PKN ORLEN notes prospectus submitted to PFSA

PKN ORLEN has submitted a prospectus relating to its new Notes Programme to the Polish Financial Supervision Authority (PFSA). Under the prospectus, one or more series of notes for a total amount of up to PLN 1bn are to be issued over the period of 12 months and offered publicly to retail investors.

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PKN ORLEN will be able to issue and offer to the public notes totalling up to PLN 1bn.

PKN ORLEN has made a decision on a possible launch of a new Note Programme. Under the Programme, the Company would be able to issue one or more series of notes totalling up to PLN 1bn within 12 months. The notes would be issued to the public and offered to a broad group of investors, including retail investors.

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Consolidated financial results of PKN ORLEN after four quarters of 2012

In 2012, PKN ORLEN generated LIFO-based operating profit and net profit of nearly PLN 2.2bn. The ORLEN Group reported a high total volume of sales in excess of 35m tonnes, comparable with the volume seen in 2011, a 1% increase in crude oil throughput, and a 12% rise in sales revenue. The value of sales exceeded PLN 120bn, meaning that in 2012 every hour the Group’s revenue grew by PLN 14m on average. The most significant factors affecting PKN ORLEN’S macroeconomic environment in 2012 included: appreciation of the Polish currency against the US dollar and the euro; the level of total refining margins and URAL/BRENT differential – very volatile but higher than a year ago; the level of petrochemical margins; and stable crude oil prices. On the other hand, the Group’s performance was under pressure from declining consumption and the growing grey economy.

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PKN ORLEN sells mandatory stocks for nearly PLN 1.2bn

The executed agreement provides for sale to Whirlwind of 545 thousand tonnes of REBCO crude oil, representing approximately 18% of total mandatory stocks that PKN ORLEN is required to maintain.

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PKN ORLEN’s consolidated financial results in Q3 2012

In a positive macroeconomic climate, with stronger refining margins, higher Ural/Brent differential and recovering retail margins, PKN ORLEN generated a LIFO-based operating profit of PLN 1bn. Despite lower fuel consumption across the home markets and overhaul shutdowns of certain facilities in the petrochemical segment, the Company's total sales volumes came in at PLN 9.6 million tonnes, and the volume of processed crude at 7.4 million tonnes, which is comparable to the figures reported for Q3 2011. ORLEN's debt was down PLN 3.4bn year on year, with the financial leverage at 25%. In line with the adopted strategy, the Company continues its gas exploration and power generation projects. Drilling of the first horizontal well has been commenced in the Wierzbica commune, and the final stage of the tender called to select contractor for the Włocławek power project is nearing completion.

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Moody's changes rating outlook for PKN ORLEN to positive

Today, Moody's Investors Service changed the outlook on PKN ORLEN's Ba1 rating to positive from stable. The rating action reflects a marked recovery in the operating performance reported by PKN ORLEN despite the challenging conditions persisting in the European fuel sector. The revised outlook is an indication that over the next 12 to 18 months Moody's may upgrade PKN ORLEN's rating.

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PKN ORLEN regains a positive rating outlook

Today, Fitch Ratings has revised the outlook for PKN ORLEN's long-term rating (BB+) from stable to positive. This long-awaited change is a result of a consistent policy aimed at deleveraging the company, which has significantly improved its credit standing, despite the persistently challenging climate for the industry across Europe. The change of the outlook to positive means that over the next 12-24 months Fitch may upgrade PKN ORLEN's rating to BBB-. Concurrently, for the first time the company was assigned national rating BBB+ with a positive outlook.

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PKN ORLEN’s consolidated financial results in Q2 2012

In Q2 2012, the prices of refined petroleum products went up, which translated into a 9% increase in revenue. This factor, combined with an improved macroeconomic climate, recovering retail margins and an over twofold rise in the refining margin on global markets, resulted in the Company’s posting the highest LIFO-based operating profit since 2006, in the amount of PLN 1.2bn. Despite a continuing downward trend in fuel consumption across its home markets, the Company recorded a 2% increase in retail sales. This helped compensate for a decline in petrochemical sales and the effect of the periodic maintenance shutdown at ORLEN Lietuva, which eroded the refining segment’s performance.

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PKN’s seven-year bonds listed on secondary market

PKN ORLEN has today floated on WSE’s Catalyst market its corporate bonds with a total value of PLN 1bn, originally issued in February 2012. This has been the largest issue of bonds to be listed on the Catalyst market this year. The listing will help PKN ORLEN to access a wider group of investors, which is in line with the Company’s long-term strategy of diversifying its financing sources.

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