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CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA

PKN Orlen SA · Feb 26, 2009 · 40 slides

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Slides

  1. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 1
    Consolidated financial results of PKN ORLEN FY 2008 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 26 February 2009 1
  2. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 2
    Agenda Summary of financial results for 2008 Strategy implementation in 2009 Supporting slides 2
  3. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 3
    Reported results under the strong influence of external factors High dynamics of changes in crude oil prices and exchange rates Reported EBIT amounted to PLN 758 m. Reported results for the whole year 2008 under the extraordinarily…
  4. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 4
    Operating projects realization in 2008 In 2008 the following actions aimed at production and fuel sales growth, especially diesel, goods and services in retail segment were introduced. Segment Action realized Building of Diesel…
  5. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 5
    Negative LIFO effect in 4q2008 exceeds the sum of LIFO effects from the previous quarters 1500 PLN m USD/bbl 140 1000 860 548 563 120 500 327 281 100 0 -500 80 -229 -316 -1000 60 -1500 40 -2000 20 -2500 LIFO effect (PLN m)…
  6. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 6
    Negative impact of foreign exchange rates differences in 4q2008 exceeded the sum of foreign exchange rates differences from the previous quarters 800 PLN m PLN 4,4 538 348 370 242 4,2 300 140 4 -200 -82 -333 3,8 -700 3,6…
  7. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 7
    Good operating results according to LIFO decreased by the effect of changes in crude oil prices and exchange rates change 4q08 3q08 4q07 PLN m 2008 2007 y/y 1 2 3 4 5 6=4/5 16 449 23 058 16 902 Revenues 79 535 63 793 25% -1 275 1…
  8. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 8
    Cash from operations higher in 2008 by over PLN 1,6 bn change 4q08 3q08 4q07 PLN m 2008 2007 y/y 1 2 3 4 5 6=4/5 1 103 238 -573 Cash from operations 3 609 1 965 1 644 1 374 1 138 1 734 CAPEX 3 938 3 721 217 12 557 9 840 8 824…
  9. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 9
    EBIT according to LIFO is not so variable and reflects operating achievements Reported EBIT EBIT according to LIFO 1800 PLN m 1646 1400 1292 1000 834 744 786 828 748 565 512 604 553 600 375 238 200 104 -200 -600 -459…
  10. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 10
    Positive reported operating profit for 2008 although unfavorable effect on inventories valuation change 4q08 3q08 4q07 PLN m 2008 2007 y/y [%] 1 2 3 4 5 6=4/5 -1 965 512 104 EBIT, incl.following segments: 758 2 604 -71% 748 828…
  11. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 11
    Sales growth dynamics significantly higher than market growth change change 4q08 3q08 4q07 thousand tonnes 2008 2007 4q/4q y/y [%] 1 2 3 4=1/3 5 6 7=5/6 Sales volume, in total 7 636 8 608 6 465 18% 32 291 27 852 16% including: 5…
  12. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 12
    Increase in crude oil processed by 22 % and production of highly profitable middle distillates by 26% change change 4q08 3q08 4q07 thousand tones 2008 2007 4q/4q y/y [%] 1 2 3 4=1/3 5 6 7=5/6 7 057 7 342 5 235 35% Crude oil…
  13. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 13
    Negative effect of crude oil price change and macro exceeds improvement of operating activity in 2008 EBIT change PLN - 1846 m crude oil price macro operating activity PLN - 3 712 m PLN - 995 m PLN + 2 861 m PLN m 3000 2500 2…
  14. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 14
    Refining segment Significant growth of volumes in unfavorable macro conditions EBIT change PLN - 1619 m PLN m crude oil price macro operating activity 2000 PLN - 3 555 m PLN - 378 m PLN + 2 314 m 1 672 1500 1000 500 153 53 278…
  15. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 15
    Retail segment Effect of increase in volumes of fuels and non-fuel sales EBIT change PLN + 202 m PLN m macro operating activity 800 PLN - 15 m PLN + 217 m 110 700 236 625 600 (129) 500 423 Growth in non-fuel sales in PKN 400 ORLEN…
  16. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 16
    Petrochemical segment Negative macro effect and decrease of volumes EBIT change PLN - 794 m crude oil price macro operating activities PLN m PLN - 157 m PLN - 749 m PLN + 112 m 1500 1 068 1000 (157) 500 246 274 113 0…
  17. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 17
    Chemical segment Margins on fertilizers the main factor for growth in 2008 EBIT change PLN +39 m macro operating activity PLN m PLN + 147 m PLN - 108 m 600 239 500 400 285 (92) 63 300 246 200 (171) 100 0 EBIT 2007…
  18. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 18
    Agenda Summary of financial results for 2008 Strategy implementation in 2009 Supporting slides 18
  19. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 19
    Investment projects in 2009 - strategy realisation Concentration on core business Segment Planned actions Expected effects Closing of installation of the main facilities for Start up of installation allowing for effective Diesel…
  20. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 20
    Operations in 2009 are consistent realization of assumptions of announced strategy Area Planning operations in 2009 Continuing of operations in Baltic shelf area and on deposits in Poland Exploration & Work on selected acquisition…
  21. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 21
    We are achieving a position to further dynamic development Area Planning operations in 2009 The process was started in second half of 2008 for the purpose of reaching the best ratios in efficiency area Precisely defined targets in…
  22. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 22
    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 22
  23. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 23
    Agenda Summary of financial results for 2008 Strategy implementation in 2009 Supporting slides 23
  24. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 24
    Increase of efficiency of the Company by PLN 1 bn in 4q2008 EBIT change PLN - 2069 m crude oil price operating activity macro PLN m PLN - 3 009 m PLN + 1 029 m PLN - 89 m 500 104 0 Lower fixed costs and -500 salaries by PLN…
  25. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 25
    Refining segment High level of impact of inventories valuation in 4q2008 connected mainly with refining segment. EBIT change PLN - 2 002 m PLN m crude oil price macro Operating activity PLN - 2 879 m PLN - 3 m PLN + 927 m 1000…
  26. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 26
    Retail segment The result in retail segment in 4q2008 is higher by over PLN 100 m due to, among others, increase of volumes and non-fuel margins. EBIT change PLN + 98 m macro operating activity PLN m PLN + 6 m PLN + 92 m 200 180…
  27. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 27
    Petrochemical segment Visible influence of global economic slowdown EBIT change PLN - 152 m crude oil price macro operating activity PLN m PLN + 124 m PLN - 130 m PLN - 146 m 500 55 0 (130) 11 (97) (146) (99) 212 -500…
  28. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 28
    Chemical segment The effect of better margins on fertilizers in chemical segment was exceeded by impact of lower volumes EBIT change PLN - 5 m PLN m macro operating activity 120 PLN + 47 m PLN - 52 m 64 110 100 90 80 70 (17)…
  29. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 29
    PKN ORLEN Group results breakdown by key companies in 4q2008 PKN ORLEN PKN ORLEN Mazeikiu Consolidation PKN ORLEN IFRS, PLN m Unipetrol Others Group (unconsolidated) Nafta excludings Group 4q2008 4q2007 1 2 3 4 5 6 6 1 Revenues 11…
  30. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 30
    PKN ORLEN Group EBIT by segments in 4q2008 PKN ORLEN PKN ORLEN PKN ORLEN IFRS, PLN m Unipetrol Mazeikiu Nafta Others change y/y % (unconsolidated) Group 4q2008 Group 4q2007 1 2 3 4 5 5 5 EBIT, of which: -1 201 -201 -524 -39 -1 965…
  31. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 31
    PKN ORLEN Group results breakdown by key companies in 2008 PKN ORLEN Mazeikiu Consolidation PKN ORLEN PKN ORLEN IFRS, PLN m Unipetrol Others (unconsolidated) Nafta excludings Group 2008 Group 2007 1 2 3 4 5 6 6 1 Revenues 57 227…
  32. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 32
    PKN ORLEN Group EBIT by segments in 2008 PKN ORLEN PKN ORLEN PKN ORLEN IFRS, PLN m Unipetrol Mazeikiu Nafta Others change y/y % (unconsolidated) Group 2008 Group 2007 1 2 3 4 5 5 5 EBIT, of which: 633 9 -429 545 758 2 604 -71%…
  33. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 33
    Macroeconomic environment in refining PKN ORLEN model refining margin (Group) 1) PKN ORLEN model refining margin (Plock) 2) Increase by 40% y/y to 4,2 USD/b in 4q08 Increase by 15% y/y to 4,5 USD/b in 4q08 5,7 4,2 8,0 3,6 3,4 3,0…
  34. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 34
    Macroeconomic environment in petrochemicals and chemicals Model petrochemicals margin on olefins1 Model petrochemicals margin on polyolefins 2 Increase by 74% y/y to 656 EUR/t in 4q08 Decrease y/y to the level -55 EUR/t in 4q08 656…
  35. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 35
    Macroeconomic environment of servicing external finance EURIBOR 1M (%) WIBOR 1M (%) 6,1 4,9 4,3 4,6 4,1 1,9 2007 2008 2009YTD* 2007 2008 2009YTD* LIBOR 1M (%) PRIBOR 1M (%) 5,3 3,8 2,7 3,0 2,6 0,5 2007 2008…
  36. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 36
    MAZEIKIU NAFTA Group Key elements of the profit and loss account1 change IFRS, USD m 4q07 4q08 change y/y 2007 2008 y/y 1 2 3=2/1 4 5 6=5/4 Revenues 832 1 116 34% 3 502 7 463 113% EBITDA -22 -100 -355% 65 101 55% EBIT -32 -114…
  37. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 37
    UNIPETROL Group Key elements of the profit and loss account1 change IFRS, CZK m 4q07 4q08 change y/y 2007 2008 y/y 1 2 3=2/1 4 5 6=5/4 Revenues 21 149 19 015 -10% 88 462 98 144 11% EBITDA 227 -351 - 8 298 4 481 -46% EBIT -657 -1…
  38. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 38
    Key production data Key operating data 4q07 4q08 Y/Y [%] 2007 2008 Y/Y [%] 1 2 3 4=3/1 1 Refinery in Poland Processed crude (tt) 3 512 3 594 2,3% 13 646 14 139 3,6% Utilisation 102% 102% 0pp 74% 76% 2pp Fuel yield 4 63% 66% 3pp 61%…
  39. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 39
    Key planned shutdowns in PKN ORLEN Group in 2009 Introducing policy of shutdowns allows optimization of production and increased sales of refining products in long term horizon 1q2009 2q2009 3q2009 4q2009 Plock: HON VI Plock:…
  40. CONSOLIDATED FINANCIAL RESULTS OF PKN ORLEN FY 2008 – PKN Orlen SA – slide 40
    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 41

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