OREANDA-NEWS. January 28, 2013. Financial results in Q4 (FY) 2012 compared to Q4 (FY) 2011:

Higher EBIT by USD 41 million Q4/Q4 (USD 89 million Y/Y);

Higher revenues by 13% Q4/Q4 (-1% Y/Y);

Higher processing volume by 10%Q4/Q4 (-5%Y/Y);

Lower internal usage of fuel and losses – by 0.5 p.p. Q4/Q4 (0.3 p.p. Y/Y);

Record high Baltic market share, higher by 1 p.p. Q4/Q4 (4 p.p. Y/Y);

Higher Operational availability by 2.4 p.p. Q4/Q4 (-0.8 p.p. Y/Y).
 
Following the 35-day Turnaround, which was successfully completed in Q2 2012, ORLEN Lietuva boosted its operational performance to the record-high level by revealing all the major benefits of the technological upgrades implemented during the maintenance period and taking the full advantage of strong European refining margins. Consequently the significant improvement in the financial results for Q4 2012 was recorded.

“ORLEN Lietuva ended the year on the highest EBIT level since 2006, when PKN ORLEN acquired the 100% of stake in the share capital of former Mazeikiu Nafta. The record-high EBIT amounted to USD 114 million and was above the result posted in 2011 by USD 89 million. The continuous improvement of the financial results is due to the fulfillment  of the Company’s three strategic objectives, such as operational excellence, promotion of sales and value creating investment,” said Ireneusz Fafara, General Director of ORLEN Lietuva.

ORLEN Lietuva’s EBIT increased by USD 40 million Q4/Q4 and amounted to USD 21 million in Q4 2012. EBIT according to LIFO cost accounting method was on the level of USD 34 million, which is almost by USD 50 million higher compared to 2011.

In Q4 2012 ORLEN Lietuva produced a steady growth in all of its business areas. The higher capacity utilization by 8 p.p. Q4/Q4 of the Refinery was accompanied by the favorable development in the sales volume trend to Baltic markets, resulting in the increase of the 13 % in Q4 of 2012 versus Q4 of 2011, 4% of which is related to the improvement in the market share. The total sales volume, including sales to seaborne markets, was higher by 12% Q4/Q4.

The level of internal usage of fuel and losses was by 0.5 p.p. lower vs. 2011, sliding down to the record-low level and establishing new baseline for the further improvement.