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Q3 2004 RESULTS – PKN Orlen SA

PKN Orlen SA · Nov 15, 2004 · 26 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. Q3 2004 RESULTS – PKN Orlen SA – slide 1
    Q3 2004 Results Consolidated , IFRS basis 15 November 2004
  2. Q3 2004 RESULTS – PKN Orlen SA – slide 2
    Internal strengthening supports Q3 04 results z Increase in wholesale volume by 10.1%* y-o-y driven by long-term contracts with foreign companies z PLN 182 m savings in Q3 04 due to cost cutting programme z PLN 837 m - net profit…
  3. Q3 2004 RESULTS – PKN Orlen SA – slide 3
    Market environment in the oil & gas sector Favourable conditions Crude oil price, Brent (USD/b) Q3 04 vs Q3 03 44 Crude oil 46.3% (y-o-y) 39 Averege in quarter to 41.57 USD/b 34 46.3% 29 24 Refinery margin 134.6% (y-o-y)…
  4. Q3 2004 RESULTS – PKN Orlen SA – slide 4
    46% increase in crude oil price visible in 57% increase of refining* revenues IFRS basis, PLN m Q3 '03 Q2'04 Q3 '04 y/y q/q Refining 2 620 3 362 4 124 57% 23% Poland 2 620 2 879 3 610 38% 25% Germany (without excise tax) - 194 231 -…
  5. Q3 2004 RESULTS – PKN Orlen SA – slide 5
    Operating costs Visible cost cutting effect IFRS basis, m PLN Q3 '03 Q2 '04 Q3 '04 y/y q/q Raw m aterials and energy 2 774 2 939 3 541 27,6% 20,5% Cost cutting visible in 24,7% 4,5% 3.5% reduction in Costs of goods for resale 2 222 2…
  6. Q3 2004 RESULTS – PKN Orlen SA – slide 6
    Positive influence of cost cutting programme on Q3 04 results In m PLN PLN 182 m* 17 43 2 39 163 53 47 Production Logistics** Retail Others Acquistion Implementation Savings at and others cost EBIT level in Q3 04 *…
  7. Q3 2004 RESULTS – PKN Orlen SA – slide 7
    Cost cutting visible in higher operating profit IFRS basis, m PLN Q3 '03 Q2 '04 Q3 '04 y/y q/q Profit on sales 1 122 1 523 1 735 55% 14% GA expenses (232) (235) (202) -13% -14% Selling cost (569) (525) (528) -7% 1% Cost cutting…
  8. Q3 2004 RESULTS – PKN Orlen SA – slide 8
    Net profit cost-cutting and utilisation of favourable market conditions drives profit In m PLN Q3 03 Q3 04 1000 70 4 9 ** 145 900 6* 800 7 0 700 600 665 500 837 400 0 300 200 253 100 0 equity method Forex minorities…
  9. Q3 2004 RESULTS – PKN Orlen SA – slide 9
    Company generates positive free cash flow Operating CF Decrease in Sale of assets PLN 1,149 m 16.4% debt PLN 69 m PLN 120 m * Purchase of assets Dividend and PLN 17 m interest 160 PLN 293 m 140 120 R&M 100 Retail 80…
  10. Q3 2004 RESULTS – PKN Orlen SA – slide 10
    Refining & Wholesale Margin and differential drives segment profit In PLN m Q3 03 Q3 04 36 23 1 000 900 800 65 36 265 33 0 18 700 600 500 285 400 0 770 300 Favourable market conditions and sales 200 313 volume increase 100…
  11. Q3 2004 RESULTS – PKN Orlen SA – slide 11
    Retail Cost cutting drives segment profit In PLN m Q3 03 Q3 04 3 7 9 100 5 16 39 80 0 0 60 81 40 62 Focus on margins and cost cutting 20 0 Germany segment result segment result volumes cost cutting fuel…
  12. Q3 2004 RESULTS – PKN Orlen SA – slide 12
    Petrochemical Margin main drivers of segment profit In PLN m Q3 04 Q3 03 300 2 4 250 37 64 0 200 150 129 216 100 0 50 54 0 Anwil volumes cost cutting segment one-off one-off segment margins…
  13. Q3 2004 RESULTS – PKN Orlen SA – slide 13
    Supporting slides Market environment 13
  14. Q3 2004 RESULTS – PKN Orlen SA – slide 14
    Market environment Poland Noticeable recovery in the economy Real GDP growth 7,0% z Visible increase of GDP proves 5E% 6,0% stable economic recovery. High 5,0% unemployment rate continues 4,0% 18.9% (y-o-y) 3,0% 2,0% 1,0% z Estimated…
  15. Q3 2004 RESULTS – PKN Orlen SA – slide 15
    Supporting slides Cost cutting programme 15
  16. Q3 2004 RESULTS – PKN Orlen SA – slide 16
    Operating cost reduction in PKN ORLEN Fully realised plan for Q3 04 In m PLN 800 Savings (sustainable) 450-500 Investments and M&A (one-offs) 488 182 One-off spending - M&A -15 -35 -46 - - Implementation cost -2 -27 -18 - -…
  17. Q3 2004 RESULTS – PKN Orlen SA – slide 17
    Supporting slides ORLEN Deutschland 17
  18. Q3 2004 RESULTS – PKN Orlen SA – slide 18
    ORLEN Deutschland Performance better than market in volume sales Trends in Q3 04 : Retail margin in July and August remained at a high level. In September there was a drastic decrease of retail margin (over 30% compared to July). It…
  19. Q3 2004 RESULTS – PKN Orlen SA – slide 19
    ORLEN Deutschland Financial highlights Q3 04 Balance sheet - selected items Q3 '03 Q2 '04 Q3 '04 y/y q/q IFRS basis, m PLN Property plant and equipment 680 767 741 9% -3% Inventories 123 131 123 0% -6% Trade and other receivables…
  20. Q3 2004 RESULTS – PKN Orlen SA – slide 20
    Supporting slides Other data 20
  21. Q3 2004 RESULTS – PKN Orlen SA – slide 21
    Operating highlights Increase of utilisation and headcount reduction IFRS basis, in m PLN 3Q '03 Q2 '04 3Q '04 y/y q/q Total sales, of w hich 4 034 3 548 4 053 0,5% 14,2% - light product sales (tt) ** 2 671 2 426 2 743 2,7% 13,1%…
  22. Q3 2004 RESULTS – PKN Orlen SA – slide 22
    Profit & loss account Substantial cost reduction IFRS basis, m PLN Q3 '03 Q2 '04 Q3 '04 y/y q/q Revenues* 6 609 7 428 8 469 28,1% 14,0% Cost of sales* -5 487 -5 883 -6 734 22,7% 14,5% Distribution costs -569 -525 -528 -7,2% 0,6%…
  23. Q3 2004 RESULTS – PKN Orlen SA – slide 23
    Balance sheet Low gearing future M&A payments fully secured IFRS basis, m PLN Q3 '03 Q2 '04 Q3 '04 y/y q/q Non current assets 10 704 10 621 10 617 -0,8% 0,0% Current assets, of which 6 532 7 916 8 582 31,4% 8,4% Inventories 3 002…
  24. Q3 2004 RESULTS – PKN Orlen SA – slide 24
    Refining & Wholesale Excellent segment performance IFRS basis, m PLN Q3 '03 Q2 '04 Q3 '04 y/y q/q Revenue 4 026 5 291 6 015 49% 14% 146% y-o-y Segment costs - total 3 713 4 637 5 245 41% 13% Increase in profit as a result of higher…
  25. Q3 2004 RESULTS – PKN Orlen SA – slide 25
    Retail Cost cutting drives segment profit IFRS basis, m PLN Q3 '03 Q2 '04 Q3 '04 y/y q/q Revenue 3 239 3 037 3 131 -3% 3% 31%, y-o-y Segment costs - total 3 177 2 984 3 050 -4% 2% Increase in segment profit as a Profit 62 53 81 31% 53%…
  26. Q3 2004 RESULTS – PKN Orlen SA – slide 26
    Petrochemical segment Dynamic profit growth 300%, y-o-y IFRS basis, m PLN Q3 '03 Q2 '04 Q3 '04 y/y q/q Revenue 1 085 1 220 1 474 36% 21% Increase in segment profit Segment costs - total 1 031 1 103 1 258 22% 14% mainly due to the…

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