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Q2 2012 – PKN Orlen SA

PKN Orlen SA · Jul 26, 2012 · 35 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. Q2 2012 – PKN Orlen SA – slide 1
    PKN ORLEN consolidated financial results 2Q12 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 26 July 2012
  2. Q2 2012 – PKN Orlen SA – slide 2
    Agenda Achievements in 2Q12 Macroeconomic environment Financial and operating results in 2Q12 Liquidity Upstream and energy Summary 2
  3. Q2 2012 – PKN Orlen SA – slide 3
    PKN ORLEN achievements in 2Q12 Financial parameters Over PLN 1,2 bn operating profit acc. LIFO. Better macro environment (y/y): decrease in crude oil price by (-) 8% to 108 USD/bbl. increase in model refining margin and U/B…
  4. Q2 2012 – PKN Orlen SA – slide 4
    Agenda Achievements in 2Q12 Macroeconomic environment Financial and operating results in 2Q12 Liquidity Upstream and energy Summary 4
  5. Q2 2012 – PKN Orlen SA – slide 5
    Better macro environment in 2Q12 (y/y) Crude oil price decrease by (-) 8% Over double increase in refining margin and U/B diff Average Brent Crude Oil price, USD/bbl Model refining margin and Ural/Brent differential, USD/bbl…
  6. Q2 2012 – PKN Orlen SA – slide 6
    Lower GDP growth and high prices influence fuel consumption GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of last year mt 2Q11 3Q11 4Q11 1Q12 2Q12 2Q11 2Q12 2Q11 2Q12 - 8% 4,2 4,2 4,3 - 5% 3,5…
  7. Q2 2012 – PKN Orlen SA – slide 7
    Agenda Achievements in 2Q12 Macroeconomic environment Financial and operating results in 2Q12 Liquidity Upstream and energy Summary 7
  8. Q2 2012 – PKN Orlen SA – slide 8
    Over PLN 28 bn of revenues 2Q11 1Q12 2Q12 PLN m 6M11 6M12 Increase of revenues by 9% (y/y) as a result of higher refining product prices + 9% + 18% and weakening of PLN against foreign 25 641 29 248 27 955 57 202 currencies.…
  9. Q2 2012 – PKN Orlen SA – slide 9
    PLN 1,2 bn the highest operating result according to LIFO since 2006 2Q11 1Q12 2Q12 change y/y PLN m 6M11 6M12 change 1 586 1 518 918 -42% EBITDA 3 479 2 436 -30% 1 009 939 375 -63% EBIT, of which: 2 348 1 314 -44% 770 201 1 233…
  10. Q2 2012 – PKN Orlen SA – slide 10
    Retail sales volumes increase and higher sales of PTA (y/y) 2Q11 1Q12 2Q12 kt 6M11 6M12 Total sales volumes in 2Q12 decreased by (-) 5% (y/y) to 8,1 mt. - 5% - 2% 8 597 8 224 8 149 16 667 16 373 Refining sales volumes decreased by…
  11. Q2 2012 – PKN Orlen SA – slide 11
    Crude oil throughput decrease (y/y) due to cyclical turnaround in ORLEN Lietuva Crude oil throughput Utilisation ratio mt % 97 100 94 94 - 6% 90 87 96 90 7,4 7,2 90 6,8 6,7 6,4 85 79 79 79 80 83 74 70 71 57 60 2Q11 3Q11…
  12. Q2 2012 – PKN Orlen SA – slide 12
    Agenda Achievements in 2Q12 Macroeconomic environment Financial and operating results in 2Q12 Liquidity Upstream and energy Summary 12
  13. Q2 2012 – PKN Orlen SA – slide 13
    Safe level of indebtedness and financial ratios Good financial standing Net debt and financial gearing % Financial in PLN bn, % gearing Net debt of PLN 8,2 bn and financial gearing of 27,7%. + 0,3 bn Covenant net debt/EBITDA at the…
  14. Q2 2012 – PKN Orlen SA – slide 14
    One-off CIT and VAT payments decreased operational cash flow change 2Q11 1Q12 2Q12 PLN m 6M11 6M12 change y/y Cash flow from operations before 1 589 1 676 783 -806 3 573 2 459 -1 114 working capital change 0 0 -904 -904 One-off…
  15. Q2 2012 – PKN Orlen SA – slide 15
    Agenda Achievements in 2Q12 Macroeconomic environment Financial and operating results in 2Q12 Liquidity Upstream and energy Summary 15
  16. Q2 2012 – PKN Orlen SA – slide 16
    UPSTREAM Shale gas 8 exploratory licenses / 6,75 th km2 Lublin Shale Project: 2 vertical wells are finished (Wierzbica and Lubartw). In 2012, up to 7 wells (including up to 2 horizontal) on Wierzbica, Lubartw and Garwolin are…
  17. Q2 2012 – PKN Orlen SA – slide 17
    UPSTREAM Conventional projects crude oil and gas 1. Latvian shelf - off-shore project on Latvian shelf is realized with Kuwait Energy. 2 exploration and upstream licenses. For 2012/2013 up to 2 drills are planned. Status of project:…
  18. Q2 2012 – PKN Orlen SA – slide 18
    ENERGY New projects and improvement of efficiency of assets held 1. Building a gas power plant 500 MWe in Wocawek Advanced preparation of investment: we have the environmental decision, the permission to build energy block, the…
  19. Q2 2012 – PKN Orlen SA – slide 19
    Agenda Achievements in 2Q12 Macroeconomic environment Financial and operating results in 2Q12 Liquidity Upstream and energy Summary 19
  20. Q2 2012 – PKN Orlen SA – slide 20
    Summary Achievements Over PLN 1,2 bn operating profit acc. LIFO. PLN 28 bn of revenues; increase by 9% (y/y). Increase in retail sales by 2% (y/y) at better margins. Safe financial position Net debt PLN 8,2 bn; financial gearing…
  21. Q2 2012 – 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. Q2 2012 – PKN Orlen SA – slide 22
    Agenda Slajdy pomocnicze 22
  23. Q2 2012 – PKN Orlen SA – slide 23
    PKN ORLEN Improvement of macro environment in refining segment PLN m 1.200 PLN -634 m 1.009 1.000 800 692 600 375 400 -179 -50 200 0 -200 -1.097 EBIT 2Q11 Inventory valuation Macro Volumes Other EBIT 2Q12 Negative impact…
  24. Q2 2012 – PKN Orlen SA – slide 24
    Refining segment Impact of ORLEN Lietuva turnaround on sales level PLN m PLN -576 m 600 510 400 690 200 0 -199 -112 -66 -200 -400 -955 -600 EBIT 2Q11 Inventory valuation Macro Volumes Other EBIT 2Q12 Negative impact of…
  25. Q2 2012 – PKN Orlen SA – slide 25
    Retail segment Further sales increase PLN m PLN +60 m 300 5 72 9 252 250 -26 200 192 150 100 50 0 EBIT 2Q11 Fuel margins Volumes Non-fuel sales Other EBIT 2Q12 Increase of retail sales by 2% (y/y) as a result of growing…
  26. Q2 2012 – PKN Orlen SA – slide 26
    Petrochemical segment Market expectation of further correction of petrochemical products prices PLN m 600 PLN -142 m 521 500 2 11 379 400 -142 -13 300 200 100 0 EBIT 2Q11 Inventory valuation Macro Volumes Other EBIT 2Q12…
  27. Q2 2012 – PKN Orlen SA – slide 27
    Main P&L elements split by key companies in 2Q12 Others and PKN PKN PKN PKN PKN ORLEN 3) ORLEN Change IFRS, PLN m Unipetrol 3) consolidation ORLEN ORLEN ORLEN ORLEN Change S.A. Lietuva y/y corrections 2Q12 2Q11 6M12 6M11 Revenues 19…
  28. Q2 2012 – PKN Orlen SA – slide 28
    Operating result split by segments and key companies in 2Q12 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 2Q12 2Q11 6M12 6M11…
  29. Q2 2012 – PKN Orlen SA – slide 29
    ORLEN Lietuva Group Key elements of the profit and loss account 1 change 2Q11 1Q12 2Q12 IFRS, USD m 6M11 6M12 change y/y 2 102 1 930 1 437 -32% Revenues 3 856 3 368 -13% 36 52 -56 - EBITDA 109 -3 - 16 35 -68 - EBIT 69 -33 - 29…
  30. Q2 2012 – PKN Orlen SA – slide 30
    UNIPETROL Group Key elements of the profit and loss account 1 change 2Q11 1Q12 2Q12 IFRS, CZK m 6M11 6M12 change y/y 25 950 25 449 27 102 4% Revenues 49 038 52 550 7% 1 012 720 201 -80% EBITDA 2 390 921 -61% 224 -51 -437 - EBIT…
  31. Q2 2012 – PKN Orlen SA – slide 31
    Macro environment in 2012 14 12 PKN ORLEN Group model refining margin 2011 average 2012 2012 average 2011 10 8 6 5,3 USD/bbl 4 2,1 USD/bbl 2 0 -2 January February March April May June July August September October November…
  32. Q2 2012 – PKN Orlen SA – slide 32
    Macro environment in 3Q12 Crude oil price decrease Decrease in total of refining margin and U/B diff Average Brent Crude Oil price, USD/bbl Model refining margin and Ural/Brent differential, USD/bbl differential margin - 0,4 USD/bbl -…
  33. Q2 2012 – PKN Orlen SA – slide 33
    Production data change change Production 2Q11 1Q12 2Q12 (r/r) (kw/kw) 6M11 6M12 change Total crude oil throughput in PKN ORLEN (tt) 6 765 6 655 6 362 -6% -4% 13 188 13 017 -1% 1 Refinery in Poland Processed crude (tt) 3 480 3 656 3 836…
  34. Q2 2012 – PKN Orlen SA – slide 34
    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…
  35. Q2 2012 – PKN Orlen SA – slide 35
    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 36

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