The submission to the Polish Central Statistics Office of the unconsolidated financial figures for Q3 2000 under Polish Accounting Standards

PKN ORLEN, Central Europe’s largest downstream oil company, announces the submission to the Polish Central Statistics Office of the unconsolidated financial figures for Q3 2000 under Polish Accounting Standards. The figures were forwarded on 24th October 2000 at 3.00 p.m.

Financial data for Q3 2000 (in thousands PLN):
Net sales 18 287 691
Operating profit 1 020 343
Profit before taxation 848 036
Net profit 594 639

The above data was not audited. Full audited PAS figures will be released on 6 November this year In Q3 the Company did not make any significant changes to its accounting principles compared to those upon which the financial statement for the 1H 2000 was based. These principles are summarised in the 1H 2000 financial statement. PKN Orlen’s net profit after Q3 2000, as sent to the Polish Central Statistics Office, is 24.3% higher compared to the pro-forma figures for the same period last year. Financial figure in Q3 2000 is 69% higher compared to the pro-forma Q3 1999 figures. In Q3 2000 PKN Orlen had PLN 337 468 thousands of net profit, i.e. 169% more compared to Q2 2000. The significant increase in growth was achieved through increased crude oil throughput and a reduction in fixed costs per unit (crude throughput in quarterly split: Q1 – 2.9 mln t, Q2 – 3.1 mln t, Q3 – 3.3 mln t) Improved production and sale of higher margin goods also contributed to increased net profits. Favourable decision of the Anti-Trust Court which overturned the decision of the OPCC regarding PLN 5 mln penalty allowed the release of PLN 5 mln provision created at the end of 1999.