OREANDA-NEWS. October 31, 2012. Financial results in Q3 of 2012 compared to the same period of 2011:

Higher revenues by 5%;

Improved EBIT by USD 150 million;

Operational cash flow upgraded by USD 313 million;

Increase in light product yield – by 0.4 p.p.

ORLEN Lietuva recorded the significant improvement in the financial results for Q3 2012. Company’s EBIT increased by USD 150 million Y/Y, which in comparison with 2011 generated positive contribution of USD 126 million. EBIT according to LIFO cost accounting method was on the level of USD 85 million which is USD 91 million higher compared to 2011.

ORLEN Lietuva successfully reinstated its operations after the turnaround in Q2 and performs on 100% of its capacity. This supported by high refining margins in Q3 2012 brings improvement in financial results. It is reflected by, among others, positive 85 million USD EBIT. We are committed to continue our activities aimed to raise the economical effectiveness of the Company said Ireneusz Fafara, General Director of ORLEN Lietuva.

Boost of ORLEN Lietuva’s operational performance to the record high level was due to successful completion of 35 days Turnaround held in Q2 2012.  Both, the major benefits of the technological upgrades implemented during the maintenance period and taking the full advantage of strong European refining margins contributed to ORLEN Lietuva’s improvement in the financial results for Q3 2012.

In Q3 2012 ORLEN Lietuva produced a steady growth in all its business areas. The higher capacity utilization by 4 p.p. Y/Y of the Refinery was accompanied by the favorable development in the sales volume trend to Inland markets resulting in the increase of the 2 % in 2012 versus 2011. The total sales volume, including sales to seaborne markets, was higher by 4% Y/Y.

During the Q3 2012 ORLEN Lietuva demonstrated the continuous dedication towards the fulfillment of its key strategic objectives associated with the reduction of the energy consumption. The level of internal usage of fuel and losses was by 0.3 p.p. lower vs. 2011, sliding down to the record low level and establishing new baseline for the further improvement. The yield of the light products was improved by 0.4 p.p. comparing to the same period of 2011 due to higher efficiency in secondary refining process and usage of better feedstock mix.