PKN Orlen presented the quarterly results. The company has announced new investments and the possibility of further acquisitions. Vice President of Orlen also suggested that the company is ready to withdraw from Anwil.
Net profit group PKN Orlen in the first quarter. 2015. Increased to 756 million zł zł 64 million in the previous year and was higher than the market consensus of 206 million zł. LIFO EBITDA rose to 1.899 million from 953 million zł zł last year.
Analysts’ forecasts załadały zł 1.548 million LIFO EBITDA. Group revenues
in turn, fell to 20.005 million from 24.119 million zł zł. Market Konensus talked about
sales of 19,810 million zł.
The positive impact of macroeconomic factors, the company is estimated at 1.1 billion zł. Negative effect on the results of the group, among others, has influenced the repurchase tranche of mandatory reserves (297 million zł) and the impact of oil price changes on inventory valuation (EBITDA decreased by 60 million zł).
Out of Anwil?
PKN Orlen does not rule out of the fertilizer segment in Anwil Wloclawek. As vice president, said on Thursday for PKN Orlen. Slawomir financial Jędrzejczyk, in the case of Plock Anwil company is prepared for a variety of business combinations and chatting in this area.
– We are prepared for all kinds of business combinations that will be good for shareholders PKN Orlen and increase our value. We confirm what was already recorded in the 2008 strategy. That part of the fertilizer is not integrated with our major refining and petrochemical operations. If there is interest, and will increase the value for PKN Orlen, we are ready to lead such conversations – Jędrzejczyk said, when asked at a press conference about the plans for Anwil.
Anwil Wloclawek is a company in which PKN Orlen has 100 percent. shares. Anwil is the only company in Poland, bead produces polyvinyl chloride, used eg for pellet production, building profiles, water and sewage pipes, as well as small medical equipment. The company is also a producer of nitrogen fertilizer – ammonium nitrate and calcium ammonium nitrate.
Orlen happy with Germany. Does not rule out further acquisitions
With regard to the issue of a possible purchase of new filling stations in Germany, vice president of PKN Orlen, did not rule out this type of acquisition. Also reminded that the Plock company in 2010. Bought at the local market, 56 stations from the Austrian OMV.
– Germany is one of the markets where we do not exclude potential acquisitions. These are not big maybe the network. () If any network will be available for sale on the German market, it does not rule out that this acquisition will analyze – Jędrzejczyk said. He added: We are at this stage very pleased with what is happening on the German market when it comes to Orlen Deutschland. The results are very good. We are increasing our share of the organic market.
The Vice President of the company, has stipulated that now would not want to declare a final, target what the company would like to achieve in the retail and service stations in Germany. It will depend on the acquisition opportunities as they arise – he noted.
Orlen Deutschland is created in 2003. Subsidiary of PKN Orlen by prior purchase by the company Plock 494 petrol stations from BP, Aral and Eggert, which then meant a share of approx. 3-4 percent. in the German market for this segment. Currently, in Germany there are over 550 filling stations, mostly under the Star brand.
Where further acquisitions? “We look at the global market”
Speaking of assets in Canada, where the company Plock has two mining entities Orlen Upstream Canada – previously TriOil Birchill Resources and Exploration, Jędrzejczyk reported that investment in the first quarter. 2015. There were a total of 45 million zł.
– The price of oil will determine how much you’ll want to get involved in additional work in Canada when it comes to drilling – he added. He admitted that the amount of effort founded in 2015. Upstream segment, including in Poland and Canada – in the amount of 600 million zł can be rationalized.
President of PKN Orlen Jacek Krawiec, when asked about possible acquisitions of other companies, including outside of Canada, said that the company will analyze the situation in this field globally. We look at the global market, not only in Canada. Also to other markets and who has closely observed, what to sell, what assets – Krawiec said.
– Market in Canada, Alberta, we have a fairly well analyzed. But
we are interested more broadly in North America, also goin shopping
The United States, should they have interesting offers -
Jędrzejczyk said.
– In the second half of the year, at the turn of the year, as the promise advisers
may be a good time for acquisitions, assuming that the price of oil
stable – added the vice president. He assured that the company would not want to spend very large amounts at one time.
Orlen Upstream Exploration Canada and Birchill Orlen Upstream belong to the target company PKN Orlen, which was established in 2006. To the exploration and production of crude oil and natural gas, including conventional and unconventional. Canadian assets of the company, were purchased in 2013 and 2014. Mining deposits belonging to these entities are located mainly in the Canadian province of Alberta.
The plan four unconventional wells
Orlen founded this year investment of 3.8 billion zł, with
which 66 per cent. has hit the downstream segment, 25 percent. mining, and
9 percent. on detal.W first quarter, the company issued 583 million zł, including 252 million zł for
energy, 96 million zł for the refinery, 76 million zł for mining, 68 million zł for
retail and 53 million zł for the petrochemical industry.
Representatives of the group reported that the expenditure in the upstream will depend on the level of oil prices. When it comes to drilling unconventional, this year Orlen has planned four drilling and fracturing one.
– We have already done one drilling plans to fracturing. It is,
if we do more drilling, will depend on the situation on the
market – Jędrzejczyk said.
Margins better than the 2014
The company expects this year’s average margin downstream at a level slightly higher than in 2014.
– Margins in April, are still good. Downstream margin even increased volumes are high – said the vice president.
– use the good environment, but we are realistic. Variability in
refinery area is large. We focus on the implementation of
strategy, we continue to work on the development to diversify
sources of operating revenues, and that the time period for the underdog
refinery compensate for this influences from other segments – he added.
Orlen proposed to pay a dividend for 2014 years at 705.72
million zł, which gives 1.65 zł per share. April 28 shareholders decide
profit distribution.
– the board’s proposal was welcomed by the supervisory board.
Judging by the decisions of the Board, the decision of the General should be as
proposal to the board, “- said the company’s CEO Jacek Krawiec.
The next week the decision on PGNiG
The company’s representatives announced that next week
decide whether the group will benefit from the discount scheme for the purchase of
gas, announced by PGNiG.
PGNiG reported recently that will begin in May this year, the program
discount “Unlocking Price” strategic clients. The program will
gas purchases from May to December 2015., no longer than until
PGNiG for possible exemption from the obligation of the President of the Energy Regulatory Office
submit tariffs for approval. Customers joining the program
receive a discount on the price of the tariff.
Orlen Group buys 1.6-1.7 billion cubic meters. of gas a year.
– There has been a change tariffs by 7 per cent., Which has a positive impact on
our results. Next week we will decide whether to proceed
rebate program. Clarifies details of PGNiG – said
Jędrzejczyk.
He added that in the second half of the year will be kontraktował Orlen delivery
gas power plant in Wloclawek. It will consume approx. 500 million m
cu. gas. (PAP)
mb / p /
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