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Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA

PKN Orlen SA · Apr 29, 2011 · 36 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. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 1
    Targets achieved in the face of market challenges PKN ORLEN consolidated financial results for 1 quarter 2011 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 29 April 2011 1
  2. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 2
    Agenda Achievements in 1Q 2011 Macroeconomic environment Financial and operating results in 1Q 2011 Liquidity Realization of priorities Summary 2
  3. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 3
    PKN ORLEN achievements in 1Q 2011 FINANCIAL PARAMETERS Good results: PLN 1,3 bn of operating profit. PLN 1,1 bn of net profit. Unstable macro environment: decrease in model refining margin and URAL/Brent differential in total by…
  4. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 4
    Agenda Achievements in 1Q 2011 Macroeconomic environment Financial and operating results in 1Q 2011 Liquidity Realization of priorities Summary 4
  5. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 5
    Unstable macro environment in 1Q 2011 (y/y) Crude oil price increase Decrease 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 + 29 USD/bbl -…
  6. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 6
    Increase in diesel consumption as a result of GDP growth GDP increase Fuel consumption (diesel, gasoline) Change (%) to respective quarter of last year mt 1Q10 2Q10 3Q10 4Q101 1Q111 1Q10 1Q112 1Q10 1Q112 + 11% 4,5 - 4% 3,0 3,5 4,2…
  7. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 7
    Agenda Achievements in 1Q 2011 Macroeconomic environment Financial and operating results in 1Q 2011 Liquidity Realization of priorities Summary 7
  8. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 8
    Improvement in financial results (y/y) PLN m 1Q10 4Q10 1Q11 + 30% Increase of revenues by 30% (y/y) mainly due to growth of crude oil prices 22 931 22 674 and higher sales volumes. Revenues 17 442 Increase of EBIT acc. to LIFO…
  9. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 9
    Higher operating profit according to LIFO due to growth in petrochemicals 1Q10 4Q10 1Q11 change y/y PLN m 3M10 3M11 change y/y 464 747 1 339 189% EBIT, of which: 464 1 339 189% 49 248 450 818% EBIT acc. to LIFO 49 450 818% 426 610…
  10. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 10
    Sales volumes growth in all segments Sales volumes kt Total sales volumes in 1Q 2011 increased 1Q10 4Q10 1Q11 by 7% (y/y) to over 8 mt due to higher crude oil throughput. + 10% Refining sales volumes growth by 10% (y/y) 5 925 5 217…
  11. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 11
    Crude oil throughput growth and better fuel yield structure (y/y) Crude oil throughput Utilisation ratio mt % 100 100 97 + 3% 93 93 100 89 97 90 7,5 90 87 6,9 7,4 85 93 6,2 6,4 80 85 74 69 70 67 1Q10 2Q10 3Q10 4Q10 1Q11 1Q10…
  12. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 12
    Agenda Achievements in 1Q 2011 Macroeconomic environment Financial and operating results in 1Q 2011 Liquidity Realization of priorities Summary 12
  13. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 13
    Safe level of indebtedness and financial ratios Refinancing for the Company secured Net debt and financial gearing % Financial in PLN bn, % gearing Decrease of indebtedness by PLN 1,8 bn (y/y) and financial gearing to 33%. The range…
  14. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 14
    Operational cash flows limited by working capital growth change change 1Q10 4Q10 1Q11 PLN m 3M10 3M11 y/y y/y Cash flow from operations 1 011 1 385 1 928 917 1 011 1 928 917 before working capital change -595 1 441 -1 970 -1 375…
  15. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 15
    Continuation of initiatives decreasing working capital Change in working capital Effect of operations on change of working capital in 1Q11, PLN bn as of 31.03.2011, PLN bn Change in working capital by PLN 0,9 bn in 1q2011 Additional…
  16. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 16
    Agenda Achievements in 1Q 2011 Macroeconomic environment Financial and operating results in 1Q 2011 Liquidity Realization of priorities Summary 16
  17. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 17
    Consistent realization of operations increasing PKN ORLEN value ACTIONS RELEASING CAPITAL OPERATIONAL EFFICIENCY PKN ORLEN Sales: Increase of sales volumes despite high prices limiting margins. Investments: POLKOMTEL Start of…
  18. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 18
    Continuing of upstream and energy projects CONVENTIONAL RESERVES SHALE GAS Latvian shelf analysis of newly obtained 3D Lublin region seismic works at shale gas seismic data and choice of wholes locations is concessions are started. in…
  19. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 19
    Agenda Achievements in 1Q 2011 Macroeconomic environment Financial and operating results in 1Q 2011 Liquidity Realization of priorities Summary 19
  20. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 20
    Summary Good results in difficult macro environment PLN 1,3 bn of operating profit, improvement of result by PLN 0,9 bn (y/y). PLN 1,1 bn of net profit, improvement of result by PLN 0,5 bn (y/y). Increase of sales volumes by 7% (y/y)…
  21. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 21
    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
  22. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 22
    Agenda Supporting slides 22
  23. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 23
    PKN ORLEN Improvement of operating result mainly due to crude oil price increase PLN m PLN + 875 m 1.400 393 1.339 1.200 1.000 474 31 -23 800 600 464 400 200 0 EBIT 1Q10 Inventory valuation Macro Volumes Other EBIT…
  24. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 24
    Refining segment Product slate improvement at non-full capacity utilization PLN m 1.200 PLN + 602 m 358 1.028 1.000 468 800 600 -208 -16 426 400 200 0 EBIT 1Q10 Inventory valuation Macro Volumes Other EBIT 1Q11 Positive…
  25. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 25
    Retail segment Market pressure on fuel margins PLN m PLN - 49 m 80 75 70 20 60 -2 50 40 -30 30 26 20 -37 10 0 EBIT 1Q10 Fuel margins Volumes Non-fuel sales Other EBIT 1Q11 Lower retail margins in Poland and the Czech…
  26. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 26
    Petrochemical segment Improvement of petrochemical margins PLN m PLN + 280 m 400 62 385 350 27 185 300 250 200 150 105 6 100 50 0 EBIT 1Q10 Inventory valuation Macro Volumes Other EBIT 1Q11 Growing margins showing market recovery…
  27. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 27
    Main P&L elements breakdown by key companies in 1Q 2011 Others & ORLEN ORLEN PKN ORLEN 3) ORLEN IFRS, PLN m Unipetrol consolidation Group Group (unconsolidated) Lietuva3) 1Q11 1Q10 excludings Revenues 16 756 3 738 5 077 -2 897 22 674…
  28. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 28
    Operating results breakdown by key segments and companies in 1Q 2011 Others & ORLEN ORLEN PKN ORLEN 4) ORLEN IFRS, PLN m Unipetrol 4) consolidation Group Group (unconsolidated) Lietuva excludings 1Q11 1Q10 EBIT 940 87 100 212 1 339…
  29. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 29
    ORLEN Lietuva Group Key elements of the profit and loss account1 change change 1Q10 4Q10 1Q11 IFRS, USD m 3M10 3M11 y/y y/y 1 073 1 743 1 754 63% Revenues 1 073 1 754 63% 8 38 73 813% EBITDA 8 73 813% -14 15 53 - EBIT -14 53 -…
  30. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 30
    UNIPETROL Group Key elements of the profit and loss account1 change change 1Q10 4Q10 1Q11 IFRS, CZK m 3M10 3M11 y/y y/y 18 039 22 014 23 088 28% Revenues 18 039 23 088 28% 1 352 983 1 379 2% EBITDA 1 352 1 379 2% 517 122 571 10%…
  31. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 31
    Key production data change change Key production data 1Q10 4Q10 1Q11 (y/y) (q/q) Refinery in Poland 1 Processed crude (tt) 3 495 3 788 3 301 -6% -13% Utilisation 93% 100% 87% -6 pp -13 pp 4 Fuel yield 73% 80% 79% 6 pp -1 pp 5 M iddle…
  32. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 32
    Macro environment in 2Q 2011 Crude oil price increase Decrease 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 + 18 USD/bbl 123 6,5 - 0,4…
  33. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 33
    Macro environment forecasts for 2011 8 PKN ORLEN Group model refining margin 2010 av erage 2011 2011 av erage 2010 6 3.8 USD/bbl 4 2 1.2 USD/bbl 0 -2 January February March April May June July August September October November…
  34. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 34
    Refinancing for PKN ORLEN secured The biggest debt refinancing agreement on the Polish market Credit agreement with syndicate of 14 banks for refinancing four credit lines that fall due in 2011 - 2012: EUR 1 bn, given by syndicate…
  35. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 35
    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…
  36. Q1 2011 INVESTOR PRESENTATION – PKN Orlen SA – slide 36
    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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