Second series of PKN ORLEN bonds offered for sale

In response to the enormous interest in PKN ORLEN bonds on the part of investors, who subscribed to the entire PLN 200m of the first series of bonds in just two days, a second PLN 200m tranche of PKN ORLEN bonds has today been offered for sale on the same terms. PKN ORLEN expects the proceeds from the entire bond issue programme to reach approximately PLN 1bn.

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PKN ORLEN’s Q1 2012 consolidated financial results

In the first three months of 2012, PKN ORLEN's overall sales volumes were up by 2% year on year, driven chiefly by stronger sales in the retail and petrochemical segments. Also the number of ORLEN’s regular customers, holders of VITAY loyalty cards, increased. Following the record-breaking year of 2011, when PKN ORLEN issued over 930 thousand new VITAY cards, another 107 thousand motorists opted for the VITAY card during the quarter under review. Through all these efforts, and despite the continuing market volatility, the Company delivered solid performance and maintained its safe financial position. Operating profit for Q1 2012 was PLN 939m, while profit measured on a LIFO basis was PLN 201m.

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ORLEN sells crude oil stocks valued at PLN 1.2bn

PKN ORLEN and Ashby sp. z o.o. entered into agreements for purchase of crude oil and for accumulation and maintenance of mandatory crude oil stocks. The purchase of crude oil from PKN ORLEN is being financed by The Royal Bank of Scotland N.V., HSBC Bank Plc., Bank of Tokyo-Mitsubishi Ufj (Holland) N.V. and Bank Polska Kasa Opieki S.A.

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PKN ORLEN’s consolidated financial performance in Q3 2011

In Q3 2011, PKN ORLEN posted a 4% y-o-y increase in aggregate sales volumes and delivered nearly PLN 800m in operating profit. The result was achieved despite the difficult and volatile macroeconomic conditions, and lower fuel margins impacted by depressed fuel consumption. As a result of the steps taken to further strengthen its liquidity position, PKN ORLEN reduced its debt by PLN 600m (y-o-y), and its financial gearing remains at a safe level provided for in the corporate strategy. Other developments which will help PKN ORLEN to further reduce debt include UOKiK’s clearance for the disposal of Polkomtel shares to Spartan Capital Holdings.

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PKN ORLEN’s Consolidated Financial Performance in Q2 2011

Despite the volatile macroeconomic conditions, in Q2 2011 PKN ORLEN increased its aggregate sales volumes and generated operating profit of PLN 1bn. Our pursuit of strategic, investment and operating objectives was accompanied by steady debt reduction.

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Largest debt refinancing transaction in Poland

PKN ORLEN S.A. has executed a new credit facility agreement with a syndicate of 14 banks, which allows the Company to refinance four credit facilities on more favourable terms and secures access to bank financing for the next five years. The maximum amount of financing available to PKN ORLEN under the new credit facility is more than EUR 2.6bn, that is over PLN 10bn.

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PKN ORLEN’s Consolidated Financial Performance in Q1 2011

Despite an intensive maintenance programme and the challenging macroeconomic conditions, in Q1 2011 PKN ORLEN increased its total sales volumes and improved the production indicators.

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Another successful year for PKN ORLEN – record-breaking financial and operating performance

In 2010, PKN ORLEN posted the best operating and net profits in five years, as well as the highest ever total sales volumes. The Company was consistently reducing its debt, while keeping the ratios required under its loan agreements at safe levels.

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Upgrade of Moody’s Outlook for ORLEN

Ratings agency Moody’s Investor Service has upgraded PKN ORLEN’s financial standing, changing all the Company’s rating outlooks from negative to stable. The upgrade reflects the Company’s consistently strong operating performance and improved financial position.

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