Solid foundations ensure safety in difficult macro environment PKN ORLEN consolidated financial results for 3 quarter 2011 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 4 November 2011 1
Agenda Achievements in 3Q 2011 Macroeconomic environment Financial and operating results in 3Q 2011 Liquidity Realization of priorities Summary 2
PKN ORLEN achievements in 3Q 2011 Financial parameters Operating profit: PLN 0,8 bn in 3Q 2011 and PLN 3,1 bn for 9 months 2011. Tough macro environment maintained: increase in crude oil price by 47% (y/y). decrease in model…
Agenda Achievements in 3Q 2011 Macroeconomic environment Financial and operating results in 3Q 2011 Liquidity Realization of priorities Summary 4
Unfavourable macro environment in 3Q 2011 (y/y) Crude oil price increase by 47% Decrease in total of refining margin and U/B diff by 15% Average Brent Crude Oil price, USD/bbl Model refining margin and Ural/Brent differential, USD/bbl…
Lower GDP growth and high prices limit fuel consumption GDP increase1 Fuel consumption (diesel, gasoline) Change (%) to respective quarter of last year mt 3Q10 4Q10 1Q11 2Q11 3Q11 3Q10 3Q112 3Q10 3Q112 - 1% 4,2 4,5 4,4 4,3 3,25 3,22…
Agenda Achievements in 3Q 2011 Macroeconomic environment Financial and operating results in 3Q 2011 Liquidity Realization of priorities Summary 7
Over PLN 28 bn of revenues in 3Q 2011 3Q10 2Q11 3Q11 PLN m 9M10 9M11 Increase of revenues by 30% (y/y) + 30% + 27% mainly due to growth of crude oil prices and higher sales volumes. 25 641 28 682 76 997 22 106 Revenues 60 616…
Over PLN 3,1 bn of operating profit for 9 months 2011 3Q10 2Q11 3Q11 change y/y PLN m 9M10 9M11 change y/y 789 1 009 778 -1% EBIT, of which: 2 376 3 127 32% 736 770 216 -71% EBIT acc. to LIFO 1 467 1 437 -2% 462 510 335 -27%…
Sales volumes growth in all segments 3Q10 2Q11 3Q11 kt 9M10 9M11 Total sales volumes in 3Q 2011 + 4% + 4% increased by 4% (y/y) up to 9,6 mt. 9 227 8 597 9 626 25 289 26 293 Refining sales increase by 3% (y/y) Sales volumes…
Agenda Achievements in 3Q 2011 Macroeconomic environment Financial and operating results in 3Q 2011 Liquidity Realization of priorities Summary 12
Safe level of debt and financial ratios Good financial standing Net debt and financial gearing % Financial in PLN bn, % gearing Decrease of indebtedness to PLN 9,3 bn due to consistently - 0,6 bn realized activities. 9,9 8,5 9,3…
Over PLN 4,2 bn of cash flow from operations for 9 months 2011 change change 3Q10 2Q11 3Q11 PLN m 9M10 9M11 y/y y/y Cash flow from operations 1 625 1 589 734 -891 3 846 4 251 405 before working capital change -1 225 -582 -254 971…
Continuation of initiatives decreasing working capital Change in working capital Effect of operations on change of working capital in 3Q2011, PLN bn as of 30.09.2011, PLN bn Change in working capital by PLN 0,6 bn in 3Q2011 Additional…
Agenda Achievements in 3Q 2011 Macroeconomic environment Financial and operating results in 3Q 2011 Liquidity Realization of priorities Summary 16
Actions releasing capital POCCP approval for Polkomtel sale Polkomtel Approval of Polish Office of Competition and Consumer Protection (POCCP) for sale of 100% of Polkomtel S.A. to Spartan Capital Holdings Sp. z o.o., including the…
Continuation of upstream and energy projects Shale gas Crude oil PKN ORLEN has 8 exploration licenses. Latvian shelf analysis of 3D seismic data Actions aiming to find a partner for cooperation and choice of drills locations are in in…
Agenda Achievements in 3Q 2011 Macroeconomic environment Financial and operating results in 3Q 2011 Liquidity Realization of priorities Summary 19
Summary Solid foundations base of safety PLN 28,7 bn of revenues; increase by 30% (y/y). PLN 0,8 bn of operating profit. 9,6 m tones of sales volumes; increase by 4% (y/y). Good liquidity situation Reduction in debt by PLN 0,6 bn…
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 21
Agenda Supporting slides 22
PKN ORLEN Petrochemicals compensated lower results in refinery and retail (y/y) PLN m PLN -11 m 1.400 509 86 1.200 -129 1.000 789 778 800 -477 600 400 200 0 EBIT 3Q2010 Inventories valuation Macro Volumes Others EBIT…
Retail segment Strengthening the position at unfavorable market conditions PLN m 350 PLN -128 m 309 300 250 18 200 11 181 -128 -29 150 100 50 0 EBIT 3q2010 Fuel margins Volumes Non-fuel sales Others EBIT 3q2011 Increase of…
Petrochemical segment PTA as a lever of growth for increase of petrochemical segement result PLN m PLN + 225 m 400 224 5 367 350 300 250 200 19 150 142 -23 100 50 0 EBIT 3q2010 Inventories valuation Macro Volumes Others EBIT…
Main P&L elements breakdown by key companies in 3Q2011 Others & ORLEN ORLEN PKN ORLEN 3) ORLEN IFRS, PLN m Unipetrol 3) consolidation Group Group Change (unconsolidated) Lietuva excludings 3Q11 3Q10 Revenues 21 364 4 079 6 497 -3 258…
Operating results breakdown by key segments and companies in 3Q2011 Others & ORLEN ORLEN PKN ORLEN 4) ORLEN IFRS, PLN m Unipetrol 4) consolidation Group Group Change (unconsolidated) Lietuva excludings 3Q11 3Q10 EBIT 669 -48 -131…
ORLEN Lietuva Group Key elements of the profit and loss account 1 change change 3Q10 2Q11 3Q11 IFRS, USD m 9M10 9M11 y/y y/y 1 542 2 102 2 218 44% Revenues 4 043 6 074 50% 16 36 -7 - EBITDA 66 102 55% -7 16 -24 -243% EBIT -4 45…
UNIPETROL Group Key elements of the profit and loss account1 change change 3Q10 2Q11 3Q11 IFRS, CZK m 9M10 9M11 y/y y/y 22 505 25 948 24 065 7% Revenues 63 952 73 100 14% 1 170 1 012 505 -57% EBITDA 4 191 2 896 -31% 238 224 -230 -…
Key production data change change change Key production data 3Q10 2Q11 3Q11 (y/y) (q/q) 9M10 9M11 (y/y) 1 Refinery in Poland Processed crude (tt) 3 664 3 480 3 953 8% 14% 10 665 10 733 1% Utilisation 97% 85% 97% 0 pp 12 pp 94% 90% -4…
Macro environment in 4Q 2011 Crude oil price decrease 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 - 3 USD/bbl differential margin +…
Macro environment in 2011 8 PKN ORLEN Group model refining margin 2010 av erage 2011 2011 av erage 2010 6 4 3.8 USD/bbl 2 2.1 USD/bbl 0 -2 January February March April May June July August September October November December 5…
Updated schedule of major installations maintenance shutdowns for 2011 1Q 11 2Q 11 3Q 11 4Q 11 HDS V Hydrogen Unit Hydrocracker H-Oil FCC Refinery Litvinov - refinery Litvinov - petrochemical Kralupy - HDS…
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…
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 37
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