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CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA

PKN Orlen SA · May 16, 2008 · 32 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. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 1
    Consolidated financial results of PKN ORLEN S.A. Q1 2005 (IFRS) Implementation of strategy initiatives progress Igor Chalupec, CEO Pawe Szymaski, CFO 16 May 2005 1
  2. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 2
    Agenda Summary of financial results and macroeconomic environment Strategy update Financial results Q105 Supporting slides 2
  3. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 3
    Financial results Q105 Key financial data Q105 1 Operating data Q105 z ROACE2 20.5% z Cost cutting5 PLN 216 m z EBITDA PLN 1,087 m z Wholesale volume sales6 + 5.7% z Net profit3 PLN 631 m Q105/Q104 z Operating cash flow PLN 574…
  4. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 4
    EBITDA and ROACE Q105 vs Q104 Comparison based on 20041 average market environment EBITDA (m PLN) ROACE (%) 1 176 25.0 1200,0 20.7 22.3 1 065 1000,0 20.0 800,0 15.0 600,0 10.0 400,0 200,0 5.0 0,0 0.0 Q1 2004 Q1 2005 Q1…
  5. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 5
    Macroeconomic environment in Q105 Exchange rates average in Q105 Refinery margin 3.6/b average in Q105 Decrease of 14% Q105/Q104 5,0 PLN/USD PLN/EUR 1kw '2005 8 PLN/USD 2005 E PLN/EUR 2005 E 1kw 2004 7 2005 E 4,5 6 4,0 5 4…
  6. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 6
    Agenda Summary of financial results and macroeconomic environment Strategy update Financial results Q105 Supporting slides 6
  7. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 7
    Strategy update: Unipetrol Unipetrol acquisition and integration with PKN ORLEN Schedule Actions 20 April 2005 z European Commission approval of z Preparation and delivery of MTO1 process in PKN ORLEN taking control of accordance…
  8. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 8
    Strategy update: Unipetrol Intellectual capital dedicated to the Unipetrol project Nearly 150 specialists are dedicated to the Unipetrol integration process. Over 60% of the team consists of PKN ORLEN employees, the remaining are…
  9. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 9
    Strategy update: Efficiency Improvement Efficiency improvement in the Capital Group new procurement programme z Cost optimisation through purchase process centralisation z New procurement structure supports the preparation of the…
  10. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 10
    Strategy update: Management by Objectives Management by Objectives (MBO) Programme Implementation Basic information about the project Programme assumptions z System MBO1 was prepared implementation, starting z Personnel are, in…
  11. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 11
    Strategy update: Restructuring of regional corporate structure Key restructuring goals include improved efficiency of back-office, decentralisation of sales management, and centralisation of back-office. Restructuring programme -…
  12. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 12
    Strategy update: Restructuring of regional corporate structure Voluntary Retirement Programme Professional Employment Package - possibilities Offer and the regulations z Acquisition of a service station by the employee z…
  13. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 13
    Agenda Summary of Q105 financial results and macroeconomic environment Strategy update Financial results Q105 Supporting slides 13
  14. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 14
    Revenues by segment Dynamic increase has continued refinery and petrochemicals are the leaders of improvement IFRS basis, PLN m Q1' 04 Q1'05 y/y Comment Revenue total 6 340 6 806 7% z Higher revenue was driven by of which growing…
  15. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 15
    Expenses Operating costs grew by less than revenues IFRS basis, PLN m Q1'04 Q1'05 y/y Comment Raw m aterials and energy 2 595 3 269 26,0% z Increase in raw materials and Costs of goods for resale 2 260 2 197 -2,8% energy of 26% due to…
  16. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 16
    Operating profit by segment Visible improvement in results across all segments IFRS basis, PLN m Q1'04 Q1'05 change Comment Operating profit 527 808 53,3% z The significant increase in operating of which: profit was due to high…
  17. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 17
    Profit and loss account Record net profit reflected in the ROACE of 21% IFRS, PLN m Q1'04 Q1'05 change Comment Revenues 6 340 6 806 7,4% zReduction of operating costs caused by a Cost of sales -5 094 -5 325 4,5% decrease in…
  18. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 18
    Operating activity main driver of the net profit increase In m PLN Q104 Q1 05 800 36 22 700 41 (7) (7) (36) 600 (64) 280 500 Dividend of PLN 83 m from Polkomtel will be consolidated in Q205 (In 2004 400 dividend was paid…
  19. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 19
    Refining segment1) Increase in operating efficiency and exploitation of favourable macroeconomic conditions In m PLN Q1 04 1Q 05 900 22 21 800 (4) (7) 97 (10) 700 (28) 113 (48) 600 (114) 500 162 (71) Effective cost cutting…
  20. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 20
    Retail Segment Improvement due to efficiency programme PLN m Q104 Q105 30 7 (7) 20 15 Cost cutting programme in (11) 10 accordance with the plan 25 (9) 4 0 After elimination of German activity the -16 effect is that…
  21. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 21
    Petrochemical Segment Substantial performance increase due to petrochemical margin improvement Q104 Q105 PLN m 400 4 6 350 (5) 51 300 126 250 (64) 200 Very good petrochemical 330 150 market conditions 212 Exchange…
  22. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 22
    Cost Cutting Programme Results Summary of Cost Cutting Programme effects Q15 z Effects of initiatives realised in Q105 of PLN 216 m are Efficiency above target. improvement PLN 216 m Leader: Production. Logistics and Retail also…
  23. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 23
    ORLEN Deutschland Price war damaging retail market Trends in Q105 z Strong competition and high crude prices in Q1 reduced the retail margin to the level of eurocent 2.7. A drop of 38% in relation to Q104. z Total volume sales…
  24. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 24
    Agenda Supporting slides Summary of Q105 financial results and macroeconomic environment Strategy update Financial results Q105 Supporting slides z CAPEX in Q105 z Macroeconomic environment z Operating and financial…
  25. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 25
    Investments in 1Q05 Focus on petrochemical activity CAPEX in Q105 PLN m 2004 2005 240 154 82 75 49 46 23 17 Production, Wholesale and Retail Petrochemicals Others Logistics 25
  26. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 26
    Macroeconomic environment in Poland Real GDP growth Comment 6.9% Decrease of GDP points to slowdown of 6.1% economic trends. High unemployment 4.7% 4.8% 3.9% 4.0% 3.9% rate 19.3% (increase by 0,2pp y/y) 3.0% 2.3% Estimated…
  27. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 27
    Operating highlights Q105 Operating data1 Q1'04 Q4'04 Q1'05 y/y q/q Total sales (tt) , of which 3 298 4 041 3 322 0,7% -17,8% - light products sales (tt) 2 2 238 2 754 2 311 3,3% -16,1% - other refinery products sales (tt) 447 618…
  28. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 28
    Refining, wholesale and logistics Q105 IFRS, PLN m Q1'04 Q4'04 Q1'05 y/y q/q Revenues 3 958 5 933 4 838 22% -18% Segment costs 3 529 5 392 4 276 21% -21% Segment profit 429 541 562 31% 4% Sales (tt) 1 933 2 519 1 960 1% -22%…
  29. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 29
    Retail Q105 IFRS, PLN m Q1'04 Q4'04 Q1'05 y/y q/q Revenues 2 478 2 937 2 588 4% -12% Segment costs 2 494 3 003 2 584 4% -14% Segment profit -16 -66 4 n.a. n.a. Sales (tt) 752 852 746 -1% -12% Changes Q105 vs. Q104 Product sales…
  30. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 30
    Petrochemicals Q105 IFRS, PLN m Q1'04 Q4'04 Q1'05 y/y q/q Revenues 1 285 1 496 1 495 16% 0% Segement costs - total 1 073 1 241 1 165 9% -6% Segment profit 212 255 330 56% 29% Sales (tt) 561 569 565 1% -1% Changes Q105 vs. Q104…
  31. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 31
    Cost cutting programme was undertaken by each segment of the company Production was front runner of the cost cutting programme in Q105 PLN m 40 43 216 36 97 Production Retail Logistics Others Total after Q105 Effects…
  32. CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 32
    ORLEN Deutschland Financial highlights Q105 vs. Q104 Financial highlights, PLN m Q12004 y/y Q105 Comment Total assets 1 662 -14% 1 432 zDecrease in equity connected with drop in exchange rate Equity 544 -15% 462 PLN/EUR PLN m z…

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