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CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA

PKN Orlen SA · Jan 23, 2015 · 39 slides

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Slides

  1. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 1
    Strategic goals achieved in variable macro environment PKN ORLEN consolidated financial results for 4Q 2014 Sawomir Jdrzejczyk, CFO Rafa Warpechowski, Executive Director of Planning and Reporting Dariusz Grbosz, Investor Relations…
  2. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 2
    Agenda Key highlights 2014 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook 2015 2
  3. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 3
    Key highlights 2014 Value creation Financial strength EBITDA LIFO: PLN 5,2bn Financial gearing: 33,0% Record-high retail result: PLN 1,4bn Net debt / EBITDA LIFO: 1,29 Upstream production increase in Canada up to 8,4th boe/d Secured…
  4. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 4
    Agenda Key highlights 2014 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook 2015 4
  5. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 5
    Macro environment in 4Q14 (y/y) Downstream margin increase Product slate of downstream margin Model downstream margin, USD/bbl Crack margins Refining products (USD/t) 4Q13 3Q14 4Q14 (y/y) +3,6 USD/bbl Diesel 116 111 122 5% Gasoline 120…
  6. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 6
    Visible impact of grey zone in Poland GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of the last year mt 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 4Q14 4Q13 4Q14 - 4% - 3% 3,0 3,4 3,5 3,3 2,53,2 2,81 2,69…
  7. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 7
    Agenda Key highlights 2014 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook 2015 7
  8. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 8
    Financial results in 4Q2014 4Q13 3Q14 4Q14 4Q14* PLN m 12M13 12M14 12M14** - 10% -6% Revenues: decrease by (-) 10% (y/y) due 29 160 113 597 106 832 106 832 to lower crude oil price 27 622 24 902 24 902 Revenues EBITDA LIFO:…
  9. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 9
    EBITDA LIFO result increased by PLN 0,7 bn (y/y) Positive contribution of all segments Segments results in 4Q14 Positive impact of: PLN m 42 Increase in downstream margin by 3,6 USD/bbl (y/y) 379 1 260* Improvement of fuel and…
  10. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 10
    Downstream EBITDA LIFO PLN 1,0 bn as a result of good macro EBITDA LIFO quarterly (without impairments*) PLN m + Increase in downstream margin by 3,6 USD/bbl (y/y) mainly due 1 778 to lower crude oil prices and improvement of cracks…
  11. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 11
    Downstream (Refining) operational data Higher sales volumes by 1% (y/y) Sales volumes Utilization ratio mt % PKN ORLEN Unipetrol ORLEN Lietuva 7 97 96 + 1% 6,3 6,3 6,2 90 89 6,1 6,1 6,2 5,9 6,0 5,9 86 93 6 5,9 83 5,7 5,6 5,5 88…
  12. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 12
    Downstream (Petrochemicals) operational data Sales increase by 3% (y/y) Sales volumes PTA sales volumes and EBITDA mt + 3% kt, PLN m Volumes EBITDA 1,5 1,5 1,4 1,4 1,4 1,4 1,3 1,3 1,4 1,3 159 161 140 145 1,2 1,3 1,2 1,2 1,2 1,2 1,2…
  13. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 13
    Downstream (Energy) Realization of industry cogeneration projects Strategic assumptions Building a CCGT plant in Wloclawek (463 MWe) Industry cogeneration projects with the highest profitability / the In 4Q14 assembly works of all…
  14. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 14
    Retail EBITDA LIFO Maintained very good result EBITDA LIFO quarterly (without impairments*) PLN m + Total sales volumes increase by 5% (y/y) on all markets 500 451 441 388 Market share increase on all markets (y/y) 400 341360 369 359…
  15. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 15
    Retail operational data Sales increase by 5%; further growth of non-fuel offer Sales volumes Number of petrol stations and market shares (by volume) mt , % 2,5 + 5% 2,1 2,1 2,0 2,0 2,0 2,0 2,0 1,9 1,9 1,9 1,8 1,9 1,9 1,9 1,8 1,8…
  16. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 16
    Upstream Exploration projects in Poland Poland Unconventional projects Conventional projects Unconventional projects Currently 11 wells finished: : 7 vertical, 4 horizontal and 3 fracking of horizontal wells, including 3 wells and 1…
  17. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 17
    Upstream Production projects in Canada Canada TriOil - upstream company Assets Assets in Canadian Alberta province is located on four areas: Lochend, Kaybob, Pouce Coupe and Ferrier/Strachan Total reserves: ca. 49,5 m boe of crude oil…
  18. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 18
    Agenda Key highlights 2014 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook 2015 18
  19. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 19
    Cash flow in 4Q14 Working capital decrease by PLN 1,0 bn Cash flow from operations Cash flow from investments PLN bn PLN bn 1,0 mld PLN 1,9 3,0 0,4 0,1 -3,9 -0,9 -0,6 -1,0 Net inflow Decrease of Decrease of Decrease of Net inflow…
  20. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 20
    Debt Net debt and gearing Net debt/EBITDA LIFO PLN bn, % Financial gearing, % 3,5 33,0 3,0 28,5* 24,8 25,9 2,5 2,0 1,76 17,0 1,52 1,51 1,5 1,29 9,0 6,3 5,9 6,7 1,0 4,7 1,16 0,5 0,0 4Q13 1Q14 2Q14 3Q14 4Q14 4Q12 2Q13 4Q13…
  21. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 21
    CAPEX (basic pool) PLN 3,8 bn of CAPEX in 2014 Planned CAPEX 2014 CAPEX 2014 split by segment PLN bn, % PLN bn 3,8 230 3788** 499 345 Retail 2714 Growth 2,0 Downstream 65% 5,8 10% 5,1 Energy 1429 25% Maintenance/ Petchem 503 1,8…
  22. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 22
    Agenda Key highlights 2014 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook 2015 22
  23. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 23
    Plans for 2015 Planned CAPEX 2014 (basic pool) * Main projects PLN bn % Downstream 3,8 Building of Metathesis Unit in Pock Building of CCGT in Wocawek Downstream 66% 5,8 Retail Building of CCGT in Pock 9% Continuation of building of…
  24. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 24
    Market outlook for 2015 Macro - assumptions Economy GDP forecasts growth Brent crude oil price in base scenario we assume temporary GDP in 2015 Polish economy will speed up to 3,0%, and in 2016 stabilization of crude oil prices at the…
  25. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 25
    Outlook 2015 We are prepared for the next challenging year in macro environment especially in terms of crude oil price We expect moderate GDP and consumption growth We will further strengthen our focus on: value creation…
  26. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 26
    Thank You for Your attention 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 www.orlen.pl
  27. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 27
    Agenda Supporting slides 27 27
  28. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 28
    Results split by quarters (PLN, m) 4Q13*** 3Q14 4Q14* y/y 12M13*** 12M14** Revenues 27 622 29 160 24 902 -10% 113 597 106 832 -6% EBITDA LIFO 592 2 117 1 260 113% 3 086 5 213 69% Effect LIFO -538 -656 -1 593 -196% -668 -2 573 -285%…
  29. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 29
    Results split by segments Corporate 4Q14* (m PLN) Refining Petrochemicals Energy Downstream Retail Upstream Total functions EBITDA LIFO 291 699 -3 987 379 42 -148 1 260 Efekt LIFO -1 488 -105 0 -1 593 0 0 0 -1 593 EBITDA -1 197 594…
  30. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 30
    EBITDA LIFO - split by segments (PLN, m) 4Q13*** 3Q14 4Q14* y/y 12M13*** 12M14** Refining 53 1 181 291 449% 468 2 044 337% LIFO effect (Refining) -535 -620 -1 488 -178% -688 -2 417 -251% Petrochemicals 403 585 699 73% 1 941 2 170…
  31. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 31
    Results 4Q14 - split by companies Others and IFRS ORLEN consolidation PLN, m PKN ORLEN S.A. Unipetrol 2) Lietuva 2) corrections Total Revenues 17 589 4 410 4 759 -1 857 24 902 EBITDA LIFO 810 429 -296 317 1 260 LIFO effect1) -1…
  32. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 32
    ORLEN Lietuva Group Key elements of the profit and loss account IFRS, USD m 4Q13 3Q14 4Q14 y/y 12M13 12M14* Revenues 1 932 1 822 1 414 -27% 8 054 6 222 -23% EBITDA LIFO ** -48 54 -86 -79% -9 -54 -500% EBITDA -57 26 -58 -2% -23 -54…
  33. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 33
    UNIPETROL Group Key elements of the profit and loss account IFRS, CZK m 4Q13 3Q14 4Q14 y/y 12M13 12M14* Revenues 25 070 34 041 28 939 15% 99 415 124 299 25% EBITDA LIFO ** 252 2 304 2 618 939% 1 589 6 637 318% EBITDA 247 1 982 1 105…
  34. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 34
    LIFO effect vs Brent crude oil price* Brent crude oil price LIFO effect PLN m USD/bbl 3 000 113 120 111 108 2 000 94 100 79 2 349 1 000 80 1 408 1 152 0 -175 55 60 -668 40 -1 000 40 -2 573 -2 000 20 -3 000 0 2008…
  35. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 35
    Macro environment in 1Q15 (q/q) Downstream margin decrease Product slate of downstream margin Model downstream margin, USD/bbl Crack margins Refining products (USD/t) 1Q14 4Q14 1Q15* (q/q) (y/y) -0,2 USD/bbl Diesel 107 122 116 -5%…
  36. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 36
    Macro environment in 1Q15 (q/q) Refining margin and B/U differential increase Petrochemical margin decrease Model refining margin and Brent/Ural differential, USD/bbl Model petrochemical margin, EUR/t differential margin + 1,1…
  37. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 37
    Production data 4Q13 3Q14 4Q14 (y/y) (q/q) 12M13 12M14 Total crude oil throughput in PKN ORLEN 7 089 7 385 7 221 2% -2% 28 216 27 276 -3% Utilization in PKN ORLEN 91% 91% 89% -2 pp -2 pp 91% 84% -7 pp Refinery in Poland 1 Processed…
  38. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 38
    Dictionary Model downstream margin = revenues (90,7% Products = 22,8% Gasoline + 44,2% Diesel + 15,3% HHO + 1,0% SN 150 + 2,9% Ethylene + 2,1% Propylene + 1,2% Benzene + 1,2% PX) costs (input 100% = 6,5% Brent crude oil + 91,1% URAL…
  39. CONSOLIDATED FINANCIAL RESULTS FOR 4Q 2014 – PKN Orlen SA – slide 39
    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 www.orlen.pl

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