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April 2016 Investor Presentation – PKN Orlen SA

PKN Orlen SA · Apr 21, 2016 · 32 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. April 2016 Investor Presentation – PKN Orlen SA – slide 1
    PKN ORLEN consolidated financial results 1Q16 21 April 2016 ORLEN1Q16PKN_ORLEN
  2. April 2016 Investor Presentation – PKN Orlen SA – slide 2
    Agenda Key highlights 1Q16 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2016 2
  3. April 2016 Investor Presentation – PKN Orlen SA – slide 3
    Key highlights 1Q16 Value creation Financial strength EBITDA LIFO: PLN 1,9 bn Financial gearing: 22,4% Sales volumes increase by 7% (y/y) Cash flow from operations: PLN 2,9 bn Retail: acquisition of 68 fuel stations in Czech Rep.…
  4. April 2016 Investor Presentation – PKN Orlen SA – slide 4
    Agenda Key highlights 1Q16 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2016 4
  5. April 2016 Investor Presentation – PKN Orlen SA – slide 5
    Macro environment in 1Q16 (y/y) Downstream margin decrease Product slate of downstream margin Model downstream margin, USD/bbl Crack margins Refining products (USD/t) 1Q15 4Q15 1Q16 y/y -0,9 USD/bbl Diesel 123 85 60 -51% 15,1 15,5…
  6. April 2016 Investor Presentation – PKN Orlen SA – slide 6
    Increase in diesel consumption (y/y) GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of the last year mt 1Q15 2Q15 3Q15 4Q15 1Q16 1Q15 1Q16 1Q15 1Q16 + 6% 3,9 + 5% 3,7 3,3 3,5 3,1 3,7 2,68 2,84…
  7. April 2016 Investor Presentation – PKN Orlen SA – slide 7
    Agenda Key highlights 1Q16 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2016 7
  8. April 2016 Investor Presentation – PKN Orlen SA – slide 8
    Financial results in 1Q16 PLN m 1Q15 4Q15* 1Q16 - 19% Revenues: decrease by (-) 19% (y/y) due to lower crude 20 005 20 087 16 213 oil price limited by sales volumes increase Revenues 0,0 bn EBITDA LIFO: comparable result (y/y)…
  9. April 2016 Investor Presentation – PKN Orlen SA – slide 9
    EBITDA LIFO Segments results in 1Q16 Positive impact (y/y) of: PLN m lower costs of internal consumption for energy purposes derived from 301 27 1 937 lower crude oil and natural gas prices 1 755 -146 weakening of PLN against USD by…
  10. April 2016 Investor Presentation – PKN Orlen SA – slide 10
    Downstream EBITDA LIFO Maintaining very good result EBITDA LIFO quarterly (without impairments*) + PLN m Lower costs of internal consumption for energy purposes derived from lower crude oil and natural gas prices (y/y) 3 000 2 712…
  11. April 2016 Investor Presentation – PKN Orlen SA – slide 11
    Downstream operational data Higher crude oil throughput by11% and sales by 8% (y/y) Sales volumes Utilization ratio mt % 9 + 8% Refineries 1Q15 4Q15 1Q16 (y/y) 8,1 Pock 87% 94% 86% -1 pp 8 7,9 7,6 7,7 Unipetrol 84% 72% 66% -18 pp…
  12. April 2016 Investor Presentation – 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 1Q16 successful synchronization of…
  13. April 2016 Investor Presentation – PKN Orlen SA – slide 13
    Retail EBITDA LIFO Sales increase by 4% at lower fuel margins (y/y) EBITDA LIFO quarterly (without impairments) PLN m + Sales increase by 4% (y/y) 600 539 451 Market share increase in the Czech Rep. (y/y) 500 441 369 359 379 349 369…
  14. April 2016 Investor Presentation – 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 2,1 2,0 2,0 2,0 2,0 2,0 1,9 1,9 1,9 1,8 1,8…
  15. April 2016 Investor Presentation – PKN Orlen SA – slide 15
    Upstream Exploration and production projects in Poland Poland 1Q16 Acquisition of 2D and 3D seismic data being realized in 2015 has been finished whereas acquisition of 3D seismic data has been started in new areas Drilling works of…
  16. April 2016 Investor Presentation – PKN Orlen SA – slide 16
    Upstream Production projects in Canada Canada 1Q16 On January 1, 2016 a merger between ORLEN Upstream Canada Ltd. and Kicking Horse Energy Ltd. acquired in December 2015 took place Drilling of 7 new wells (5,9 net*) has been…
  17. April 2016 Investor Presentation – PKN Orlen SA – slide 17
    Agenda Key highlights 1Q16 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2016 17
  18. April 2016 Investor Presentation – PKN Orlen SA – slide 18
    Cash flow Cash flow from operations Cash flow from investments PLN bn PLN bn 1,8 0,1 2,9 1,9 0,4 -0,9 -1,0 -1,4 EBITDA LIFO effect Working capital Others Net inflow CAPEX Others* Net LIFO change from 1Q16 outflow 1Q16…
  19. April 2016 Investor Presentation – PKN Orlen SA – slide 19
    Indebtedness Net debt and gearing Gross debt structure: PLN bn, % Financial gearing, % EUR 51%, PLN 33%, USD 9%, CAD 7% 28,1 Diversified financing: over PLN 4 bn in retail bonds, corporate bonds 28,9 and Eurobonds 23,6 22,4 19,8…
  20. April 2016 Investor Presentation – PKN Orlen SA – slide 20
    CAPEX Planned CAPEX in 2016 (baseline scenario*) Realized CAPEX in 3M16** split by segment PLN bn, % PLN m 4,8* 126 20 847 72 5,8 Retail 629 Downstream 64% 10% Growth 3,3 5,1 Energy 226 26% Petrochemicals 184 Maintenance…
  21. April 2016 Investor Presentation – PKN Orlen SA – slide 21
    Agenda Key highlights 1Q16 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2016 21
  22. April 2016 Investor Presentation – PKN Orlen SA – slide 22
    Market outlook in 2016 Macroeconomic environment Economy Brent crude oil price in base case scenario crude oil price is GDP outlook for Poland: 3,8% in 2016 and in 2017 - NBP expected at comparable level to an average crude oil price…
  23. April 2016 Investor Presentation – PKN Orlen SA – slide 23
    Results split by quarters PLN m 1Q15 4Q15* 1Q16 y/y 3M15 3M16 Revenues 20 005 20 087 16 213 -19% 20 005 16 213 -19% EBITDA LIFO* 1 910 1 866 1 937 1% 1 910 1 937 1% Effect LIFO -237 -1 108 -937 -295% -237 -937 -295% EBITDA* 1 673 758 1…
  24. April 2016 Investor Presentation – PKN Orlen SA – slide 24
    Results split by segments 1Q16 Corporate Downstream Retail Upstream Total PLN m Functions EBITDA LIFO 1 755 301 27 -146 1 937 Effect LIFO -937 - - - -937 EBITDA 818 301 27 -146 1 000 Depretiation -324 -97 -71 -23 -515 EBIT 494 204 -44…
  25. April 2016 Investor Presentation – PKN Orlen SA – slide 25
    EBITDA LIFO split by segments PLN m 1Q15 4Q15* 1Q16 y/y 3M15 3M16 Downstream 1 753 1 656 1 755 0% 1 753 1 755 0% Retail 282 369 301 7% 282 301 7% Upstream 14 7 27 93% 14 27 93% Corporate functions -139 -166 -146 -5% -139 -146 -5%…
  26. April 2016 Investor Presentation – PKN Orlen SA – slide 26
    Results - split by companies Others and 1Q16 ORLEN consolidation PLN m PKN ORLEN S.A. Unipetrol 2) Lietuva 2) corrections Total Revenues 10 568 2 855 2 629 161 16 213 EBITDA LIFO 1 050 56 322 509 1 937 Effect LIFO1) -876 34 -92 -3…
  27. April 2016 Investor Presentation – PKN Orlen SA – slide 27
    ORLEN Lietuva Group USD m 1Q15 4Q15 1Q16 y/y 3M15 3M16 Revenues 876 953 663 -24% 876 663 -24% EBITDA LIFO 101 20 82 -19% 101 82 -19% EBITDA 83 25 59 -29% 83 59 -29% EBIT 81 21 55 -32% 81 55 -32% Net result 47 43 51 9% 47 51 9%…
  28. April 2016 Investor Presentation – PKN Orlen SA – slide 28
    UNIPETROL Group CZK m 1Q15 4Q15 1Q16 y/y 3M15 3M16 Revenues 23 975 22 956 17 686 -26% 23 975 17 686 -26% EBITDA LIFO 3 111 824 349 -89% 3 111 349 -89% EBITDA 2 897 725 558 -81% 2 897 558 -81% EBIT 2 444 279 121 -95% 2 444 121 -95% Net…
  29. April 2016 Investor Presentation – PKN Orlen SA – slide 29
    Macro environment in 2Q16 Downstream margin decrease Product slate of downstream margin Model downstream margin, USD/bbl Crack margins Refining products (USD/t) 2Q15 1Q16 2Q16* q/q y/y -2,7 USD/bbl Diesel 116 60 53 -12% -54% 15,1…
  30. April 2016 Investor Presentation – PKN Orlen SA – slide 30
    Macro environment in 2Q16 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 - 2,4 USD/bbl -…
  31. April 2016 Investor Presentation – PKN Orlen SA – slide 31
    Production data 1Q15 4Q15 1Q16 y/y q/q 3M15 3M16 Total crude oil throughput in PKN ORLEN (kt) 6 652 7 776 7 369 11% -5% 6 652 7 369 11% Utilization in PKN ORLEN 82% 88% 84% 2 pp -4 pp 82% 84% 2 pp Refinery in Poland 1 Processed crude…
  32. April 2016 Investor Presentation – PKN Orlen SA – slide 32
    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…

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