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INVESTOR PRESENTATION – PKN Orlen SA

PKN Orlen SA · Oct 22, 2014 · 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
    Better environment downstream PKN ORLEN consolidated financial results for 3Q 2014 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 22 October 2014
  2. INVESTOR PRESENTATION – PKN Orlen SA – slide 2
    Agenda Key highlights 3Q14 Macroeconomic environment Financial results Segment results Liquidity and investments Market outlook 2
  3. INVESTOR PRESENTATION – PKN Orlen SA – slide 3
    Key highlights 3Q14 Value creation Financial strength EBITDA LIFO: PLN 2,1 bn Dividend paid: PLN 616m (PLN 1,44 per share) Very good downstream and retail results Financial gearing: 25,9% 652 th boe of production in Canada Net…
  4. INVESTOR PRESENTATION – PKN Orlen SA – slide 4
    Agenda Key highlights 3Q14 Macroeconomic environment Financial results Segment results Liquidity and investments Market outlook 4
  5. INVESTOR PRESENTATION – PKN Orlen SA – slide 5
    Macro environment in 3Q14 (y/y) Downstream margin increase Product slate of downstream margin Model downstream margin, USD/bbl Crack margins Refining products (USD/t) 3Q14 2Q14 3Q13 (y/y) +3,4 USD/bbl Diesel 111 91 117 -5% Gasoline 193…
  6. INVESTOR PRESENTATION – PKN Orlen SA – slide 6
    Impact of grey zone in Poland and economy slowdown in Germany GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of last year mt 3Q13 4Q13 1Q14 2Q14 3Q14 3Q13 3Q14 3Q13 3Q14 - 3% - 3% 2,7 3,4 3,3…
  7. INVESTOR PRESENTATION – PKN Orlen SA – slide 7
    Agenda Key highlights 3Q14 Macroeconomic environment Financial results Segment results Liquidity and investments Market outlook 7
  8. INVESTOR PRESENTATION – PKN Orlen SA – slide 8
    Reported financial results 3Q13 2Q14* 3Q14 PLN m 9M13 9M14* - 4% - 5% 30 304 29 160 28 651 85 975 81 930 Revenues + 1,4bn - 3,6 bn 2 117 2 494 765 EBITDA LIFO -1 076 -4 146 + 0,3 bn - 4,4 bn 1 127 1 461 2 364 EBITDA -2…
  9. INVESTOR PRESENTATION – PKN Orlen SA – slide 9
    Financial results* 3Q13 2Q14* 3Q14 PLN m 9M13 9M14* - 4% - 5% Revenues: decrease by (-) 4% (y/y) mainly due to lower 30 304 28 651 29 160 85 975 81 930 crude oil price and stronger PLN against USD and EUR Revenues + 1,4 bn + 1,4…
  10. INVESTOR PRESENTATION – PKN Orlen SA – slide 10
    Agenda Key highlights 3Q14 Macroeconomic environment Financial results Segment results Liquidity and investments Market outlook 10
  11. INVESTOR PRESENTATION – PKN Orlen SA – slide 11
    EBITDA LIFO Increase in downstream result by PLN 1,4 bn (y/y) Segments results in 3Q14 Positive impact of: PLN m 441 52 Increase in downstream margin by 3,4 USD/bbl (y/y) 2 117 1 766 -142 Increase in total sales by 3% (y/y) in all…
  12. INVESTOR PRESENTATION – PKN Orlen SA – slide 12
    Downstream EBITDA LIFO PLN 1,8 bn as a result of good macro and sales increase by 2% EBITDA LIFO quarterly (without impairments*) + Increase in downstream margin by 3,4 USD/bbl (y/y) mainly due PLN m to improvement in margins on…
  13. INVESTOR PRESENTATION – PKN Orlen SA – slide 13
    Downstream (Refining) operational data Limited throughput mainly due to maintenance shutdowns Sales volumes Utilization ratio mt % PKN ORLEN Unipetrol ORLEN Lietuva 7 - 1% 100 97 96 6,3 6,3 6,2 6,2 92 6,1 6,1 90 5,9 6,0 5,9 86 6 5,7…
  14. INVESTOR PRESENTATION – PKN Orlen SA – slide 14
    Downstream (Petrochemicals) operational data Sales increase by 15% (y/y); cyclical Olefins maintenance shutdown Sales volumes PTA sales volumes and EBITDA mt + 15% kt, PLN m Volumes EBITDA 159 1,5 1,5 146 145 1,4 139 1,4 1,4 1,3 1,3…
  15. INVESTOR PRESENTATION – PKN Orlen SA – slide 15
    Downstream (Energy) Realization of industry cogeneration projects Strategic assumptions Building a CCGT plant in Wloclawek (463 MWe) Concentration on industrial cogeneration projects with the highest In 3Q14 finished major construction…
  16. INVESTOR PRESENTATION – PKN Orlen SA – slide 16
    Retail EBITDA LIFO Maintained very good result despite lower fuel margins EBITDA LIFO quarterly (without impairments*) PLN m + Sales volumes in total increase by 2% (y/y) on the all 500 451 441 markets 388 369 400 341360 359 Market…
  17. INVESTOR PRESENTATION – PKN Orlen SA – slide 17
    Retail operational data Sales increase by 2%; further growth of non-fuel offer Sales volumes Number of petrol stations and market shares (by volume) mt , % 2,5 + 2% 2,1 2,1 2,0 2,0 2,0 2,0 1,9 1,9 1,9 1,8 1,9 1,9 1,9 1,8 1,8 1,8…
  18. INVESTOR PRESENTATION – PKN Orlen SA – slide 18
    Upstream Exploration projects in Poland Unconventional projects Poland Conventional projects Exploration projects of shale gas Currently 10 wells finished: 7 vertical, 3 horizontal and 3 fracking of horizontal wells Concentration on…
  19. INVESTOR PRESENTATION – PKN Orlen SA – slide 19
    Upstream Production projects in Canada Canada TriOil upstream company Assets After closing the acquisition of Birchill Exploration and consolidation with TriOil in June 2014 portfolio of assets in Canadian Alberta province is…
  20. INVESTOR PRESENTATION – PKN Orlen SA – slide 20
    Agenda Key highlights 3Q14 Macroeconomic environment Financial results Segment results Liquidity and investments Market outlook 20
  21. INVESTOR PRESENTATION – PKN Orlen SA – slide 21
    Cash flow in 3Q14 Working capital decrease by PLN 1,1 bn Cash flow from operations Cash flow from investments PLN bn PLN bn PLN 1,1 bn 0,9 2,2 1,1 0,2 0,0 0,0 -0,9 -0,9 Net inflow Decrease of Increase of Increase of Net inflow…
  22. INVESTOR PRESENTATION – PKN Orlen SA – slide 22
    Debt Net debt and gearing Stable level of indebtedness and financial gearing PLN bn, % Financial gearing, % Safe level of covenants 28,5* 24,8 25,9 Gross debt structure: USD 5%, EUR 60%, PLN 25%, CZK 10% 17,8 17,0 Net debt…
  23. INVESTOR PRESENTATION – PKN Orlen SA – slide 23
    CAPEX PLN 2,9 bn expenditures for 9 months 2014 (basic pool) Planned CAPEX 2014 (basic pool) CAPEX 9M14 (basic pool) split by segment PLN bn PLN m 3,8 184 2916** 359 196 2177 Growth 2,0 Downstream 65% 5,8 Retail 5,1 10% Energy*…
  24. INVESTOR PRESENTATION – PKN Orlen SA – slide 24
    Agenda Key highlights 3Q14 Macroeconomic environment Financial results Segment results Liquidity and investments Market outlook 24
  25. INVESTOR PRESENTATION – PKN Orlen SA – slide 25
    Market outlook Macro - assumptions Economy GDP forecast growth Brent crude oil price expected a slight decrease in 4Q14 as a GDP - Polish economy will speed up to 3,2 percent in 2014 and to result of additional supply from Libya and…
  26. INVESTOR PRESENTATION – PKN Orlen SA – slide 26
    Thank You for Your attention 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 www.orlen.pl
  27. INVESTOR PRESENTATION – PKN Orlen SA – slide 27
    Agenda Supporting slides 27 27
  28. INVESTOR PRESENTATION – PKN Orlen SA – slide 28
    Results split by quarters (PLN, m) 3Q14 2Q14* 3Q13** y/y 9M14* 9M13** Revenues 29 160 28 651 30 304 -4% 81 930 85 975 -5% EBITDA LIFO 2 117 856 765 177% 3 926 2 494 57% Effect LIFO -656 -147 362 - -980 -130 -654% EBITDA 1 461 709…
  29. INVESTOR PRESENTATION – PKN Orlen SA – slide 29
    Results split by segments Corporate 3Q14 (PLN m) Refining Petrochemicals Energy Downstream Retail Upstream Total functions EBITDA LIFO 1 181 585 0 1 766 441 52 -142 2 117 Effect LIFO -620 -36 0 -656 0 0 0 -656 EBITDA 561 549 0 1…
  30. INVESTOR PRESENTATION – PKN Orlen SA – slide 30
    EBITDA LIFO - split by segments (PLN, m) 3Q14 2Q14* 3Q13** y/y 9M14* 9M13** Refining 1 181 274 51 2216% 1 729 415 317% LIFO effect (Refining) -620 -147 328 - -929 -153 -507% Petrochemicals 585 339 369 59% 1 471 1 538 -4% LIFO effect…
  31. INVESTOR PRESENTATION – PKN Orlen SA – slide 31
    EBITDA LIFO (Downstream) Refining and petrochemicals contribution to results Refining Petrochemicals EBITDA LIFO quarterly (without impairments*) EBITDA LIFO quarterly (without impairments*) PLN m PLN m 1 181 694 1 200 700 667 656…
  32. INVESTOR PRESENTATION – PKN Orlen SA – slide 32
    Results 3Q14 - split by companies Others and IFRS ORLEN consolidation PLN, m PKN ORLEN S.A. Unipetrol 2) Lietuva 2) corrections Total Revenues 20 779 5 145 5 737 -2 502 29 160 EBITDA LIFO 1 225 346 174 372 2 117 LIFO effect1) -520…
  33. INVESTOR PRESENTATION – PKN Orlen SA – slide 33
    ORLEN Lietuva Group Key elements of the profit and loss account IFRS, USD m 3Q14 2Q14* 3Q13 y/y 9M14* 9M13 Revenues 1 822 1 701 2 142 -15% 4 807 6 122 -21% EBITDA LIFO 54 -1 -4 - 32 39 -18% EBITDA 26 7 13 100% 4 34 -88% EBIT 22 -11 -6 -…
  34. INVESTOR PRESENTATION – PKN Orlen SA – slide 34
    UNIPETROL Group Key elements of the profit and loss account IFRS, CZK m 3Q14 2Q14* 3Q13 y/y 9M14* 9M13 Revenues 34 041 32 440 24 859 37% 95 290 74 345 28% EBITDA LIFO 2 304 1 044 235 880% 4 019 1 336 201% EBITDA 1 982 1 181 737 169% 3…
  35. INVESTOR PRESENTATION – PKN Orlen SA – slide 35
    Macro environment in 4Q14 (q/q) Downstream margin increase Product slate of downstream margin Model downstream margin, USD/bbl Crack margins Refining products (USD/t) 4Q14* 3Q14 4Q13 (q/q) (y/y) +0,9 USD/bbl Diesel 116 111 116 5%…
  36. INVESTOR PRESENTATION – PKN Orlen SA – slide 36
    Macro environment in 4Q14 (q/q) Refining margin and B/U differential increase Petrochemical margin increase Model refining margin and Brent/Ural differential, USD/bbl Model petrochemical margin, EUR/t differential margin + 0,5…
  37. INVESTOR PRESENTATION – PKN Orlen SA – slide 37
    Production data 3Q14 2Q14 3Q13 (y/y) (q/q) 9M14 9M13 Total crude oil throughput in PKN ORLEN 7 385 6 480 7 461 -1% 14% 20 055 21 127 -5% Utilization in PKN ORLEN 91% 80% 96% -5 pp 11 pp 83% 91% -8 pp Refinery in Poland 1 Processed…
  38. INVESTOR PRESENTATION – PKN Orlen SA – slide 38
    Dictionary Model downstream margin = revenues (90,7% Products = 22,8% Gasoline + 44,2% Diesel + 15,3% HHO + 1,0% SN 150 + 2,9% Ethylene + 2,1% Propylene + 1,2% Benzene + 1,2% PX) costs (input 100% = 6,5% Brent crude oil + 91,1% URAL…
  39. INVESTOR PRESENTATION – PKN Orlen SA – slide 39
    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 www.orlen.pl

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