Orlen Spolka Akcyjna · GPW:PKN
Orlen Spolka Akcyjna — PGNiG Group — Q4 2021 Earnings Presentation
18 slides from Orlen Spolka Akcyjna's earnings presentation, Mar 24, 2022
Slide 1: PGNiG Group Q4 2021 Results
PGNiG Group Q4 2021 Results March 24th 2022
Slide 2: Table of contents
Table of contents 2 1. Key events 2. Performance drivers 3. Financial highlights – Q4 2021 4. Segments – overview: Exploration and Production Trade and Storage Distribution Generation 5. Appendices
Slide 3: Key events in Q4 2021
Key events in Q4 2021 3 President of UOKiK’s application constituting a notification of intended concentration in connection with the planned acquisition of control of PGNiG by PKN ORLEN 10 October Launch of process to optimise PGNiG Group’s operations Submission of a letter amending the request to
Slide 4: External and market factors
External and market factors USD/PLN exchange rate up +7% yoy in Q4 2021, USD/PLN and EUR/PLN exchange rates PLN Quarterly average USD/PLN Q4’20 Q4’21 °C 20,0 Temperatures* USD/PLNQ4’20 and EUR/PLNQ4’21 exchange 4 4,8 exchange rate to PLN 4.62. Quarterly average EUR/PLN 4,62 exchange rate 15,0 EUR/PL
Slide 5: Gas markets
Gas markets TTF and GPL gas prices (Month-Ahead contract) in PLN in Q4 2021: TTF and GPL gas prices (Month-Ahead contract) PLN/MWh Q4’2020 5 Q4’2021 +562% (yoy) +564% (yoy) July: +546% and +556% yoy, 800 +99% (qoq) +101% (yoy) August: +514% and +507% yoy, 700 TTF Month-Ahead contract price Average T
Slide 6: Financial highlights for Q4 2021
Financial highlights for Q4 2021 [PLNm] Revenue Q4 2020 11,767 Q4 2021 32,470 change % 176% Exploration and Production 6 Revenue from sales of gas up +726% yoy, to PLN 7,622m, with revenue from sales of crude oil and condensate up PLN +108% yoy, to PLN 921m. Operating expenses (excl. D&A) -9,443 -24
Slide 7: Segment - Exploration and Production
Segment - Exploration and Production Revenue and EBITDA growth, with a yoy increase in oil prices and significantly higher gas prices on POLPX (+501%) and TTF (+562%). [PLNm] Revenue Q4 2020 1,532 Q4 2021 8,858 change% 478% 7 Operating expenses (excl. D&A) -1,326 -752 -43% Cost of dry wells and seis
Slide 8: Segment - Trade and Storage
Segment - Trade and Storage Segment’s performance driven by higher gas sales volumes and higher unit gas costs. [PLNm] Revenue Q4 2020 9,564 Q4 2021 30,025 change% 214% Comments 8 Revenue from sales of gas (including the effect of hedging transactions) up PLN 19.53bn (+238%) yoy (to PLN 27.72bn in Q
Slide 9: Segment - Distribution
Segment - Distribution Segment’s performance driven by lower temperatures, higher gas distribution volumes and a higher distribution tariff. [PLNm] Q4 2020 Q4 2021 change% 9 Revenue 1,365 1,567 15% Operating expenses (excl. D&A) -747 -771 3% Comments EBITDA 618 796 29% Gas distribution volumes up +8
Slide 10: Generation
Generation Segment’s performance driven by higher heat sales volumes and higher tariff for heat generation and transmission. [PLNm] Q4 2020 Q4 2021 change% 10 Revenue 903 1,243 38% Operating expenses (excl. D&A) -541 -721 33% Comments Revenue from sales of electricity generated by the segment’s own
Slide 11: Contact details
Contact details Marcin Piechota Head of the Investor Relations Division Anna Galińska Investor Relations Specialist 11 Phone: +48 22 106 43 22 Phone: +48 22 106 41 09 Mobile: +48 885 889 890 Mobile: +48 723 514 086 Email: marcin.piechota@pgnig.pl Email: anna.galinska@pgnig.pl Piotr Gałek Aleksander
Slide 12: Appendices
Appendices 12 1. Gas sales and imports structure 2. Operating expenses 3. Debt and sources of funding 4. CAPEX, statement of financial position, statement of cash flows 5. Production and sales volumes
Slide 13: 2021 financial highlights
2021 financial highlights [PLNm] Revenue FY 2020 39,197 FY 2021 69,964 change% 78% Exploration and Production 13 Revenue from sales of gas up PLN 9,943m (+396%) yoy, with revenue from sales of crude oil and condensate up PLN 1,074m (+76%) yoy. Operating expenses (excl. D&A) -26,188 -54,371 108% Reve
Slide 14: Operating expenses in Q4 2021 vs Q4 2020
Operating expenses in Q4 2021 vs Q4 2020 [PLNm] Cost of gas Q4 2020 -6,572 Q4 2021 -21,950 change% 234% Comments: 14 Cost of gas sold up +279% yoy to PLN -21,950m, with a +9% yoy increase in gas Fuels for heat and power generation -294 -284 -3% volumes sold outside the Group. Other raw materials and
Slide 15: Gas sales and imports structure
Gas sales and imports structure Higher LNG imports and higher gas imports from sources east Imports of natural gas to Poland Q4 2021 Gas sales outside the PGNiG Imports Groupgas of natural by to company Poland 15 and west of Poland, with lower LNG; 25% [mcm] Q4 2020 Q4 2021 change% gas imports from
Slide 16: Debt and sources of funding
Debt and sources of funding Sources of funding (as at December 31st 2021) 16 Sources of funding (as at September 30th 2021) PLNm used available Dividend per share for the financial year PLN 0.30 10,000 0.2 0.2 0.21 0.19 0.18 0.18 0.20 0.17 0.15 0.15 0.12 0.13 0.09 0.09 5,000 0.08 0.10 2,014 16 2,700
Slide 17: CAPEX, statement of financial position and statement of cash flows
CAPEX, statement of financial position and statement of cash flows CAPEX incurred as at December 31st 2021* CAPEX PLNm Non-cur rent Current 17 Group’s statement of financial position (as at December 31st 2021) Equity PLNbn E&P 2.11 T&S 0.08 Distribution 3.23 44,096 44,379 Generation 2.13 Total 7.55
Slide 18: Production and sales volumes
Production and sales volumes NATURAL GAS PRODUCTION BY THE PGNIG GROUP [m cm ] HIGH-METHANE GAS (E) including in Poland including in Norway NITROGEN-RICH GAS (Ls/Lw as E equiv.) Q4 2021 1,096 323 773 710 Q3 2021 582 326 257 669 Q2 2021 487 318 168 604 Q1 2021 539 317 222 706 Q4 2020 488 328 159 731