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Q1 2014 – PKN Orlen SA

PKN Orlen SA · Apr 24, 2014 · 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. Q1 2014 – PKN Orlen SA – slide 1
    Petchem and retail driving the results PKN ORLEN consolidated financial results for 1Q 2014 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 24 April 2014
  2. Q1 2014 – PKN Orlen SA – slide 2
    Agenda Key highlights 1Q14 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2014 2
  3. Q1 2014 – PKN Orlen SA – slide 3
    Key highlights 1Q14 Shareholders Value creation Management Board appointment for the next 3 year term EBITDA LIFO: PLN 1,0 bn Management Board recommendation for dividend payout: Petchem supports downstream results PLN 616m (PLN…
  4. Q1 2014 – PKN Orlen SA – slide 4
    Agenda Key highlights 1Q14 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2014 4
  5. Q1 2014 – PKN Orlen SA – slide 5
    Macro environment in 1Q14 (y/y) Crude oil price decrease Refining margin and B/U differential decrease Average Brent Crude Oil price, USD/bbl Model refining margin and Brent/Ural differential, USD/bbl 140 differential margin - 5…
  6. Q1 2014 – PKN Orlen SA – slide 6
    Increase in GDP and diesel consumption GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of last year mt 1Q13 2Q13 3Q13 4Q13 1Q14 1Q13 1Q14 1Q13 1Q14 + 2% 0% 1,9 2,7 2,83,3 2,46 2,51 0,5 0,8 0,81…
  7. Q1 2014 – PKN Orlen SA – slide 7
    Agenda Key highlights 1Q14 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2014 7
  8. Q1 2014 – PKN Orlen SA – slide 8
    Financial results PLN m 1Q13 4Q13 1Q14 - 12% Revenues: decrease by (-) 12% (y/y) due to lower crude 27 450 27 622 oil prices by (-) 4%, lower sales volumes by (-) 7% and 24 119 strengthening of PLN against USD by (-) 3% Revenues…
  9. Q1 2014 – PKN Orlen SA – slide 9
    EBITDA LIFO Almost PLN 1 bn due to strong petchem and retail Segments results in 1Q14 Negative impact of: PLN m 31 Lower refining margins and B/U diff, strengthening of PLN against 234 953 USD and worsening of petchem products margins…
  10. Q1 2014 – PKN Orlen SA – slide 10
    Refining EBITDA LIFO Results under the pressure of tough macro EBITDA LIFO quarterly (without impairments*) PLN m + 996 Sales increase in the Czech Rep. (y/y) at comparable 1.000 930 843 volumes in Poland (y/y) 800 716 575 Fuel yield…
  11. Q1 2014 – PKN Orlen SA – slide 11
    Refining operational data Limitation of crude oil throughput due to market challanges Sales volumes Utilization ratio mt % PKN ORLEN Unipetrol ORLEN Lietuva 7 - 15% 100 98 97 6,3 6,3 6,2 92 6,1 6,0 6,1 89 5,9 5,9 86 86 6 5,7 83 5,5…
  12. Q1 2014 – PKN Orlen SA – slide 12
    Petrochemicals EBITDA LIFO Stable good results EBITDA LIFO quarterly (without impairments*) PLN m 694 + 700 667 656 Sales increase in all markets, in total by 4% (y/y) 580 600 547 Better margins on polyolefins and PVC 531 506 491 500…
  13. Q1 2014 – PKN Orlen SA – slide 13
    Petrochemicals operational data Sales increase by 4% (y/y) Sales volumes PTA sales volumes and EBITDA mt kt, PLN m Volumes EBITDA + 4% 1,5 146 145 137 134 139 1,4 1,4 1,4 1,3 1,3 1,4 1,3 1,3 1,2 1,2 1,2 1,2 1,2 1,2 1,2 1,2 193…
  14. Q1 2014 – PKN Orlen SA – slide 14
    Retail EBITDA LIFO Record-high 1Q result EBITDA LIFO quarterly (without impairments*) PLN m + Better fuel and non-fuel margins in all markets (y/y) 500 450 388 Higher fuel sales in all markets, in total by 6% (y/y) 369 400 341 360 325…
  15. Q1 2014 – PKN Orlen SA – slide 15
    Retail operational data Sales increase by 6% (y/y) and Stop Cafe and Bistro Cafe by 34 Sales volumes Number of petrol stations and market shares (by volume) mt , % 3 + 6% 2,0 1,9 2,0 2,1 1,9 1,9 1,9 1,9 1,9 2 1,8 1,8 1,8 1,8 1,7…
  16. Q1 2014 – PKN Orlen SA – slide 16
    Agenda Key highlights 1Q14 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2014 16
  17. Q1 2014 – PKN Orlen SA – slide 17
    CAPEX PLN 0,7 bn in 1Q2014 Planned CAPEX 2014 (basic pool) CAPEX 3M14 split by segment PLN bn PLN m 127 684 Upstream 127 24% Growth 2,0 5,8 53 5,1 28 78 46% 271 Downstream 30% Maintenance/ 1,8 Regulatory Energy Refining…
  18. Q1 2014 – PKN Orlen SA – slide 18
    Upstream Exploration projects in Poland and production projects in Canada Poland TriOil upstream company in Canada Shale gas exploration projects Assets Currently 10 wells finished: 7 vertical and 3 horizontal as well as 2 Assets…
  19. Q1 2014 – PKN Orlen SA – slide 19
    Energy Projects realization Strategic assumptions Building a CCGT plant in Wloclawek (463 MWe) Concentration on industrial cogeneration projects with the highest In 1Q14 assembly works of engine room building were in progress…
  20. Q1 2014 – PKN Orlen SA – slide 20
    Agenda Key highlights 1Q14 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2014 20
  21. Q1 2014 – PKN Orlen SA – slide 21
    Cash flow Cash flow from operations Cash flow from investments PLN bn PLN bn Working capital increase by PLN (-) 4,0 bn 0,6 -2,4 -0,8 -3,4 -0,8 -0,7 -0,1 -0,8 Net inflow Increase of Increase of Decrease of Net outflow CAPEX…
  22. Q1 2014 – PKN Orlen SA – slide 22
    Debt Net debt and gearing Debt increase by PLN 0,5 bn (y/y) due to temporary increase of PLN bn, % Financial gearing, % operating inventories 26,8 Gross debt structure: 24,2 24,8 USD 27%, EUR 40%, PLN 20%, CZK 13% 17,8 17,0 Issue…
  23. Q1 2014 – PKN Orlen SA – slide 23
    Agenda Key highlights 1Q14 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2014 23
  24. Q1 2014 – PKN Orlen SA – slide 24
    Outlook 2014 Macro - assumptions Economy GDP forecast growth GDP - in 2014 Polish economy will speed up to 3,6 percent and in Brent crude oil price expected a slight decrease (y/y) as a result 2015 will reach 3,7 percent NBP, March…
  25. Q1 2014 – PKN Orlen SA – slide 25
    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 25 25
  26. Q1 2014 – PKN Orlen SA – slide 26
    Agenda Supporting slides 26 26
  27. Q1 2014 – PKN Orlen SA – slide 27
    Results split by quarters (PLN, m) 1Q14 4Q13* 1Q13* y/y 3M14 3M13* Revenues 24 119 27 622 27 450 -12% 24 119 27 450 -12% EBITDA LIFO 953 592 910 5% 953 910 5% Effect LIFO -177 -538 -53 -234% -177 -53 -234% EBITDA 776 54 857 -9% 776…
  28. Q1 2014 – PKN Orlen SA – slide 28
    Results split by segments 1Q14 (PLN, m) Refining Retail Petrochemicals Upstream Corporate functions Total EBITDA LIFO 274 234 547 31 -133 953 Effect LIFO -162 0 -15 0 0 -177 EBITDA 112 234 532 31 -133 776 Depreciation -227 -90 -161 -17…
  29. Q1 2014 – PKN Orlen SA – slide 29
    EBITDA LIFO - split by segments (PLN, m) 1Q14 4Q13 1Q13 y/y 3M14 3M13 Refining 274 51 276 -1% 274 276 -1% Refining - LIFO effect -162 -535 -69 -135% -162 -69 -135% Retail 234 325 123 90% 234 123 90% Petrochemicals 547 405 656 -17% 547…
  30. Q1 2014 – PKN Orlen SA – slide 30
    Results 1Q14 - split by companies Others and IFRS ORLEN consolidation 2) PLN, m PKN ORLEN S.A. Unipetrol Lietuva 2) corrections Total Revenues 17 415 4 395 3 927 -1 618 24 119 EBITDA LIFO 445 284 -64 288 953 Effect LIFO 1) -129…
  31. Q1 2014 – PKN Orlen SA – slide 31
    EBITDA LIFO in 1Q14 split by segments and companies Others and IFRS consolidation 4) 4) PLN, m PKN ORLEN S.A. Unipetrol ORLEN Lietuva corrections Total 1) Refining 107 115 -36 88 274 Retail 202 16 2 14 234 2) Petrochemicals 260 152 0…
  32. Q1 2014 – PKN Orlen SA – slide 32
    ORLEN Lietuva Group Key elements of the profit and loss account 1 IFRS, USD m 1Q14 4Q13 1Q13 y/y 3M14 3M13 Revenues 1 285 1 932 2 257 -43% 1 285 2 257 -43% EBITDA LIFO -21 -48 39 - -21 39 - EBITDA -29 -57 33 - -29 33 - EBIT -47 -75 16 -…
  33. Q1 2014 – PKN Orlen SA – slide 33
    UNIPETROL Group Key elements of the profit and loss account 1 IFRS, CZK m 1Q14 4Q13 1Q13 y/y 3M14 3M13 Revenues 28 809 25 070 24 776 16% 28 809 24 776 16% EBITDA LIFO 1 857 252 438 324% 1 857 438 324% EBITDA 1 726 246 540 220% 1 726 540…
  34. Q1 2014 – PKN Orlen SA – slide 34
    Macro environment in 2Q14 (q/q) Crude oil price decrease Refining margin and B/U differential increase Average Brent Crude Oil price, USD/bbl Model refining margin and Brent/Ural differential, USD/bbl - 1 USD/bbl differential margin +…
  35. Q1 2014 – PKN Orlen SA – slide 35
    Macro environment in 2014 10 2013 average 2014 2014 average 2013 ORLEN Group model refining margin 8 6 4 3,4 USD/bbl 2 1,9 USD/bbl 0 -2 January February March April May June July August September October November December 4 2013…
  36. Q1 2014 – PKN Orlen SA – slide 36
    Production data 1Q14 4Q13 1Q13 (y/y) (q/q) 3M14 3M13 Total crude oil throughput in PKN ORLEN 6 190 7 089 7 003 -12% -13% 6 190 7 003 -12% Utilization in PKN ORLEN 78% 91% 90% -12 pp -13 pp 78% 90% -12 pp Refinery in Poland 1 Processed…
  37. Q1 2014 – 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. Q1 2014 – 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 39

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