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2011 EARNINGS CALL – PKN Orlen SA

PKN Orlen SA · Mar 29, 2012 · 16 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. 2011 EARNINGS CALL – PKN Orlen SA – slide 1
    PKN ORLEN consolidated financial results for FY 2011 Sawomir Jdrzejczyk, CFO Rafa Warpechowski, Executive Director, Planning and Reporting Dariusz Grbosz, Director, Investor Relations 29 March 2012 1
  2. 2011 EARNINGS CALL – PKN Orlen SA – slide 2
    Agenda Impairment of assets - IAS 36 Dividend Obligatory inventories Macroeconomic environment 2
  3. 2011 EARNINGS CALL – PKN Orlen SA – slide 3
    IAS 36 Impairment of assets Impairment of assets The Group assesses at the end of each reporting period whether there is any objective indicator that a financial asset or group of financial assets is impaired. IAS 36 The…
  4. 2011 EARNINGS CALL – PKN Orlen SA – slide 4
    Indicators of impairment of assets in 2011 Worsening of current macroeconomy and growth prospects due to global turmoil Macro slowdown in economy growth ratio higher competition and lower fuels consumption dynamics Growing pressure…
  5. 2011 EARNINGS CALL – PKN Orlen SA – slide 5
    ORLEN Capital Group impairments of fixed assets in 2011 Consolidated financial statements 2011 2011 PLN m Paramo RPA Ventus (non-audited) Anwil others (audited) (Unipetrol) (Unipetrol) (Orlen Lietuva) Revenues 106 973 106 973 EBIT,…
  6. 2011 EARNINGS CALL – PKN Orlen SA – slide 6
    PKN ORLEN S.A. impairments on fixed assets in 2011 Unconsolidated financial statements 2011 impairments carried out after 4q11 2011 PLN m (non-audited) publication (audited) Revenues 79 037 79 037 EBIT 3 178 -4 3 174 Financial…
  7. 2011 EARNINGS CALL – PKN Orlen SA – slide 7
    Impairments of assets - summary Impairments of assets carried out in 2011 reflects worsening of current macroeconomic Macro situation and weaker growth prospects caused by another global economic turmoil. Impairments of assets…
  8. 2011 EARNINGS CALL – PKN Orlen SA – slide 8
    Agenda Impairment of assets - IAS 36 Dividend Obligatory inventories Macroeconomic environment 8
  9. 2011 EARNINGS CALL – PKN Orlen SA – slide 9
    Recommendation concerning the distribution of PKN ORLENs profit to reserve capital Dividend policy Considerations Free Cash Flow to Equity (FCFE) as a basis for calculation of dividend level. The dividend payout ratio agreed at the…
  10. 2011 EARNINGS CALL – PKN Orlen SA – slide 10
    Agenda Impairment of assets - IAS 36 Dividend Obligatory inventories Macroeconomic environment 10
  11. 2011 EARNINGS CALL – PKN Orlen SA – slide 11
    Working capital release due to sales of crude oil inventories Sales of crude inventories to Lambourn Sp. z o.o. (Deutsche Bank) First tranche 0,5 mt of crude oil for ca. USD 280 m (ca. PLN 800 m). The crude oil price was established…
  12. 2011 EARNINGS CALL – PKN Orlen SA – slide 12
    Agenda Impairment of assets - IAS 36 Dividend Obligatory inventories Macroeconomic environment 12
  13. 2011 EARNINGS CALL – PKN Orlen SA – slide 13
    Macro environment in 2012 10 PKN ORLEN Group model refining margin 2011 average 2012 2012 average 2011 8 6 4 3,1 USD/bbl 2 2,1 USD/bbl 0 -2 January February March April May June July August September October November December…
  14. 2011 EARNINGS CALL – PKN Orlen SA – slide 14
    Macro environment in 1Q 2012 Crude oil price increase 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 differential margin + 9 USD/bbl +…
  15. 2011 EARNINGS CALL – PKN Orlen SA – slide 15
    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…
  16. 2011 EARNINGS CALL – PKN Orlen SA – slide 16
    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 17

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