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Q1 2015 Earnings Call – PKN Orlen SA

PKN Orlen SA · Apr 23, 2015 · 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. Q1 2015 Earnings Call – PKN Orlen SA – slide 1
    PKN ORLEN consolidated financial results for 1Q15 Sawomir Jdrzejczyk, CFO Rafa Warpechowski, Executive Director of Planning and Reporting Dariusz Grbosz, Investor Relations Director 23 April 2015
  2. Q1 2015 Earnings Call – PKN Orlen SA – slide 2
    Agenda 1Q15 - key highlights Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 2
  3. Q1 2015 Earnings Call – PKN Orlen SA – slide 3
    1Q15 - key highlights Value creation Financial strength EBITDA LIFO: PLN 1,9bn Financial gearing: 28,9% Energy projects progressing according to schedule Dividend: BoD recommendation PLN 1,65 per share CAPEX rationalization in…
  4. Q1 2015 Earnings Call – PKN Orlen SA – slide 4
    Agenda 1Q15 - key highlights Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 4
  5. Q1 2015 Earnings Call – PKN Orlen SA – slide 5
    Macro environment in 1Q15 (y/y) Downstream margin increase Product slate of downstream margin Model downstream margin, USD/bbl Crack margins Refining products (USD/t) 1Q14 4Q14 1Q15 (r/r) +3,1 USD/bbl Diesel 107 122 123 15% Gasoline…
  6. Q1 2015 Earnings Call – PKN Orlen SA – slide 6
    GDP and fuel consumption increase GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of the last year mt 1Q14 2Q14 3Q14 4Q14 1Q15 1Q14 1Q15 1Q14 1Q15 + 2% + 1% 3,4 3,5 3,3 3,1 2,83,5 2,51 2,57 0,80…
  7. Q1 2015 Earnings Call – PKN Orlen SA – slide 7
    Agenda 1Q15 - key highlights Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 7
  8. Q1 2015 Earnings Call – PKN Orlen SA – slide 8
    Financial results in 1Q15 PLN m 1Q14 4Q14 1Q15 - 17% Revenues: decrease by (-) 17% (y/y) as a result of drop 24 119 24 902 20 005 in crude oil prices Revenues + 0,9 bn EBITDA LIFO: increase by PLN 0,9 bn (y/y) as a result of…
  9. Q1 2015 Earnings Call – PKN Orlen SA – slide 9
    EBITDA LIFO - result increase by PLN 0,9 bn (y/y) Segments results in 1Q15 Positive impact of: PLN m 283 14 Downstream margin increase by 3,1 USD/bbl (y/y) 1 899 1 741 Weakening of PLN against USD by 22% (y/y) -139 Sales increase in…
  10. Q1 2015 Earnings Call – PKN Orlen SA – slide 10
    Downstream EBITDA LIFO PLN 1,7 bn as a result of good macro and higher sales (y/y) EBITDA LIFO quarterly (without impairments*) PLN m + Downstream margin increase by 3,1 USD/bbl (y/y) as a result of 1 778 1 741 lower crude oil prices…
  11. Q1 2015 Earnings Call – PKN Orlen SA – slide 11
    Downstream operational data Sales increase by 10% (y/y) on all markets Sales volumes Utilization ratio mt % + 10% 8 7,6 7,6 7,6 Rafineries 1Q14 4Q14 1Q15 (r/r) 7,4 7,5 7,3 7,1 7,2 7,2 7,3 Plock 86% 89% 87% 1 pp 6,9 Unipetrol 83% 88%…
  12. Q1 2015 Earnings Call – PKN Orlen SA – slide 12
    Downstream Energy projects realisation (industry cogeneration) Strategic assumptions Building a CCGT plant in Wloclawek (463 MWe) Industry cogeneration projects with the highest profitability / the In 1Q15 assembly works of all auxiliary…
  13. Q1 2015 Earnings Call – PKN Orlen SA – slide 13
    Retail EBITDA LIFO Record high first quarter EBITDA LIFO quarterly (without impairments*) PLN m + Total sales volumes increase by 4% (y/y) on all markets 500 451 441 388 Market share increase in Poland and the Czech Rep. (y/y) 400…
  14. Q1 2015 Earnings Call – PKN Orlen SA – slide 14
    Retail operational data Sales increase by 4% (y/y) and further growth of non-fuel offer Sales volumes Number of petrol stations and market shares (by volume) mt , % 2,5 + 4% 2,1 2,1 2,0 2,0 2,0 2,0 2,0 1,9 1,9 1,9 1,8 1,9 1,9 1,9…
  15. Q1 2015 Earnings Call – PKN Orlen SA – slide 15
    Upstream Exploration projects in Poland Unconventional projects Poland Conventional projects Conventional projects Project Sierakw In 1Q15 area development study and data analysis to assess area prospects and update schedule works 1…
  16. Q1 2015 Earnings Call – PKN Orlen SA – slide 16
    Upstream Production projects in Canada - ORLEN Upstream Canada Canada Assets Assets in Canadian Alberta province is located on four areas: Lochend, Kaybob, Pouce Coupe and Ferrier/Strachan Total reserves: ca. 49,5 m boe of crude oil…
  17. Q1 2015 Earnings Call – PKN Orlen SA – slide 17
    Agenda 1Q15 - key highlights Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 17
  18. Q1 2015 Earnings Call – PKN Orlen SA – slide 18
    Cash flow PLN 1,0 bn cash flow from operations Cash flow from operations Cash flow from investments PLN bn PLN bn 1,9 -0,2 1,0 -0,4 -0,3 0,0 -0,6 -0,6 EBITDA LIFO effect Working capital Others Net inflow CAPEX Change of Net…
  19. Q1 2015 Earnings Call – PKN Orlen SA – slide 19
    Safe level of indebtedness and financial leverage Net debt and gearing Gross debt structure: PLN bn, % Financial gearing, % USD 6%, EUR 56%, PLN 27%, CZK 6%, CAD 5% 32,7 33,0 28,5 28,9 Net debt decrease by PLN 0,6 bn (q/q) due to…
  20. Q1 2015 Earnings Call – PKN Orlen SA – slide 20
    Capital expenditures Planned CAPEX in 2015 Realised CAPEX in 1Q15 split by segment PLN bn, % PLN m 3,8 38 583 76 68 Downstream 66% 5,8 Retail 401 9% Growth 2,5 5,1 Energy* 252 25% Maintenance Upstream Petrochemicals 53 1,3…
  21. Q1 2015 Earnings Call – PKN Orlen SA – slide 21
    Agenda 1Q15 - key highlights Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 21
  22. Q1 2015 Earnings Call – PKN Orlen SA – slide 22
    Market outlook for 2015 Macroeconomic environment Economy GDP forecasts Brent crude oil price we assume temporary stabilization of crude GDP expected level of 3,4% in 2015 and 3,3% in 2016 - NBP oil prices at the current levels and…
  23. Q1 2015 Earnings Call – PKN Orlen SA – slide 23
    Thank You for Your attention 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 www.orlen.pl
  24. Q1 2015 Earnings Call – PKN Orlen SA – slide 24
    Agenda Supporting slides 24 24
  25. Q1 2015 Earnings Call – PKN Orlen SA – slide 25
    Results split by quarters PLN, m 1Q14 4Q14 1Q15 r/r 3M14 3M15 Revenues 24 119 24 902 20 005 -17% 24 119 20 005 -17% EBITDA LIFO 953 929 1 899 99% 953 1 899 99% Effect LIFO -177 -1 593 -237 -34% -177 -237 -34% EBITDA 776 -664 1 662 114%…
  26. Q1 2015 Earnings Call – PKN Orlen SA – slide 26
    Results split by segments 1Q15 Corporate Downstream Retail Upstream Total PLN, m Functions EBITDA LIFO 1 741 283 14 -139 1 899 Effect LIFO -237 - - - -237 EBITDA 1 504 283 14 -139 1 662 Depretiation -310 -91 -34 -17 -452 EBIT 1 194 192…
  27. Q1 2015 Earnings Call – PKN Orlen SA – slide 27
    EBITDA LIFO split by segments PLN, m 1Q14 4Q14 1Q15 r/r 3M14 3M15 Downstream 821 941 1 741 112% 821 1 741 112% Retail 234 408 283 21% 234 283 21% Upstream 31 -272 14 -55% 31 14 -55% Corporate functions -133 -148 -139 -5% -133 -139 -5%…
  28. Q1 2015 Earnings Call – PKN Orlen SA – slide 28
    Results - split by companies Others and 1Q15 ORLEN consolidation PLN, m PKN ORLEN S.A. Unipetrol 2) Lietuva 2) corrections Total Revenues 13 623 3 637 3 260 -515 20 005 EBITDA LIFO 763 472 376 288 1 899 LIFO effect1) -153 -32 -65…
  29. Q1 2015 Earnings Call – PKN Orlen SA – slide 29
    ORLEN Lietuva Group Key elements of the profit and loss account USD m 1Q14 4Q14 1Q15 y/y 3M14 3M15 Revenues 1 285 1 414 876 -32% 1 285 876 -32% EBITDA LIFO -21 -86 101 - -21 101 - EBITDA -29 -58 83 - -29 83 - EBIT -58 -61 81 - -58 81 -…
  30. Q1 2015 Earnings Call – PKN Orlen SA – slide 30
    UNIPETROL Group Key elements of the profit and loss account CZK m 1Q14* 4Q14 1Q15 y/y 3M14 3M15 Revenues 28 809 28 939 23 975 -17% 28 809 23 975 -17% EBITDA LIFO 683 2 645 3 111 355% 683 3 111 355% EBITDA 552 1 132 2 897 425% 552 2 897…
  31. Q1 2015 Earnings Call – PKN Orlen SA – slide 31
    Macro environment in 1Q15 (q/q) Downstream margin increase Product slate of downstream margin Model downstream margin, USD/bbl Crack margins Refining products (USD/t) 2Q14 1Q15 2Q15* (y/y) (q/q) +1,6 USD/bbl Diesel 91 123 109 20%…
  32. Q1 2015 Earnings Call – PKN Orlen SA – slide 32
    Macro environment in 1Q15 (q/q) Refining margin and B/U differential increase Petrochemical margin increase Model refining margin and Brent/Ural differential, USD/bbl Model petrochemical margin, EUR/t differential margin + 1,6…
  33. Q1 2015 Earnings Call – PKN Orlen SA – slide 33
    Production data 1Q14 4Q14 1Q15 (y/y) (q/q) 3M14 3M15 Total crude oil throughput in PKN ORLEN 6 190 7 221 6 652 7% -8% 6 190 6 652 7% Utilization in PKN ORLEN 78% 89% 82% 4 pp -7 pp 78% 82% 4 pp Refinery in Poland 1 Processed crude (tt)…
  34. Q1 2015 Earnings Call – PKN Orlen SA – slide 34
    Dictionary Model downstream margin = revenues (90,7% Products = 22,8% Gasoline + 44,2% Diesel + 15,3% HHO + 1,0% SN 150 + 2,9% Ethylene + 2,1% Propylene + 1,2% Benzene + 1,2% PX) costs (input 100% = 6,5% Brent crude oil + 91,1% URAL…
  35. Q1 2015 Earnings Call – PKN Orlen SA – slide 35
    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 www.orlen.pl

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