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INVESTOR PRESENTATION – PKN Orlen SA

PKN Orlen SA · Feb 9, 2012 · 39 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. INVESTOR PRESENTATION – PKN Orlen SA – slide 1
    Strategy realisation in face of market challenges PKN ORLEN consolidated financial results for 4 quarter 2011 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 9 February 2012 1
  2. INVESTOR PRESENTATION – PKN Orlen SA – slide 2
    Agenda Achievements in 2011 Macroeconomic environment Financial and operating results in 4Q 2011 Liquidity Energy and upstream Summary of 2011 2
  3. INVESTOR PRESENTATION – PKN Orlen SA – slide 3
    PKN ORLEN achievements in 2011 Financial parameters Tough macro environment: increase in crude oil price by 40% (y/y) to 111 USD/bbl. strong depreciation of PLN against USD and EUR. decrease in model refining margin and URAL/Brent…
  4. INVESTOR PRESENTATION – PKN Orlen SA – slide 4
    PKN ORLEN achievements in 2011 Operational parameters 27,8 mt crude oil throughput i.e. (-) 1% (y/y) due to carried out maintenance shutdowns of key installations. Increase in throughput capacity in Plock refinery from 15,1 mt/y to…
  5. INVESTOR PRESENTATION – PKN Orlen SA – slide 5
    Agenda Achievements in 2011 Macroeconomic environment Financial and operating results in 4Q 2011 Liquidity Energy and upstream Summary of 2011 5
  6. INVESTOR PRESENTATION – PKN Orlen SA – slide 6
    Unfavourable macro environment in 4Q 2011 (y/y) Crude oil price increase by 26% Decrease in total of refining margin and U/B diff by 35% Average Brent Crude Oil price, USD/bbl Model refining margin and Ural/Brent differential, USD/bbl…
  7. INVESTOR PRESENTATION – PKN Orlen SA – slide 7
    Lower GDP growth and high prices influence fuel consumption GDP increase1 Fuel consumption (diesel, gasoline) Change (%) to respective quarter of last year mt 4Q10 1Q11 2Q11 3Q11 4Q11 4Q10 4Q112 4Q10 4Q112 + 5% 4,7 4,5 4,3 4,2…
  8. INVESTOR PRESENTATION – PKN Orlen SA – slide 8
    Agenda Achievements in 2011 Macroeconomic environment Financial and operating results in 4Q 2011 Liquidity Energy and upstream Summary of 2011 8
  9. INVESTOR PRESENTATION – PKN Orlen SA – slide 9
    Over PLN 100 bn of revenues in 2011 4Q10 3Q11 4Q11 PLN m 12M10 12M11 Increase of revenues in 2011 by 28% (y/y): sales growth, crude oil price + 31% + 28% increase and weakening of PLN against 28 682 29 976 106 973 foreign currencies.…
  10. INVESTOR PRESENTATION – PKN Orlen SA – slide 10
    Over PLN 900 m of operating profit according to LIFO in 2011 4Q10 3Q11 4Q11 change y/y PLN m 12M10 12M11 change y/y 1 343 1 392 763 -43% EBITDA 5 546 5 634 2% 747 778 128 -83% EBIT, of which: 3 123 3 254 4% 248 216 -531 - EBIT acc.…
  11. INVESTOR PRESENTATION – PKN Orlen SA – slide 11
    Record high annual sales volumes of over 35 mt of products and goods 4Q10 3Q11 4Q11 kt 12M10 12M11 Total sales volumes in 4q11 increased + 3% by 3% (y/y) to 9,2 mt. + 4% 8 888 9 626 9 153 34 177 35 446 Refining sales increase by 1%…
  12. INVESTOR PRESENTATION – PKN Orlen SA – slide 12
    Crude oil throughput decrease by (-) 5% (y/y) as a result of shutdowns in Unipetrol and limited production in ORLEN Lietuva due to economic reasons Crude oil throughput Utilisation ratio mt % 100 100 97 - 5% 94 100 7,5 7,4 7,2 96 90…
  13. INVESTOR PRESENTATION – PKN Orlen SA – slide 13
    Agenda Achievements in 2011 Macroeconomic environment Financial and operating results in 4Q 2011 Liquidity Energy and upstream Summary of 2011 13
  14. INVESTOR PRESENTATION – PKN Orlen SA – slide 14
    Safe level of debt and financial ratios Good financial standing Net debt and financial gearing % Financial in PLN bn, % gearing Stable level of debt and gearing 30,9%. - 0,2 bn Covenant net debt / (EBITDA + dividend from Polkomtel)…
  15. INVESTOR PRESENTATION – PKN Orlen SA – slide 15
    Over PLN 5,5 bn of cash flow from operations change change 4Q10 3Q11 4Q11 PLN m 12M10 12M11 y/y y/y Cash flow from operations 1 389 734 1 320 -69 5 235 5 571 336 before working capital change -663 346 -1 701 -1 038 Working capital…
  16. INVESTOR PRESENTATION – PKN Orlen SA – slide 16
    Agenda Achievements in 2011 Macroeconomic environment Financial and operating results in 4Q 2011 Liquidity Energy and upstream Summary of 2011 16
  17. INVESTOR PRESENTATION – PKN Orlen SA – slide 17
    ENERGY New projects and improvement of efficiency of assets held NEW PROJECTS 1. Building of gas power plant to 500 MWe in Wocawek Advanced preparation of investment: we have the environmental decision, agreement for connection to the…
  18. INVESTOR PRESENTATION – PKN Orlen SA – slide 18
    UPSTREAM Shale gas realization of exploratory projects PKN ORLEN has 8 licenses for shale gas Status of projects exploration in Poland Lublin Shale project: A minimum of 2 exploratory drills are planned in 2012 Wierzbica Finishing of…
  19. INVESTOR PRESENTATION – PKN Orlen SA – slide 19
    UPSTREAM Conventional projects crude oil and gas 1. Latvian shelf Off-shore project on Latvian shelf is realized together with Kuwait Energy Company. 2 exploration and upstream licenses. A minimum of 1 drill is planned in 2012.…
  20. INVESTOR PRESENTATION – PKN Orlen SA – slide 20
    Agenda Achievements in 2011 Macroeconomic environment Financial and operating results in 4Q 2011 Liquidity Energy and upstream Summary of 2011 20
  21. INVESTOR PRESENTATION – PKN Orlen SA – slide 21
    Summary of 2011 Results under the pressure of tough macro environment Over PLN 900 m of operating profit according to LIFO Positive influence of non-cash effect of inventories valuation of PLN 2,3 bn and profit from Polkomtel sale…
  22. INVESTOR PRESENTATION – PKN Orlen SA – slide 22
    Thank You for Your attention For more information on PKN ORLEN, please contact Investor Relations Department: telephone: + 48 24 256 81 80 fax: + 48 24 367 77 11 e-mail: irorlen.pl www.orlen.pl 22
  23. INVESTOR PRESENTATION – PKN Orlen SA – slide 23
    Agenda Supporting slides 23
  24. INVESTOR PRESENTATION – PKN Orlen SA – slide 24
    PKN ORLEN Negative impact of revaluation of assets PLN m 1.000 PLN -619 m 160 900 228 800 747 700 600 -321 500 400 300 200 128 100 -686 0 EBIT 4Q2010 Inventories Macro Volumes Others EBIT 4Q2011 valuation Positive impact…
  25. INVESTOR PRESENTATION – PKN Orlen SA – slide 25
    Refining segment Unfavorable influence of tough market environment and legislation changes PLN m PLN - 264 m 800 172 700 610 600 500 -226 -81 400 346 300 -129 200 100 0 EBIT 4Q2010 Inventories Macro Volumes Others EBIT…
  26. INVESTOR PRESENTATION – PKN Orlen SA – slide 26
    Retail segment Pressure on fuel margins due to high prices of fuels PLN m 250 PLN -184 m 224 200 150 6 47 100 -144 50 40 -93 0 EBIT 4q2010 Fuel margins Volumes Non-fuel sales Others EBIT 4q2011 High prices of fuels…
  27. INVESTOR PRESENTATION – PKN Orlen SA – slide 27
    Petrochemical segment PTA as a lever of growth for increase of petrochemical segment result PLN m PLN - 319 m 300 262 200 117 100 -12 0 -95 -100 -200 -474 -202 -300 EBIT 4q2010 Inventories Macro Volumes Others EBIT 4q2011…
  28. INVESTOR PRESENTATION – PKN Orlen SA – slide 28
    Main P&L elements breakdown by key companies in 4Q2011 Others & ORLEN ORLEN PKN ORLEN 4) ORLEN IFRS, PLN m Unipetrol 4) consolidation Group Group Change (unconsolidated) Lietuva excludings 3Q11 3Q10 Revenues 21 944 4 257 6 872 -3 097…
  29. INVESTOR PRESENTATION – PKN Orlen SA – slide 29
    Operating results breakdown by key segments and companies in 4Q2011 Others & ORLEN ORLEN PKN ORLEN 4) ORLEN IFRS, PLN m Unipetrol 4) consolidation Group Group Change (unconsolidated) Lietuva excludings 4Q11 4Q10 EBIT 858 -355 -192…
  30. INVESTOR PRESENTATION – PKN Orlen SA – slide 30
    ORLEN Lietuva Group Key elements of the profit and loss account 1 change change 4Q10 3Q11 4Q11 IFRS, USD m 12M10 12M11 y/y y/y 1 743 2 218 2 096 20% Revenues 5 786 8 170 41% 39 -7 8 -79% EBITDA 104 110 6% 15 -24 -14 - EBIT 11 31…
  31. INVESTOR PRESENTATION – PKN Orlen SA – slide 31
    UNIPETROL Group Key elements of the profit and loss account 1 change change 4Q10 3Q11 4Q11 IFRS, CZK m 12M10 12M11 y/y y/y 22 014 24 065 24 327 11% Revenues 85 967 97 428 13% 983 505 -1 778 - EBITDA 5 174 1 118 -78% 122 -230 -2…
  32. INVESTOR PRESENTATION – PKN Orlen SA – slide 32
    Key production data change change change Key production data 4Q10 3Q11 4Q11 (y/y) (q/q) 12M10 12M11 (y/y) 1 Refinery in Poland Processed crude (tt) 3 788 3 953 3 814 1% -4% 14 452 14 547 1% Utilisation 100% 97% 94% -6 pp -3 pp 96% 89%…
  33. INVESTOR PRESENTATION – PKN Orlen SA – slide 33
    Macro environment comparison 2011 vs 2010 8 2010 av erage 2011 2011 av erage 2010 PKN ORLEN Group model refining margin 6 4 3.8 USD/bbl 2.1 USD/bbl 2 0 -2 January February March April May June July August September October November…
  34. INVESTOR PRESENTATION – PKN Orlen SA – slide 34
    Macro environment in 1Q 2012 Crude oil price increase Increase 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 + 2 USD/bbl differential margin +…
  35. INVESTOR PRESENTATION – PKN Orlen SA – slide 35
    Macro environment in 2012 10 PKN ORLEN Group model refining margin 2011 av erage 2012 2012 av erage 2011 8 6 4.7 USD/bbl 4 2.1 USD/bbl 2 0 -2 January February March April May June July August September October November December 5…
  36. INVESTOR PRESENTATION – PKN Orlen SA – slide 36
    Maintenance shutdowns of key installations in 2011 1Q 11 2Q 11 3Q 11 4Q 11 HDS V CDU III Hydrogen Unit Hydrocracker H-Oil FCC Refinery Litvinov - refinery Litvinov - petrochemical Kralupy - HDS Paramo -…
  37. INVESTOR PRESENTATION – PKN Orlen SA – slide 37
    Maintenance shutdowns schedule of key installations for 2012 Q112 Q212 Q312 Q412 CDU III HDS VI PX/PTA Olefin Unit Hydrogen Unit H-Oil Refinery Litvinov - refinery Litvinov - petrochemical Kralupy - HDS Paramo -…
  38. INVESTOR PRESENTATION – PKN Orlen SA – slide 38
    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…
  39. INVESTOR PRESENTATION – PKN Orlen SA – slide 39
    For more information on PKN ORLEN, please contact Investor Relations Department: telephone: + 48 24 256 81 80 fax + 48 24 367 77 11 e-mail: irorlen.pl www.orlen.pl 40

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