Skip to main content Q2 2015 EARNINGS CALL – PKN Orlen SA Investor Presentation | Shale Experts
Loading...
Pm

Q2 2015 EARNINGS CALL – PKN Orlen SA

PKN Orlen SA · Jul 23, 2015 · 34 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. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 1
    PKN ORLEN consolidated financial results for 2Q15 Sawomir Jdrzejczyk, CFO Rafa Warpechowski, Executive Director of Planning and Reporting Dariusz Grbosz, Head of Investor Relations ORLEN2Q15 23 July 2015 PKN_ORLEN
  2. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 2
    Agenda 2Q15 - key highlights Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 2
  3. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 3
    2Q15 - key highlights Value creation Financial strength EBITDA LIFO*: PLN 2,9bn Cashflow from operations: PLN 2,7bn 8,1mt crude oil throughput and sales increase by 15% (y/y) Financial gearing: 19,8% Acquisition of 32% stake in…
  4. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 4
    Agenda 2Q15 - key highlights Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 4
  5. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 5
    Macro environment in 2Q15 (y/y) Downstream margin increase Product slate of downstream margin Model downstream margin, USD/bbl Crack margins Refining products (USD/t) 2Q14 1Q15 2Q15 (r/r) +4,7 USD/bbl Diesel 91 123 116 27% Gasoline 195…
  6. Q2 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 2Q14 3Q14 4Q14 1Q15 2Q15 2Q14 2Q15 2Q14 2Q15 + 3% 0% 3,6 3,3 3,3 3,6 3,5 3,8 2,74 2,83 0,93…
  7. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 7
    Agenda 2Q15 - key highlights Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 7
  8. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 8
    Financial results in 2Q15 2Q14* 1Q15 2Q15** PLN m 6M14* 6M15** - 14% -15% Revenues: decrease by (-) 14% (y/y) as a result of drop in crude oil prices partially offset by higher 28 651 24 776 52 770 44 781 sales volumes 20 005…
  9. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 9
    EBITDA LIFO - result increase by PLN 2,0 bn (y/y) Positive impact of: Segments results in 2Q15 PLN m Downstream margin increase by 4,7 USD/bbl (y/y) 343 13** 2 887** Weakening of PLN against USD by 22% (y/y) 2 703 -172 Crude oil…
  10. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 10
    Downstream EBITDA LIFO PLN 2,7 bn as a result of good macro and higher sales (y/y) EBITDA LIFO quarterly (without impairments*) PLN m + Downstream margin increase by 4,7 USD/bbl (y/y) as a result of lower crude oil prices and margins…
  11. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 11
    Downstream operational data Sales increase in all markets in total by 18% (y/y) Sales volumes Utilization ratio mt % + 18% 8 7,9 Refineries 2Q14 1Q15 2Q15 (y/y) 7,6 7,6 7,4 7,5 Plock 79% 87% 100% 21 pp 7,3 Unipetrol 90% 84% 95% 5 pp…
  12. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 12
    Downstream Energy projects realization (industry cogeneration) Strategic assumptions Building a CCGT plant in Wloclawek (463 MWe) Industry cogeneration projects with the highest profitability / the In 2Q15 assembly works of steam turbine…
  13. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 13
    Retail EBITDA LIFO Very good result despite lower fuel margins (y/y) EBITDA LIFO quarterly (without impairments*) PLN m + Total sales volumes increase by 1% (y/y) 500 451 441 379 Market share increase in Poland and the Czech Rep. (y/y)…
  14. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 14
    Retail operational data Sales increase by 1% (y/y) and further growth of non-fuel offer Sales volumes Number of petrol stations and market shares (by volume) mt , % 2,5 + 1% 2,1 2,1 2,0 2,0 2,0 2,0 2,0 1,9 1,9 1,9 1,9 1,8 1,7 1,8…
  15. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 15
    Upstream Exploration projects in Poland Unconventional projects Poland Conventional projects Conventional projects Project Sierakw In 2Q15 partial area development study and continuation of data analysis to assess area prospects…
  16. Q2 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. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 17
    Agenda 2Q15 - key highlights Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 17
  18. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 18
    Cash flow PLN 2,7 bn cash flow from operations Cash flow from operations Cash flow from investments PLN bn PLN bn 2,9 0,2 2,7 0,0 -0,4 -0,6 -0,2 -0,8 EBITDA LIFO effect Working capital Others Net inflow CAPEX Change of Net…
  19. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 19
    Safe level of indebtedness and financial leverage Net debt and gearing Net debt/EBITDA LIFO ratio PLN bn, % Financial gearing, % 3,5 33,0 3,0 28,5 28,9 2,5 25,9 2,0 1,76 19,8 1,52 1,51 1,5 1,29 6,3 6,7 6,2 5,9 4,4 1,0 1,16…
  20. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 20
    Capital expenditures Planned CAPEX in 2015 Realized CAPEX 6M15 split by segment PLN bn, % PLN m 3,8 64 1165 97 150 Downstream 66% 5,8 Retail 854 9% Growth 2,5 5,1 Energy* 464 25% Maintenance Petrochemicals 138 1,3 Upstream…
  21. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 21
    Agenda 2Q15 - key highlights Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 21
  22. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 22
    Market outlook for 2015 Macroeconomic environment Economy GDP forecasts Brent crude oil price we assume stabilization of crude oil prices GDP expected level of 3,6% in 2015 and 3,4% in 2016 - NBP at the current levels. Crude oil price…
  23. Q2 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. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 24
    Agenda Supporting slides 24 24
  25. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 25
    Results split by quarters (before impairments) PLN, m 2Q14* 1Q15 2Q15** y/y 6M14* 6M15** Revenues 28 651 20 005 24 776 -14% 52 770 44 781 -15% EBITDA LIFO 856 1 899 2 887 237% 1 824 4 786 162% Effect LIFO -147 -237 169 - -324 -68 79%…
  26. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 26
    Results split by segments (before impairments) 2Q14* Corporate Downstream* Retail Upstream Total PLN, m Functions EBITDA LIFO 612 359 27 -142 856 Effect LIFO -147 - - - -147 EBITDA 465 359 27 -142 709 Depretiation -393 -85 -20 -26…
  27. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 27
    EBITDA LIFO split by segments (before impairments) PLN, m 2Q14* 1Q15 2Q15** y/y 6M14* 6M15** Downstream* 612 1 741 2 703 342% 1 445 4 444 208% Retail 359 283 343 -4% 596 626 5% Upstream** 27 14 13 -52% 58 27 -53% Corporate functions…
  28. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 28
    Results - split by companies (before impairments) Others and 2Q15* ORLEN consolidation PLN, m PKN ORLEN S.A. Unipetrol 2) Lietuva 2) corrections Total Revenues 17 230 4 865 4 630 -1 949 24 776 EBITDA LIFO 1 371 591 515 410 2 887…
  29. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 29
    ORLEN Lietuva Group Key elements of the profit and loss account USD m 2Q14 2Q14* 1Q15 2Q15 y/y 6M14 6M14* 6M15 Revenues 1 701 1 701 876 1 252 -26% 2 985 2 985 2 128 -29% EBITDA LIFO -1 376 0 101 134 - -1 397 -21 235 - EBITDA -1 368 8…
  30. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 30
    UNIPETROL Group Key elements of the profit and loss account CZK m 2Q14 2Q14* 1Q15 2Q15 y/y 6M14 6M14* 6M15 Revenues 32 440 32 440 23 975 32 523 0% 61 249 61 249 56 498 -8% EBITDA LIFO -3 695 1 026 3 111 3 959 286% -1 825 2 896 7 070…
  31. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 31
    Macro environment in 3Q15 (q/q) Downstream margin increase Product slate of downstream margin Model downstream margin, USD/bbl Crack margins Refining products (USD/t) 3Q14 2Q15 3Q15* (q/q) (y/y) +1,6 USD/bbl Diesel 111 116 103 -11%…
  32. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 32
    Macro environment in 3Q15 (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. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 33
    Production data 2Q14 1Q15 2Q15 (y/y) (q/q) 6M14 6M15 Total crude oil throughput in PKN ORLEN 6 480 6 652 8 149 26% 23% 12 670 14 801 17% Utilization in PKN ORLEN 80% 82% 95% 15 pp 13 pp 79% 89% 10 pp Refinery in Poland 1 Processed…
  34. Q2 2015 EARNINGS CALL – PKN Orlen SA – slide 34
    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

From the store

Browse maps, data & reports in the Shale Experts store