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ORLEN Group 2016 Integrated Report

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

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Key financial data

Key financial data [PLN million] 2013* 2014 2015 2016
Sales revenues 113 597 106 832 88 336 79 553
Operating Profit/(Loss) under LIFO increased by depreciation and amortisation (EBITDA LIFO) before impairment allowances **, including: 3 086 5 213 8 738 9 412

Downstream

2 407 4 210 7 776 8 107

Retail

1 268 1 416 1 539 1 801

Upstream

(32) 152 44 255

Corporate functions1

(557) (565) (621) (751)
Operating Profit/(Loss) under LIFO increased by depreciation and amortisation (EBITDA LIFO), including:​ 3 086 (147) 7 745 9 557

Downstream

2 407 (852) 7 640 8 325

Retail

1 268 1 440 1 539 1 794

Upstream

(32) (170) (808) 182

Corporate functions1

(557) (565) (626) (744)
Operating Profit/(Loss) under LIFO increased by depreciation and amortisation (EBITDA LIFO), including: 3 086 (147) 7 745 9 557

PKN ORLEN S.A.

2 074 2 920 4 376 4 846

Unipetrol Group

255 478 1 653 1 952

ORLEN Lietuva Group

(23) (4 375) 1 074 1 083

Other

780 830 642 1 676
Operating Profit/(Loss) increased by depreciation and amortisation (EBITDA)​ 2 418 (2 720) 6 235 9 642
Depreciation and amortisation, including: 2 111 1 991 1 895 2 110

Downstream

1 633 1 408 1 269 1 317

Retail

351 355 368 392

Upstream

6 122 173 301

Corporate functions1

121 106 85 100
Operating Profit/(Loss) under LIFO (EBIT LIFO), including: 975 (2 138) 5 850 7 447

Downstream

774 (2 260) 6 371 7 008

Retail

917 1 085 1 171 1 402

Upstream

(38) (292) (981) (119)

Corporate functions1

(678) (671) (711) (844)
Operating Profit/(Loss) (EBIT) 307 (4 711) 4 340 7 532
Net Profit/(Loss) 90 (5 828) 3 233 5 740
Net Profit/(Loss) attributable to equity owners of the Parent 176 (5 811) 2 837 5 261
Total assets 51 352 46 725 48 137 55 559
Equity 27 551 20 386 24 244 29 285
Net debt 4 668 6 720 6 810 3 363
Net cash - operating activities 5 540 3 187 5 354 9 331
Net cash - investing activities (2 441) (4 020) (4 096) (4 436)
Investment expenditures (CAPEX) 2 484 3 788 3 183 4 673
Return on capital employed (ROACE) [%]2 0.7 1.7 15.2 19.1
Return on capital employed under LIFO (ROACE LIFO) [%]3 2.3 8.5 19.5 18.9
Net financial leverage [%]4 16.9 33.0 28.1 11.5
Net debt/Profit from operations under LIFO plus depreciation and amortisation for the last four quarters (EBITDA LIFO)6 1.51 1.29 0.73 0.35
Net debt/Profit from operations plus depreciation and amortisation for the last four quarters (EBITDA)7 1.93 2.55 0.88 0.35
Net Profit/(Loss) attributable to equity owners of the Parent per share (EPS) [PLN/share] 0.41 (13.59) 6.63 12.30
Effect of inventory valuation under LIFO [PLN million] 2013* 2014 2015 2016
Effect of inventory valuation under LIFO on EBITDA, including: (668) (2 573) (1 510) 85

PKN ORLEN S.A.

(595) (2 272) (1 507) 165

Unipetrol Group

(10) (278) (38) (13)

ORLEN Lietuva Group

(44) 10 28 (77)

Other

(19) (33) 7 10

*) Restated data – change of consolidation method in accordance to IFRS 11 for Basell ORLEN Polyolefines Sp. z o.o. and Płocki Park Przysłowo-Technologiczny S.A. which are accounted for under the equity method instead of proportionate consolidation method
**) Impairment allowances of non-current assets included in: 
- II quarter of 2014 in the amount of PLN (5.0) billion concerned mainly ORLEN Lietuva of PLN (4.2) billion, refinery part in Unipetrol Group of PLN (0.7) billion and in Spolana from Anwil Group and Rafineria Jedlicze Group in total of PLN (0.1) billion,
- IV quarter of 2014 of PLN in the amount of PLN (0.3) billion regarding ORLEN Upstream Group activities in Canada
- II quarter of 2015 in the amount of PLN (0.4) billion mainly regarding assets of ORLEN Upstream Group
- III quarter of 2015 in the amount of PLN (0.1) billion mainly regarding petrochemical part in Unipetrol Group
- IV quarter of 2015 in the amount of PLN (0.4) billion mainly regarding upstream assets of ORLEN Upstream in Canada
- IV quarter of 2016 in the amount of PLN 0.2 billion concerned mainly refinery part in Unipetrol Group of PLN 0.3 billion, regarding ORLEN Upstream Group activities in Poland and ORLEN Oil Group in total of PLN (0.1) billion

1) Includes Corporate Functions of the ORLEN Group companies as well as companies not included in any of the above.
2) ROACE = profit from operations for the last four quarters after tax before impairment allowances of non-current assets / average capital employed (equity + net debt) for the last four quarters
3) ROACE LIFO = profit from operations for the last four quarters under LIFO after tax before impairment allowances of non-current assets /average capital employed (equity + net debt) for the last four quarters
4) Net financial leverage = net debt / equity – calculated at the end of the period
5) Covenants tested according to loan agreements excluding impairment of non-current assets
6) Interest bearing debt net of cash and cash equivalents at the end of the period / EBITDA LIFO based on the LIFO method for the last four quarters
7) Interest bearing debt net of cash and cash equivalents at the end of the period / EBITDA for the last four quarters

Economic value retained

ECONOMIC VALUE RETAINED 2015 2016
A. DIRECT ECONOMIC VALUE GENERATED 89 110 81 598

A1. Revenue

89 110 81 598

Net revenue from sale of products and services

68 768 57 775

Net revenue from sale of merchandise and materials

19 568 21 778

Other income1)

384 1 797

Finance income

390 248
B. ECONOMIC VALUE DISTRIBUTED (85 843) (77 212)

B1. Operating costs

(81 074) (71 505)

Operating expenses

(80 811) (71 163)

Other expenses1),2)

(263) (342)

B2. Employee wages and benefits

(2 110) (2 206)

B3. Payments to providers of capital

(1 738) (1 805)

Dividend paid

(706) (912)

Finance costs

(1 032) (893)

B4. Payments to government

(518) (1 280)

Income tax

(465) (1 147)

Fines and compensation

(53) (133)

B5. Payments to local communities

(394) (405)

B6. Community investments (donations)

(9) (11)
C. ECONOMIC VALUE RETAINED 3 267 4 386

1)  Before net impairment losses on property, plant and equipment
2) Excluding fines, compensation and donations

Macroeconomic parameters

Item 2013 2014 2015 2016
Brent crude oil (USD/bbl) 109 99 52 44
Brent / URAL differential (USD/bbl) 1,0 1,7 1,8 2,5
WTI crude oil (USD/bbl) 99 94 49 44
Canadian Light Sweet crude oil (USD/bbl) 91 86 45 40
Henry Hub gas (USD/1000m3) 132 155 93 91
Gas NGX AB-NIT (2A) (USD/1000m3) 107 135 71 60
Model downstream margin (USD/bbl)1 10,7 11,4 13,8 11,7
Model refining margin (USD/bbl)2 3,4 3,4 8,2 5,3
Model petrochemical margin (EUR/t)3 730 781 968 960
Model olefin margin (EUR/t)4 471 486 460 347
Quotation of margins (crack margins)        
Refining products (USD/t)5        
Gasoline 167 167 177 142
Diesel oil 119 108 108 71
Light heating oil 99 93 96 64
Jet A-1 fuel 164 156 129 93
Heavy heating oil (234) (225) (142) (125)
SN 150 131 161 177 139
Petrochemical products (EUR/t)5        
Polyethylene1 191 209 459 507
Polypropylene1 298 328 496 529
Ethylene 605 589 602 610
Propylene 467 543 488 359
Toluene 249 244 231 201
Benzene 375 432 278 296
Butadiene 480 373 295 350
Paraxsylene 519 382 416 431

1) Model downstream margin (MDM) = Revenues (90.7% Products = 22.8% Gasoline + 44.2% Diesel oil + 15.3% HHO + 1.0% SN 150 + 2.9% Ethylene + 2.1% Propylene + 1.2% Benzene + 1.2% PX) – Expenses (100% input = 6.5% Brent crude oil + 91.1% URAL crude oil + 2.4% natural gas)
2) Model refining margin = Revenues (Products (93.5%) = 36% Gasoline + 43% Diesel oil + 14.5% HHO) minus expenses (100% input: Brent crude oil and other raw materials valued at Brent crude); product prices based on USD/bbl quotations
3) Model petrochemical margin = Revenues (98% Products = 44% HDPE + 7% LDPE + 35% PP homo + 12% PP copo) – products prices based on contract quotations minus expenses (100% input = 75% Naphtha + 25% LS VGO) – products prices based on spot quotations
4) Model petrochemical margin of olefins = Revenues (100% Products = 50% Ethylene + 30% Propylene + 10% Benzene + 10% Toluene) – products prices based on contract quotations minus expenses (100% input = 75% Naphtha + 25% LS VGO); products prices based on quotations
Starting from 2016 Model petrochemical margin of olefins = Revenues (100% Products = 0.85*Ethylene*54% + 0.92*Propylene*28% + 0.84*Glycols*9% + 0.81*Butadiene*6% + 0.8*Ethylene Oxide*3%) minus expenses (100% Input = 100% Nafta); products prices based on quotations.
5) Margins (crack) for refining and petrochemical products (excluding polymers) calculated as difference between a quotation of given product and a quotation of Brent DTD crude oil
6) Margin (crack) for polymers calculated as difference between quotations of polymers and monomers

Exchange rates

  Average exchange rates1 Period end exchange rates1
Currency 2013 2014 2015 2016 2013 2014 2015 2016
USD/PLN 3,16 3,15 3,77 3,94 3,01 3,51 3,90 4,18
EUR/PLN 4,20 4,19 4,18 4,36 4,15 4,26 4,26 4,42
CZK/PLN 0,16 0,15 0,15 0,16 0,15 0,15 0,16 0,16
CAD/PLN 3,07 2,85 2,95 2,98 2,83 3,03 2,81 3,10
CAD/USD 0,97 0,90 0,78 0,76 0,94 0,86 0,72 0,74
USD/LTL 2,60 2,60 bd bd 2,51 2,84 bd bd
EUR/LTL 3,45 3,45 bd bd 3,45 3,45 bd bd
USD/CZK 19,5 20,8 24,6 24,4 19,9 22,8 24,8 25,6
EUR/CZK 26,0 27,5 27,3 27,0 27,4 27,7 27,0 27,0

1) Based on exchange rates published by NBP, Czech Republic National Bank and Bank of Lithuania (for the years 2013-2014)

Fuel consumption1

Countries, (‘000 tonnes) 2013 2014 2015 2016
Poland 14 659 14 641 15 522 17 214
Gasoline 3 633 3 653 3 762 3 996
Diesel oil 11 026 10 988 11 760 13 217
Lithuania 1 303 1 466 1 493 1 700
Gasoline 207 205 205 219
Diesel oil 1 096 1 261 1 287 1 481
Czech Republic 5 708 5 936 6 115 6 291
Gasoline 1 570 1 577 1 576 1 601
Diesel oil 4 138 4 359 4 539 4 690
Germany 53 302 54 115 55 050 56 764
Gasoline 18 452 18 527 18 228 18 217
Diesel oil 34 850 35 588 36 822 38 547

1) Estimates prepared based on data of Agencja Rynku Energii S.A., Lithuanian Statistical Office, Czech Statistical Office and Association of the German Petroleum Industry

EBITDA LIFO, EBIT LIFO, Depreciation

EBITDA LIFO

Item, m PLN 2013 2014
before impairment allowances1
2015 2015 
before impairment allowances1
 2016  2016
before impairment allowances1
Rafineria 466 2 040 4 710 4 743 5 286 5 049
LIFO effect (Refining) (688) (2 417) (1 513) (1 513) 86 86
Petrochemia 1 941 2 170 2 930 33 033 3 039 3 058
LIFO effect (Petrochemical) 20 (156) 3 3 (1) (1)
Downstream 2 407 4 210 7 640 7 776 8 325 8 107
Retail 1 268 1 416 1 539 1 539 1 794 1 801
Upstream (32) 152 -808 44 182 255
Corporate functions (557) (565) -626 -621 (744) (751)
EBITDA LIFO 3 086 5 213 7 745  738 9 557 9 412

Depreciation

Item, m PLN 2013 2014
before impairment allowances1
2015 2015 
before impairment allowances1
2016 2016 
before impairment allowances1
Rafineria 958 755 644 644 689 689
Petrochemia 675 653 625 625 628 628
Downstream 1 633 1 408 1 269 1 269 1 317 1 317
Retail 351 355 368 368 392 392
Upstream 6 122 173 173 301 301
Corporate functions 121 106 85 85 100 100
Depreciation 2 111 1 991 1 895 1 895 2 110 2 110

EBIT LIFO

Item, m PLN 2013 2014
before impairment allowances1
2015 2015 
before impairment allowances
2016 2016 
before impairment allowances1
Rafineria (492) 1 285 4 066 4 099 4 597 4 360
LIFO effect (Refining) (688) (2 417) (1 513) (1 513) 86 86
Petrochemia 1 266 1 517 2 305 2 408 2 411 2 430
LIFO effect (Petrochemical) 20 (156) 3 3 (1) (1)
Downstream 774 2 802 6 371 6 507 7 008 6 790
Retail 917 1 061 1 171 1 171 1 402 1 409
Upstream (38) 30 (981) (129) (119) (46)
Corporate functions (678) (671) (711) (706) (844) (851)
EBIT LIFO 975 3 222 5 850 6 843 7 447 7 302

1) impairment allowances of assets according to IAS 36​

Segment Downstream

Item, m PLN 2013* 2014 2015 2016
Segment revenues, including: 92 986 85 941 69 611 60 094
Sales revenues from external customers 77 047 70 549 56 987 49 202
Sales revenues from transactions with other segments 15 939 15 392 12 624 10 892
Segment expenses (92 710) (85 971) (64 963) (54 939)
Other operating income 188 468 276 1 964
Other operating expenses (399) (5 329) (316) (324)
Other operating income/expenses, net (211) (4 861) (40) 1 640
Share in profit from investments accounted for under equity method 41 58 253 298
Operating profit/(loss) under LIFO increased by depreciation and amortisation (EBITDA LIFO) before impairment allowances 2 407 4 210 7 776 8 107
Operating profit/(loss) under LIFO increased by depreciation and amortisation (EBITDA LIFO) 2 407 (852) 7 640 8 325
Operating profit/(loss) increased by depreciation and amortisation (EBITDA) 1 739 (3 425) 6 130 8 410
Profit/(Loss) from operations under LIFO before impairment allowances 774 2 802 6 507 6 790
Profit/(Loss) from operations under LIFO 774 (2 260) 6 371 7 008
Profit/(Loss) from operations 106 (4 833) 4 861 7 093
CAPEX 1 596 2 714 2 242 3 533
Sales (thousand tonnes) 28 376 27 706 30 380 30 708

*) Restated data – change in consolidation method for Basell ORLEN Polyolefines Sp. z o.o. and Płocki Park Przemysłowo-Technologiczny S.A. in accordance with IFRS 11

 Retail Sector

Item, m PLN 2013* 2014 2015 2016
Segment revenues, including: 36 624 36 104 31 122 30 121
Sales revenues from external customers 36 462 35 913 31 052 29 841
Sales revenues from transactions with other segments 162 191 70 280
Segment expenses (35 695) (35 015) (29 934) (28 681)
Other operating income 90 182 50 87
Other operating expenses (102) (186) (67) (125)
Other operating income/expenses, net (12) (4) (17) (38)
Operating profit/(loss) increased by depreciation and amortisation (EBITDA) before impairment allowances 1 268 1 416 1 539 1 801
Operating profit/(loss) increased by depreciation and amortisation (EBITDA) 1 268 1 440 1 539 1 794
Profit/(Loss) from operations before impairment allowances 917 1 061 1 171 1 409
Profit/(Loss) from operations 917 1 085 1 171 1 402
CAPEX 467 345 448 479
Sales (thousand tonnes) 7 516 7 776 7 986 8 187

*) Restated data – change in consolidation method for Basell ORLEN Polyolefines Sp. z o.o. and Płocki Park Przemysłowo-Technologiczny S.A. in accordance with IFRS 11

Upstream Sector

Item, m PLN 2013* 2014 2015 2016
Segment revenues, including: 17 298 215 442
Sales revenues from external customers 17 298 215 442
Sales revenues from transactions with other segments 0 0 0 0
Segment expenses (48) (271) (347) (537)
Other operating income 83 4 3 60
Other operating expenses (90) (323) (852) (83)
Other operating income/expenses, net (7) (319) (849) (23)
Share in profit from investments accounted for under equity method 0 0 0 (1)
Operating profit/(loss) increased by depreciation and amortisation (EBITDA) before impairment allowances (32) 152 44 255
Operating profit/(loss) increased by depreciation and amortisation (EBITDA) (32) (170) (808) 182
Profit/(Loss) from operations before impairment allowances (38) 30 (129) (46)
Profit/(Loss) from operations (38) (292) (981) (119)
CAPEX 304 499 288 525
Sales (thousand tonnes) 17 258 310 558

*) Restated data – change in consolidation method for Basell ORLEN Polyolefines Sp. z o.o. and Płocki Park Przemysłowo-Technologiczny S.A. in accordance with IFRS 11

Corporate functions

Item, m PLN 2013* 2014 2015 2016
Segment revenues, including: 314 311 288 351
Sales revenues from external customers 71 72 82 68
Sales revenues from transactions with other segments 243 239 206 283
Segment expenses (1 078) (1 007) (971) (1 072)
Other operating income 210 112 91 53
Other operating expenses (123) (86) (119) (176)
Other operating income/expenses, net 87 26 (28) (123)
Share in profit from investments accounted for under equity method (1) (1) 0 0
Operating profit/(loss) increased by depreciation and amortisation (EBITDA) before impairment allowances (557) (565) (621) (751)
Operating profit/(loss) increased by depreciation and amortisation (EBITDA) (557) (565) (626) (744)
Profit/(Loss) from operations before impairment allowances (678) (671) (706) (851)
Profit/(Loss) from operations (678) (671) (711) (844)
CAPEX 117 230 205 136

*) Restated data – change in consolidation method for Basell ORLEN Polyolefines Sp. z o.o. and Płocki Park Przemysłowo-Technologiczny S.A. in accordance with IFRS 11


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