Orlen Spolka Akcyjna · GPW:PKN
Orlen Spolka Akcyjna — Polskie Górnictwo Naftowe i Gazownictwo SA (PGNiG Group) — Q3 2017 Earnings Presentation
16 slides from Orlen Spolka Akcyjna's earnings presentation, Nov 13, 2017
Slide 1: PGNiG Group Q3 2017 Results
Polskie Górnictwo Naftowe i Gazownictwo SA PGNiG Group Q3 2017 Results November 13th 2017
Slide 2: Table of contents
Table of contents 1. Performance drivers 2. Financial highlights Q3 2017 3. Segment overview: Exploration and Production Trade and Storage Distribution Generation 4. Appendices 2
Slide 3: Performance drivers
Performance drivers EUR stable against PLN y/y, 9-month average crude oil price in Revenue up on higher prices USD depreciating against PLN y/y USD up 25% y/y PLN USD/bbl and gas sales volumes 4,5 120 -1.8% 4.34 100 4.26 4,0 -6.7% 80 3.89 60 +13% 51.73 3,5 3.63 45.82 40 41.29 +25% 51.43 3,0 20 01'15
Slide 4: Financial highlights Q3 2017
Financial highlights Q3 2017 Group's EBITDA by segment in Q3 2017 vs Q3 2016 [PLNm] Q3 2016 Q3 2017 % PLNm Revenue 5,701 6,075 7% 1000 798 Operating expenses (excl. D&A) -4,563 -4,996 9% 800 653 581 600 542 EBITDA 1,138 1,079 -5% 400 EBITDA (net of impairment 200 losses on property plant and 1,176 1
Slide 5: Segments – Exploration and Production
Segments – Exploration and Production [PLNm] Q3 2016 Q3 2017 D% Revenue growth driven by gas prices. Lower oil sales in the Revenue 1,119 1,270 13% quarter. Operating expenses (excl. D&A) -466 -472 1% EBITDA 653 798 22% EBITDA (net of impairment losses on 688 764 11% property plant and equipment) De
Slide 6: Segments – Trade and Storage
Segments – Trade and Storage [PLNm] Q3 2016 Q3 2017 D% Revenue growth driven by higher volumes with selling Revenue 4,724 5,051 7% prices down Operating expenses (excl. D&A) -4,865 -5,330 10% Comments: EBITDA -141 -279 2x Revenue from gas sales up PLN 379m y/y (to PLN 4.6bn in Q3 2017) on higher vol
Slide 7: Segments – Distribution
Segments – Distribution [PLNm] Q3 2016 Q3 2017 D% Segment performance buoyed by higher gas Revenue 1,037 1,085 5% distribution volumes Operating expenses (excl. D&A) -495 -504 2% EBITDA 542 581 7% Comments: Depreciation and amortisation Volume of distributed gas up 5% y/y, to 1.97 -232 -228 -2% bcm
Slide 8: Segments – Generation
Segments – Generation [PLNm] Q3 2016 Q3 2017 D% Segment performance affected by one-off items Revenue 316 262 -17% Operating expenses (excl. D&A) -206 -240 17% EBITDA 110 22 -80% Comments: Revenue from sales of heat up 13% y/y to Adjusted EBITDA 37 43 16% PLN 144m, on a 18% increase in volumes. Depr
Slide 9: Contact details
Contact details Marcin Piechota More information 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 Kut
Slide 10: Appendices
Appendices 1. Financial highlights Q1−3 2017 2. Sales and gas 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 10
Slide 11: Financial highlights Q1-3 2017
Financial highlights Q1-3 2017 [PLNm] Q3 2016 Q3 2017 D% Group's EBITDA by segment in Q1-3 2017 vs Q1-3 2016 PLNm Revenue 23,050 24,892 8% 400 0 350 0 Operating expenses (excl. D&A) -18,781 -19,636 5% 3,037 300 0 250 0 EBITDA 4,269 5,256 23% 1,965 1,964 200 0 EBITDA (net of impairment 1,549 150 0 lo
Slide 12: Sales and gas imports structure
Sales and gas imports structure Poland's gas imports structure Gas sales outside PGNiG Group by company A marked increase in the LNG Q3 2017 share of sources west of 14% [mcm] 3Q 2016 3Q 2017 % Poland in Q3 2017 gas PGNiG Group: 4,249 4,594 8% imports structure 13% 7% PGNiG SA 2,605 3,021 16% PGNiG
Slide 13: Operating expenses in Q3 2017 vs Q3 2016
Operating expenses in Q3 2017 vs Q3 2016 [PLNm] Q3 2016 Q3 2017 % Higher operating expenses in Q3 2017, mainly led by higher Cost of gas sold -2,754 -3,073 12% cost of gas Fuels for heat and power generation -68 -77 13% Other raw materials and consumables used -458 -450 -2% Employee benefits expense
Slide 14: Debt and sources of funding
Debt and sources of funding Comments: Sources of funding (as at September 30th 2017) PLNm On August 31st 2017, Bank Gospodarstwa Krajowego, Alior Bank S.A. and PGNiG available used TERMIKA Energetyka Przemysłowa S.A. signed an agreement on termination of the Note Programme Agreement and release of s
Slide 15: Statement of financial position, cash flows, 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 September 30th 2017)* September 30th 2017) 40 thousand PLNm Non-current Current Equity Other segments Generation Distribution Trade & Storage Explo
Slide 16: Production and sales volumes
Production and sales volumes NATURAL GAS PRODUCTION. PGNiG Group (mcm) Q1-3 2017 Q3 2017 Q2 2017 Q1 2017 FY 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016 FY 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2015 HIGH-METHANE GAS (E) 1,403 459 469 474 1,918 473 450 487 509 2.027 504 515 507 501 including in Poland 981 325 327
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