Orlen Spolka Akcyjna · GPW:PKN
Orlen Spolka Akcyjna — PGNiG Group — Q1 2022 Earnings Presentation
17 slides from Orlen Spolka Akcyjna's earnings presentation, May 19, 2022
Slide 1: PGNiG Group Q1 2022 Results
PGNiG Group Q1 2022 Results May 19th 2022
Slide 2: Table of contents
Table of contents 2 1. Key events 2. Performance drivers 3. Financial highlights – Q1 2022 4. Segments – overview: Exploration and Production Trade and Storage Distribution Generation 5. Appendices
Slide 3: Key events in Q1 2022
Key events in Q1 2022 Execution of credit facility agreement with Societe Generale SA Polish Branch 3 1 January Polish antitrust authority’s clearance of the establishment of biomethane SPV with ORLEN Południe PGNiG’s response to PAO Gazprom and OOO Gazprom Export’s call for arbitration before Ad 2
Slide 4: External and market factors
External and market factors USD/PLN exchange rate up +9% yoy in Q1 2022, USD/PLN and EUR/PLN exchange rates PLN Quarterly average USD/PLN Q1’21 Q1’22 °C 20,0 Temperatures* USD/PLNQ1’21 and EUR/PLNQ1’22 exchange 4 4,8 exchange rate to PLN 4.13. Quarterly average EUR/PLN 4,55 4,63 exchange rate 15,0 E
Slide 5: Gas markets
Gas markets TTF and GPL/THE gas prices (Month- Ahead contract) in PLN in Q1 2022: TTF and GPL/THE gas prices (Month-Ahead contract) PLN/MWh Q1’2021 5 Q1’2022 TTF Month-Ahead contract price +445% (yoy) +465% (yoy) January: +313% and +337% yoy, 1200 +3% (qoq) +6% (yoy) Average TTF Month-Ahead for quar
Slide 6: Financial highlights for Q1 2022
Financial highlights for Q1 2022 [PLNm] Revenue Q1 2021 14,553 Q1 2022 47,399 change % 226% Exploration and Production 6 Revenue from sales of gas up +560% yoy, to PLN 7,998m, with revenue from sales of crude oil and condensate up PLN +149% yoy, to PLN 1,026m. Operating expenses (excl. D&A) -11,160
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 (+387%) and TTF (+445%). [PLNm] Revenue Q1 2021 1,786 Q1 2022 9,353 change% 424% 7 Operating expenses (excl. D&A) -438 -907 107% Comments Cost of dry wells a
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 Q1 2021 11,488 Q1 2022 44,804 change% 290% Comments Revenue from sales of gas (including the effect of hedging transactions) up 8 PLN 30.29bn (+290% yoy) (to PLN 40.73bn in
Slide 9: Segment - Distribution
Segment - Distribution Segment’s performance driven by higher temperatures, lower gas distribution volumes and a higher distribution tariff. [PLNm] Q1 2021 Q1 2022 change% 9 Revenue 1,669 1,754 5% Operating expenses (excl. D&A) -658 -754 15% Comments EBITDA 1,011 1,000 -1% Gas distribution volumes d
Slide 10: Segment - Generation
Segment - Generation Segment’s performance driven by higher sales volumes of heat generated from the segment’s own sources and higher tariff for heat. generation and transmission. [PLNm] Q1 2021 Q1 2022 change% 10 Revenue 1,097 2,221 102% Operating expenses (excl. D&A) -634 -1,757 177% Comments Reve
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: Operating expenses in Q1 2022 vs Q1 2021
Operating expenses in Q1 2022 vs Q1 2021 [PLNm] Cost of gas Q1 2021 -8,543 Q1 2022 -34,266 change% 301% Comments: 13 Cost of gas sold up +301% yoy to PLN -34,266m, with a +2% yoy increase in gas Fuels for heat and power generation -376 -334 -11% volumes sold outside the Group. Other raw materials an
Slide 14: Gas sales and imports structure
Gas sales and imports structure Rise in LNG imports, with lower imports from eastern, western Imports of natural gas to Poland Q1 2022 Gas sales outside the PGNiG Imports Groupgas of natural by to company Poland 14 and southern sources. In Q1 [mcm] Q1 2021 Q1 2022 change% LNG; 27% 2022, ten gas carr
Slide 15: Debt and sources of funding
Debt and sources of funding Sources of funding (as at March 31st 2022) 15 Sources of funding (as at September 31st 2022) PLNm used available Dividend per share for the financial year 5,700 PLN 0.30 0.2 0.2 0.21 1,200 0.19 0.18 0.18 0.20 0.17 0.15 0.15 0.12 0.13 0.09 5,000 0.09 0.08 4,300 0.10 1,183
Slide 16: CAPEX, statement of financial position and statement of cash flows
CAPEX, statement of financial position and statement of cash flows CAPEX incurred as at March 31st 2022* CAPEX PLNm Non-cur rent Current 16 Group’s statement of financial position (as at March 31st 2022) Equity PLNbn E&P 0.42 T&S 0.02 Distribution 0.69 Generation 0.89 46,398 50,543 Total 2.02 Consol
Slide 17: 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.) Q1 2022 1,091 326 765 689 Q4 2021 1,096 323 773 710 Q3 2021 582 326 257 669 Q2 2021 487 318 168 604 Q1 2021 539 317 222 70