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Q3 2005 – PKN Orlen SA

PKN Orlen SA · Nov 14, 2005 · 38 slides

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Slides

  1. Q3 2005 – PKN Orlen SA – slide 1
    Consolidated financial results of PKN ORLEN S.A. Q3 2005 (IFRS) Implementation and progress of strategy initiatives Igor Chalupec, CEO Wojciech Heydel, CMO Pawe Szymaski, CFO 14 November 2005 1
  2. Q3 2005 – PKN Orlen SA – slide 2
    Financial results Q32005 PKN ORLEN Group Key financial data2 Operating data Q32005 Q3'05 vs Q1-Q3'05 vs PLN m Q3'05 Q1-Q3'2005 Q3'04 Q1-Q3'04 ROACE (%) 1 18.3% 28.9% Wolumen volume Wholesale z sprzeday + 32,1% Without negative…
  3. Q3 2005 – PKN Orlen SA – slide 3
    EBITDA and ROACE comparison 1-3Q05 vs. 1-3Q041 EBITDA (PLN m) ROACE (%) (based on 2004 average market environment)1 (based on 2004 average market environment)1 30,0 4 000 3 000 20,0 2 000 3 696 3 256 10,0 20.0 23.6 1 000…
  4. Q3 2005 – PKN Orlen SA – slide 4
    Agenda Comparison of financial results for Q305 and 1-3Q05 Characteristics of macroeconomic environment Financial results Q32005 Strategy update Supporting slides 4
  5. Q3 2005 – PKN Orlen SA – slide 5
    Macroeconomic environment Q32005 and Q42005 to November, 9th 2005 Refinery margin average 6.09/b in Q320053 Exchange rates average1 Increase of 11% y/y 5,0 PLN/USD PLN/EUR 16 Q3'2005 2 2 PLN/USD 2005 E PLN/EUR 2005 E Q3'2004 14…
  6. Q3 2005 – PKN Orlen SA – slide 6
    Oil & gas sector world trends Possible squeeze of the Brent-Ural differential PKN ORLEN refining margins have lately been dependent Brent-Ural differential - tendencies on the level of the Ural-Brent differential Brent-Ural…
  7. Q3 2005 – PKN Orlen SA – slide 7
    Agenda Comparison of financial results for Q305 and 1-3Q05 Characteristics of macroeconomic environment Financial results Q32005 Strategy update Supporting slides 7
  8. Q3 2005 – PKN Orlen SA – slide 8
    Revenues by segment IFRS basis, PLN m Q3'04 Q3'05 Unipetrol Q3'05 y/y Comment Revenue total 8 504 3 656 13 075 54% including zRevenue increase due to higher market 2) quotations for refined products and due to Refining 4 125 2 248 7…
  9. Q3 2005 – PKN Orlen SA – slide 9
    Expenses Cost increase smaller than revenue increase (exluding Unipetrol) Q3'05 Comment IFRS basis, PLN m Q3'04 Unipetrol Q3'05 y/y Raw m aterials and energy 3 548 2 025 6 542 84,4% z Unipetrol consolidation effect visible Costs…
  10. Q3 2005 – PKN Orlen SA – slide 10
    Operating profit by segment Significant improvement in operating results Q3'05 Comment IFRS basis, PLN m Q3'04 Unipetrol1 Q3'05 y/y Operating profit 995 132 1 195 20,1% zIncreased operating of which: result due to Unipetrol 2…
  11. Q3 2005 – PKN Orlen SA – slide 11
    Profit and loss account Direct effect of full quarter of Unipetrol consolidation 3Q'05 IFRS basis, PLN m 3Q'04 Unipetrol 1 3Q'05 y/y Comment Revenues 8 504 3 656 13 074 53,7% z Strong effect of Unipetrol Cost of sales -6 763 -3 434…
  12. Q3 2005 – PKN Orlen SA – slide 12
    Operating activity the main driver of the net profit increase 3Q04 3Q05 In m PLN 1 200 4 2 13 1 000 132 (20) 68 (15) (37) 800 Result of Unipetrol debt 600 consolidation 980 Macroenvironment in the oil 833 & gas business…
  13. Q3 2005 – PKN Orlen SA – slide 13
    Refining segment in Q320051 Efficiency increase and a favourable operating environment Q304 Q305 In PLN m 1600 37 4 1400 74 8 26 284 32 1200 80 108 Result of Unipetrol 1000 consolidation 95 321 Macroenvironment in oil & 800…
  14. Q3 2005 – PKN Orlen SA – slide 14
    Petrochemical segment Visible decrease of margin on petrochemical products Q304 Q305 In PLN m 500 2 Result of worsening macroenvironment for 450 petrochemical products 400 88 (17) 350 (47) (89) 300 117 250 (119) 200 Mainly…
  15. Q3 2005 – PKN Orlen SA – slide 15
    Retail segment High prices result in decreased fuel consumption and a lower segment result In PLN m Q304 Q305 3 2 120 (10) 9 100 10 (20) 10 80 (27) 60 Decrease of fuel consumption in Poland 40 82 Focus on margin…
  16. Q3 2005 – PKN Orlen SA – slide 16
    Cost cutting program Reduction target will be achieved Summary of cost cutting program in Q305 z Effects of the initiatives realised in Q305 are Efficiency sufficient to achieve the target of PLN 800 m* improvement PLN 228 m…
  17. Q3 2005 – PKN Orlen SA – slide 17
    Agenda Comparison of financial results for Q305 and 1-3Q05 Characteristics of macroeconomic environment Financial results Q32005 Strategy update Supporting slides 17
  18. Q3 2005 – PKN Orlen SA – slide 18
    Orlen Deutschland Assets in a difficult and competitive market Orlen Deutschland Orlen Deutschland, location z 494 retail sites acquired in Northern Germany in 2003 z After optimisation PKN ORLEN has 480 sites 480 under two brands;…
  19. Q3 2005 – PKN Orlen SA – slide 19
    German market Outlook to 2009 Current market situation Historical average retail margin z Economy sites are highly favored by 8 Euro cent / litre customers 7 6,91 7,35 6,53 6,46 6,43 6 z Total fuel volume increase on ORLEN 5,6 5,4…
  20. Q3 2005 – PKN Orlen SA – slide 20
    ORLEN Deutschland SWAP agreement increases substantially profitability of German investment SWAP profile and its influence on PKN ORLEN z SWAP agreements are being concluded between PKN ORLEN and oil & gas companies acting both in…
  21. Q3 2005 – PKN Orlen SA – slide 21
    Alternative scenarios Strategic development of Orlen Deutschland and possible effects Possible strategy on German market Substantial z Exit from the market by accounting the sale of sites 1) Exit LOSS Cost of the sites…
  22. Q3 2005 – PKN Orlen SA – slide 22
    Restructuring and development of Orlen Deutschland Decision of PKN ORLEN supporting increase of shareholder value Development scenario for German market in EUR m 2009 3) Restructuring and ROACE 18,4%* development NPV 142 One off…
  23. Q3 2005 – PKN Orlen SA – slide 23
    PKN ORLEN and Maeiki Nafta - strong regional player Combined potential of the companies provides Pozycja partnerw w rodkowo Wschodniej PKN ORLEN submitted comprehensive offer Europie sound position in Central&East Europe.…
  24. Q3 2005 – PKN Orlen SA – slide 24
    Divisional Management Implementation planned on 1 January 2006.1 Cooperation within Group; management teams with common targets One company and joint responsibility for results Common strategy Building and enforcing the Groups common…
  25. Q3 2005 – PKN Orlen SA – slide 25
    Expected results of implementation of divisional management Following the implementation of segment management synergies in the subsequent areas are expected: optimisation of investment expenses production and sales synergies…
  26. Q3 2005 – PKN Orlen SA – slide 26
    Implemented the organizational structure and value chain management is based on the best world principles Divisional Executive Divisional Executive Divisional Executive Divisional Executive Divisional Executive Divisional Executive…
  27. Q3 2005 – PKN Orlen SA – slide 27
    PKN ORLEN enters the dynamically expanding polyester market - PET Extending the value chain in the petrochemical segment of the PKN ORLEN Group - construction of the paraxial (PX) and teraphthalic acid (PTA) installations Proposed…
  28. Q3 2005 – PKN Orlen SA – slide 28
    Thank You for Your attention 28
  29. Q3 2005 – PKN Orlen SA – slide 29
    Contact For more information please contact our IR Office: Press Office: phone: + 48 24 365 33 90 phone: + 48 24 365 41 50 fax: + 48 24 365 56 88 + 48 22 695 34 57 e-mail: irORLEN.pl fax: + 48 22 695 35 27 e-mail: mediaORLEN.pl…
  30. Q3 2005 – PKN Orlen SA – slide 30
    Agenda Comparison of financial results for Q305 and 1-3Q05 Characteristic of the macroeconomic nvironment Financial results Q32005 Strategy update Supporting slides z Macroeconomic environment in Poland z CAPEX in Q3…
  31. Q3 2005 – PKN Orlen SA – slide 31
    Macroeconomic environment in Poland Increase in real GDP growth Comment 6,9% Increase of GDP rate of growth in Q305 6,1% better results in manufacturing, trade 4,7% 4,9% 3,9% 4,0% 4,0% and construction industry. Strengthening…
  32. Q3 2005 – PKN Orlen SA – slide 32
    Capex in Q305 Focus on petrochemicals development Investment in Q305 including Unipetrol PLN m 300 Q304 70 Q305 250 Q305 , Unipetrol 200 24 150 25 205 100 152 145 5 50 78 81 43 28 39 0 Refinery Reta il…
  33. Q3 2005 – PKN Orlen SA – slide 33
    Unipetrol Group Selected financial data for Q305 and Q304 Q1-Q3'04 Q3'04 Q1-Q3'05 Q3'05 In '000 CZK CAS CAS IFRS IFRS Chem opetrol a.s. Revenues 19 475,5 6 935,1 23 507,3 8 001,7 EBITDA 2 986,4 965,4 3 656,9 831,5 Net result 849,7…
  34. Q3 2005 – PKN Orlen SA – slide 34
    Unipetrol Group Selected financial data for Q305 and Q304 Consolidated financial highlights of Unipetrol a.s. 2003-2005* Quarterly basis Q1'03 Q2'03 Q3'03 Q4'03 Q1'04 Q2'04 Q3'04 Q4'04 Q1'05 H1'05 Q3'05 In '000 CZK 2003 CAS 2004…
  35. Q3 2005 – PKN Orlen SA – slide 35
    Unipetrol Group Selected operating data for 2003 - 2005 Operating highlights of Unipetrol a.s. Capital Group 2003-2005 Quarterly basis 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…
  36. Q3 2005 – PKN Orlen SA – slide 36
    Operating data Q3051 Operating data1 Q3'04 Q3' 05 y/y Total sales (tt) , of which 4 052 5 226 29,0% - light products sales (tt) 2 2 743 3 400 24,0% - other refinery products sales (tt) 675 926 37,2% - pet-chem sales (tt) 572 859…
  37. Q3 2005 – PKN Orlen SA – slide 37
    ORLEN Deutschland Financial highlights Q305 vs. Q304 Financial highlights, PLN m Q304 Q305 y/y Comment Total assets 1 648 1 485 -9,9% zRevenue increase as a result of product Equity 516 459 -11% price increases and volume…
  38. Q3 2005 – PKN Orlen SA – slide 38
    Petrochemical products market from January, 1st 2004 to October, 28th 2005 Ethylene Propylene EUR/tone 900 EUR/tone 900 800 800 700 700 600 600 500 500 400 400 362 257 311 307 289 300 254 273 300 262 230 200 172 180 193…

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