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CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA

PKN Orlen SA · Jan 23, 2013 · 38 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
    PKN ORLEN consolidated financial results 4Q12 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 23 January 2013
  2. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 2
    Agenda Highlights of 2012 Macroeconomic environment Financial and operating results in 4Q12 Liquidity Upstream and energy Summary of 2012 2
  3. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 3
    Companys achievements in 2012 Financial results 120,1 Operating efficiency 35,2 Revenues from +12% Sales, 0% sales, mt PLN bn 5,1 Crude oil 27,9 EBITDA acc. to +32% throughput +1% LIFO1, mt PLN bn Orlen Lietuva 180 Net…
  4. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 4
    Companys achievements in 2012 Development Key transactions Approval of the Strategy for 2013 - 2017 setting Realization of reduced Biocomponent National directions of further growth Target: at the level of 5,65 % Unconventional gas:…
  5. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 5
    Agenda Highlights of 2012 Macroeconomic environment Financial and operating results in 4Q12 Liquidity Upstream and energy Summary of 2012 5
  6. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 6
    Macro environment in 4Q12 (y/y) Crude oil price stabilized Increase in refining margin and U/B differential in total Average Brent Crude Oil price, USD/bbl Model refining margin and Brent/Ural differential, USD/bbl differential margin…
  7. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 7
    Significant drop in fuel consumption GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of last year mt 4Q11 1Q12 2Q12 3Q12 4Q12 4Q11 4Q12 4Q11 4Q12 - 7% 4,6 3,6 3,28 - 5% 3,06 2,3 1,4 0,8/1,5 0,98…
  8. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 8
    Agenda Highlights of 2012 Macroeconomic environment Financial and operating results in 4Q12 Liquidity Upstream and energy Summary of 2012 8
  9. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 9
    Over PLN 120 bn of sales revenues 4Q11 3Q12 4Q12 PLN m 12M11 12M12 Increase of revenues in 2012 by 12% (y/y) as a result of higher refining and petrochemical + 4% + 12% products prices and weakening of PLN against USD and EUR. 29 976…
  10. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 10
    Over PLN 5,1 bn of EBITDA according to LIFO before impairments 4Q11** 3Q12 4Q12*** change y/y PLN m 12M11** 12M12*** change EBITDA acc. to LIFO before 713 1 552 1 039 46% impairments* 3 894 5 147 32% -1 060 1 448 -738 30% EBIT, of…
  11. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 11
    Maintained high level of over 35 mt of sales 4Q11 3Q12 4Q12 kt 12M11 12M12 Total sales volumes in 4Q12 increased by 1% (y/y) to 9,3 mt. + 1% 0% 9 153 9 627 9 283 35 446 35 283 Refining volumes increased by 2% (y/y) due to higher…
  12. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 12
    7,5 mt of crude oil throughput in 4Q12 Crude oil throughput Utilisation ratio mt % PKN ORLEN Unipetrol ORLEN Lietuva + 4% 100 98 7,4 7,5 100 94 94 93 7,2 6,7 90 6,4 90 97 90 79 79 92 80 86 79 70 71 57 60 4Q11 1Q12 2Q12 3Q12…
  13. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 13
    Agenda Highlights of 2012 Macroeconomic environment Financial and operating results in 4Q12 Liquidity Upstream and energy Summary of 2012 13
  14. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 14
    Financial safety Net debt and financial gearing Financing PLN bn, % Net debt / EBITDA - 0,04 1,58 - 0,8 bn 7,6 7,1 8,2 Net debt / EBITDA 5,9 6,8 acc. to LIFO before - 0,64 1,31 impairments* Company financing with average…
  15. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 15
    Over PLN 1,5 bn of cash flow from operations before working capital change change 4Q11 3Q12 4Q12 PLN m 12M11 12M12 change y/y Cash flow from operations before 1 313 2 005 667 -646 5 564 5 132 -432 working capital change 0 0 0 0…
  16. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 16
    Agenda Highlights of 2012 Macroeconomic environment Financial and operating results in 4Q12 Liquidity Upstream and energy Summary of 2012 16
  17. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 17
    UPSTREAM Conventional and unconventional projects We widen portfolio of concession for shale gas systematically analyzing results of already and tight gas exploration conducted wells CAPEX on E&P in 2013-2017 may reach up to PLN 5.1bn,…
  18. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 18
    ENERGY New projects and improvement of efficiency of assets held Competitive advantage Building a 463 MWe CCGT plant in Wloclawek Power plant in Plock (345 MW, 1970 MWt) the biggest industrial Signing in 4Q12 a contract for CCGT…
  19. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 19
    Agenda Highlights of 2012 Macroeconomic environment Financial and operating results in 4Q12 Liquidity Upstream and energy Summary of 2012 19
  20. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 20
    2012 summary Good results despite unstable macro environment Financial safety Development projects, in particular in Energy and Upstream Approval of Strategy for years 2013 2017: Shareholders, Value Creation, Financial…
  21. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 21
    Thank You for Your attention www.orlen.pl For more information on PKN ORLEN, please contact Investor Relations Department: phone: + 48 24 256 81 80 fax: + 48 24 367 77 11 e-mail: irorlen.pl 21
  22. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 22
    Agenda Supporting slides 22
  23. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 23
    PKN ORLEN Better macro and higher sales volumes improve the result PLN, m PLN +322 m 0 -500 755 -738 -1.000 -1.060 207 -1.500 532 -2.000 -1.172 -2.500 EBIT 4Q11 Inventory valuation Macro Volumes Other EBIT 4Q12 Negative…
  24. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 24
    Refining segment Result influenced by inventories valuation and impairments of assets PLN, m 400 PLN -1 108 m 233 200 0 -200 187 -400 419 -600 -800 -1.128 -586 -875 -1.000 EBIT 4Q11 Inventory valuation Macro Volumes Other…
  25. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 25
    Retail segment Strengthening of market position at decreasing consumption in Poland PLN, m PLN +72 m 94 120 100 98 -16 -3 -3 80 60 40 26 20 0 EBIT 4Q11 Fuel margins Volumes Non-fuel sales Other EBIT 4Q12 Lower retail…
  26. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 26
    Petrochemical segment Improvement of results thanks to better margins and volumes PLN, m PLN + 1 527 m 400 1.422 267 200 0 -200 -400 -600 -800 -1.000 113 36 -1.200 -1.400 -1.260 -44 EBIT 4Q11 Inventory valuation Macro Volumes…
  27. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 27
    Main P&L elements split by key companies in 4Q12 Others and PKN PKN PKN PKN ORLEN 3) ORLEN Change PKN ORLEN IFRS, PLN m Unipetrol 3) consolidation ORLEN ORLEN ORLEN Change S.A. Lietuva y/y 12M11 corrections 4Q12 4Q11 12M12 Revenues…
  28. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 28
    Operating result split by segments and key companies in 4Q12 Others and PKN PKN PKN PKN PKN ORLEN 4) ORLEN Change IFRS, PLN m Unipetrol 4) consolidation ORLEN ORLEN ORLEN ORLEN Change S.A. Lietuva y/y corrections 4Q12 4Q11 12M12…
  29. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 29
    ORLEN Lietuva Group Key elements of the profit and loss account 1 change 4Q11 3Q12 4Q12 IFRS, USD m 12M11 12M12 change y/y 2096 2323 2360 13% Revenues 8 170 8 051 -1% 0 141 39 - EBITDA 105 177 69% -19 126 21 - EBIT 25 114 356%…
  30. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 30
    UNIPETROL Group Key elements of the profit and loss account 1 change 4Q11 3Q12 4Q12 IFRS, CZK m 12M11 12M12 change y/y 24 327 28 438 26 292 8% Revenues 97 428 107 281 10% -5 159 1 656 -3 783 27% EBITDA -2 263 -1 207 47% EBITDA…
  31. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 31
    Macro environment in 1Q13 (q/q) Crude oil price increase Significant decrease in refining margin Average Brent Crude Oil price, USD/bbl Model refining margin and Brent/Ural differential, USD/bbl + 2 USD/bbl differential margin 8,9 9,1…
  32. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 32
    Macro environment in 2013 14 ORLEN Group model refining margin 2012 average 2013 2013 average 2012 12 10 8 6 5,7 USD/bbl 4 2 1,7 USD/bbl 0 -2 January February March April May June July August September October November December…
  33. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 33
    Macro environment comparison 2012 vs 2011 14 ORLEN Group model refining margin 2011 average 2012 2012 average 2011 12 10 8 5,7 USD/bbl 6 4 2,1 USD/bbl 2 0 -2 January February March April May June July August September October…
  34. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 34
    Production data change change Production 4Q11 3Q12 4Q12 (y/y) (q/q) 12M11 129M12 change Total crude oil throughput in PKN ORLEN (tt) 7 179 7 431 7 491 4% 1% 27 785 27 939 1% Refinery in Poland 1 Processed crude (tt) 3 814 3 759 3 940 3%…
  35. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 35
    Maintenance shutdowns of key installations in 2012 Q112 Q212 Q312 Q412 CDU III Hydrocracker Reforming HDS VI HDS VII PX/PTA Olefin Unit (S.C.) BOP (PE, PP) Hydrogen / Recovery Unit H-Oil PVC (Anwil) Fertilizers (Anwil)…
  36. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 36
    Maintenance shutdowns schedule of key installations for 2013 Q113 Q213 Q313 Q413 CDU III FCC Hydrocracker H-Oil HDS VI / HDS VII HDS VI HDS VII Hydrogen / Recovery Unit Olefin Unit (S.C.) PX/PTA BOP - PE Reforming…
  37. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 37
    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…
  38. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 38
    www.orlen.pl For more information on PKN ORLEN, please contact Investor Relations Department: phone: + 48 24 256 81 80 fax: + 48 24 367 77 11 e-mail: irorlen.pl 39

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