN 1 bn is mainly a result of drop in crude oil prices and weakening of PLN vs. EUR and USD 4q08* PLN m 1q09 1q08 change y/y 1 2 3 4=2/3 16 449 Revenues 14 702 17 938 -18% -1 275 EBITDA1 331 1 152 -71%…
  8. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 8
    Over PLN 1,1 bn of cash from operating activity generated in 1q2009 change 4q08* PLN m 1q09 1q08 y/y 1 2 3 4=2/3 1 103 Cash Flow from operations 1 151 986 165 1 374 CAPEX 717 577 140 12,6 Net debt (PLN bn) 14,3 8,4 5,9 1…
  9. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 9
    Reduction of net debt is PKN ORLEN priority Debt: available credit lines and impact of credits revaluation Gross debt1 at the end of 1q2009 amounted to PLN 16,1 bn, in which 83% were debts in EUR (39%) and USD (44%). Effect of…
  10. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 10
    Though unfavorable market conditions increase in sales volumes achieved change change q/q 4q08* th tonnes 1q09 1q08 y/y [%] [%] 1 2 3 4=2/3 5=2/1 Sales volume, total 8 292 8 215 8 154 1% -1% including: 5 838 Refining 5 630 5 579…
  11. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 11
    Increase of crude oil throughput by 5% and middle distillates production by 9% change change q/q 4q08* th tonnes 1q09 1q08 y/y [%] [%] 1 2 3 4=2/3 5=2/1 7 058 Crude oil throughput 6 848 6 501 5% -3% 7 566 Production, total 7…
  12. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 12
    Operating result in 1q2009 under the strong influence of situation in petrochemical segment change PLN m 1q09 1q08 y/y [%] 2 3 4=2/3 EBIT, including: -320 565 - EBIT acc. to LIFO -74 239 - Refining -116 330 - Refining acc. to LIFO…
  13. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 13
    Negative effect of crude oil changes and influence of macro significantly reduce operating result of PKN ORLEN EBIT change PLN - 885 m PLN, m 1000 565 500 (236) 0 69 (572) (41) (105) (320) -500 EBIT 1q2008 Inventory…
  14. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 14
    Refining segment Segment result under strong pressure of negative effect of inventory valuation EBIT change PLN - 446 m PLN, m 500 330 251 0 93 (154) (116) (636) -500 EBIT 1q2008 Inventory valuation Macro Volumes Other…
  15. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 15
    Petrochemical segment Noticeable impact of global economic slowdown EBIT change PLN - 350 m PLN, m 450 350 64 278 250 150 (188) 50 (254) -50 28 -150 (72) EBIT 1q2008 Inventory valuation Macro Volumes Other EBIT…
  16. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 16
    Retail segment Increase in fuel and non-fuel sales volumes EBIT change PLN + 17 m PLN, m 160 32 (22) 140 120 (28) 35 100 87 80 70 60 40 20 0 EBIT 1q2008 Fuel sales Other sales Fuel stations costs Other EBIT 1q2009…
  17. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 17
    Agenda Key events in 1q2009 Main factors shaping financial results in 1q2009 Operating perspectives and macroeconomic environment in 2q2009 Supporting slides 17
  18. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 18
    Macroeconomic perspectives for 2q2009 Refining margin and URAL/Brent differential in 2009 PKN ORLEN Group refining m argin 2008 2009 rednia Average2008 2008 Average 2009 rednia 2009 16 12 8 4 0 stycze January luty February…
  19. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 19
    Efficiency and generating positive cash flow are priorities for 2009 Direction of operations Optimization of investment projects and continuation of projects with highest rates of return to achieve PKN ORLEN value growth. Reduction…
  20. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 20
    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 20
  21. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 21
    Agenda Key events in 1q2009 Main factors shaping financial results in 1q2009 Operating perspectives and macroeconomic environment in 2q2009 Supporting slides 21
  22. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 22
    Macroeconomic environment in refining PKN ORLEN model refining margin (Group) 1) Increase by 47% y/y to 5,3 USD/b in 1q09 7,0 7,1 7,7 5,3 4,5 3,6 1q08 2q08 3q08 4q08 1q09 2q09 QTD Brent Crude Oil price Ural/Brent…
  23. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 23
    Macroeconomic environment in petrochemicals and financial sector PKN ORLEN model petrochemical margin (Group) 1 Exchange rate PLN/USD and PLN/EUR 2 Decrease by 34 % y/y to 500 EUR/t in 1q09 Increase of PLN/USD by 45% y/y and PLN/EUR by…
  24. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 24
    PKN ORLEN Group results breakdown by key companies in 1q2009 PKN ORLEN PKN ORLEN Mazeikiu Consolidation PKN ORLEN IFRS, PLN m Unipetrol Others Group (unconsolidated) Nafta excludings Group 1q2009 1q2008 1 2 3 4 5 6 7 1 Revenues 9…
  25. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 25
    PKN ORLEN Group EBIT by segments in 1q2009 PKN ORLEN PKN ORLEN PKN ORLEN IFRS, PLN m Unipetrol Mazeikiu Nafta Others change y/y % (unconsolidated) Group 1q2009 Group 1q2008 1 2 3 4 5 6 7=5/6 EBIT, of which: -394 -48 -51 173 -320…
  26. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 26
    MAZEIKIU NAFTA Group Key elements of the profit and loss account1 change IFRS, USD m 1q09 4q08 1q08 change y/y q/q 1 2 3 4=1/3 5=1/2 Revenues 850 1 116 1 568 -46% -24% EBITDA 17 -100 9 89% - EBIT -1 -114 -3 67% 99% Net result -18…
  27. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 27
    UNIPETROL Group Key elements of the profit and loss account1 IFRS, CZK m 1q09 4q08 1q08 change y/y change q/q 1 2 3=2/1 3=2/1 Revenues 14 513 19 015 22 149 -34% -24% EBITDA 709 -351 1 491 -52% - EBIT -127 -1 261 653 - 90% Net…
  28. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 28
    Key production data Key operating data 1q09 4q08 1q08 y/y [%] q/q [%] 1 2 3 4=1/3 5=1/2 1 Refinery in Poland Processed crude (tt) 3 573 3 594 3 421 4,4% -0,6% Utilisation 100% 102% 97% 3pp -2pp 4 Fuel yield 67% 66% 62% 5pp 1pp…
  29. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 29
    Changing business requirements is a reason to change the rules of presenting information regarding operating segments. New allocation of Group operations According to new requirements regarding segments reporting introduced 1 January…
  30. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 30
    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 31

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