28-01-2016 News
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In 2015 ORLEN Lietuva noted:
· EBITDA LIFO of USD 289 m;
· Net profit of USD 237 m;
· CAPEX of USD 22,2 m;
· Capacity utilization on the level of 83%.
Net profit of the Company for 2015 amounts to USD 237 m compared to net loss of USD –119 m in 2014. It is also the best financial result since the refinery was acquired by PKN ORLEN group in 2006.
ORLEN Lietuva’s good results are due to unexpectedly favorable macroeconomics environment. We must however carefully analyze the market and the developments. There is a constant risk of deterioration of our business environment – said Ireneusz Fąfara, CEO of ORLEN Lietuva.
In 4q15 ORLEN Lietuva recorded USD 106 m increase of EBITDA LIFO which totaled at USD 20 m vs USD -86 m in 4q14.
ORLEN Lietuva has implemented a strategy of full market adjustment. It enables the refinery to either maximize its production during favorable macroeconomic conditions either to limit it to the minimum when the market is low.
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.
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 of 2015 by the US Ethisphere Institute.