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investors presentation – PKN Orlen SA

PKN Orlen SA · Jul 23, 2014 · 44 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. investors presentation – PKN Orlen SA – slide 1
    Good Retail result Maintenance shutdowns impact Downstream PKN ORLEN consolidated financial results for 2Q 2014 Jacek Krawiec, CEO Sawomir Jdrzejczyk, CFO 23 July 2014
  2. investors presentation – PKN Orlen SA – slide 2
    Agenda Key highlights 2Q14 Macroeconomic environment Financial results Segment results Liquidity and investments Outlook 2014 2
  3. investors presentation – PKN Orlen SA – slide 3
    Key highlights 2Q14 Shareholders Value creation PLN 616m (PLN 1,44 per share): dividend payment proved Very good retail result maintained by Ordinary General Meeting in accordance with Management Board recommendation Downstream…
  4. investors presentation – PKN Orlen SA – slide 4
    Agenda Key highlights 2Q14 Macroeconomic environment Financial results Segment results Liquidity and investments Outlook 2014 4
  5. investors presentation – PKN Orlen SA – slide 5
    Macro environment in 2Q14 (y/y) Crude oil price increase Downstream margin decrease Average Brent Crude Oil price, USD/bbl Model downstream margin, USD/bbl 140 -1,7 USD/bbl + 8 USD/bbl 119 12,1 120 117 10,7 10,7 113 113 10,0 10,4…
  6. investors presentation – PKN Orlen SA – slide 6
    Increase in GDP and diesel consumption GDP increase1 Fuel consumption (diesel, gasoline)2 Change (%) to respective quarter of last year mt 2Q13 3Q13 4Q13 1Q14 2Q14 2Q13 2Q14 2Q13 2Q14 + 1% 0% 2,7 3,4 3,54,0 2,76 2,79 0,8 2,0 0,94…
  7. investors presentation – PKN Orlen SA – slide 7
    Agenda Key highlights 2Q14 Macroeconomic environment Financial results Segment results Liquidity and investments Outlook 2014 7
  8. investors presentation – PKN Orlen SA – slide 8
    Financial results Reported results under influence of impairments* 2Q13 1Q14 2Q14 PLN m 6M13 6M14 + 2% - 5% 28 221 24 119 28 651 55 671 52 770 Revenues - 5,0 bn - 4,9 bn 819 953 1 729 EBITDA LIFO -4 146 -3 193 - 4,7 bn -…
  9. investors presentation – PKN Orlen SA – slide 9
    Impairment of assets methodology and indicators IAS 36 - Impairment of assets The Group assesses at the end of each reporting period whether there is any objective indicator that a financial asset or group of financial assets is…
  10. investors presentation – PKN Orlen SA – slide 10
    Impairments impact on consolidated financial statements of ORLEN Group Impairments 2Q14 2Q14 PLN bn ORLEN before impairments Unipetrol others net after impairments Lietuva Revenues 28,7 28,7 EBITDA LIFO 0,9 -4,2 -0,7 -0,1 -4,1 Net…
  11. investors presentation – PKN Orlen SA – slide 11
    Impairments impact on unconsolidated financial statements of PKN ORLEN 2Q14 2Q14 PLN bn impairment before impairments after impairments Net revenues/ costs 0,9 -4,7 -3,8 Net profit/loss 0,9 -4,7 -3,8 Shares and loans 11,7 -4,7…
  12. investors presentation – PKN Orlen SA – slide 12
    Orlen Lietuva history, current situation and further actions History Impairments Further actions Purchase of OL in 2006 for USD 2,8 bn in Historically impairment on assets in 2008 in Concentration on cash flow improvement total…
  13. investors presentation – PKN Orlen SA – slide 13
    Financial results Stable EBITDA LIFO before impairments* 2Q13 1Q14 2Q14 PLN m 6M13 6M14 + 2% - 5% Revenues: increase by 2% (y/y) mainly due to sales of obligatory reserves which took place in 2Q14 and 28 221 24 119 28 651 55 671 52…
  14. investors presentation – PKN Orlen SA – slide 14
    EBITDA LIFO PLN 0,9 bn due to downstream and retail* Segments results in 2Q14 Negative impact of: PLN m 27 Downstream margin decrease (y/y) 359 856 Significant maintenance shutdowns of major refining and -142 petrochemical…
  15. investors presentation – PKN Orlen SA – slide 15
    Agenda Key highlights 2Q14 Macroeconomic environment Financial results Segment results Liquidity and investments Outlook 2014 15
  16. investors presentation – PKN Orlen SA – slide 16
    Downstream EBITDA LIFO Results under weak macro and maintenance shutdowns EBITDA LIFO quarterly (without impairments*) PLN m + Positive volumes effect (y/y) despite lower total sales 1 597 1 600 volumes due to change in basket of…
  17. investors presentation – PKN Orlen SA – slide 17
    Downstream EBITDA LIFO Refining and petrochemicals contribution to results Refining Petrochemicals EBITDA LIFO quarterly (without impairments*) EBITDA LIFO quarterly (without impairments*) PLN m PLN m 996 694 1.000 930 700 667 656…
  18. investors presentation – PKN Orlen SA – slide 18
    Downstream (Refining) operational data Limitation of crude oil throughput due to maintenance shutdowns Sales volumes Utilization ratio mt % PKN ORLEN Unipetrol ORLEN Lietuva 7 - 2% 100 97 6,3 6,3 6,2 92 6,1 6,1 89 90 5,9 6,0 5,9 86 6…
  19. investors presentation – PKN Orlen SA – slide 19
    Downstream (Petrochemicals) operational data Sales decrease by (-) 2% (y/y) Sales volumes PTA sales volumes and EBITDA mt kt, PLN m Volumes EBITDA - 2% 1,5 146 145 134 139 1,4 1,4 1,4 1,3 1,3 1,4 1,3 106 1,2 1,3 1,2 1,2 1,2 1,2…
  20. investors presentation – PKN Orlen SA – slide 20
    Downstream (Energy) Industry cogeneration project realisation Strategic assumptions Building a CCGT plant in Wloclawek (463 MWe) Concentration on industrial cogeneration projects with the highest In 2Q14 finished major construction…
  21. investors presentation – PKN Orlen SA – slide 21
    Retail EBITDA LIFO Maintained very good result EBITDA LIFO quarterly (without impairments*) PLN m + Better non-fuel margins (y/y) 500 450 388 Sales and market share increase in Poland, Czech 369 400 341 360 325 359 Republic and…
  22. investors presentation – PKN Orlen SA – slide 22
    Retail operational data Sales increase by 1% and Stop Cafe & Bistro Cafe by 280 (y/y) Sales volumes Number of petrol stations and market shares (by volume) mt , % 3 + 1% 2,0 1,9 2,0 2,1 1,9 1,9 2,0 2 1,8 1,9 1,9 1,9 1,8 1,8 1,7 1,8…
  23. investors presentation – PKN Orlen SA – slide 23
    Upstream Exploration projects in Poland Poland Exploration projects of shale gas Currently 10 wells finished: 7 vertical and 3 horizontal as well as 2 1 fracking 1 Concentration on the most promising areas PROJECT 1 2 Wodynie- 1…
  24. investors presentation – PKN Orlen SA – slide 24
    Upstream Production projects in Canada. 48 m boe (2P) of total reserves. Canada TriOil upstream company Assets Closing of the acquisition of 100% Birchill Exploration LP shares in June 2014 (second PKN ORLEN acquisition in Canada)…
  25. investors presentation – PKN Orlen SA – slide 25
    Agenda Key highlights 2Q14 Macroeconomic environment Financial results Segment results Liquidity and investments Outlook 2014 25
  26. investors presentation – PKN Orlen SA – slide 26
    Cash flow in 2Q14 Working capital decrease by PLN 3,6 bn Cash flow from operations Cash flow from investments PLN bn PLN bn PLN 3,6 bn 3,3 0,5 4,0 0,4 -0,2 0,5 0,3 -1,4 -1,3 -0,7 Net inflow Decrease of Increase of Increase of…
  27. investors presentation – PKN Orlen SA – slide 27
    CAPEX PLN 2,7 bn in 1H14 including Birchill acquisition Planned CAPEX 2014 (basic pool) CAPEX 6M14 (basic pool) split by segment PLN bn PLN m 162 2036** 181 1580 113 Growth 2,0 Downstream 65% 5,8 Retail 5,1 10% Energy* 919 25%…
  28. investors presentation – PKN Orlen SA – slide 28
    Debt Net debt and gearing Indicator net debt/EBITDA LIFO** PLN bn, % Financial gearing, % 3,5 28,5* 3,0 24,2 24,8 2,5 17,8 17,0 2,0 1,76 1,52 1,51 9,0 1,5 6,3 1,0 5,1 4,9 4,7 1,16 0,5 0,0 2Q13 3Q13 4Q13 1Q14 2Q14 4Q12 2Q13…
  29. investors presentation – PKN Orlen SA – slide 29
    Agenda Key highlights 2Q14 Macroeconomic environment Financial results Segment results Liquidity and investments Outlook 2014 29
  30. investors presentation – PKN Orlen SA – slide 30
    Outlook 2014 Macro - assumptions Economy GDP forecast growth GDP - in 2014 Polish economy will speed up to 3,6 percent and Brent crude oil price expected a slight decrease (y/y) as a result similarly in 2015 NBP, July 2014 of…
  31. investors presentation – PKN Orlen SA – slide 31
    Thank You for Your attention www.orlen.pl 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 31 31
  32. investors presentation – PKN Orlen SA – slide 32
    Agenda Supporting slides 32 32
  33. investors presentation – PKN Orlen SA – slide 33
    Results split by quarters (before impairments) (PLN, m) 2Q14 1Q14 2Q13** y/y 6M14 6M13** Revenues 28 651 24 119 28 221 2% 52 770 55 671 -5% EBITDA LIFO 856 968 819 5% 1 824 1 729 5% Effect LIFO -147 -177 -439 67% -324 -492 34%…
  34. investors presentation – PKN Orlen SA – slide 34
    Results split by segments (before impairments) Corporate 2Q14 (PLN m) Refining Petrochemicals Energy Downstream Retail Upstream Total functions EBITDA LIFO 274 339 -1 612 359 27 -142 856 Effect LIFO -147 0 0 -147 0 0 0 -147 EBITDA…
  35. investors presentation – PKN Orlen SA – slide 35
    EBITDA LIFO - split by segments (before impairments) (PLN, m) 2Q14 1Q14 2Q13** y/y 6M14 6M13** Refining 274 286 85 222% 560 361 55% Refining - LIFO effect -147 -162 -410 64% -309 -479 35% Petrochemicals 339 547 516 -34% 886 1 171…
  36. investors presentation – PKN Orlen SA – slide 36
    Results 2Q14 - split by companies (before impairments) Others and IFRS ORLEN consolidation PLN, m PKN ORLEN S.A. Unipetrol 2) Lietuva 2) corrections Total Revenues 21 190 4 922 5 167 -2 628 28 651 EBITDA LIFO 411 147 -2 300 856…
  37. investors presentation – PKN Orlen SA – slide 37
    ORLEN Lietuva Group Key elements of the profit and loss account 1 IFRS, USD m 2Q14* 2Q14 1Q14 2Q13 y/y 6M14* 6M14 6M13 Revenues 1 701 1 701 1 285 1 723 -1% 2 986 2 986 3 980 -25% EBITDA LIFO -1 -770 -21 5 - -22 -791 43 - EBITDA 7 -762…
  38. investors presentation – PKN Orlen SA – slide 38
    UNIPETROL Group Key elements of the profit and loss account 1 IFRS, CZK m 2Q14* 2Q14 1Q14 2Q13 y/y 6M14* 6M14 6M13 Revenues 32 440 32 440 28 809 24 710 31% 61 249 61 249 49 486 24% EBITDA LIFO 1 044 -3 677 1 857 663 57% 1 716 -1 819 1…
  39. investors presentation – PKN Orlen SA – slide 39
    Macro environment in 3Q14 (q/q) Crude oil price decrease Downstream margin increase Average Brent Crude Oil price, USD/bbl Model downstream margin, USD/bbl - 3 USD/bbl +2,7 USD/bbl 110 109 110 13,1 108 107 12,1 102 10,4 9,5 9,0…
  40. investors presentation – PKN Orlen SA – slide 40
    Macro environment in 2014 PKN ORLEN 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…
  41. investors presentation – PKN Orlen SA – slide 41
    Macro environment in 2014 10 2013 average 2014 2014 average 2013 ORLEN Group model refining margin 8 6 4 3,4 USD/bbl 2,2 USD/bbl 2 0 -2 January February March April May June July August September October November December 4 2013…
  42. investors presentation – PKN Orlen SA – slide 42
    Production data 2Q14 1Q14 2Q13 (y/y) (q/q) 6M14 6M13 Total crude oil throughput in PKN ORLEN 6 480 6 190 6 663 -3% 5% 12 670 13 666 -7% Utilization in PKN ORLEN 80% 78% 86% -6 pp 2 pp 79% 88% -9 pp Refinery in Poland 1 Processed crude…
  43. investors presentation – PKN Orlen SA – slide 43
    Dictionary PKN ORLEN 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 +…
  44. investors presentation – PKN Orlen SA – slide 44
    www.orlen.pl 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 45 45

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