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CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA

PKN Orlen SA · Apr 24, 2014 · 38 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 FOR 1Q 2014 – PKN Orlen SA – slide 1
    Petchem and retail driving the results PKN ORLEN consolidated financial results for 1Q 2014 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 24 April 2014
  2. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 2
    Agenda Key highlights 1Q14 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2014 2
  3. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 3
    Key highlights 1Q14 Shareholders Value creation Management Board appointment for the next 3 year term EBITDA LIFO: PLN 1,0 bn Management Board recommendation for dividend payout: Petchem supports downstream results PLN 616m (PLN…
  4. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 4
    Agenda Key highlights 1Q14 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2014 4
  5. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 5
    Macro environment in 1Q14 (y/y) Crude oil price decrease 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 - 5…
  6. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 6
    Increase in GDP and diesel consumption GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of last year mt 1Q13 2Q13 3Q13 4Q13 1Q14 1Q13 1Q14 1Q13 1Q14 + 2% 0% 1,9 2,7 2,83,3 2,46 2,51 0,5 0,8 0,81…
  7. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 7
    Agenda Key highlights 1Q14 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2014 7
  8. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 8
    Financial results PLN m 1Q13 4Q13 1Q14 - 12% Revenues: decrease by (-) 12% (y/y) due to lower crude 27 450 27 622 oil prices by (-) 4%, lower sales volumes by (-) 7% and 24 119 strengthening of PLN against USD by (-) 3% Revenues…
  9. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 9
    EBITDA LIFO Almost PLN 1 bn due to strong petchem and retail Segments results in 1Q14 Negative impact of: PLN m 31 Lower refining margins and B/U diff, strengthening of PLN against 234 953 USD and worsening of petchem products margins…
  10. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 10
    Refining EBITDA LIFO Results under the pressure of tough macro EBITDA LIFO quarterly (without impairments*) PLN m + 996 Sales increase in the Czech Rep. (y/y) at comparable 1.000 930 843 volumes in Poland (y/y) 800 716 575 Fuel yield…
  11. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 11
    Refining operational data Limitation of crude oil throughput due to market challanges Sales volumes Utilization ratio mt % PKN ORLEN Unipetrol ORLEN Lietuva 7 - 15% 100 98 97 6,3 6,3 6,2 92 6,1 6,0 6,1 89 5,9 5,9 86 86 6 5,7 83 5,5…
  12. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 12
    Petrochemicals EBITDA LIFO Stable good results EBITDA LIFO quarterly (without impairments*) PLN m 694 + 700 667 656 Sales increase in all markets, in total by 4% (y/y) 580 600 547 Better margins on polyolefins and PVC 531 506 491 500…
  13. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 13
    Petrochemicals operational data Sales increase by 4% (y/y) Sales volumes PTA sales volumes and EBITDA mt kt, PLN m Volumes EBITDA + 4% 1,5 146 145 137 134 139 1,4 1,4 1,4 1,3 1,3 1,4 1,3 1,3 1,2 1,2 1,2 1,2 1,2 1,2 1,2 1,2 193…
  14. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 14
    Retail EBITDA LIFO Record-high 1Q result EBITDA LIFO quarterly (without impairments*) PLN m + Better fuel and non-fuel margins in all markets (y/y) 500 450 388 Higher fuel sales in all markets, in total by 6% (y/y) 369 400 341 360 325…
  15. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 15
    Retail operational data Sales increase by 6% (y/y) and Stop Cafe and Bistro Cafe by 34 Sales volumes Number of petrol stations and market shares (by volume) mt , % 3 + 6% 2,0 1,9 2,0 2,1 1,9 1,9 1,9 1,9 1,9 2 1,8 1,8 1,8 1,8 1,7…
  16. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 16
    Agenda Key highlights 1Q14 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2014 16
  17. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 17
    CAPEX PLN 0,7 bn in 1Q2014 Planned CAPEX 2014 (basic pool) CAPEX 3M14 split by segment PLN bn PLN m 127 684 Upstream 127 24% Growth 2,0 5,8 53 5,1 28 78 46% 271 Downstream 30% Maintenance/ 1,8 Regulatory Energy Refining…
  18. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 18
    Upstream Exploration projects in Poland and production projects in Canada Poland TriOil upstream company in Canada Shale gas exploration projects Assets Currently 10 wells finished: 7 vertical and 3 horizontal as well as 2 Assets…
  19. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 19
    Energy Projects realization Strategic assumptions Building a CCGT plant in Wloclawek (463 MWe) Concentration on industrial cogeneration projects with the highest In 1Q14 assembly works of engine room building were in progress…
  20. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 20
    Agenda Key highlights 1Q14 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2014 20
  21. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 21
    Cash flow Cash flow from operations Cash flow from investments PLN bn PLN bn Working capital increase by PLN (-) 4,0 bn 0,6 -2,4 -0,8 -3,4 -0,8 -0,7 -0,1 -0,8 Net inflow Increase of Increase of Decrease of Net outflow CAPEX…
  22. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 22
    Debt Net debt and gearing Debt increase by PLN 0,5 bn (y/y) due to temporary increase of PLN bn, % Financial gearing, % operating inventories 26,8 Gross debt structure: 24,2 24,8 USD 27%, EUR 40%, PLN 20%, CZK 13% 17,8 17,0 Issue…
  23. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 23
    Agenda Key highlights 1Q14 Macroeconomic environment Financial and operating results Investments Liquidity and debt Outlook 2014 23
  24. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 24
    Outlook 2014 Macro - assumptions Economy GDP forecast growth GDP - in 2014 Polish economy will speed up to 3,6 percent and in Brent crude oil price expected a slight decrease (y/y) as a result 2015 will reach 3,7 percent NBP, March…
  25. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 25
    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 25 25
  26. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 26
    Agenda Supporting slides 26 26
  27. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 27
    Results split by quarters (PLN, m) 1Q14 4Q13* 1Q13* y/y 3M14 3M13* Revenues 24 119 27 622 27 450 -12% 24 119 27 450 -12% EBITDA LIFO 953 592 910 5% 953 910 5% Effect LIFO -177 -538 -53 -234% -177 -53 -234% EBITDA 776 54 857 -9% 776…
  28. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 28
    Results split by segments 1Q14 (PLN, m) Refining Retail Petrochemicals Upstream Corporate functions Total EBITDA LIFO 274 234 547 31 -133 953 Effect LIFO -162 0 -15 0 0 -177 EBITDA 112 234 532 31 -133 776 Depreciation -227 -90 -161 -17…
  29. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 29
    EBITDA LIFO - split by segments (PLN, m) 1Q14 4Q13 1Q13 y/y 3M14 3M13 Refining 274 51 276 -1% 274 276 -1% Refining - LIFO effect -162 -535 -69 -135% -162 -69 -135% Retail 234 325 123 90% 234 123 90% Petrochemicals 547 405 656 -17% 547…
  30. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 30
    Results 1Q14 - split by companies Others and IFRS ORLEN consolidation 2) PLN, m PKN ORLEN S.A. Unipetrol Lietuva 2) corrections Total Revenues 17 415 4 395 3 927 -1 618 24 119 EBITDA LIFO 445 284 -64 288 953 Effect LIFO 1) -129…
  31. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 31
    EBITDA LIFO in 1Q14 split by segments and companies Others and IFRS consolidation 4) 4) PLN, m PKN ORLEN S.A. Unipetrol ORLEN Lietuva corrections Total 1) Refining 107 115 -36 88 274 Retail 202 16 2 14 234 2) Petrochemicals 260 152 0…
  32. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 32
    ORLEN Lietuva Group Key elements of the profit and loss account 1 IFRS, USD m 1Q14 4Q13 1Q13 y/y 3M14 3M13 Revenues 1 285 1 932 2 257 -43% 1 285 2 257 -43% EBITDA LIFO -21 -48 39 - -21 39 - EBITDA -29 -57 33 - -29 33 - EBIT -47 -75 16 -…
  33. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 33
    UNIPETROL Group Key elements of the profit and loss account 1 IFRS, CZK m 1Q14 4Q13 1Q13 y/y 3M14 3M13 Revenues 28 809 25 070 24 776 16% 28 809 24 776 16% EBITDA LIFO 1 857 252 438 324% 1 857 438 324% EBITDA 1 726 246 540 220% 1 726 540…
  34. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 34
    Macro environment in 2Q14 (q/q) Crude oil price decrease Refining margin and B/U differential increase Average Brent Crude Oil price, USD/bbl Model refining margin and Brent/Ural differential, USD/bbl - 1 USD/bbl differential margin +…
  35. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 35
    Macro environment in 2014 10 2013 average 2014 2014 average 2013 ORLEN Group model refining margin 8 6 4 3,4 USD/bbl 2 1,9 USD/bbl 0 -2 January February March April May June July August September October November December 4 2013…
  36. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 36
    Production data 1Q14 4Q13 1Q13 (y/y) (q/q) 3M14 3M13 Total crude oil throughput in PKN ORLEN 6 190 7 089 7 003 -12% -13% 6 190 7 003 -12% Utilization in PKN ORLEN 78% 91% 90% -12 pp -13 pp 78% 90% -12 pp Refinery in Poland 1 Processed…
  37. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 37
    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…
  38. CONSOLIDATED FINANCIAL RESULTS FOR 1Q 2014 – PKN Orlen SA – slide 38
    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 39 39

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