Consolidated Financial Results of the LOTOS Group Q (IFRS)
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1 Consolidated Financial Results of the LOTOS Group Q (IFRS) Mariusz Machajewski Vice President of the Management Board Maciej Szozda Vice President of the Management Board 4th November 2010
2 1 Q3 10 overall figures 2 Main investments update 3 Market Conditions 4 Upstream 5 Downstream 6 Overall financial results Management Board 2/25
3 Q3 10 OVERALL FIGURES Average benchmark refining margin in Q3 10 was 2.50 USD/bbl (-12.9% yoy), Average Brent dtd price amounted to USD/bbl (+12.9% yoy) Brent/Ural differential increased yoy from 0.32 to 1.28 USD/bbl Crude oil production in the upstream segment amounted to 37.5 thousand tonnes Crude oil throughput in the downstream segment increased to 2,196 thousand tonnes Consolidated sales increased to 2,328 thousand tonnes Operating profit in Q reached PLN mln, while net profit was equal to PLN 1,051.3 mln Management Board 3/25
4 1 Q3 10 overall figures 2 Main investments update 3 Market Conditions 4 Upstream 5 Downstream 6 Overall financial results Management Board 4/25
5 ROSE Grupa LOTOS S.A. MAIN INVESTMENTS UPDATE OUTLINE OF THE 10+ PROGRAMME CDU gasoil HDS products Crude oil CDU VDU gasoil MHC products VDU H 2 S sulphur ASR Legend: Heavy residue HSFO RFSU units operating units hydrogen LPG, gasoline, natural gas HGU bitumens units under construction The overall progress of the 10+ Programme reached 99,81% at the end of September 2010 Management Board 5/25
6 MAIN INVESTMENTS UPDATE MHC UNIT CURRENT STATUS Ready for Start-Up (RFSU) status ca. 2 months ahead of schedule Production tests being processed Management Board 6/25
7 MAIN INVESTMENTS UPDATE ROSE UNIT CURRENT STATUS Unit construction status: 97,5% as for September 30th Production tests planned for December 2010 Management Board 7/25
8 MAIN INVESTMENTS UPDATE YME PROJECT UPDATE Platform has reached Stavanger Sep 16 Topsides completed DONE Pre-startup well drilled successfully AHEAD Once the topsides are on location, commissioning will take approximately two months Final well operations already being conducted Management Board 8/25
9 1 Q3 10 overall figures 2 Main investments update 3 Market Conditions 4 Upstream 5 Downstream 6 Overall financial results Management Board 9/25
10 MARKET CONDITIONS KEY FACTORS Refining margin Crude oil prices Positive impact of increase in Brent/Ural differential in comparison with Q3 09 Negative impact of decrease in refining margin qoq and yoy Increase in crude oil prices yoy, slight decrease qoq Management Board 10/25
11 MARKET CONDITIONS KEY FACTORS FX rate LIBOR 3M USD The EUR/USD FX rate increased qoq (end of Q3 10 to end of Q2 10), while the USD/PLN rate decreased Downward trend of 3M USD LIBOR rate from beginning of October 2008 Management Board 11/25
12 1 Q3 10 overall figures 2 3 Main investments update Market Conditions 4 Upstream 5 Downstream 6 Overall financial results Management Board 12/25
13 UPSTREAM CRUDE OIL PRODUCTION AND SALES Crude oil production ( 000t) Crude oil sales ( 000t) -14% +2% Production yoy decreased by 14% The production figures qoq remain stable Qoq crude oil sales decreased due to maritime logistics Management Board 13/25
14 UPSTREAM FINANCIAL RESULTS Net sales (PLN m) EBIT (PLN m) EBITDA (PLN m) +18% +45% +24% Increase in net sales of the upstream segment resulted from an increase in crude oil prices of 13% yoy Management Board 14/25
15 1 Q3 10 overall figures Main investments update Market Conditions Upstream 5 Downstream 6 Overall financial results Management Board 15/25
16 DOWNSTREAM CRUDE OIL THROUGHPUT +7% +45% Q08 4Q08 1Q09* 2Q09* 3Q09 4Q09 1Q10 2Q10 3Q10 * Lower throughput in Q1 and Q2 09 due to maintenance shutdown Significant increase in crude oil throughput due to operating CDU/VDU unit Management Board 16/25
17 DOWNSTREAM PRODUCTION AND SALES OF PRODUCTS AND GOODS Production ( 000 t) Sales ( 000 t) Total sales reached 2,328 thousand tonnes (+12% yoy) Total production reached 2,352 thousand tonnes (+17% yoy) Management Board 17/25
18 DOWNSTREAM MARKET SHARE AND RETAIL SALES Total market share Retail Sales (PLN m) Retail Network +1.2 pp. +21% Volume of retail sales increased by 7.4% yoy In comparison with Q3 09 the number of CODO and DOFO stations increased by 11 and 7 respectively, whereas 25 DODO station contracts have expired As of Sep 30th franchise agreements were signed Management Board 18/25
19 DOWNSTREAM FINANCIAL RESULTS Net sales (PLN m) EBIT (PLN m) EBITDA (PLN m) +27% +7% +16% Increase in net sales of the downstream segment yoy was caused by higher crude oil and product prices as well as by an increase in sales volume. Increase in EBIT yoy was a result of higher margins for middle distillates than in Q3 2009, higher Brent/Ural differential and favourable bitumens market in Q The EBIT in retail was PLN 7.2 m Management Board 19/25
20 1 Q3 10 overall figures Main investments update Market Conditions Upstream 5 Downstream 6 Overall financial results Management Board 20/25
21 OVERALL FINANCIAL RESULTS Q3 10 FINANCIAL RESULTS 3Q10 3Q09 Management Board 21/25
22 OVERALL FINANCIAL RESULTS OPERATING PROFIT ACCORDING TO LIFO INVENTORY VALUATION LIFO effect = 82 LIFO effect = -63 As a result of strenghtening PLN vs. USD in Q and stable crude oil prices the LIFO effect was positive and amounted to PLN 82 m Management Board 22/25
23 Liabilities Assets Grupa LOTOS S.A. OVERALL FINANCIAL RESULTS BALANCE SHEET Management Board 23/25
24 OVERALL FINANCIAL RESULTS Q3 10 RESULT ON HEDGING The EUR/USD FX rate increase (by 11.1% qoq) positively impacts the result on hedging Management Board 24/25
25 OVERALL FINANCIAL RESULTS Q3 10 RATIOS EBITDA margin EBIT margin Net margin Gearing ratio Management Board 25/25
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