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ORLEN Group 2016 Integrated Report

II nagroda specjalna w kategorii Raport Zintegrowany | Najlepszy raport on-line

Letter from the Chairwoman of the Supervisory Board

Capitals:  

Ladies and Gentlemen,

 

In 2016, the ORLEN Group demonstrated that it was well positioned to rise to the challenges that were ahead. With a consistent roll-out of its strategy, the highest management standards, and coherent vision for growth, the Company successfully leveraged its strong market standing and competitive edge. These factors was recognised and appreciated by the shareholders: PKN ORLEN’s stock price and market capitalisation reached an all-time high at the close of 2016, after the announcement of the 2017-2021 strategy.

Angelina Sarota
Chairwoman of the Supervisory Board of PKN ORLEN S.A.

Importantly, ORLEN Group’s excellent performance went hand in hand with key investments, mainly in the downstream sector and power generation. As usual, the retail segment delivered an outstanding performance, supported by the constant development of its product and service portfolio to meet the needs of service station customers. The Company also consistently built its know-how in the upstream sector, expanded its asset base and increased the output of its Polish and Canadian assets, in keeping with the adopted strategy.

The Company’s organisational culture invariably remains its major competitive advantage. We are glad to see that it is still innovation-driven, and the initiatives implemented in 2016 prove that PKN ORLEN looks for innovation opportunities both in and inside the Company. What is even more important for its stable growth, it is able to achieve its business goals in a transparent and sustainable manner. In 2016, PKN ORLEN was not only included in WSE’s RESPECT Index again, but it also received yet another Most Ethical Company title, which is awarded to the world’s most ethical businesses. The beginning of 2017 saw the first listing of the Company’s stock in London’s FTSE4Good Emerging Index, bringing together companies from over 20 countries which demonstrate outstanding performance in environmental protection, social responsibility and corporate governance.

In 2016, the Company continued to apply the highest standards of corporate governance and shareholder communication. In accordance with the adopted strategy, shareholders were paid a higher dividend than a year before. All stakeholder groups received access to exhaustive information about both the financial and non-financial aspects of the Company’s operations in the ORLEN Group’s 2015 Integrated Report, which was highly appreciated by experts. The Company’s financial and non-financial reporting, investor relations, and corporate governance rules were also recognised by the Accounting and Tax Institute, which has just recently awarded the prestigious ‘Transparent Company 2016’ title to PKN ORLEN.

A year ago, when I attempted to identify the challenges for the coming 12 months, I focused mainly on the need to revise the strategic assumptions of the Company against the backdrop of a dynamically changing business environment. Today we know that the new strategy was well received by both the market and the shareholders. I am certain that, combined with the Company’s excellent organisation and strong financial footing, it forms a solid foundation for ORLEN Group’s future sustainable growth.

Angelina Sarota
Chairwoman of the Supervisory Board of PKN ORLEN S.A.


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