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1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA

PKN Orlen SA · Apr 25, 2013 · 35 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. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 1
    PKN ORLEN consolidated financial results 1Q13 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 25 April 2013 1
  2. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 2
    Agenda 1Q13 highlights Macroeconomic environment Financial and operating results in 1Q13 Liquidity Efficiency and growth Summary 2
  3. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 3
    1Q13 highlights External environment Operational activity Improvement in refining and petrochemical margins EBITDA LIFO higher by over PLN 150 m (y/y): increase in petchem results, higher utilization in Tough market environment:…
  4. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 4
    Agenda 1Q13 highlights Macroeconomic environment Financial and operating results in 1Q13 Liquidity Efficiency and growth Summary 4
  5. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 5
    Macro environment in 1Q13 (y/y) Crude oil price decrease Increase in refining margin and U/B differential Average Brent Crude Oil price, USD/bbl Model refining margin and Brent/Ural differential, USD/bbl differential margin - 6…
  6. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 6
    Further drop in fuel consumption on Polish market GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of last year mt 1Q12 2Q12 3Q12 4Q12 1Q13 1Q12 1Q13 1Q12 1Q13 - 2% 3,5 - 9% 2,3 2,58 2,53 1,3 0,7…
  7. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 7
    Agenda 1Q13 highlights Macroeconomic environment Financial and operating results in 1Q13 Liquidity Efficiency and growth Summary 7
  8. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 8
    EBITDA LIFO improvement by over PLN 150 m (y/y) PLN m 1Q12 4Q12 1Q13 Revenues lower by (-) 6% (y/y) mainly due to sale of obligatory reserves in 1Q12 that - 6% increased revenues from sales of 29 248 31 245 27 472 merchandise.…
  9. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 9
    EBITDA improvement due to petrochemicals in 1Q2013 (y/y) 1Q12 4Q12* 1Q13 change y/y PLN m 3M12 3M13 change 780 351 932 19% EBITDA LIFO 780 932 19% 1 518 -162 879 -42% EBITDA 1 518 879 -42% 309 -113 276 -11% Refining LIFO 309 276…
  10. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 10
    Sales volumes increase by 4% kt 1Q12 4Q12 1Q13 + 4% Refining sales volumes increase by 9% (y/y) due to higher utilisation ratio in Lithuania. 8 224 9 283 8 584 Sales volumes Retail sales volumes decrease by (-) 4% (y/y) in all…
  11. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 11
    Crude oil throughput increase by 5% (y/y) Crude oil throughput Utilisation ratio mt % PKN ORLEN Unipetrol ORLEN Lietuva + 5% 100 98 98 7,4 7,5 100 94 93 6,7 7,0 90 6,4 90 97 86 79 79 92 80 86 80 70 71 57 1Q12 2Q12 3Q12 4Q12…
  12. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 12
    Agenda 1Q13 highlights Macroeconomic environment Financial and operating results in 1Q13 Liquidity Efficiency and growth Summary 12
  13. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 13
    Financial safety Net debt Financial ratios PLN bn + 1,8 mld Optimal range 1Q13 8,2 8,6 7,1 6,8 Financial gearing 20% - 40% 26,9% 5,9 Net debt / EBITDA* 1,0 - 2,0 1,94 Net debt / EBITDA LIFO* 1,0 - 2,0 1,59 1Q12 2Q12 3Q12 4Q12…
  14. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 14
    Cash flow in 1Q13 Cash flow from operations Cash flow from investments PLN bn PLN bn Working capital change by PLN (-) 2,1 bn 0,8 0,3 -0,1 -1,3 -0,3 -0,3 -0,3 -0,2 -1,3 -0,1 Net inflow Repurchase VAT - VAT - Others Net outflow…
  15. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 15
    Agenda 1Q13 highlights Macroeconomic environment Financial and operating results in 1Q13 Liquidity Efficiency and growth Summary 15
  16. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 16
    Investment projects realization in 1Q13 CAPEX Main segments PLN bn 9 306 Refining building of Flue Gas Desulphurization Unit started. 55 Total cost will amount to over PLN 400 m. Giving into operations 45 at the end of 2015. The…
  17. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 17
    Upstream Current portfolio and strategic assumptions Unconventional projects Unconventional projects - 10 exploration concessions / ca. 9 th In 1Q13 vertical well was started and was finished at the beginning of km2 2Q13. Moreover 2…
  18. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 18
    Agenda 1Q13 highlights Macroeconomic environment Financial and operating results in 1Q13 Liquidity Efficiency and growth Summary 18
  19. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 19
    1Q13 summary Shareholders Value creation (Systematic dividend yield increase up to 5%) (EBITDA LIFO increase) PLN 1,5 per share BoD recommendation for EBITDA LIFO: PLN 0,9 bn; increase by 20% (y/y) dividend payout from 2012…
  20. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 20
    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 20
  21. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 21
    Agenda Supporting slides 21
  22. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 22
    PKN ORLEN Operational results under strong impact of inventories valuation PLN, m PLN -639 m 1.600 1.518 1.400 1.200 398 40 1.000 879 800 -286 600 -791 400 200 0 EBITDA 1Q12 Inventory valuation Macro Volumes Other EBITDA…
  23. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 23
    Refining segment Better macro and higher volumes offset by inventories valuation impact PLN, m PLN -786 m 993 1.000 900 800 700 600 79 500 182 400 300 207 200 -753 -294 100 0 EBITDA 1Q12 Inventory valuation Macro Volumes…
  24. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 24
    Retail segment Sales under decreasing consumption PLN, m PLN +8 m 140 14 10 123 120 115 3 100 -19 80 60 40 20 0 EBITDA 1Q12 Fuel margins Volumes Non-fuel sales Other EBITDA 1Q13 Gradual retail margins improvement on…
  25. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 25
    Petrochemical segment Favourable macro environment limited by volumes decrease PLN, m PLN +149 m 800 216 694 700 -20 -9 600 545 500 -38 400 300 200 100 0 EBITDA 1Q12 Inventory valuation Macro Volumes Other EBITDA 1Q13…
  26. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 26
    Main P&L elements split by key companies in 1Q13 ORLEN Others and PKN PKN PKN ORLEN 3) Change IFRS, PLN m Unipetrol 3) consolidation ORLEN ORLEN S.A. Lietuva y/y corrections 1Q13 1Q12 Revenues 20 205 4 029 7 101 -3 863 27 472 29 248…
  27. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 27
    EBITDA split by segment and key companies in 1Q2013 Others and PKN PKN PKN ORLEN 4) ORLEN Change IFRS, PLN m Unipetrol 4) consolidation ORLEN ORLEN S.A. Lietuva y/y corrections 1Q13 1Q12 EBITDA LIFO 547 71 124 190 932 780 19% EBITDA…
  28. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 28
    EBIT split by segment and key companies in 1Q2013 Pozostae i PKN PKN PKN ORLEN 4) ORLEN Zmiana wg MSSF, mln PLN Unipetrol 4) korekty ORLEN ORLEN S.A. Lietuva r/r konsolidacyjne 1Q13 1Q12 EBIT LIFO 296 -26 31 93 394 201 96% EBIT 239…
  29. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 29
    ORLEN Lietuva Group Key elements of the profit and loss account 1 change 1Q12 4Q12 1Q13 IFRS, USD m 3M12 3M13 change y/y 1930 2360 2257 17% Revenues 1 930 2 257 17% 5 52 39 680% EBITDA LIFO 5 39 680% 52 39 33 -37% EBITDA 52 33…
  30. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 30
    UNIPETROL Group Key elements of the profit and loss account 1 change 1Q12 4Q12 1Q13 IFRS, CZK m 3M12 3M13 change y/y 25 421 26 292 24 776 -3% Revenues 25 421 24 776 -3% 40 -3 453 438 995% EBITDA LIFO 40 438 995% 692 -3 783 540…
  31. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 31
    Macro environment in 2Q13 (q/q) Crude oil price decrease Increase in refining margin and U/B differential Average Brent Crude Oil price, USD/bbl Model refining margin and Brent/Ural differential, USD/bbl differential margin - 11 USD/bbl…
  32. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 32
    Macro environment in 2013 14 12 ORLEN Group model refining margin 2012 average 2013 2013 average 2012 10 8 5,7 USD/bbl 6 4,4 USD/bbl 4 2 0 -2 January February March April May June July August September October November December…
  33. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 33
    Production data change change Production 1Q12 4Q12 1Q13 (y/y) (q/q) Total crude oil throughput in PKN ORLEN (tt) 6 655 7 491 7 003 5% -7% Refinery in Poland 1 Processed crude (tt) 3 656 3 940 3 504 -4% -11% Utilisation 90% 97% 86% -4 pp…
  34. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 34
    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…
  35. 1Q13 CONSOLIDATED FINANCIAL RESULTS – PKN Orlen SA – slide 35
    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 36

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