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FINANCIAL RESULTS FY 2006 – PKN Orlen SA

PKN Orlen SA · Mar 1, 2007 · 38 slides

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Slides

  1. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 1
    PSGJAN05EPK2_OVERVIEW(01).PPT Financial results: FY 2006 (IFRS) and financial assumptions for the 2007 plan Piotr Kownacki, CEO Pawe Szymaski, CFO March 1st 2007 1
  2. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 2
    EBITDA increase of PKN ORLEN by 4% when excluding negative goodwill, even though it faced significant deterioration of the macroeconomic environment in 2006 Key financial data in 20061 m PLN 2005 2006 r/r [%] 1 2 3=2/1 EBITDA 6…
  3. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 3
    Significant increase of fuels and petrochemical products volume sales was a result of positive effect of the expansion of both segments Key operating data in 2006 2005 2006 y/y [%] y/y [%] PKN ORLEN PKN ORLEN PKN ORLEN mother…
  4. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 4
    The targets of an increase in EBITDA in 2006 and a decrease in fixed costs were executed as planned CAPEX (in PLN m) PKN ORLEN EBITDA (in PLN m)1 Target 2006: PLN 2,7 bn PKN ORLEN EXECUTION: Prioritization of capital expenditures.…
  5. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 5
    Agenda z Financial plan assumptions for 2007 z Financial results FY 2006 overview z Supporting slides 5
  6. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 6
    Further retail expansion and strengthening petrochemical position Main operational assumptions of PKN ORLEN mother company Target for 2007 Wholesale sales volume increase 1 4% (gasoline, diesel, Jet, LHO) Retail sales volume…
  7. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 7
    Ongoing pro-efficiency and M&A activities in 2007 in accordance with PKN ORLEN Strategy Strategic actions for 2007 for PKN ORLEN Tier 1 of PKN ORLEN Strategy Tier 2 & 3 of PKN ORLEN Strategy Strengthening existing core business…
  8. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 8
    Agenda z Financial plan assumptions for 2007 z Financial results FY 2006 overview z Supporting slides 8
  9. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 9
    Macroeconomic environment in 2006 Significant volatility of the external macro factors Refinery margin(1) 3,7/b average in 2006 Brent/Ural differential 3,91/b average in 2006 Decrease of 28% vs. 2005 5.11 /b Decrease of 6 % vs. 2005…
  10. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 10
    Transaction of Mazeikiu Nafta acquisition 1,2 (1/2) Preliminary recognition of MN contribution to consolidated financial statement of PKN ORLEN after Q42006 presented as of March 1st 2007 Transaction of Mazeikiu Nafta1 acquisition…
  11. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 11
    Transaction of Mazeikiu Nafta acquisition1,2 (1/2) Preliminary disclosure in the PKN ORLEN consolidated financial results after 4Q 2006 released on March 1st 2007. Preliminary settlement of the acquisition of Mazeikiu Nafta in the…
  12. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 12
    Simplified P&L account. Operating income in 2006 comparable on y/y even though refinery margin decreased by 28% Unipetrol effect IFRS in m PLN 2005 2006 y/y [%] 2006 1 2 3 4=3/1 Revenues 41 188 13 050 52 870 28,4% Operating profit 4…
  13. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 13
    Costs by kind .Costs increase due to the growth of business scale and relative low base of 2005 (7 months of Unipetrol consolidation in 2005) Unipetrol effect IFRS, in m PLN 2005 2006 y/y [%] 2006 1 2 3 4=3/1 Raw m aterials and energy…
  14. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 14
    While performing in a very unfavourable macro environment operating profit of the comparable y/y proves the healthy growth of the PKN ORLEN Group (ex. negative goodwill) Unipetrol effect IFRS, in m PLN 2005 2006 y/y [%] 2006 1 2 3…
  15. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 15
    PKN ORLEN Group results significantly influenced by one-off elements Increase of operating income based on LIFO by 20,4% m PLN Q405 Q4'06 y/y [%] 1 2 3=2/1 EBIT (reported) 444 173 -61,0% one-off elements (selected) -258 -244…
  16. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 16
    Increase of clean LIFO net profit by over 27% y/y 2005 2006 In m PLN Net result One-off negative goodwill LIFO effect associated with Unipetrol acquisition 4 500 4 000 1 895 3 500 3 000 18 36 2 500 135 114 97 45 2 000 2…
  17. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 17
    Refining segment Improvements of company operating proves the restructuring and pro-expansion activity In m PLN 2005 2006 One-off negative goodwill 592 associated with Unipetrol acquisition 3000 2500 2000 111 129 1 049 105…
  18. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 18
    Retail segment More than 6 fold improvement of the segment operating result is a direct impact of its ongoing strategy In m PLN 2005 2006 600 37 550 One-off negative goodwill associated 500 with Unipetrol acquisition 125 450 400…
  19. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 19
    Petrochemical segment Over 20% increase of the segment result as a consequence of its expansion strategy 2005 2006 In m PLN 1200 One-off negative goodwill associated with Unipetrol acquisition 1000 934 Internal effects,…
  20. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 20
    Chemicals Significant improvement of segment performance by 50% y/y through its dynamic expansion In m PLN 2005 2006 One-off negative goodwill associated with Unipetrol acquisition 7 250 137 7 200 90 Internal effects,…
  21. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 21
    Results of OPTIMA Program in 2006 by segments Achieved savings of over PLN 299 m ca. 20% over the plan Program realization and results in 2006 exceeded the expectations by PLN 49 m m PLN 60,1 Progress in the majority of segments is…
  22. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 22
    Agenda z Financial plan assumptions for 2007 z Financial results FY 2006 overview z Supporting slides z Characteristics of macroeconomic environment z Financial and operating results Q42006 z Unipetrol z ORLEN Deutschland…
  23. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 23
    Macroeconomic conditions 4Q2006 Exchange rates1 Refinery margin 2,73 /b average in 4Q 20063 Decrease of 48% y/y vs. 5,2/b 5,0 PLN/USD PLN/EUR 1Q07 4Q 2006 1Q07 2 2 16 PLN/USD 2006 E PLN/EUR 2006 E 4Q 2005 14 2005 E2 4,5 12 4,0 10…
  24. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 24
    Simplified P&L account Set of one off elements and unfavourable macro conditions in Q42006 Unipetrol effect change y/y IFRS, PLN m Q4'2005 Q3'2006 Q4'2006 change q/q [%] Q4'2006 [%] 1 2 3 4 5=4/1 6=4/2 Revenues 11 353 14 879 3 141…
  25. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 25
    Operating costs While increasing the scale of operations decrease of fixed costs y/y Unipetrol effect IFRS, PLN m Q4'05 Q3'06 Q4'06 y/y [%] q/q [%] Q4'06 1 2 3 4 5=4/1 5=4/2 Raw m aterials and energy 6 404 6 541 1 607 6 985 9% 7% Costs…
  26. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 26
    Operating profit of Group petrochemical and retail segments leading the positive results after excluding the one-off events Unipetrol IFRS, in m PLN Q4'05 Q3'06 effect Q4'06 y/y [%] q/q [%] Q4'06 1 2 3 4 5=4/1 6=4/2 Operating profit ,…
  27. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 27
    -100 0 100 200 300 400 500 600 700 800 900 In m PLN Segmentu result Q4'2005 404 Q405 Negative goodwill 34 Product shift to pet- chem 99 Subsidiaries Refining segment 63 Vacume residue to…
  28. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 28
    Retail segment. Superb results for the segment Fantastic effects of the implemented strategy In m PLN 4Q05 Q406 250 Low 2005 trough provision at Orlen Deutschalnd 32 - PLN 137 m 60 200 42 150 14 12 100 13 182…
  29. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 29
    Petrochemical segment Visible increase in volume sold was the key to the segment result increase Q405 Q406 In m PLN 40 350 Kaucuk divestment effect and 91 shutdown of steam cracker at Chemopetrol 300 18 250 34 85 32 200 43…
  30. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 30
    Chemical segment Radical improvement of efficiency. m PLN Q405 Q406 180 34 160 140 120 18 13 100 80 44 124 60 83 40 20 0 Anwil Segment result Others Segment results Negative goodwill Unipetrol…
  31. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 31
    Operating data 2006 vs 2005 Visible increase of crude throughput at PKN ORLEN Group Selected operating data 2005 2006 y/y [%] Rafinery - Poland 1 Crude oil troughput (tys.t) 12 569 13 612 8% Utilization ratio 93,1% 98,6% +5'5pp…
  32. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 32
    Unipetrol Group Selected financial data for Q406 vs. Q405 (1/2) Preliminary financial results of main subsidiaries of Unipetrol a.s. 2006 Q4'06 IFRS in CZK m 2005 2006 Q4'05 Q4'06 Comments y/y y/y Chemopetrol a.s. Chemopetrol…
  33. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 33
    Unipetrol Group Selected financial data for Q406 vs. Q405 (2/2) Preliminary financial results of main subsidiaries of Unipetrol a.s. Q4'06 IFRS in CZK m 2005 2006 Q4'05 Q4'06 2006 y/y Comments y/y Kaucuk a.s. Kauuk had one of the…
  34. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 34
    Unipetrol Group Financial and operational results for Q406 and 2006 Preliminary consolidated financial highlights of Unipetrol a.s. for Q406 and 2006 IFRS, in CZK m 31/12/2005 31/12/2006 [%] 1 2 3 4 5=2/1 Equity 39 696 41 182 - -…
  35. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 35
    Unipetrol Group Selected financial data in 2005-2006 Selected operational highlights for Q105 to Q406 Operational data* 2004 Q1'05 Q2'05 Q3'05 Q4'05 2005 Q1'06 Q2'06 Q3'06 Q4'06 2006 Total sales, of which 4 692 1 118 1 326 1 400 1…
  36. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 36
    ORLEN Deutschland The Restructuring of the business was visible in the 2006 results IFRS, PLN m 2005 2006 y/y [%] 1 2 3=2/1 Assets 1 309 1 220 -6,8% Equity 325 348 7,1% IFRS, in PLN m 2005 2006 y/y [%] Revenues 8 601 8 859 3,0% Cost of…
  37. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 37
    ORLEN Deutschland The Restructuring of the business was visible in the 2006 results IFRS, PLN m Q4'05 Q3'06 Q4'06 y/y [%] q/q [%] 1 2 3 4=3/1 5=3/2 Assets 1 307 1 490 1 214 -7,1% -18,5% Equity 324 350 346 6,8% -1,1% IFRS, in PLN m…
  38. FINANCIAL RESULTS FY 2006 – PKN Orlen SA – slide 38
    Petrochemical market from January 1st 2005 to February 23rd 2007 Ethylene Propylene 1000 1000 900 in EUR/tone 900 in EUR/tone 800 800 700 700 600 600 495 432 500 413 452 500 460 417 398 398 383 400 386 353 346 362 338 400…

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