PKN Orlen with a contract for the supply of Saudi oil – Polish Radio

Strategic assumptions PKN Orlen will be announced in mid-year. Photo: passed Tattersfield / CC BY-SA 2.0 / Flickr

elaborated in this way trends PKN Orlen will be known in the next few months – said the company’s president Wojciech Jasinski.

net profit of the group PKN Orlen for the first quarter. 2016. amounted to 336 million zł with 868 million zł in the same period last year. In turn, the same concern from Płock in the first quarter. 2016. Reported a loss of 80 million zł with a net profit of 258 million zł year earlier.

As announced on Thursday PKN Orlen, the group of companies generated in the first quarter. 2016 . “a very good, comparable to the same period last year,” operating profit before depreciation and amortization into account the impact of changes in oil prices on inventory valuation (LIFO EBITDA) of 1.9 billion zł, which was higher by 31 million zł in comparison year-on-year.

the results are affected by oil prices and the weakening of the zloty

According to PKN Orlen, the impact on the results resulted mainly from lower costs of use for their own energy needs due to lower prices of crude oil and natural gas and the weakening of the zloty against the dollar and euro.

net debt the group PKN Orlen at the end of March 2016. amounted to 5 billion 467 million zł and were lower by 1 billion 343 million zł in comparison with the end of 2015. also reached 2.9 billion zł flows from operating activities. According to PKN Orlen, equity in the group at the end of March 2016. Amounted to 24 billion 460 million zł and were higher by 216 million zł in comparison with the end of 2015., Mainly due to the recognition of net profit in the amount of 336 million PLN.

Good financial condition of the company

“good financial standing concern undoubtedly allows us to calm and balanced approach to strategic issues,” – said in a statement quoted PKN Orlen president of the company’s Wojciech Jasinski. “Successively, on a regular basis, we review and analysis of strategic objectives in the context of potential changes in macroeconomic conditions. In the coming months we would like to present directions of further strategic development of our company’s supervisory board “- added the head of PKN Orlen.

Strategic assumptions PKN Orlen will be announced in mid-

Press Office PKN Orlen informed PAP that the strategic objectives of the company for the coming years should be ready in the second half of the year. “The company gradually we review the assumptions of the business strategy, in particular the macroeconomic environment. Publications of the strategic objectives for the coming years is expected in the second half of the year “, – he noted the concern from Płock, when asked by PAP with the previously announced review of the company’s strategy for the years 2014-17.

According to PKN Orlen, in the first quarter. 2016 r. the total investment in the group companies there were 847 million zł, of which energy 226 million zł, on the refinery 219 million zł, on petrochemical 184 million zł, and the extraction of 126 million zł. Earlier Plock company reported that investment in its capital group in the whole of 2016. Are planned at 4.8 billion zł, including 3.3 billion zł for the development, the total amount of these expenses does not include the 600 million zł as expected expenditures for the restoration of the Steam Cracker unit after a fire in 2015. in Czech factories Chempark shutter in Litvinov of the Unipetrol group.

growing processing and sale of oil

presenting on Thursday financial results for the first quarter. 2016. PKN Orlen said that at this time in the group of the company achieved an increase in crude oil processing by 11 per cent., which translated into an increase in sales by a total of 8 percent. calculated year-on-year – sales increased on the Czech market by 7 percent. and the Lithuanian market by 27 per cent., with lower sales by 2 percent. in Poland.

As the Plock company, in the first quarter. 2016. in the area of ​​mining was carried out where the strategy, including the sustainable development of this segment and to achieve in 2017. mining potential at 6 million boe (barrels of equivalent ) per year.

According to PKN Orlen, its own reserves of oil and natural gas 2P (certain and probable) at the end of the first quarter. 2016. amounted to approx. 97 million boe.

PAP , jk