Safe financial position in a volatile macro environment PKN ORLEN consolidated financial results for 1 quarter 2012 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 25 April 2012 1
Agenda Achievements in 1Q 2012 Macroeconomic environment Financial and operating results in 1Q 2012 Liquidity Upstream and energy Summary 2
PKN ORLEN achievements in 1Q 2012 Financial parameters Over PLN 900 m of operating profit. Volatile macro environment: increase in crude oil price by 13% (y/y). increase in model refining margin and U/B differential by 0,2 USD/bbl…
Agenda Achievements in 1Q 2012 Macroeconomic environment Financial and operating results in 1Q 2012 Liquidity Upstream and energy Summary 4
Unstable macro environment in 1Q 2012 (y/y) Crude oil price increase by 13% Increase in total of refining margin and U/B diff by 5% Average Brent Crude Oil price, USD/bbl Model refining margin and Ural/Brent differential, USD/bbl…
Lower GDP growth and high prices influence fuel consumption GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of last year mt 1Q11 2Q11 3Q11 4Q11 1Q12 1Q11 1Q12 1Q11 1Q12 - 4% 4,4 4,3 4,2 4,4 - 1%…
Agenda Achievements in 1Q 2012 Macroeconomic environment Financial and operating results in 1Q 2012 Liquidity Upstream and energy Summary 7
Over PLN 29 bn of revenues PLN m 1Q11 4Q111) 1Q12 Increase of revenues by 29% (y/y) as a result of higher sales volumes, higher + 29% crude oil prices and weakening of PLN 29 976 29 248 against foreign currencies. Revenues 22…
Over PLN 900 m of operating profit 1Q11 4Q111) 1Q12 change y/y PLN m 3M11 3M12 change y/y 1 893 -425 1 518 -20% EBITDA 1 893 1 518 -20% 1 339 -1 060 939 -30% EBIT, of which: 1 339 939 -30% 450 -1 719 201 -55% EBIT according to LIFO…
Retail sales volumes increase and record high petrochemical sales volumes kt 1Q11 4Q11 1Q12 + 2% Total sales volumes in 1q12 increased 9 153 by 2% (y/y) to 8,2 mt. 8 070 8 224 Sales volumes Refining sales volumes decreased by…
Agenda Achievements in 1Q 2012 Macroeconomic environment Financial and operating results in 1Q 2012 Liquidity Upstream and energy Summary 12
Safe level of indebtedness and financial ratios Good financial standing Net debt and financial gearing % Financial in PLN bn, % gearing Further debt reduction to PLN 7,1 bn and financial gearing to 26,9%. - 1,4 bn Covenant net…
PLN 1,7 bn of cash flow from operations before working capital change 1Q11 4Q11 1Q12 change y/y PLN m 3M11 3M12 change y/y Cash flow from operations 1 928 1 313 1 676 -252 1 928 1 676 -252 before working capital change -1 070 -1 697…
Agenda Achievements in 1Q 2012 Macroeconomic environment Financial and operating results in 1Q 2012 Liquidity Upstream and energy Summary 15
UPSTREAM Shale gas realization of exploratory projects PKN ORLEN has 8 licenses for shale gas Status of projects exploration in Poland Lublin Shale project: 2 first vertical wells on Wierzbica and Lubartw licenses are finished. 2-7…
UPSTREAM Conventional projects crude oil and gas 1. Latvian shelf - off-shore project on Latvian shelf is realized together with Kuwait Energy. 2 exploration and upstream licenses. Maximum 2 drills are planned in 2012. Status of…
ENERGY New projects and improvement of efficiency of assets held 1. Building of gas power plant to 500 MWe in Wocawek Advanced preparation of investment: we have the environmental decision, the permission to build energy block, the…
Agenda Achievements in 1Q 2012 Macroeconomic environment Financial and operating results in 1Q 2012 Liquidity Upstream and energy Summary 19
Summary Achievements in volatile environment Over PLN 29 bn of revenues; increase by 29% (y/y). Over PLN 900 m of operating profit. 8,2 mt sales volumes; increase by 2% (y/y) due to higher retail sales and record high petrochemical…
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 Effect of higher volumes overweight negative impact of the environment PLN m -400 mln PLN 1.400 1.339 481 1.200 -151 1.000 939 -402 800 -328 600 400 200 0 EBIT 1Q11 Inventory valuation Macro Volumes Other EBIT…
Refining segment Unfavorable impact of though macro environment and legislation changes PLN m 1.200 - 296 mln PLN 1.028 167 1.000 800 -159 732 -51 -253 600 400 200 0 EBIT 1Q11 Inventory valuation Macro Volumes Other EBIT…
Retail segment Increase in retail sales by 8% (y/y) and market share PLN m 0 mln PLN 70 21 60 50 28 40 30 26 26 20 -43 -6 10 0 EBIT 1Q11 Fuel margins Volumes Non-fuel sales Other EBIT 1Q12 Pressure on margins due to…
Petrochemical segment Record high sales offset negative impact of macro environment PLN m -39 mln PLN 450 8 286 400 385 350 346 -56 300 250 200 150 100 -277 50 0 EBIT 1Q11 Inventory valuation Macro Volumes Other EBIT 1Q12 Low…
Main P&L elements breakdown by key companies in 1Q2012 ORLEN Others and ORLEN ORLEN PKN ORLEN 3) IFRS, PLN m Unipetrol 3) consolidation Group Group Change (unconsolidated) Lietuva corrections 1Q'12 1Q'11 Revenues 22 135 4 290 6 241…
Operating results breakdown by key segments and companies in 1Q2012 Others and ORLEN ORLEN PKN ORLEN 4) ORLEN IFRS, PLN m (unconsolidated) Unipetrol 4) consolidation Group Group Change Lietuva corrections 1Q'12 1Q'11 EBIT 670 -8 73…
ORLEN Lietuva Group Key elements of the profit and loss account 1 change change 1Q11 4Q11 1Q12 IFRS, USD m 3M11 3M12 y/y y/y 1 754 2 096 1 930 10% Revenues 1 754 1 930 10% 73 0 52 -29% EBITDA 73 52 -29% 53 -19 35 -34% EBIT 53 35…
UNIPETROL Group Key elements of the profit and loss account 1 change change 1Q11 4Q11 1Q12 IFRS, CZK m 3M11 3M12 y/y y/y 23 088 24 327 25 449 10% Revenues 23 088 25 449 10% 1 379 -5 159 720 -48% EBITDA 1 379 720 -48% 571 -5 935…
Macro environment in 2Q 2012 10 PKN ORLEN Group model refining margin 2011 average 2012 2012 average 2011 8 6 4 3,9 USD/bbl 2,1 USD/bbl 2 0 -2 January February March April May June July August September October November…
Macro environment in 2Q 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 + 1 USD/bbl differential margin +…
Key production data change change change Key production data 1Q11 4Q11 1Q12 (y/y) (q/q) 3M10 3M11 (y/y) 1 Refinery in Poland Processed crude (tt) 3 301 3 814 3 656 11% -4% 3 301 3 656 11% Utilisation 87% 94% 90% 3 pp -4 pp 87% 90% 3 pp…
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 36
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