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ORLEN Capital Group – Company Overview

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ORLEN Capital Group – Company Overview ORLEN Capital Group – company overview November 2011 1 Agenda Company overview Key segments New businesses entry Summary 2 Leading refining & petchem company operating in the biggest market in CEE PKN ORLEN – POLISH KEY PLAYER IN CEE LEADING DOWNSTREAM COMPANY Strategically located on key pipeline network. Access to the crude oil terminals in Gdańsk (Poland) and Butinge (Lithuania). Operates 7 refineries in Poland, Lithuania and the Czech Republic, including the largest and highly advanced one. Capable to process any kind of crude oil in all refineries. Currently the most economic is REBCO processing. Petrochemical assets fully integrated with the refining part. Operates ca. 2 700 retail sites in Poland, the Czech Republic, Germany and Lithuania. SHAREHOLDERS STRUCTURE KEY FACTS State Treasury PRODUCTION: Refining ca. 31.0 mt/y 27,52% Petrochemical ca. 4.1 mt/y FINANCIALS IN YEAR 2010: 72,48% Revenues PLN 83.5 bn Free float EBITDA PLN 5.5 bn Net profit PLN 2.5 bn 3 The strategy for 2009-2013 assumes further core business development, divestment of non-core assets and entry into new segements MAIN OBJECTIVES OF PKN ORLEN GROUP PRIORITIES Debt Release of capital employed through reduction working capital optimisation, assets 2009 – 2010 disinvestment in chemical segment, solving the issue of obligatory reserves Preparation for further growth : actions to improve financial performance, increase Efficiency Efficiency improvement as well as efficiency, reduce debt 2011 – 2013 improvement development and extension of the and finalize investments in and key value chain in core areas of activity - core areas of activity investment s refining, retail and petrochemical Further efficiency of execution segments core assets, investments in new segments in order Entry into Diversification of activities , to increase the new strengthening the Group by limiting company value business areas the downstream contribution to the business 4 Agenda Company overview Key segments New businesses entry Summary 5 Refining segment ASSETS NELSON COMPLEXITY Supersite (Plock) Gold Mazeikiu (10.2; 10.3) Silver (MN, Litvinov) Bronze (Kralupy) Niche Plock Litvinov (5.5, 7.0) (16.3; 9.5) Trader Trzebinia (0.5) Speciality (Paramo) Kralupy (3.4; 8.1) Jedlicze (0.1) Closure-Candidate Paramo (1.0) N/A (Trzebinia, Jedlicze) Refinery (production capacity mt /y; Nelson complexity index) Refinery classification according to Wood Mackenzie (2007) KEY FACTS PKN ORLEN processing capacity: ca. 31 mt/y (Plock plant in Poland – 16.3 mt/y, Unipetrol – 5.1 mt/y and ORLEN Lietuva – 10.2 mt/y). Market share*: gasoline (PL: 62%, CZ: 33%, LT: 85%) and diesel (PL: 55%, CZ: 33%, LT: 89%). Nelson complexity index: Plock 9.5, Kralupy 8.1, Litvinov 7.0, ORLEN Lietuva 10.3. Flexibility to process many kinds of crude oil. Fuel production in line with 2009 Euro standards in all refineries. * As of 30.09.2011 6 Petrochemical segment ASSETS CORE BUSINESS – GROWTH DRIVERS Strengthening position through full PX/PTA integration with refinery. Europe’s most advanced petrochemical Polyolefins PX/PTA complex launched. Building regional leader position. NON CORE BUSINESS - EXIT PVC Limited synergies with refining activity. Release of capital employed through Fertilizers Anwil sale. KEY FACTS PKN ORLEN production capacity: ca. 4.1 mt/y (Plock - 2.5 mt/y, Unipetrol - 1.6 mt/y). Full integration of petrochemical assets with refining facilities. Depending on the product we have between 40% to 100% market share in domestic consumption. Polyolefins sales within Basell network. PX/PTA production capacities: 400 th t of PX (paraxylene) and 600 th t of PTA (purified terephtalic acid) per annum, reflecting 20% of European production. Sales of PTA since 2Q2011. 7 Retail segment ASSETS OPERATING DATA 2008 2009 2010 EBIT PLN m - 6% 641 880 825 Sales volumes + 5% th t 6 229 6 713 7 025 KEY FACTS Biggest retail network (no of filling stations)*: Poland - 1738, Germany - 564, Czech Republic - 336, Lithuania - 35. Market share*: Poland - 32%, Czech Republic - 14%, Lithuania - 4% and Northern Germany - 9%. Two-tier branding strategy (premium and economy) „FLOTA POLSKA” & DKV/ORLEN fleet card for corporate customers; and „VITAY” loyalty card for individual customers – ca. 8,5 m participants* * As of 30.09.2011 8 Agenda Company overview Key segments New businesses entry Summary 9 „Multi-utility” is a foundation for further PKN ORLEN value growth STRATEGIC RATIONALES CONCEPT OF „MULTI- UTILITY” PKN ORLEN faces serious barriers for the further dynamic growth in the oil sector... Upstream (E&P) New The dynamic growth through acquisitions and segments geographic expansion in 2002-2006 Electric power Focus on organic development and efficiency generation improvement Strong competitive pressure and high volatility in Refining margins …hence the perceived growth opportunities in Petrochemicals Current PKN the new areas of growth… ORLEN’s Higher profitability areas of Logistics Stable cash flows activities Strong competitive pressure and high volatility in Sales of fuel and margins petrochemicals Operational synergies and diversification of activities PKN ORLEN’s security Integrated fuel - energy company 10 Growth of PKN ORLEN in upstream segment is based on three pillars Regional Organic and Cooperation with focus inorganic growth partners Limitation of (mostly geopolitical) risks Gradual development of diversified Opportunity for rapid growth of Building capabilities in stable assets portfolio know-how and competencies environment Acquisition of mainly minority equity Participation in existing projects, Targets Adjustment of activities to the stakes including cooperation with external available budget partners Central and Eastern Europe Current exploration and production North Africa projects Examples North America Limitation of Focus on most project risk prospective assets 11 UPSTREAM Organic projects 1. Latvian shelf Off-shore project on Baltic shelf (Latvia) on one of the biggest oil fields in the Baltic Sea. Project is being realized in cooperation with Kuwait Energy. Large hydrocarbon reserves: 250m bbl. Project’s status: Analysis of newly obtained 3D seismic data and choice of holes locations is in progress. The drill is planned in 1 half of 2012. 2. Lublin region Latvian shelf On-shore E&P project in Poland (Lublin area). Exploration activities in the region conducted also by the biggest oil companies: Chevron Polish lowland Lublin region and ExxonMobil. Project’s status: Data analysis and choice of drills’ locations is in progress. The drill is planned in 2012. 3. Polish lowland On-shore E&P project in Poland (Sieraków area) - JV with PGNiG. The most prospective exploration area in Poland, next to the largest discovered reserves of oil and gas in Poland. Exploitable resources of ca. 26m bbl. Project’s status: Exploratory drill is in realization. Next 2 appraisal drills are planned – realization in 2012. 12 UPSTREAM Shale gas Shale gas exploration licenses 1. Licenses PKN ORLEN has 8 exploration licenses in Poland in the most prospective areas: 6 licenses in Lublin region (BełŜyce, Garwolin, Lubartów, Lublin, Wierzbica, Hrubieszów) and 2 licenses in central Poland (Łódź, Sieradz). Projects’ status: Lublin region (Wierzbica) First wildcat exploration vertical well started in October 2011. Horizontal wells and multi-stage hydraulic fracturing in June 2012 after positive findings of samples. Lublin region (Lubartów) First wildcat exploration vertical well is planned in December 2011. 2. Cooperation with experienced partners PKN ORLEN aims to engage with an experienced partner for further exploration (letters of intent already signed with about 15 companies). 3. Shale gas deposits Potential shale gas area 5.3 trillion m3 of unconventional gas stretching across northern and central Poland is estimated by Energy Information Administration (USA). Poland’s annual gas consumption is ca. 14 bn m3 (of which 2bn m3 by PKN ORLEN), 72% of gas is imported. 13 ENERGY New projects and efficiency increase of existing assets Strategy’s directions Achieving maximum synergies Assurance of energy safety of PKN ORLEN Modernization of current infrastructure for further development and adaptation for environmental requirements NEW PROJECTS EFFICIENCY IMPROVEMENT OF EXISTING ASSETS 1. Construction of gas power plant in Wloclawek 1. Modernization of power plant in Plock Advanced preparation of investment: the environmental decision, Investment program at the level of PLN 1 bn within 2-3 years. agreement for connection to the energy network and the Target is to meet environmental standards (emitted emissions are to permission to build energy block. be reduced by ~ 90%) and to the increase in power capacities (up till Agreement signed with GAZ-SYSTEM for building a gas pipeline and 2017 planned 20% increase in electricity production capacities and 7% connection to gas network. CAPEX ca. PLN 22m, PKN will cover 25%. in thermal power). Advanced stage of tender for building a block with infrastructure. Decision about the selection of the contractor to be made in 1Q2012. Decision about the selection of the contractor in 1Q 2012. Start-up in 2015. Block building is planned for 2012. 2. Restructuring and modernization of energy Planned start-up in 2014. Estimated CAPEX in the amount of PLN 1,5 bn. assets in Unipetrol 2. Potentially additional unit in Plock 3. Optimization in other foreign assets 14 Agenda Company overview Key segments New businesses entry Summary
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