Orlen Spolka Akcyjna · GPW:PKN
Orlen Spolka Akcyjna — Polskie Górnictwo Naftowe i Gazownictwo — Q4 2017 Earnings Presentation
16 slides from Orlen Spolka Akcyjna's earnings presentation, Mar 14, 2018
Slide 1: PGNiG Group Q4 and FY 2017 results
Polskie Górnictwo Naftowe i Gazownictwo SA PGNiG Group Q4 and FY 2017 results March 14th 2018
Slide 2: Performance drivers
Performance drivers EUR depreciating against PLN y/y, 9-month average crude oil price up 23% y/y in Q4 2017 Revenue up on high gas USD depreciating against PLN y/y PLN USD/bbl sales volumes, with unit cost 4,5 120 -3% of gas rising 4.38 100 -11% 4.23 4,0 4.06 80 61.43 60 50.08 +23% 3,5 3.60 40 42.13
Slide 3: Financial highlights Q4 2017
Financial highlights Q4 2017 Group's EBITDA by segment in Q4 2016 vs Q4 2017 [PLNm] Q4 2016 Q4 2017 D% PLNm Revenue 10,146 10,965 8% 1000 828 800 Operating expenses (excl. D&A) -8,441 -9,642 14% 657 594 600 529 EBITDA 1,705 1,323 -22% 400 324 199 241 EBITDA (net of impairment losses 1,827 1,871 2% 2
Slide 4: Segments – Exploration and Production
Segments – Exploration and Production [PLNm] Q4 2016 Q4 2017 D% Revenue growth driven by gas prices. Lower oil sales in the Revenue 1,587 1,702 7% quarter. Operating expenses (excl. D&A) -930 -874 -6% EBITDA 657 828 26% Comments: EBITDA (net of impairment losses on property, plant Revenue from sales
Slide 5: Trade and Storage
Trade and Storage [PLNm] Q4 2016 Q4 2017 D% Revenue growth driven by higher volumes and selling Revenue 8,573 9,625 12% prices Operating expenses (excl. D&A) -8,249 -9,870 20% Comments: Gas sales revenue up PLN 871m y/y (to PLN 8.7bn EBITDA 324 -245 -176% in Q4 2017), on the back of higher volumes a
Slide 6: Segments – Distribution
Segments – Distribution [PLNm] Q4 2016 Q4 2017 D% Segment performance affected by lower gas Revenue 1,416 1,242 -12% distribution volume Operating expenses (excl. D&A) -822 -713 -13% EBITDA 594 529 -11% Comments: Volume of distributed gas down 4% y/y, to Depreciation and amortisation -237 -237 - 3.2
Slide 7: Segments – Generation
Segments – Generation [PLNm] Q4 2016 Q4 2017 D% Segment performance affected by temperature Revenue 756 722 -4% Operating expenses (excl. D&A) -557 -481 -14% EBITDA 199 241 21% Comments: Revenue from sales of heat down 5% y/y, to Depreciation and amortisation -101 -110 9% PLN 438m, on a 6% decline i
Slide 8: Contact details
Contact details More information Marcin Piechota Head of the Investor Relations Division Phone:+48 22 589 43 22 Mobile:+48 885 889 890 Email: marcin.piechota@pgnig.pl Piotr Gałek Investor Relations Specialist Phone:+48 22 589 48 46 Mobile:+48 723 235 652 Email: piotr.galek@pgnig.pl Aleksander Kutnik
Slide 9: Appendice:
Appendice: 1. Financial highlights FY 2017 2. Gas sales and imports structure 3. Operating expenses 4. Debt and sources of funding 5. Statement of financial position, statement of cash flows, financial ratios and headcount 6. Production and sales volumes 9
Slide 10: Financial highlights FY 2017
Financial highlights FY 2017 Group's EBITDA by segment in 2017 vs 2016 [PLNm] 2016 2017 D% PLNm Revenue 33,196 35,857 8% 4500 4000 3,865 Operating expenses (excl. D&A) -27,222 -29,278 8% 3500 3000 2,559 2,493 2500 EBITDA 5,974 6,579 10% 2,206 2000 EBITDA (net of impairment losses 1500 6,810 7,012 3%
Slide 11: Gas sales and imports structure
Gas sales and imports structure Imports of natural gas to Poland Gas sales outside the PGNiG Group by company A marked increase in the LNG Q4 2017 share of sources west of 11% [mcm] Q4 2016 Q4 2017 D% Poland in Q4 2017 gas Western and southern PGNiG Group: 7,338 8,022 9% imports. direction 13% 20% 2
Slide 12: Gas trading and retail sales
Gas trading and retail sales Gas sold to key customers: above 25 mcm annually 4.4 bcm of gas sold in 2016 Production 7.0 bcm of gas sold in 2017 Export PGNiG S.A. 0.4 bcm in 2016 0.7 bcm in 2017 Sources of gas Direct sales 0.7 bcm in 2016 0.8 bcm in 2017 Polish Power Exchange 9.0 bcm in 2016 8.5 bcm
Slide 13: Operating expenses in Q4 2017 vs Q4 2016
Operating expenses in Q4 2017 vs Q4 2016 [PLNm] Q4 2016 Q4 2017 D% Comments: PLN 1.1bn (+20%) y/y increase in the cost of gas Cost of gas sold -5,447 -6,512 20% sold. Fuels for heat and power generation -259 -252 -3% Higher other income and expenses y/y (Q4 2017: PLN -64m vs Q4 2016: PLN -484m), dri
Slide 14: Debt and sources of funding
Debt and sources of funding Comments: On December 21st 2017, due to a mismatch Sources of funding (as at December 31st 2017) between the investment programme and the PLNm bond programme, PGNiG TERMIKA S.A. entered into agreements terminating the PLN available used 1,500m bond programme established o
Slide 15: Statement of financial position, statement of cash flows, financial ratios and headcount
Statement of financial position, statement of cash flows, financial ratios and headcount Group's statement of financial position (as at Headcount (as at December 31st 2017)* December 31st 2017) thousand 40 PLNm Non-current Current Equity Other segments Generation Distribution Trade & Storage Explora
Slide 16: Production and sales volumes
Production and sales volumes NATURAL GAS PRODUCTION BY THE PGNIG GROUP [mcm] FY 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015 HIGH-METHANE GAS (E) 1,863 461 459 469 474 1,919 473 449 487 509 504 515 507 501 including in Poland 1,315 335
Polskie Górnictwo Naftowe i Gazownictwo — Q4 2017 Earnings Presentation on 6ix