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PKN

PKN's Cash & Cash Equivalents remain unchanged yoy at PLN mil in 1Q2016

By Helgi Library - October 12, 2020

PKN's total assets reached PLN 48,217 mil at the end of 1Q2016, up 3.61% compared to the previous year. Current as...

PKN's Cash & Cash Equivalents remain unchanged yoy at PLN mil in 1Q2016

By Helgi Library - October 12, 2020

PKN's total assets reached PLN 48,217 mil at the end of 1Q2016, up 3.61% compared to the previous year. Current as...

PKN's Cash & Cash Equivalents fell 40.5% yoy to PLN 2,335 mil in 2015

By Helgi Library - April 2, 2020

PKN's total assets reached PLN 48,137 mil at the end of 2015, up 3.02% compared to the previous year. Current asse...

Annual Quarterly LTM
Profit Statement 2013 2014 2015
Sales PLN mil 113,597 106,832 88,336
Gross Profit PLN mil 9,954 9,872 14,549
EBITDA PLN mil 2,418 -2,720 6,235
EBIT PLN mil 307 -4,711 4,340
Financing Cost PLN mil 118 1,527 617
Pre-Tax Profit PLN mil 157 -6,246 3,698
Net Profit PLN mil 176 -5,811 2,837
Dividends PLN mil 617 706 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 51,352 46,725 48,137
Non-Current Assets PLN mil 26,907 24,971 27,362
Current Assets PLN mil 24,445 21,754 20,775
Working Capital PLN mil 10,232 8,718 10,682
Shareholders' Equity PLN mil 27,551 20,386 24,244
Liabilities PLN mil 23,801 26,339 23,893
Total Debt PLN mil 7,459 10,773 9,427
Net Debt PLN mil 4,813 6,849 7,092
Ratios 2013 2014 2015
ROE % 0.630 -24.2 12.7
ROCE % 0.457 -16.4 7.91
Gross Margin % 8.76 9.24 16.5
EBITDA Margin % 2.13 -2.55 7.06
EBIT Margin % 0.270 -4.41 4.91
Net Margin % 0.155 -5.44 3.21
Net Debt/EBITDA 1.99 -2.52 1.14
Net Debt/Equity 0.175 0.336 0.293
Cost of Financing % 1.42 16.8 6.11
Valuation 2013 2014 2015
Market Capitalisation USD mil 5,819 5,910 7,439
Enterprise Value (EV) USD mil 7,416 7,845 9,257
Number Of Shares mil 428 428 428
Share Price EUR 41.0 48.9 67.9
EV/EBITDA 9.69 -9.45 5.52
EV/Sales 0.206 0.241 0.390
Price/Earnings (P/E) 99.6 -3.60 10.2
Price/Book Value (P/BV) 0.636 1.03 1.20
Dividend Yield % 3.52 3.37 ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales PLN mil                     67,928 83,547 106,973 120,102 113,597    
Gross Profit PLN mil                     10,651 12,395 13,034 12,422 9,954    
EBIT PLN mil                     973 3,392 3,651 2,024 307    
Net Profit PLN mil                     1,309 2,371 2,363 2,345 176    
ROE %                     6.20 10.3 9.26 8.51 0.630    
EBIT Margin %                     1.43 4.06 3.41 1.69 0.270    
Net Margin %                     1.93 2.84 2.21 1.95 0.155    
Employees ...                   22,535 22,040 22,380 21,956 21,026    
balance sheet                                  
Total Assets PLN mil                     49,088 51,150 58,732 52,631 51,352    
Non-Current Assets PLN mil                     29,655 30,431 28,599 26,811 26,907    
Current Assets PLN mil                     19,433 20,719 30,132 25,820 24,445    
Shareholders' Equity PLN mil                     21,707 24,240 26,799 28,307 27,551    
Liabilities PLN mil                     27,381 26,910 31,933 24,324 23,801    
Non-Current Liabilities PLN mil                     13,223 10,685 12,120 9,196 7,846    
Current Liabilities PLN mil                     14,158 16,225 19,813 15,128 15,955    
Net Debt/EBITDA                     2.93 1.37 1.27 1.63 1.99    
Net Debt/Equity                     0.477 0.328 0.287 0.247 0.175    
Cost of Financing % ...                   3.39 3.21 3.10 -5.82 1.42    
cash flow                                  
Total Cash From Operations PLN mil ...                   4,920 5,724 524 3,089 5,540    
Total Cash From Investing PLN mil ...                   -2,951 -3,079 1,237 -2,875 -2,441    
Total Cash From Financing PLN mil ...                   -369 -2,752 829 -3,412 -2,439    
Net Change In Cash PLN mil ...                   1,600 -108 2,591 -3,198 660    
valuation                                  
Market Capitalisation USD mil                     5,070 6,620 4,211 6,843 5,819    
Number Of Shares mil                     428 428 428 428 428    
Share Price EUR                     34.0 45.8 33.9 49.5 41.0    
Earnings Per Share (EPS) PLN                     3.06 5.54 5.53 5.48 0.411    
Book Value Per Share PLN                     50.8 56.7 62.7 66.2 64.4    
Dividend Per Share PLN                     0 0 0 1.50 1.44   ...
Price/Earnings (P/E)                     11.1 8.26 6.13 9.03 99.6    
Price/Book Value (P/BV)                     0.669 0.808 0.541 0.748 0.636    
Dividend Yield %                     0 0 0 3.03 3.52   ...
Earnings Per Share Growth % ...                   -152 81.2 -0.336 -0.796 -92.5    
Book Value Per Share Growth % ...                   5.73 11.7 10.6 5.63 -2.67    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales PLN mil                     67,928 83,547 106,973 120,102 113,597    
Cost of Goods & Services PLN mil                     57,277 71,153 93,939 107,680 103,643    
Gross Profit PLN mil                     10,651 12,395 13,034 12,422 9,954    
Staff Cost PLN mil ... ... ... ...             2,004 1,991 2,079 2,154 2,099    
Other Cost PLN mil ... ... ... ...             5,112 4,589 4,925 5,983 5,437    
EBITDA PLN mil                     3,535 5,814 6,031 4,284 2,418    
Depreciation PLN mil                     2,562 2,423 2,380 2,260 2,111    
EBIT PLN mil                     973 3,392 3,651 2,024 307    
Financing Cost PLN mil                     463 387 369 -649 118    
Extraordinary Cost PLN mil                     -931 -65.1 490 48.5 32.0    
Pre-Tax Profit PLN mil                     1,441 3,070 2,792 2,624 157    
Tax PLN mil                     140 615 777 454 67.0    
Minorities PLN mil                     -8.35 84.1 -348 -175 -86.0    
Net Profit PLN mil                     1,309 2,371 2,363 2,345 176    
Dividends PLN mil                     0 0 0 642 617   ...
growth rates                                  
Total Revenue Growth % ...                   -14.6 23.0 28.0 12.3 -5.42    
Operating Cost Growth % ... ... ... ... ...           5.78 -7.52 6.43 16.2 -7.39    
EBITDA Growth % ...                   8.89 64.5 3.72 -29.0 -43.6    
EBIT Growth % ...                   28.8 249 7.64 -44.5 -84.8    
Pre-Tax Profit Growth % ...                   -149 113 -9.07 -5.99 -94.0    
Net Profit Growth % ...                   -152 81.2 -0.336 -0.796 -92.5    
ratios                                  
ROE %                     6.20 10.3 9.26 8.51 0.630    
ROCE % ...                   3.43 6.28 5.99 5.80 0.457    
Gross Margin %                     15.7 14.8 12.2 10.3 8.76    
EBITDA Margin %                     5.20 6.96 5.64 3.57 2.13    
EBIT Margin %                     1.43 4.06 3.41 1.69 0.270    
Net Margin %                     1.93 2.84 2.21 1.95 0.155    
Payout Ratio %                     0 0 0 27.4 351   ...
Cost of Financing % ...                   3.39 3.21 3.10 -5.82 1.42    
Net Debt/EBITDA                     2.93 1.37 1.27 1.63 1.99    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets PLN mil                     29,655 30,431 28,599 26,811 26,907    
Property, Plant & Equipment PLN mil                     26,998 27,403 26,579 24,744 24,904    
Intangible Assets PLN mil                     690 1,103 1,323 1,545 918    
Goodwill PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 89.1 34.0    
Current Assets PLN mil                     19,433 20,719 30,132 25,820 24,445    
Inventories PLN mil                     10,620 11,295 16,297 15,011 13,749    
Receivables PLN mil                     4,492 5,297 7,056 6,898 6,372    
Cash & Cash Equivalents PLN mil                     2,941 2,821 5,409 2,211 2,646    
Total Assets PLN mil                     49,088 51,150 58,732 52,631 51,352    
Shareholders' Equity PLN mil                     21,707 24,240 26,799 28,307 27,551    
Of Which Minority Interest PLN mil                     2,669 2,612 2,265 1,828 1,603    
Liabilities PLN mil                     27,381 26,910 31,933 24,324 23,801    
Non-Current Liabilities PLN mil                     13,223 10,685 12,120 9,196 7,846    
Long-Term Debt PLN mil                     11,681 9,190 10,607 7,753 6,579    
Deferred Tax Liabilities PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 672 538    
Current Liabilities PLN mil                     14,158 16,225 19,813 15,128 15,955    
Short-Term Debt PLN mil                     1,623 1,570 2,488 1,444 880    
Trade Payables PLN mil                     7,131 9,131 10,985 8,815 9,889    
Provisions PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 821    
Equity And Liabilities PLN mil                     49,088 51,150 58,732 52,631 51,352    
growth rates                                  
Total Asset Growth % ...                   4.50 4.20 14.8 -10.4 -2.43    
Shareholders' Equity Growth % ...                   5.73 11.7 10.6 5.63 -2.67    
Net Debt Growth % ...                   -18.3 -23.4 -3.18 -9.12 -31.1    
Total Debt Growth % ...                   -5.16 -19.1 21.7 -29.8 -18.9    
ratios                                  
Total Debt PLN mil                     13,304 10,760 13,096 9,197 7,459    
Net Debt PLN mil                     10,363 7,939 7,686 6,986 4,813    
Working Capital PLN mil                     7,981 7,461 12,368 13,094 10,232    
Capital Employed PLN mil                     37,636 37,892 40,967 39,905 37,139    
Net Debt/Equity                     0.477 0.328 0.287 0.247 0.175    
Cost of Financing % ...                   3.39 3.21 3.10 -5.82 1.42    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit PLN mil                     1,309 2,371 2,363 2,345 176    
Depreciation PLN mil                     2,562 2,423 2,380 2,260 2,111    
Non-Cash Items PLN mil ...                   -302 409 688 -789 391    
Change in Working Capital PLN mil ...                   1,351 520 -4,907 -726 2,862    
Total Cash From Operations PLN mil ...                   4,920 5,724 524 3,089 5,540    
Capital Expenditures PLN mil ...                   -2,671 -3,724 -2,542 -2,447 -2,382    
Other Investments PLN mil ...                   -280 646 3,780 -428 -59.0    
Total Cash From Investing PLN mil ...                   -2,951 -3,079 1,237 -2,875 -2,441    
Dividends Paid PLN mil ...                   0 0 0 -642 -617   ...
Issuance Of Debt PLN mil ...                   -723 -2,544 2,336 -3,899 -1,738    
Total Cash From Financing PLN mil ...                   -369 -2,752 829 -3,412 -2,439    
Net Change In Cash PLN mil ...                   1,600 -108 2,591 -3,198 660    
ratios                                  
Days Sales Outstanding days                     24.1 23.1 24.1 21.0 20.5    
Days Sales Of Inventory days                     67.7 57.9 63.3 50.9 48.4    
Days Payable Outstanding days                     45.4 46.8 42.7 29.9 34.8    
Cash Conversion Cycle days                     46.4 34.2 44.7 42.0 34.1    
Cash Earnings PLN mil                     3,871 4,794 4,743 4,605 2,287    
Cash Earnings Per Share PLN                     9.05 11.2 11.1 10.8 5.35    
Price/Cash Earnings (P/CE)                     3.75 4.09 3.06 4.60 7.67    
Free Cash Flow PLN mil ...                   1,969 2,645 1,762 214 3,099    
Free Cash Flow Yield % ...                   12.5 13.2 14.1 0.962 16.9    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     2.72 4.73 4.30 4.21 0.339    
Gross Margin %                     15.7 14.8 12.2 10.3 8.76    
Employees ...                   22,535 22,040 22,380 21,956 21,026    
Cost Per Employee USD per month ... ... ... ...             2,378 2,495 2,611 2,512 2,632    
Cost Per Employee (Local Currency) PLN per month ... ... ... ...             7,409 7,530 7,741 8,176 8,319    
Staff Cost (As % Of Total Cost) % ... ... ... ...             2.99 2.48 2.01 1.82 1.85    
Effective Tax Rate %                     9.75 20.0 27.8 17.3 42.7    
Enterprise Value (EV) USD mil                     8,687 9,303 6,444 9,101 7,416    
EV/EBITDA                     7.66 4.83 3.17 6.91 9.69    
EV/Capital Employed                     0.661 0.726 0.542 0.706 0.602    
EV/Sales                     0.399 0.336 0.179 0.247 0.206    
EV/EBIT                     27.8 8.28 5.23 14.6 76.3    
Capital Expenditures (As % of Sales) % ...                   3.93 4.46 2.38 2.04 2.10    
Crude Oil Throughput kt ...                   27,356 28,083 27,785 27,939 28,216    
Utilization Ratio % ...                   100 94.8 90.1 92.4 87.6   ...
Production of Light Distillates (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 6,295    
Production of Medium Distillates (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 12,920    
Production of Heavy Fractions (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4,856    
Production of Monomers (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 799    
Production of Polymers (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 520    
Production of Aromas (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 386    
Production of Fertilizers (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,028    
Production of Plastics (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 424    
Production of PTA (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 566    
Production of Other Products (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2,304    
Production Total (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 30,098    
Sales Volume of Light distillates, incl. Retail (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 8,062    
Sales Volume of Medium Distillates, incl. Retail (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 14,924    
Sales Volume of Heavy Fractions (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4,813    
Sales Volume of Monomers (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 832    
Sales Volume of Polymers (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 510    
Sales Volume of Aromas (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 381    
Sales Volume of Fertilizers (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,034    
Sales Volume of Plastics (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 423    
Sales Volume of PTA (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 556    
Sales Volume of Other Products (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4,357    
Sales Volume Total (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 35,909    

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PKN at a Glance
Dec 2013
Company Report
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PKN's Cash & Cash Equivalents fell 40.5% yoy to PLN 2,335 mil in 2015

By Helgi Library - April 2, 2020

PKN's total assets reached PLN 48,137 mil at the end of 2015, up 3.02% compared to the previous year. Current assets amounted to PLN 20,775 mil, or 43.2% of total assets while cash stood at PLN 2,335 mil at the end of 2015. ...

More News

Polski Koncern Naftowy Orlen SA (PKN) is a Poland-based company active in the oil and gas sector. It specializes in the manufacture, distribution, wholesale and retail sale of refined petrochemical products. The company is Central Europe's largest publicly traded firm with major operations in Poland, Czech Republic, Germany, and the Baltic States. The Company's business is divided into three segments: Refining, including refinery products processing and wholesale, oil productions and sale as well as supporting production; Retail segment, including sales at petrol stations (over 2,000 of them in Poland only); and Petrochemical segment, including production and wholesale of petrochemicals and production and sale of chemicals. Its product portfolio includes fuel and petrochemical products, as well as oil derivatives, such as petrol, heating oil, aviation fuel and plastics. It also produces and distributes electricity and thermal energy

Finance

PKN has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 1.41% a year during that time to total of PLN 6,235 mil in 2015, or 7.06% of sales. That’s compared to 3.17% average margin seen in last five years.

The company netted PLN 2,837 mil in 2015 implying ROE of 12.7% and ROCE of 7.91%. Again, the average figures were 1.37% and 0.750%, respectively when looking at the previous 5 years.

PKN’s net debt amounted to PLN 7,092 mil at the end of 2015, or 0.293 of equity. When compared to EBITDA, net debt was 1.14x, up when compared to average of 0.703x seen in the last 5 years.

Valuation

PKN stock traded at EUR 67.9 per share at the end of 2015 resulting in a market capitalization of USD 7,439 mil. Over the previous five years, stock price grew by 48.1% or 8.18% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 5.52x and price to earnings (PE) of 10.2x as of 2015.

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