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Q2 2016 Financial Results – Orlen Upstream

Orlen Upstream · Jul 21, 2016 · 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.

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  1. Q2 2016 Financial Results – Orlen Upstream – slide 1
    PKN ORLEN consolidated financial results 2Q16 21 July 2016 ORLEN2Q16PKN_ORLEN
  2. Q2 2016 Financial Results – Orlen Upstream – slide 2
    Agenda Key highlights 2Q16 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2016 2
  3. Q2 2016 Financial Results – Orlen Upstream – slide 3
    Key highlights 2Q16 Value creation Financial strength EBITDA LIFO: PLN 2,6 bn Financial gearing: 19,8% Results under the pressure of macro and shutdowns Cash flow from operations: PLN 1,8 bn Long-term contract with Saudi Aramco…
  4. Q2 2016 Financial Results – Orlen Upstream – slide 4
    Agenda Key highlights 2Q16 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2016 4
  5. Q2 2016 Financial Results – Orlen Upstream – slide 5
    Macro environment in 2Q16 (Y/Y) Downstream margin decrease Product slate of downstream margin Model downstream margin, USD/bbl Crack margins Refining products (USD/t) 2Q15 1Q16 2Q16 Y/Y -2,9 USD/bbl Diesel 116 60 71 -39% 15,1 15,5…
  6. Q2 2016 Financial Results – Orlen Upstream – slide 6
    Diesel consumption increase (Y/Y) GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of the last year mt 2Q15 3Q15 4Q15 1Q15 2Q16 2Q15 2Q16 2Q15 2Q16 + 4% 4,3 + 4% 3,1 3,4 3,0 3,33,9 2,96 3,06 0,97…
  7. Q2 2016 Financial Results – Orlen Upstream – slide 7
    Agenda Key highlights 2Q16 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2016 7
  8. Q2 2016 Financial Results – Orlen Upstream – slide 8
    Financial results in 2Q16 2Q15* 1Q16 2Q16 PLN m 6M15* 6M16 - 22% -21% Revenues: decrease by (-) 22% (Y/Y) due to lower crude oil price and lower sales volumes 24 776 19 355 44 781 35 568 16 213 Revenues - 0,3 mld - 0,3 mld EBITDA…
  9. Q2 2016 Financial Results – Orlen Upstream – slide 9
    EBITDA LIFO Segments results in 2Q16 Positive impact (Y/Y) of: PLN m weakening of PLN vs USD by 5% and EUR by 7% 441 42 2 594 higher fuel and non-fuel margins in retail 2 291 -180 PLN 0,6 bn of partial compensation related to Steam…
  10. Q2 2016 Financial Results – Orlen Upstream – slide 10
    Downstream EBITDA LIFO Results impacted by macro and maintenance shutdowns EBITDA LIFO quarterly (without impairments*) + PLN m Weakening of PLN vs USD by 5% and EUR by 7% (Y/Y) 3000 2712 Higher sales volumes (Y/Y): gasoline 2%, PTA 11%…
  11. Q2 2016 Financial Results – Orlen Upstream – slide 11
    Downstream operational data Lower throughput and sales (Y/Y) due to maintenance shutdowns Sales volumes Utilization ratio mt % 9 - 8% Refineries 2Q15 1Q16 2Q16 (y/y) 8,1 Pock 100% 86% 94% -6 pp 8 7,9 7,6 7,7 Unipetrol 95% 66% 46% -49…
  12. Q2 2016 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 2Q16 completion of grid tests with…
  13. Q2 2016 Financial Results – Orlen Upstream – slide 13
    Retail EBITDA LIFO Sales volumes, fuel and non-fuel margins increase (Y/Y) EBITDA LIFO quarterly (without impairments) PLN m + Sales increase by 4% (Y/Y) 600 539 451 Market share increase in Czech Republic and Lithuania 500 441 441…
  14. Q2 2016 Financial Results – Orlen Upstream – 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 2,1 2,0 2,0 2,0 2,0 2,0 1,9 1,9 1,9 1,8…
  15. Q2 2016 Financial Results – Orlen Upstream – slide 15
    Upstream Exploration and production projects in Poland Poland 2Q16 Acquisition of 3D seismic data in Mazovia and Lublin region has been finished, preparation for further acquisitions of seismic data on areas with PGNiG cooperation…
  16. Q2 2016 Financial Results – Orlen Upstream – slide 16
    Upstream Production projects in Canada Canada Assets in Canadian Alberta province are located in 5 areas: Lochend, Kaybob, Pouce Coupe, Ferrier/Strachan and Kakwa 2Q16 Drilling of 2 new wells (1,8 net*) has been started, 3 fracking…
  17. Q2 2016 Financial Results – Orlen Upstream – slide 17
    Agenda Najwaniejsze wydarzenia 2kw.2016r. Otoczenie makroekonomiczne Wyniki finansowe i operacyjne Pynno i inwestycje Perspektywy na 2016r. 17
  18. Q2 2016 Financial Results – Orlen Upstream – slide 18
    Cash flow Cash flow from operations Cash flow from investments PLN bn PLN bn 0,4 2,6 1,8 -0,7 -0,5 0,1 -1,2 -1,1 EBITDA LIFO effect Working capital Others Net inflow CAPEX Others* Net outflow LIFO increase from 2Q16 from…
  19. Q2 2016 Financial Results – Orlen Upstream – slide 19
    Safe level of indebtedness and financial gearing Net debt and gearing Indicator net debt/EBITDA LIFO PLN bn, % Financial gearing, % 3,5 28,1 3,0 23,6 22,4 2,5 19,8 19,8 2,0 1,76 1,51 1,5 1,29 6,8 5,7 5,5 5,1 4,4 1,0 0,73 1,16…
  20. Q2 2016 Financial Results – Orlen Upstream – slide 20
    CAPEX Planned CAPEX in 2016 (base case scenario*) Realized CAPEX in 6M16** split by segment PLN bn, % PLN m 4,8* 55 1801 306 Retail 148 Downstream 64% 5,8 10% 1292 Growth 3,3 5,1 Energy 347 26% Petrochemicals 440 Maintenance…
  21. Q2 2016 Financial Results – Orlen Upstream – slide 21
    Agenda Key highlights 2Q16 Macroeconomic environment Financial and operating results Liquidity and investments Market outlook for 2016 21
  22. Q2 2016 Financial Results – Orlen Upstream – 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: 3,2% in 2016, 3,5% in 2017 and 3,3% expected at comparable level to an average crude oil…
  23. Q2 2016 Financial Results – Orlen Upstream – 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 2016 Financial Results – Orlen Upstream – slide 24
    Agenda Supporting slides 24 24
  25. Q2 2016 Financial Results – Orlen Upstream – slide 25
    Results split by quarters PLN m 2Q15* 1Q16 2Q16 Y/Y 6M15* 6M16 Revenues 24 776 16 213 19 355 -22% 44 781 35 568 -21% EBITDA LIFO* 2 902 1 937 2 594 -11% 4 812 4 531 -6% Effect LIFO 169 -937 409 142% -68 -528 -676% EBITDA* 3 071 1 000 3…
  26. Q2 2016 Financial Results – Orlen Upstream – slide 26
    Results split by segments 2Q16 Corporate Downstream Retail Upstream Total PLN m Functions EBITDA LIFO 2 291 441 42 -180 2 594 Effect LIFO 409 - - - 409 EBITDA 2 700 441 42 -180 3 003 Depretiation -312 -99 -72 -25 -508 EBIT 2 388 342 -30…
  27. Q2 2016 Financial Results – Orlen Upstream – slide 27
    EBITDA LIFO split by segments PLN m 2Q15* 1Q16 2Q16 Y/Y 6M15* 6M16 Downstream 2 712 1 755 2 291 -16% 4 465 4 046 -9% Retail 349 301 441 26% 631 742 18% Upstream 13 27 42 223% 27 69 156% Corporate functions -172 -146 -180 -5% -311 -326…
  28. Q2 2016 Financial Results – Orlen Upstream – slide 28
    Results - split by companies Others and 2Q16 ORLEN consolidation PLN m PKN ORLEN S.A. Unipetrol 2) Lietuva 2) corrections Total Revenues 12 850 3 325 3 425 -245 19 355 EBITDA LIFO 1 150 744 276 424 2 594 Effect LIFO1) 397 -51 54 9…
  29. Q2 2016 Financial Results – Orlen Upstream – slide 29
    ORLEN Lietuva Group USD m 2Q15 1Q16 2Q16 Y/Y 6M15 6M16 Revenues 1 252 663 882 -30% 2 128 1 545 -27% EBITDA LIFO 139 82 72 -48% 240 154 -36% EBITDA 134 59 85 -37% 217 144 -34% EBIT 131 55 82 -37% 212 137 -35% Net result 98 51 77 -21% 145…
  30. Q2 2016 Financial Results – Orlen Upstream – slide 30
    UNIPETROL Group CZK m 2Q15 1Q16 2Q16 Y/Y 6M15 6M16 Revenues 32 523 17 686 20 551 -37% 56 498 38 237 -32% EBITDA LIFO 3 998 349 4 588 15% 7 182 4 938 -31% EBITDA 4 606 558 4 266 -7% 7 576 4 824 -36% EBIT 4 129 121 3 798 -8% 6 646 3 920…
  31. Q2 2016 Financial Results – Orlen Upstream – slide 31
    Macro environment in 3Q16 (Y/Y) Downstream margin decrease Product slate of downstream margin Model downstream margin, USD/bbl Crack margins Refining products (USD/t) 3Q15 2Q16 3Q16* Q/Q Y/Y -4,7 USD/bbl Diesel 108 71 67 -6% -38%…
  32. Q2 2016 Financial Results – Orlen Upstream – slide 32
    Macro environment in 3Q16 (Y/Y) 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 - 4,9…
  33. Q2 2016 Financial Results – Orlen Upstream – slide 33
    Production data 2Q15 1Q16 2Q16 Y/Y Q/Q 6M15 6M16 Total crude oil throughput in PKN ORLEN (tt) 8 149 7 369 6 938 -15% -6% 14 801 14 307 -3% Utilization in PKN ORLEN 95% 84% 79% -16 pp -5 pp 89% 82% -7 pp Refinery in Poland 1 Processed…
  34. Q2 2016 Financial Results – Orlen Upstream – 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. Q2 2016 Financial Results – Orlen Upstream – 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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