​• EBITDA LIFO result in 3Q14 amounted to USD 54 m and was higher by USD 58 m (y/y), supported  by favourable macroeconomic environment in this period.
• Lower sales volumes in 3Q14 by (-) 10 % (y/y) mainly as a result of lower sales volumes in seaborne as well as in Latvia and Estonia.
• Refinery processing volume was optimized to Inland market demand. Therefore achieved lower utilisation ratio by (-) 12pp (y/y) caused worsening energy consumption indices in 3Q2014 (y/y) .
• Yields of light products higher by 0,7 pp (y/y)  usage of the Vacuum Flasher. 
 
Restructuring of the Company together with favorable macroeconomic conditions in refining sector and growth of refinery margins leads to improvement of ORLEN Lietuva financial results in 3Q. The Company noted USD 22 M net profit in 3Q. EBITDA LIFO was also positive USD 54 M vs. 1 M USD in Q2.
 
“ORLEN Lietuva financial results have improved in the past three months. We are noticing the positive effects of our efforts to raise economical efficiency of our operations and capacity to flexibly adjust to market conditions. Our aim is to use every business opportunity in this competitive surrounding. However we are also ready to reduce our production capacity or even temporary stop the production if the market becomes unfavorable”, said Ireneusz Fąfara, ORLEN Lietuva General Director.
 
The Company is still under a pressure of high operational costs, including logistics, especially compared to its competitors from other countries. As inland demand is not sufficient to acquire the production volumes of Orlen Lietuva, significant part of it is exported overseas. Therefore Orlen Lietuva  needs to compete with worldwide refineries, that operate with much more favorable costs.
 
It is clearly reflected in cumulated results for the period January-September 2014 that amounts to a net loss of USD 126 M, excluding impairments and negative EBIT at the level of USD -36 M.
 
Orlen Lietuva will continue to execute it’s strategy to flexibly adjust to market conditions and seek for reduction of its logistical costs in order to become a competitive player on a challenging market.
 
Orlen Lietuva is the biggest Lithuanian company, exporter and tax payer. Since 2006, PKN ORLEN has spent nearly USD 4 billion on the acquisition of and further investments in the Mazeikiai refinery. PKN ORLEN has never distributed any of ORLEN Lietuva’s profit as dividend, and has reinvested all financial resources available at the company in its development.