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PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream

Orlen Upstream · Oct 23, 2013 · 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. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 1
    PKN ORLEN consolidated financial results 3Q13 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 23 October 2013 1
  2. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 2
    Agenda Key highlights 3Q13 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 4Q13 2
  3. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 3
    Key highlights 3Q13 Shareholders Value creation Dividend payment: PLN 642 m, i.e. PLN 1,5 per 1 share EBITDA LIFO in 3Q13: PLN 0,8 bn Dividend yield: 3,8% based on average PKN ORLEN share 8th shale gas well finished price in 2012…
  4. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 4
    Agenda Key highlights 3Q13 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 4Q13 4
  5. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 5
    Macro environment in 3Q13 (y/y) Comparable level of crude oil price Refining margin and B/U differential decrease Average Brent Crude Oil price, USD/bbl Model refining margin and Brent/Ural differential, USD/bbl 140 differential margin -…
  6. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 6
    Further drop in fuel consumption on Polish market despite GDP growth GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of last year mt 3Q12 4Q12 1Q13 2Q13 3Q13 3Q12 3Q13 3Q12 3Q13 - 2% - 2% 3,06…
  7. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 7
    Agenda Key highlights 3Q13 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 4Q13 7
  8. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 8
    Financial results 3Q12 2Q13 3Q13 PLN m 9M12 9M13 - 4% - 3% Revenues: decrease by (-) 4% (y/y) due to lower prices 31 654 30 392 88 856 86 175 of refining products and strengthening of PLN against 28 311 USD Revenues - 0,8 bn - 1,5…
  9. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 9
    EBITDA LIFO PLN 0,8 bn in 3Q13 despite challenges in the refining segment Segments results in 3Q13 Negative impact of: PLN m 399 796 Macro factors including refining margins and record-low B/U -10 differential as well as strengthening…
  10. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 10
    Refining EBITDA LIFO Worsening of result (y/y) due to unfavourable macro and market challenges EBITDA LIFO quarterly (without impairments) PLN m 996 + 1.000 930 High comparable crude oil throughput and utilization 843 (y/y) 800 716…
  11. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 11
    Refining operational data Nearly 7,5 mt of crude oil throughput in 3Q13 Sales volumes Utilization ratio mt % PKN ORLEN Unipetrol ORLEN Lietuva 7 - 1% 100 100 98 98 6,3 6,3 6,2 6,1 6,0 6,1 93 5,9 97 92 6 5,7 5,5 5,6 5,5 89 5,2 92 86…
  12. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 12
    Retail EBITDA LIFO Better result due to higher fuel margins and sales volumes (y/y) EBITDA LIFO quarterly (without impairments) PLN m + 500 450 Higher fuel margins in Polish, German and Czech 388 markets and flat in Lithuania (y/y) 369…
  13. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 13
    Retail operational data Increase of sales by 3% (y/y) and Stop Cafe & Bistro Cafe by 225 (y/y) Sales volumes Number of petrol stations and market shares (by volume) mt , % 3 stations y/y % market y/y + 3% PL 1 766 7 35,0% 0,7pp 2,0…
  14. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 14
    Petrochemicals EBITDA LIFO Better result mainly due to higher petrochemical margin (y/y) EBITDA LIFO quarterly (without impairments) PLN m 694 678 + 700 667 Higher model petrochemical margin (y/y) 580 600 Weakening of PLN vs EUR (y/y)…
  15. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 15
    Petrochemicals operational data Sales decrease by (-) 6% (y/y) due to unplanned maintenance shutdowns Sales volumes PTA sales volumes mt kt 1,5 - 6% 1,4 1,4 1,34 1,3 1,3 1,3 1,26 1,2 1,2 1,2 1,2 1,2 1,2 1,2 137 134 146 115…
  16. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 16
    Agenda Key highlights 3Q13 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 4Q13 16
  17. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 17
    CAPEX PLN 653 m in 3Q13; almost PLN 1,5 bn for 9M13 CAPEX 9M13 split by segments CAPEX 9M13 split by growth and maintenance/regulatory PLN m PLN m Upstream 129 1 491 1 491 218 5,8 218 290 59 Downstream Growth 631 5,1 214 284…
  18. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 18
    Upstream Organic projects in Poland and on the Latvian shelf 1 Unconventional projects (shale gas and closed gas) PROJECT PROJECT KAMBR KAMBR 10 exploration concessions / 9 th km2 8 wells finished, including: 6 vertical and 2…
  19. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 19
    Upstream M&A projects acquisition process of TriOil in Canada Transaction Assets 15 September 2013 ORLEN Upstream signed an arrangement Assets portfolio concentrated in the Canadian province of Alberta agreement to acquire 100% shares…
  20. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 20
    Energy Projects realization Strategic assumptions Building a 463 MWe CCGT plant in Wloclawek Concentration on industrial cogeneration projects with the highest In 3Q13, ground and foundation on site were in progress boiler profitability…
  21. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 21
    Agenda Key highlights 3Q13 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 4Q13 21
  22. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 22
    Cash flow PLN 1,2 bn cash flow from operations Cash flow from operations Cash flow from investments PLN bn PLN bn Working capital change by PLN (-) 0,2 bn 1,4 1,2 -0,2 0,2 0,1 -0,4 Net inflow VAT paid from Net inflow -0,7 before…
  23. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 23
    Debt Safe financial conditions Net debt and gearing Covenant net debt/EBITDA below 3,5 PLN bn, % Financial gearing, % Net debt/EBITDA LIFO Net debt/EBITDA 2,4 2,35 26,9 25,0 24,4 22,1 2,2 2,12 17,8 2,0 1,94 1,86 1,8 1,65 1,65 8,6…
  24. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 24
    Agenda Key highlights 3Q13 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 4Q13 24
  25. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 25
    Outlook 4Q13 Macro - till 18.10.2013 Maintenance shutdowns Model refining margin with B/U differential: 2,4 USD/bbl; PKN ORLEN unplanned shutdown of Polyethylene unit (BOP) decrease by (-) 1,1 USD/bbl (q/q) and finalization of H-Oil…
  26. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 26
    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 26
  27. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 27
    Agenda Supporting slides 27
  28. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 28
    Results split by quarters (PLN, m) 3Q13 2Q13 3Q12 y/y 9M13 9M12 Revenues 30 392 28 311 31 654 -4% 86 175 88 856 -3% EBITDA LIFO 796 837 1 552 -49% 2 565 4 110 -38% Effect LIFO 362 -439 458 -21% -130 337 - EBITDA 1 158 398 2 010 -42% 2…
  29. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 29
    Results - split by segments 3Q13 (PLN, m) Refining Retail Petrochemicals Upstream Corporate functions Total EBITDA LIFO 52 450 399 -10 -95 796 Effect LIFO 328 0 34 0 0 362 EBITDA 380 450 433 -10 -95 1 158 Depreciation -237 -89 -183 0 -32…
  30. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 30
    EBITDA LIFO - split by segments (PLN, m) 3Q13 2Q13 3Q12 y/y 9M13 9M12 Refining 52 88 996 -95% 416 2 235 -81% Refining - LIFO effect 328 -412 397 -17% -153 332 - Retail 450 369 360 25% 944 818 15% Petrochemicals 399 531 339 18% 1 607 1…
  31. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 31
    Results 3Q13 - split by companies Others and IFRS ORLEN consolidation PLN, m PKN ORLEN S.A. Unipetrol 2) Lietuva 2) corrections Total Revenues 22 986 4 085 6 865 -3 544 30 392 EBITDA LIFO 457 36 -16 319 796 Effect LIFO 1) 230 83 55 -6…
  32. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 32
    EBITDA LIFO in 3Q13 split by segments and companies Others and IFRS consolidation PLN, m PKN ORLEN S.A. Unipetrol 4) ORLEN Lietuva 4) corrections Total Refining 1) -44 -44 8 132 52 Retail 316 24 4 106 450 Petrochemicals 2) 274 59 0 66…
  33. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 33
    ORLEN Lietuva Group Key elements of the profit and loss account 1 IFRS, USD m 3Q13 2Q13 3Q12 y/y 9M13 9M12 Revenues 2 142 1 723 2 323 -8% 6 122 5 691 8% EBITDA LIFO -4 5 100 - 39 128 -70% EBITDA 13 -12 141 -91% 34 138 -75% EBIT -6 -30…
  34. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 34
    UNIPETROL Group Key elements of the profit and loss account 1 IFRS, CZK m 3Q13 2Q13 3Q12 y/y 9M13 9M12 Revenues 24 859 24 710 28 407 -12% 74 345 80 900 -8% EBITDA LIFO 235 663 1 170 -80% 1 336 2 571 -48% EBITDA 737 -1 1 624 -55% 1 276 2…
  35. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 35
    Macro environment in 4Q13 (q/q) Crude oil price flat Refining margin and B/U decrease Average Brent Crude Oil price, USD/bbl Model refining margin and Brent/Ural differential, USD/bbl differential margin 0 USD/bbl 9,1 113 0,7 110…
  36. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 36
    Macro environment in 2013 14 12 ORLEN Group model refining margin 2012 average 2013 2013 average 2012 10 8 5,7 USD/bbl 6 4 4,0 USD/bbl 2 0 -2 January February March April May June July August September October November December 5…
  37. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 37
    Production data 3Q13 2Q13 3Q12 (y/y) (q/q) 9M13 9M12 Total crude oil throughput in PKN ORLEN (tt) 7 461 6 663 7 431 0% 12% 21 127 20 448 3% Utilization in PKN ORLEN 96% 86% 96% 0 pp 10 pp 91% 87% 4 pp Refinery in Poland 1 Processed…
  38. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – 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. PKN ORLEN CONSOLIDATED FINANCIAL RESULTS 3Q13 – Orlen Upstream – slide 39
    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 40

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