​In Q1 2016 ORLEN Lietuva noted:

•           EBITDA LIFO of USD 82 m,
•           Higher capacity utilization by 24 p.p (y/y),
•           net profit of USD 51m,
•           increase of sales volumes by 28% (y/y).

ORLEN Lietuva continues to execute its strategy of adjusting to market conditions. In first quarter of 2016 the sales volumes increased by 28% mostly through the development of seaborne trades. The incomes were however lower than in the same period last year due to the reduced oil and products prices.

“We are satisfied with our results delivered in the first quarter. Nevertheless it is important to note that refinery margins are getting lower. Therefore our business goal is to address the changing market with adequate business activities in terms of operational excellence of the Company” – says Ireneusz Fąfara, General Director of ORLEN Lietuva.

The changes of macro economical versus previous year is reflected in the financial result. Nevertheless the company remains profitable  EBITDA LIFO in1Q2016 reached USD 82 m while it was USD 101 m in 1Q2015. Net profit of ORLEN Lietuva in first quarter amounted at over USD 51m.

ORLEN Lietuva is the biggest Lithuanian company, exporter and tax payer. Since 2006, PKN ORLEN has spent nearly USD 4 billion on the acquisition 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.

The Company permanently suffers from high logistical costs. Therefore PKN ORLEN, as the only shareholder, undertook all accessible measure to restructure the Company and implement a strategy that enables ORLEN Lietuva to adjust to market conditions: maximize the production and thus the economic effect whenever the market is favorable. And on the other hand introduced solutions could help to minimalize it, when the market is low.

PKN ORLEN is a modern player on the fuel and power market, the largest company in Central and Eastern Europe, and the only Polish company listed among the prestigious Fortune 500. Furthermore, ORLEN is the only company in the region to have been named The Most Ethical Company three years in a row by the US Ethisphere Institute.