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Q3 2015 Financial Results – Orlen Upstream

Orlen Upstream · Oct 22, 2015 · 36 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. Q3 2015 Financial Results – Orlen Upstream – slide 1
    PKN ORLEN consolidated financial results 3Q15 22 October 2015 ORLEN3Q15PKN_ORLEN
  2. Q3 2015 Financial Results – Orlen Upstream – slide 2
    Agenda Key highlights 3Q15 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 2
  3. Q3 2015 Financial Results – Orlen Upstream – slide 3
    Key highlights 3Q15 Value creation Financial strength EBITDA LIFO: PLN 2,1 bn* Dividend paid: PLN 0,7 bn PLN / 1,65 per share 5% sales increase (y/y) Repurchase of 1mt of obligatory reserves for PLN 2,7 bn Launching construction…
  4. Q3 2015 Financial Results – Orlen Upstream – slide 4
    Agenda Key highlights 3Q15 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 4
  5. Q3 2015 Financial Results – Orlen Upstream – slide 5
    Macro environment in 3Q15 (y/y) Downstream margin increase Product slate of downstream margin Model downstream margin, USD/bbl Crack margins Refining products (USD/t) 3Q14 2Q15 3Q15 (y/y) +2,6 USD/bbl Diesel 111 116 108 -3% 15,5…
  6. Q3 2015 Financial Results – Orlen Upstream – slide 6
    GDP and fuel consumption increase GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of the last year mt 3Q14 4Q14 1Q15 2Q15 3Q15 3Q14 3Q15 3Q14 3Q15 + 6% + 3% 3,3 3,3 3,6 3,3 2,9 3,6 2,90 3,08 0,94…
  7. Q3 2015 Financial Results – Orlen Upstream – slide 7
    Agenda Key highlights 3Q15 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 7
  8. Q3 2015 Financial Results – Orlen Upstream – slide 8
    Financial results in 3Q15 3Q14 2Q15 3Q15 PLN m 9M14 9M15 Revenues: sales volumes increase at lower crude - 20% -17% oil quotations 29 160 24 776 23 468 81 930 68 249 Revenues - 0,1 mld 2,9 mld EBITDA LIFO: positive impact of…
  9. Q3 2015 Financial Results – Orlen Upstream – slide 9
    EBITDA LIFO Segments results in 3Q15 Positive impact (y/y) of: PLN m 539 10 downstream margin increase by 2,6 USD/bbl 2 060* -144 sales increase by 5% 1 655 weakening of PLN against USD by 20% fuel margin and non-fuel margin…
  10. Q3 2015 Financial Results – Orlen Upstream – 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 2,6 USD/bbl (y/y): lower crude oil price, margins improvement on…
  11. Q3 2015 Financial Results – Orlen Upstream – slide 11
    Downstream operational data Sales increase in all markets in total by 6% (y/y) Sales volumes Utilization ratio mt % 9 + 6% Refineries 3Q14 2Q15 3Q15 (y/y) 8,1 Pock 96% 100% 104% 8 pp 8 7,9 7,6 7,5 7,6 Unipetrol 93% 95% 85% -8 pp…
  12. Q3 2015 Financial Results – Orlen Upstream – 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 3Q15 assembly and start-up works of…
  13. Q3 2015 Financial Results – Orlen Upstream – slide 13
    Retail EBITDA LIFO Record quarter EBITDA LIFO quarterly (without impairments) PLN m + Sales increase by 2% (y/y) 600 539 451 Market share increase in Poland and the Czech Rep. (y/y) 500 441 369 379 Improvement of fuel margins (y/y) on…
  14. Q3 2015 Financial Results – Orlen Upstream – slide 14
    Retail operational data Sales increase by 2% (y/y) and further growth of non-fuel offer Sales volumes Number of petrol stations and market shares (by volume) mt , % 2,5 + 2% 2,1 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…
  15. Q3 2015 Financial Results – Orlen Upstream – slide 15
    Upstream Exploration projects in Poland Poland 3 Project Sierakw (2 wells) 1 Preparatory works at partial area development were conducted and 1 analysis to assess area prospects were continued Project Karbon (1 well) 1 Acquisition…
  16. Q3 2015 Financial Results – Orlen Upstream – slide 16
    Upstream Production projects in Canada Canada Assets of ORLEN Upstream Canada 2 Assets in Canadian Alberta province is located on four areas: 1 Lochend, Kaybob, Pouce Coupe and Ferrier/Strachan Total reserves: ca. 49,5 m boe of crude…
  17. Q3 2015 Financial Results – Orlen Upstream – slide 17
    Upstream Assets acquisitions in Canada and Poland Kicking Horse Energy FX Energy Signing of acquisition agreement for 100% shares Signing of acquisition agreement for 100% shares Closing of transaction: November / December 2015 Closing…
  18. Q3 2015 Financial Results – Orlen Upstream – slide 18
    Agenda Key highlights 3Q15 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 18
  19. Q3 2015 Financial Results – Orlen Upstream – slide 19
    Cash flow Cash flow from operations Cash flow from investments PLN bn PLN bn 2,1 -0,3 0,1 0,1 -0,6 -1,5 -0,7 -0,2 EBITDA LIFO effect Working capital Others Net cash CAPEX Change of Net cash LIFO change inflow 3Q15 investments…
  20. Q3 2015 Financial Results – Orlen Upstream – slide 20
    Indebtedness Net debt and gearing Gross debt structure: PLN bn, % Financial gearing, % EUR 63%, PLN 27%, USD 5%, CAD 3%, CZK 2% 33,0 Net debt increase by PLN 1,3 bn (q/q) due to positive cash flow 28,9 from operations of PLN 0,1 bn,…
  21. Q3 2015 Financial Results – Orlen Upstream – slide 21
    Capital expenditures Planned CAPEX in 2015 Realized CAPEX 9M15 split by segment PLN bn, % PLN m 3,8*** 143 1887 195 247 Downstream 66% 5,8 Retail 1302 9% Growth 2,5 5,1 Energy* 627 25% Petrochemicals 271 Maintenance…
  22. Q3 2015 Financial Results – Orlen Upstream – slide 22
    Agenda Key highlights 3Q15 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2015 22
  23. Q3 2015 Financial Results – Orlen Upstream – slide 23
    Market Outlook 2015 Macroeconomic environment Economy Brent crude oil price we assume stabilization of crude oil prices GDP outlook 3,6% for Poland in 2015 and 3,4% in 2016 - at the current levels. Crude oil price also depends on…
  24. Q3 2015 Financial Results – Orlen Upstream – slide 24
    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
  25. Q3 2015 Financial Results – Orlen Upstream – slide 25
    Agenda Supporting slides 25 25
  26. Q3 2015 Financial Results – Orlen Upstream – slide 26
    Results split by quarters PLN, m 3Q14 2Q15 3Q15 y/y 9M14 9M15 Revenues 29 160 24 776 23 468 -20% 81 930 68 249 -17% EBITDA LIFO* 2 129 2 902 2 060 -3% 3 953 6 872 74% Effect LIFO -656 169 -334 49% -980 -402 59% EBITDA* 1 473 3 071 1 726…
  27. Q3 2015 Financial Results – Orlen Upstream – slide 27
    Results split by segments 3Q15* Corporate Downstream Retail Upstream Total PLN, m Functions EBITDA LIFO 1 655 539 10 -144 2 060 Effect LIFO -334 - - - -334 EBITDA 1 321 539 10 -144 1 726 Depretiation -318 -92 -36 -23 -469 EBIT 1…
  28. Q3 2015 Financial Results – Orlen Upstream – slide 28
    EBITDA LIFO split by segments PLN, m 3Q14 2Q15 3Q15 y/y 9M14 9M15 Downstream 1 778 2 712 1 655 -7% 3 223 6 120 90% Retail 441 349 539 22% 1 037 1 170 13% Upstream 52 13 10 -81% 110 37 -66% Corporate functions -142 -172 -144 -1%…
  29. Q3 2015 Financial Results – Orlen Upstream – slide 29
    Results - split by companies (before impairments) Others and 3Q15* ORLEN consolidation PLN, m PKN ORLEN S.A. Unipetrol 2) Lietuva 2) corrections Total Revenues 16 384 4 552 3 982 -1 450 23 468 EBITDA LIFO 921 555 108 476 2 060…
  30. Q3 2015 Financial Results – Orlen Upstream – slide 30
    ORLEN Lietuva Group Key elements of the profit and loss account USD m 3Q14 2Q15 3Q15 y/y 9M14* 9M15 Revenues 1 822 1 252 1 057 -42% 4 808 3 185 -34% EBITDA LIFO 53 139 29 -45% 31 269 768% EBITDA 25 134 54 116% 3 271 8933% EBIT 22 131 51…
  31. Q3 2015 Financial Results – Orlen Upstream – slide 31
    UNIPETROL Group Key elements of the profit and loss account CZK m 3Q14 2Q15 3Q15 y/y 9M14* 9M15 Revenues 34 041 32 523 29 452 -13% 95 290 85 950 -10% EBITDA LIFO 2 391 3 959 3 597 50% 5 188 10 780 108% EBITDA 2 069 4 567 3 066 48% 4 872…
  32. Q3 2015 Financial Results – Orlen Upstream – slide 32
    Macro environment in 4Q15 Downstream margin decrease Product slate of downstream margin Model downstream margin, USD/bbl Crack margins Refining products (USD/t) 4Q14 3Q15 4Q15* (q/q) (y/y) -4,9 USD/bbl Diesel 122 108 95 -12% -22%…
  33. Q3 2015 Financial Results – Orlen Upstream – slide 33
    Macro environment in 4Q15 Refining margin and B/U differential decrease Petrochemical margin decrease Model refining margin and Brent/Ural differential, USD/bbl Model petrochemical margin, EUR/t differential margin - 4,4 USD/bbl -…
  34. Q3 2015 Financial Results – Orlen Upstream – slide 34
    Production data 3Q14 2Q15 3Q15 (y/y) (q/q) 9M14 9M15 Total crude oil throughput in PKN ORLEN (tt) 7 385 8 149 8 332 13% 2% 20 055 23 133 15% Utilization in PKN ORLEN 91% 95% 95% 4 pp 0 pp 83% 91% 8 pp Refinery in Poland 1 Processed…
  35. Q3 2015 Financial Results – Orlen Upstream – slide 35
    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…
  36. Q3 2015 Financial Results – Orlen Upstream – slide 36
    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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