POLSKI KONCERN NAFTOWY ORLEN S.A. - EMIS · PDF filePOLSKI KONCERN NAFTOWY ORLEN S.A. EMISid: 1454737 ... Orlen Transport Krakow Sp. z o.o. 98.41% ... Petrolot Sp. z o.o. Port Lotniczy
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Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
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Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
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Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
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Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
2
33
3
3
3
3
3
4
4
5
6
7
7
7
99
13
17
20
2222
22
2222
26
2828
28
3131
31
32
33
34
35
37
39
40
43
44
47
Table of Contents
Table of ContentsCompany Tear Sheet
Contact Information
NAICS Industry Classif ication
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial StatementsAnnual Statements
Interim Statements
Ratios
Multiples
Company DocumentsFinancial DocumentsAnnual Reports
Corporate Actions
News amp ReportsNews
Reports
MampA and ECM DealsEMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analyt icsSummary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
GlossaryDisclaimer
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 2 of 48
Full name Polski Koncern Naftowy ORLEN SA
Previous name(s) Polski Koncern Naftowy SA ()
Mazowieckie Zaklady Rafineryjne i Petrochemiczne SA ()
Petrochemia Plock SA ()
St at us Listed
Legal Form Public Limited Company
Operat ional St at us Operational
EMISid 1454737
ISIN Code PLPKN0000018
PL DUNS 644308413
NIP 7740001454
KRS 0000028860
REGON 610188201
Incorporat ion Dat e 2001
Headquart ers
Ul Chemikow 7 Plock Mazowieckie Poland
Map
Post al Code 09-411
T el +48 (24) 3650000
Fax +48 (24) 3654040
Email zarzadorlenpl
Websit e httpwwworlenpl
Main Act ivit ies Gasoline Stations (447) | Oil and Gas Ext ract ion (2111) | Petroleum Refineries (32411)
Company Descript ion
PKN ORLEN is the largest manufacturer and distributor of petroleum products and
chemicals in Poland and one of the largest in the region of Central and Eastern
Europe The company deals with the processing of crude oil to unleaded gasoline
diesel heating oil jet fuel plastics and petrochemical products The Group
manages seven refineries in Poland Czech Republic and Lithuania it also has
the largest gasoline stations network in Central Europe
Main Product s
Petroleum products petrol diesel heating oil
T rade Marks
Verva Bliska Platinum Impact Ekoterm Orbiton TankBank Club Vitay Flota
T ot al Employees 4543 (2015)
Out st anding Shares 427709061 (2011)
Regist ered Capit al PLN 534636326 (2003)
Financial Audit ors KPMG (2015)
Rat ings Moodys Baa3 (20-Jun-14) FITCH BBB- (30-Aug-13)
Company Tear Sheet - Contact Information
Company Tear Sheet - NAICS Industry Classif icat ion
Secondary Act ivit ies Management of Companies and Ent erprises (551) | Petroleum and Petroleum Products Merchant Wholesalers (4227)
Company Tear Sheet - Business descript ion
Company Tear Sheet - Basic Information
Company Tear Sheet - EMIS Financial Score
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Company Tear Sheet - Share Price information
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 3 of 48
Last Price 6905
Volume 475900
Turnover 32711179
Previous 6900
Change 005 (0 07)
1 Year Change -271
Index RESPECT
Market Warsaw Stock Exchange
Ticker PKN
Market Cap 29511925
52 Week High 8525
52 Week Low 5764
PE 913
EPS 756
Dividend Yield 165 (July 08 2015)
Bookvalue 22946000
Enterprise Value 39262925
Quote updated on June 02 2016
Note data in PLN Thousands
St at e T reasury 2752
Nat ionale-Nederlanden OFE 912
OFE Aviva BZ WBK 734
Ot her 5602
Company Tear Sheet - Key Executives
Wojciech Jasinski President
Miroslaw Kochalski Vice President
Slawomir Jedrzejczyk Vice President
Krystian Pater Management Board Member
Piotr Chelminski Management Board Member
Zbigniew Leszczynski Management Board Member
Angelina Sarota Supervisory Board Chairman
Adrian Dworzynski Supervisory Board Member
Agnieszka Krzetowska Supervisory Board Member
Arkadiusz Siwko Supervisory Board Member
Artur Gabor Supervisory Board Member
Mateusz Henryk Bochacik Supervisory Board Member
Radoslaw Leszek Kwasnicki Supervisory Board Member
Remigiusz Nowakowski Supervisory Board Member
Company Tear Sheet - Ownership Details
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 4 of 48
Orlen Insurance Lt d (Malt a)
Anwil SA 100
Pro Lab Sp z oo 9999
Przedsiebiorst wo Uslug T echnicznych Wircom Sp z oo 9705
Balt ic Power Sp z oo 100
Balt ic Spark Sp z oo 100
Inowroclawskie Kopalnie Soli Solino SA 100
Kopalnia Soli Lubien Sp z oo 100
ORLEN Deut schland AG (Germany) 100
Orlen Administ racja Sp z oo 100
Orlen Asf alt Sp z oo 100
Orlen Budonaf t Sp z oo 100
Orlen Cent rum Uslug Korporacyjnych Sp z oo 100
Orlen Eko Sp z oo 100
Orlen Gaz Sp z oo 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Hrubieszow 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Jaworzno 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Krosno Odrzanskie100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Nowa Brzeznica100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Plock 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Ugoszcz 100
Orlen Pet rogaz Wroclaw Sp z oo 100
Orlen Liet uva AB (Lit huania) 100
Mazeikii Naf t os prekybos namai UAB (Lit huania) 100
Mazeikii Naf t os sveikat os prieziuros cent ras UAB (Lit huania)100
Naf t e lf UAB (Lit huania) 100
Paslaugos t au UAB (Lit huania) 100
Vent us-Naf t a AB (Lit huania) 100
EMAS UAB (Lit huania) 34
Orlen Ochrona Sp z oo 100
Orlen Ochrona Sp z oo Oddzial W Republice Czeskie j (CzechRepublic)
100
Orlen Oil Sp z oo 100
Pet ro-Oil SEEWAX Sp z oo 25
Plat inum Oil Sp z oo 2198
Pet ro Oil Wielkopolskie Cent rum Sprzedazy Sp z oo Oddzial WBaranowie
100
Pet ro Oil Wielkopolskie Cent rum Sprzedazy Sp z oo WSuchym Lesie Oddzial W T orniu
Konsorcjum Olejow Przepracowanych Organizacja OdzyskuOpakowan I Ole jow SA
81
Konsorcjum Olejow Przepracowanych Organizacja Odzysku SAOddzial W Krakowie
100
Ran Akant Sp z oo 51
Ran Pet romex Sp z oo 51
Ran Wat t Sp z oo 51
Remwil Sp z oo 100
Przedsiebiorst wo Inwest ycyjno Remont owe Remwil Sp z ooOddzial W Nerat ovicach
100
Orlen Kolt rans Sp z oo 9985
Orlen Projekt SA 9963
Orlen Holding Malt a Limit ed (Malt a) 995
Orlen T ransport Krakow Sp z oo 9841
Orlen T ransport Krakow Sp z oo Oddzial Przemysl 100
Orlen T ransport Krakow Sp z oo Oddzial Rzeszow 100
Raf T rans Sp z oo 100
Orlen Cent rum Serwisowe Sp z oo 9637
Orlen Cent rum Serwisowe Sp z oo Oddzial Kat owice 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Kedzierzyn Kozle100
Orlen Cent rum Serwisowe Sp z oo Oddzial Kie lce 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Lodz 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Nowa Wies Wielka100
Orlen Cent rum Serwisowe Sp z oo Oddzial Rzeszow 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Warszawa 100
Serwis Mazowsze Sp z oo 885
Orlen Laborat orium Sp z oo 9494
Orlen Wir Sp z oo 7659
Orlen Wir Sp z oo Oddzial Na Lit wie Z Siedziba W Kownie 100
UNIPET ROL as (Czech Republic) 6299
BENZ INA sro (Czech Republic) 100
PARAMO as (Czech Republic) 100
MOGUL SLOVAKIA sro (Slovakia) 100
Paramo Oil sro (Czech Republic) 100
UNIPET ROL RAFINERIE sro (Czech Republic) 100
UNIPET ROL RPA sro (Czech Republic) 100
CHEMOPET ROL as (Czech Republic) 100
PET ROT RANS sro (Czech Republic) 1
POLYMER INST IT UT E BRNO spol s ro (Czech Republic) 1
Company Tear Sheet - Subsidiaries and Aff iliates
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 5 of 48
100
Orlen Paliwa Sp z oo 100
Orlen Paliwa Sp z oo (Widelka) 100
Orlen Paliwa Sp z oo Oddzial Biuro Obslugi Klient a W Plocku100
Orlen Paliwa Sp z oo Oddzial Gaz W Plocku 100
Orlen Paliwa Sp z oo Oddzial Sprzedaz Regionalny W Plocku100
Orlen Paliwa Sp z oo Oddzial Sprzedaz Regiony W Plocku 100
Pet ro Mawi Sp z oo 60
Orlen Poludnie SA 100
Ekonaf t Sp z oo 100
Energomedia Sp z oo 100
Euronaf t T rzebinia Sp z oo 100
Pensjonat Vena Sp z oo 67
Konsorcjum Olejow Przepracowanych Organizacja OdzyskuOpakowan I Ole jow SA
8
Konsorcjum Olejow Przepracowanych Organizacja Odzysku SAOddzial W Krakowie
100
Orlen Serwis SA 100
Orlen Upst ream Sp z oo 100
Pet rolot Sp z oo 100
Pet rolot Sp z oo Port Lot niczy Gdansk T rojmiast o 100
Pet rolot Sp z oo Port Lot niczy Kat owice Pyrzowice 100
Pet rolot Sp z oo Port Lot niczy Krakow Balice 100
Pet rolot Sp z oo Port Lot niczy Poznan Lawica 100
Pet rolot Sp z oo Port Lot niczy Szczecin Goleniow 100
Raf ineria Naf t y Jedlicze SA 100
RAF-Energia Sp z oo 100
Raf Kolt rans Sp z oo 100
UNIPET ROL DOPRAVA sro (Czech Republic) 1
UNIPET ROL SERVICES sro (Czech Republic) 100
UNIPET ROL T RADE as v likvidaci (Czech Republic) 100
Chemapol Schweiz AG (PRODundef ) 100
Vyzkumny ust av anorganicke chemie as (Czech Republic) 100
But adien Kralupy as (Czech Republic) 51
ORLEN HOLDING MALT A (Malt a) 05
UNIPET ROL DEUT SCHLAND GmbH (Germany) 01
PET ROT RANS sro (Czech Republic)
POLYMER INST IT UT E BRNO spol s ro (Czech Republic)
UNIPET ROL DOPRAVA sro (Czech Republic)
Ship Service SA 609
Orlen Aut omat yka Sp z oo 5242
Orlen Aut omat yka Sp z oo Oddzial Na T eryt orium RepublikiLit ewskie j
100
Orlen Aut omat yka Sp z oo Oddzial W T rzebinii 100
Basell Orlen Polyolef ins Sp z oo 50
Basell Orlen Polyolef ins Sprzedaz Sp z oo 100
Plocki Park Przemyslowo T echnologiczny SA 50
Cent rum Edukacji Sp z oo (Plock) 6943
Naf t oport Sp z oo 1795
T elewizja Familijna SA 1196
Dom Wydawniczy Kobiet a I Z ycie Sp z oo 100
Amber T v Sp z oo 75
URODA Sp z oo 7163
Grupa Mult imedialna SA 065
Company Tear Sheet - Key Financial Highlights
FISCAL PERIOD Q1-2013 CONSOLID Q1-2014 CONSOLID Q1-2015 CONSOLID Q1-2016 CONSOLID
Net sales revenue 8722732 7894694 5366537 4096271
Total Operating Revenue 8745929 7993873 5388266 4146296
Operating profit (EBIT) 102957 77903 316278 99293
EBITDA NA NA NA NA
Net Profit(Loss) 46076 41243 232849 84892
Total Assets 16481679 17468363 12205902 12827082
Total equity 8764528 9099657 5601049 6507050
Operating Profit Margin 118 099 589 242
Return on Sales (ROS) 053 052 434 207
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 6 of 48
Return on Equity (ROE) 0 0 0 0
Debt to equity 3491 3563 5255 3958
Quick ratio 0 61 058 076 078
Cash Ratio 008 006 025 030
Provider EMIS - Global EMIS - Global EMIS - Global EMIS - Global
FISCAL PERIOD Q1-2013 CONSOLID Q1-2014 CONSOLID Q1-2015 CONSOLID Q1-2016 CONSOLID
Note data in USD Thousands
Company Tear Sheet - Financial Performance Charts
Company Tear Sheet - Latest MampA and ECM Deals
DAT ECOUNT RY OF
T ARGETT ARGET COMPANY
DEALT YPE
BUYER SELLER DEAL INDUST RIESDEAL VALUE
USD (MN)ST AKE
20-Jan-16CzechRepublic
68 petrol stations of OMV AcquisitionPKNOrlen SA
OMV AG Gasoline Stations NA 10000
16-Nov-15 PolandAssets of EuronaftTrzebinia
AcquisitionPKPCargo SA
PKN Orlen SASupport Activities for RailTransportation Rail Transportation
1502 10000
16-Nov-15 Poland Orlen Transport SA AcquisitionTransPoloniaSA
PKN Orlen SA Truck Transportation 2137 10000
21-Oct-15 Germany13 SUN petrol stations ofGermania Petrol
AcquisitionPKNOrlen SA
GermaniaPetrol GmbH
Gasoline Stations NA 10000
13-Oct-15 Canada Kicking Horse Energy Inc AcquisitionPKNOrlen SA
NA Oil and Gas Extraction 22634 10000
Company Tear Sheet - Top Competitors
Gasoline Stat ions
COMPANYT OT AL
OPERAT INGREVENUE
OPERAT INGPROFIT(EBIT )
NETPROFIT (LOSS)
RET URN ONASSET S (ROA)
()
RET URN ONEQUIT Y (ROE)
()
PRICE PEREARNING
()
EARNINGPER
SHARE
PRICEREFERENCE
DAT E
FISCALYEAR
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 7 of 48
PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015
Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015
Lotos Paliwa Spz oo
5621684 13710 7267 114 511 NA 2013
BP Europa SEOddzial WPolsce
3723751 38592 20434 186 1725 NA 2014
Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
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more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Full name Polski Koncern Naftowy ORLEN SA
Previous name(s) Polski Koncern Naftowy SA ()
Mazowieckie Zaklady Rafineryjne i Petrochemiczne SA ()
Petrochemia Plock SA ()
St at us Listed
Legal Form Public Limited Company
Operat ional St at us Operational
EMISid 1454737
ISIN Code PLPKN0000018
PL DUNS 644308413
NIP 7740001454
KRS 0000028860
REGON 610188201
Incorporat ion Dat e 2001
Headquart ers
Ul Chemikow 7 Plock Mazowieckie Poland
Map
Post al Code 09-411
T el +48 (24) 3650000
Fax +48 (24) 3654040
Email zarzadorlenpl
Websit e httpwwworlenpl
Main Act ivit ies Gasoline Stations (447) | Oil and Gas Ext ract ion (2111) | Petroleum Refineries (32411)
Company Descript ion
PKN ORLEN is the largest manufacturer and distributor of petroleum products and
chemicals in Poland and one of the largest in the region of Central and Eastern
Europe The company deals with the processing of crude oil to unleaded gasoline
diesel heating oil jet fuel plastics and petrochemical products The Group
manages seven refineries in Poland Czech Republic and Lithuania it also has
the largest gasoline stations network in Central Europe
Main Product s
Petroleum products petrol diesel heating oil
T rade Marks
Verva Bliska Platinum Impact Ekoterm Orbiton TankBank Club Vitay Flota
T ot al Employees 4543 (2015)
Out st anding Shares 427709061 (2011)
Regist ered Capit al PLN 534636326 (2003)
Financial Audit ors KPMG (2015)
Rat ings Moodys Baa3 (20-Jun-14) FITCH BBB- (30-Aug-13)
Company Tear Sheet - Contact Information
Company Tear Sheet - NAICS Industry Classif icat ion
Secondary Act ivit ies Management of Companies and Ent erprises (551) | Petroleum and Petroleum Products Merchant Wholesalers (4227)
Company Tear Sheet - Business descript ion
Company Tear Sheet - Basic Information
Company Tear Sheet - EMIS Financial Score
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Company Tear Sheet - Share Price information
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 3 of 48
Last Price 6905
Volume 475900
Turnover 32711179
Previous 6900
Change 005 (0 07)
1 Year Change -271
Index RESPECT
Market Warsaw Stock Exchange
Ticker PKN
Market Cap 29511925
52 Week High 8525
52 Week Low 5764
PE 913
EPS 756
Dividend Yield 165 (July 08 2015)
Bookvalue 22946000
Enterprise Value 39262925
Quote updated on June 02 2016
Note data in PLN Thousands
St at e T reasury 2752
Nat ionale-Nederlanden OFE 912
OFE Aviva BZ WBK 734
Ot her 5602
Company Tear Sheet - Key Executives
Wojciech Jasinski President
Miroslaw Kochalski Vice President
Slawomir Jedrzejczyk Vice President
Krystian Pater Management Board Member
Piotr Chelminski Management Board Member
Zbigniew Leszczynski Management Board Member
Angelina Sarota Supervisory Board Chairman
Adrian Dworzynski Supervisory Board Member
Agnieszka Krzetowska Supervisory Board Member
Arkadiusz Siwko Supervisory Board Member
Artur Gabor Supervisory Board Member
Mateusz Henryk Bochacik Supervisory Board Member
Radoslaw Leszek Kwasnicki Supervisory Board Member
Remigiusz Nowakowski Supervisory Board Member
Company Tear Sheet - Ownership Details
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 4 of 48
Orlen Insurance Lt d (Malt a)
Anwil SA 100
Pro Lab Sp z oo 9999
Przedsiebiorst wo Uslug T echnicznych Wircom Sp z oo 9705
Balt ic Power Sp z oo 100
Balt ic Spark Sp z oo 100
Inowroclawskie Kopalnie Soli Solino SA 100
Kopalnia Soli Lubien Sp z oo 100
ORLEN Deut schland AG (Germany) 100
Orlen Administ racja Sp z oo 100
Orlen Asf alt Sp z oo 100
Orlen Budonaf t Sp z oo 100
Orlen Cent rum Uslug Korporacyjnych Sp z oo 100
Orlen Eko Sp z oo 100
Orlen Gaz Sp z oo 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Hrubieszow 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Jaworzno 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Krosno Odrzanskie100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Nowa Brzeznica100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Plock 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Ugoszcz 100
Orlen Pet rogaz Wroclaw Sp z oo 100
Orlen Liet uva AB (Lit huania) 100
Mazeikii Naf t os prekybos namai UAB (Lit huania) 100
Mazeikii Naf t os sveikat os prieziuros cent ras UAB (Lit huania)100
Naf t e lf UAB (Lit huania) 100
Paslaugos t au UAB (Lit huania) 100
Vent us-Naf t a AB (Lit huania) 100
EMAS UAB (Lit huania) 34
Orlen Ochrona Sp z oo 100
Orlen Ochrona Sp z oo Oddzial W Republice Czeskie j (CzechRepublic)
100
Orlen Oil Sp z oo 100
Pet ro-Oil SEEWAX Sp z oo 25
Plat inum Oil Sp z oo 2198
Pet ro Oil Wielkopolskie Cent rum Sprzedazy Sp z oo Oddzial WBaranowie
100
Pet ro Oil Wielkopolskie Cent rum Sprzedazy Sp z oo WSuchym Lesie Oddzial W T orniu
Konsorcjum Olejow Przepracowanych Organizacja OdzyskuOpakowan I Ole jow SA
81
Konsorcjum Olejow Przepracowanych Organizacja Odzysku SAOddzial W Krakowie
100
Ran Akant Sp z oo 51
Ran Pet romex Sp z oo 51
Ran Wat t Sp z oo 51
Remwil Sp z oo 100
Przedsiebiorst wo Inwest ycyjno Remont owe Remwil Sp z ooOddzial W Nerat ovicach
100
Orlen Kolt rans Sp z oo 9985
Orlen Projekt SA 9963
Orlen Holding Malt a Limit ed (Malt a) 995
Orlen T ransport Krakow Sp z oo 9841
Orlen T ransport Krakow Sp z oo Oddzial Przemysl 100
Orlen T ransport Krakow Sp z oo Oddzial Rzeszow 100
Raf T rans Sp z oo 100
Orlen Cent rum Serwisowe Sp z oo 9637
Orlen Cent rum Serwisowe Sp z oo Oddzial Kat owice 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Kedzierzyn Kozle100
Orlen Cent rum Serwisowe Sp z oo Oddzial Kie lce 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Lodz 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Nowa Wies Wielka100
Orlen Cent rum Serwisowe Sp z oo Oddzial Rzeszow 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Warszawa 100
Serwis Mazowsze Sp z oo 885
Orlen Laborat orium Sp z oo 9494
Orlen Wir Sp z oo 7659
Orlen Wir Sp z oo Oddzial Na Lit wie Z Siedziba W Kownie 100
UNIPET ROL as (Czech Republic) 6299
BENZ INA sro (Czech Republic) 100
PARAMO as (Czech Republic) 100
MOGUL SLOVAKIA sro (Slovakia) 100
Paramo Oil sro (Czech Republic) 100
UNIPET ROL RAFINERIE sro (Czech Republic) 100
UNIPET ROL RPA sro (Czech Republic) 100
CHEMOPET ROL as (Czech Republic) 100
PET ROT RANS sro (Czech Republic) 1
POLYMER INST IT UT E BRNO spol s ro (Czech Republic) 1
Company Tear Sheet - Subsidiaries and Aff iliates
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 5 of 48
100
Orlen Paliwa Sp z oo 100
Orlen Paliwa Sp z oo (Widelka) 100
Orlen Paliwa Sp z oo Oddzial Biuro Obslugi Klient a W Plocku100
Orlen Paliwa Sp z oo Oddzial Gaz W Plocku 100
Orlen Paliwa Sp z oo Oddzial Sprzedaz Regionalny W Plocku100
Orlen Paliwa Sp z oo Oddzial Sprzedaz Regiony W Plocku 100
Pet ro Mawi Sp z oo 60
Orlen Poludnie SA 100
Ekonaf t Sp z oo 100
Energomedia Sp z oo 100
Euronaf t T rzebinia Sp z oo 100
Pensjonat Vena Sp z oo 67
Konsorcjum Olejow Przepracowanych Organizacja OdzyskuOpakowan I Ole jow SA
8
Konsorcjum Olejow Przepracowanych Organizacja Odzysku SAOddzial W Krakowie
100
Orlen Serwis SA 100
Orlen Upst ream Sp z oo 100
Pet rolot Sp z oo 100
Pet rolot Sp z oo Port Lot niczy Gdansk T rojmiast o 100
Pet rolot Sp z oo Port Lot niczy Kat owice Pyrzowice 100
Pet rolot Sp z oo Port Lot niczy Krakow Balice 100
Pet rolot Sp z oo Port Lot niczy Poznan Lawica 100
Pet rolot Sp z oo Port Lot niczy Szczecin Goleniow 100
Raf ineria Naf t y Jedlicze SA 100
RAF-Energia Sp z oo 100
Raf Kolt rans Sp z oo 100
UNIPET ROL DOPRAVA sro (Czech Republic) 1
UNIPET ROL SERVICES sro (Czech Republic) 100
UNIPET ROL T RADE as v likvidaci (Czech Republic) 100
Chemapol Schweiz AG (PRODundef ) 100
Vyzkumny ust av anorganicke chemie as (Czech Republic) 100
But adien Kralupy as (Czech Republic) 51
ORLEN HOLDING MALT A (Malt a) 05
UNIPET ROL DEUT SCHLAND GmbH (Germany) 01
PET ROT RANS sro (Czech Republic)
POLYMER INST IT UT E BRNO spol s ro (Czech Republic)
UNIPET ROL DOPRAVA sro (Czech Republic)
Ship Service SA 609
Orlen Aut omat yka Sp z oo 5242
Orlen Aut omat yka Sp z oo Oddzial Na T eryt orium RepublikiLit ewskie j
100
Orlen Aut omat yka Sp z oo Oddzial W T rzebinii 100
Basell Orlen Polyolef ins Sp z oo 50
Basell Orlen Polyolef ins Sprzedaz Sp z oo 100
Plocki Park Przemyslowo T echnologiczny SA 50
Cent rum Edukacji Sp z oo (Plock) 6943
Naf t oport Sp z oo 1795
T elewizja Familijna SA 1196
Dom Wydawniczy Kobiet a I Z ycie Sp z oo 100
Amber T v Sp z oo 75
URODA Sp z oo 7163
Grupa Mult imedialna SA 065
Company Tear Sheet - Key Financial Highlights
FISCAL PERIOD Q1-2013 CONSOLID Q1-2014 CONSOLID Q1-2015 CONSOLID Q1-2016 CONSOLID
Net sales revenue 8722732 7894694 5366537 4096271
Total Operating Revenue 8745929 7993873 5388266 4146296
Operating profit (EBIT) 102957 77903 316278 99293
EBITDA NA NA NA NA
Net Profit(Loss) 46076 41243 232849 84892
Total Assets 16481679 17468363 12205902 12827082
Total equity 8764528 9099657 5601049 6507050
Operating Profit Margin 118 099 589 242
Return on Sales (ROS) 053 052 434 207
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 6 of 48
Return on Equity (ROE) 0 0 0 0
Debt to equity 3491 3563 5255 3958
Quick ratio 0 61 058 076 078
Cash Ratio 008 006 025 030
Provider EMIS - Global EMIS - Global EMIS - Global EMIS - Global
FISCAL PERIOD Q1-2013 CONSOLID Q1-2014 CONSOLID Q1-2015 CONSOLID Q1-2016 CONSOLID
Note data in USD Thousands
Company Tear Sheet - Financial Performance Charts
Company Tear Sheet - Latest MampA and ECM Deals
DAT ECOUNT RY OF
T ARGETT ARGET COMPANY
DEALT YPE
BUYER SELLER DEAL INDUST RIESDEAL VALUE
USD (MN)ST AKE
20-Jan-16CzechRepublic
68 petrol stations of OMV AcquisitionPKNOrlen SA
OMV AG Gasoline Stations NA 10000
16-Nov-15 PolandAssets of EuronaftTrzebinia
AcquisitionPKPCargo SA
PKN Orlen SASupport Activities for RailTransportation Rail Transportation
1502 10000
16-Nov-15 Poland Orlen Transport SA AcquisitionTransPoloniaSA
PKN Orlen SA Truck Transportation 2137 10000
21-Oct-15 Germany13 SUN petrol stations ofGermania Petrol
AcquisitionPKNOrlen SA
GermaniaPetrol GmbH
Gasoline Stations NA 10000
13-Oct-15 Canada Kicking Horse Energy Inc AcquisitionPKNOrlen SA
NA Oil and Gas Extraction 22634 10000
Company Tear Sheet - Top Competitors
Gasoline Stat ions
COMPANYT OT AL
OPERAT INGREVENUE
OPERAT INGPROFIT(EBIT )
NETPROFIT (LOSS)
RET URN ONASSET S (ROA)
()
RET URN ONEQUIT Y (ROE)
()
PRICE PEREARNING
()
EARNINGPER
SHARE
PRICEREFERENCE
DAT E
FISCALYEAR
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 7 of 48
PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015
Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015
Lotos Paliwa Spz oo
5621684 13710 7267 114 511 NA 2013
BP Europa SEOddzial WPolsce
3723751 38592 20434 186 1725 NA 2014
Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
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Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
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Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Last Price 6905
Volume 475900
Turnover 32711179
Previous 6900
Change 005 (0 07)
1 Year Change -271
Index RESPECT
Market Warsaw Stock Exchange
Ticker PKN
Market Cap 29511925
52 Week High 8525
52 Week Low 5764
PE 913
EPS 756
Dividend Yield 165 (July 08 2015)
Bookvalue 22946000
Enterprise Value 39262925
Quote updated on June 02 2016
Note data in PLN Thousands
St at e T reasury 2752
Nat ionale-Nederlanden OFE 912
OFE Aviva BZ WBK 734
Ot her 5602
Company Tear Sheet - Key Executives
Wojciech Jasinski President
Miroslaw Kochalski Vice President
Slawomir Jedrzejczyk Vice President
Krystian Pater Management Board Member
Piotr Chelminski Management Board Member
Zbigniew Leszczynski Management Board Member
Angelina Sarota Supervisory Board Chairman
Adrian Dworzynski Supervisory Board Member
Agnieszka Krzetowska Supervisory Board Member
Arkadiusz Siwko Supervisory Board Member
Artur Gabor Supervisory Board Member
Mateusz Henryk Bochacik Supervisory Board Member
Radoslaw Leszek Kwasnicki Supervisory Board Member
Remigiusz Nowakowski Supervisory Board Member
Company Tear Sheet - Ownership Details
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 4 of 48
Orlen Insurance Lt d (Malt a)
Anwil SA 100
Pro Lab Sp z oo 9999
Przedsiebiorst wo Uslug T echnicznych Wircom Sp z oo 9705
Balt ic Power Sp z oo 100
Balt ic Spark Sp z oo 100
Inowroclawskie Kopalnie Soli Solino SA 100
Kopalnia Soli Lubien Sp z oo 100
ORLEN Deut schland AG (Germany) 100
Orlen Administ racja Sp z oo 100
Orlen Asf alt Sp z oo 100
Orlen Budonaf t Sp z oo 100
Orlen Cent rum Uslug Korporacyjnych Sp z oo 100
Orlen Eko Sp z oo 100
Orlen Gaz Sp z oo 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Hrubieszow 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Jaworzno 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Krosno Odrzanskie100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Nowa Brzeznica100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Plock 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Ugoszcz 100
Orlen Pet rogaz Wroclaw Sp z oo 100
Orlen Liet uva AB (Lit huania) 100
Mazeikii Naf t os prekybos namai UAB (Lit huania) 100
Mazeikii Naf t os sveikat os prieziuros cent ras UAB (Lit huania)100
Naf t e lf UAB (Lit huania) 100
Paslaugos t au UAB (Lit huania) 100
Vent us-Naf t a AB (Lit huania) 100
EMAS UAB (Lit huania) 34
Orlen Ochrona Sp z oo 100
Orlen Ochrona Sp z oo Oddzial W Republice Czeskie j (CzechRepublic)
100
Orlen Oil Sp z oo 100
Pet ro-Oil SEEWAX Sp z oo 25
Plat inum Oil Sp z oo 2198
Pet ro Oil Wielkopolskie Cent rum Sprzedazy Sp z oo Oddzial WBaranowie
100
Pet ro Oil Wielkopolskie Cent rum Sprzedazy Sp z oo WSuchym Lesie Oddzial W T orniu
Konsorcjum Olejow Przepracowanych Organizacja OdzyskuOpakowan I Ole jow SA
81
Konsorcjum Olejow Przepracowanych Organizacja Odzysku SAOddzial W Krakowie
100
Ran Akant Sp z oo 51
Ran Pet romex Sp z oo 51
Ran Wat t Sp z oo 51
Remwil Sp z oo 100
Przedsiebiorst wo Inwest ycyjno Remont owe Remwil Sp z ooOddzial W Nerat ovicach
100
Orlen Kolt rans Sp z oo 9985
Orlen Projekt SA 9963
Orlen Holding Malt a Limit ed (Malt a) 995
Orlen T ransport Krakow Sp z oo 9841
Orlen T ransport Krakow Sp z oo Oddzial Przemysl 100
Orlen T ransport Krakow Sp z oo Oddzial Rzeszow 100
Raf T rans Sp z oo 100
Orlen Cent rum Serwisowe Sp z oo 9637
Orlen Cent rum Serwisowe Sp z oo Oddzial Kat owice 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Kedzierzyn Kozle100
Orlen Cent rum Serwisowe Sp z oo Oddzial Kie lce 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Lodz 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Nowa Wies Wielka100
Orlen Cent rum Serwisowe Sp z oo Oddzial Rzeszow 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Warszawa 100
Serwis Mazowsze Sp z oo 885
Orlen Laborat orium Sp z oo 9494
Orlen Wir Sp z oo 7659
Orlen Wir Sp z oo Oddzial Na Lit wie Z Siedziba W Kownie 100
UNIPET ROL as (Czech Republic) 6299
BENZ INA sro (Czech Republic) 100
PARAMO as (Czech Republic) 100
MOGUL SLOVAKIA sro (Slovakia) 100
Paramo Oil sro (Czech Republic) 100
UNIPET ROL RAFINERIE sro (Czech Republic) 100
UNIPET ROL RPA sro (Czech Republic) 100
CHEMOPET ROL as (Czech Republic) 100
PET ROT RANS sro (Czech Republic) 1
POLYMER INST IT UT E BRNO spol s ro (Czech Republic) 1
Company Tear Sheet - Subsidiaries and Aff iliates
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 5 of 48
100
Orlen Paliwa Sp z oo 100
Orlen Paliwa Sp z oo (Widelka) 100
Orlen Paliwa Sp z oo Oddzial Biuro Obslugi Klient a W Plocku100
Orlen Paliwa Sp z oo Oddzial Gaz W Plocku 100
Orlen Paliwa Sp z oo Oddzial Sprzedaz Regionalny W Plocku100
Orlen Paliwa Sp z oo Oddzial Sprzedaz Regiony W Plocku 100
Pet ro Mawi Sp z oo 60
Orlen Poludnie SA 100
Ekonaf t Sp z oo 100
Energomedia Sp z oo 100
Euronaf t T rzebinia Sp z oo 100
Pensjonat Vena Sp z oo 67
Konsorcjum Olejow Przepracowanych Organizacja OdzyskuOpakowan I Ole jow SA
8
Konsorcjum Olejow Przepracowanych Organizacja Odzysku SAOddzial W Krakowie
100
Orlen Serwis SA 100
Orlen Upst ream Sp z oo 100
Pet rolot Sp z oo 100
Pet rolot Sp z oo Port Lot niczy Gdansk T rojmiast o 100
Pet rolot Sp z oo Port Lot niczy Kat owice Pyrzowice 100
Pet rolot Sp z oo Port Lot niczy Krakow Balice 100
Pet rolot Sp z oo Port Lot niczy Poznan Lawica 100
Pet rolot Sp z oo Port Lot niczy Szczecin Goleniow 100
Raf ineria Naf t y Jedlicze SA 100
RAF-Energia Sp z oo 100
Raf Kolt rans Sp z oo 100
UNIPET ROL DOPRAVA sro (Czech Republic) 1
UNIPET ROL SERVICES sro (Czech Republic) 100
UNIPET ROL T RADE as v likvidaci (Czech Republic) 100
Chemapol Schweiz AG (PRODundef ) 100
Vyzkumny ust av anorganicke chemie as (Czech Republic) 100
But adien Kralupy as (Czech Republic) 51
ORLEN HOLDING MALT A (Malt a) 05
UNIPET ROL DEUT SCHLAND GmbH (Germany) 01
PET ROT RANS sro (Czech Republic)
POLYMER INST IT UT E BRNO spol s ro (Czech Republic)
UNIPET ROL DOPRAVA sro (Czech Republic)
Ship Service SA 609
Orlen Aut omat yka Sp z oo 5242
Orlen Aut omat yka Sp z oo Oddzial Na T eryt orium RepublikiLit ewskie j
100
Orlen Aut omat yka Sp z oo Oddzial W T rzebinii 100
Basell Orlen Polyolef ins Sp z oo 50
Basell Orlen Polyolef ins Sprzedaz Sp z oo 100
Plocki Park Przemyslowo T echnologiczny SA 50
Cent rum Edukacji Sp z oo (Plock) 6943
Naf t oport Sp z oo 1795
T elewizja Familijna SA 1196
Dom Wydawniczy Kobiet a I Z ycie Sp z oo 100
Amber T v Sp z oo 75
URODA Sp z oo 7163
Grupa Mult imedialna SA 065
Company Tear Sheet - Key Financial Highlights
FISCAL PERIOD Q1-2013 CONSOLID Q1-2014 CONSOLID Q1-2015 CONSOLID Q1-2016 CONSOLID
Net sales revenue 8722732 7894694 5366537 4096271
Total Operating Revenue 8745929 7993873 5388266 4146296
Operating profit (EBIT) 102957 77903 316278 99293
EBITDA NA NA NA NA
Net Profit(Loss) 46076 41243 232849 84892
Total Assets 16481679 17468363 12205902 12827082
Total equity 8764528 9099657 5601049 6507050
Operating Profit Margin 118 099 589 242
Return on Sales (ROS) 053 052 434 207
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 6 of 48
Return on Equity (ROE) 0 0 0 0
Debt to equity 3491 3563 5255 3958
Quick ratio 0 61 058 076 078
Cash Ratio 008 006 025 030
Provider EMIS - Global EMIS - Global EMIS - Global EMIS - Global
FISCAL PERIOD Q1-2013 CONSOLID Q1-2014 CONSOLID Q1-2015 CONSOLID Q1-2016 CONSOLID
Note data in USD Thousands
Company Tear Sheet - Financial Performance Charts
Company Tear Sheet - Latest MampA and ECM Deals
DAT ECOUNT RY OF
T ARGETT ARGET COMPANY
DEALT YPE
BUYER SELLER DEAL INDUST RIESDEAL VALUE
USD (MN)ST AKE
20-Jan-16CzechRepublic
68 petrol stations of OMV AcquisitionPKNOrlen SA
OMV AG Gasoline Stations NA 10000
16-Nov-15 PolandAssets of EuronaftTrzebinia
AcquisitionPKPCargo SA
PKN Orlen SASupport Activities for RailTransportation Rail Transportation
1502 10000
16-Nov-15 Poland Orlen Transport SA AcquisitionTransPoloniaSA
PKN Orlen SA Truck Transportation 2137 10000
21-Oct-15 Germany13 SUN petrol stations ofGermania Petrol
AcquisitionPKNOrlen SA
GermaniaPetrol GmbH
Gasoline Stations NA 10000
13-Oct-15 Canada Kicking Horse Energy Inc AcquisitionPKNOrlen SA
NA Oil and Gas Extraction 22634 10000
Company Tear Sheet - Top Competitors
Gasoline Stat ions
COMPANYT OT AL
OPERAT INGREVENUE
OPERAT INGPROFIT(EBIT )
NETPROFIT (LOSS)
RET URN ONASSET S (ROA)
()
RET URN ONEQUIT Y (ROE)
()
PRICE PEREARNING
()
EARNINGPER
SHARE
PRICEREFERENCE
DAT E
FISCALYEAR
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 7 of 48
PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015
Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015
Lotos Paliwa Spz oo
5621684 13710 7267 114 511 NA 2013
BP Europa SEOddzial WPolsce
3723751 38592 20434 186 1725 NA 2014
Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Orlen Insurance Lt d (Malt a)
Anwil SA 100
Pro Lab Sp z oo 9999
Przedsiebiorst wo Uslug T echnicznych Wircom Sp z oo 9705
Balt ic Power Sp z oo 100
Balt ic Spark Sp z oo 100
Inowroclawskie Kopalnie Soli Solino SA 100
Kopalnia Soli Lubien Sp z oo 100
ORLEN Deut schland AG (Germany) 100
Orlen Administ racja Sp z oo 100
Orlen Asf alt Sp z oo 100
Orlen Budonaf t Sp z oo 100
Orlen Cent rum Uslug Korporacyjnych Sp z oo 100
Orlen Eko Sp z oo 100
Orlen Gaz Sp z oo 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Hrubieszow 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Jaworzno 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Krosno Odrzanskie100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Nowa Brzeznica100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Plock 100
Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Ugoszcz 100
Orlen Pet rogaz Wroclaw Sp z oo 100
Orlen Liet uva AB (Lit huania) 100
Mazeikii Naf t os prekybos namai UAB (Lit huania) 100
Mazeikii Naf t os sveikat os prieziuros cent ras UAB (Lit huania)100
Naf t e lf UAB (Lit huania) 100
Paslaugos t au UAB (Lit huania) 100
Vent us-Naf t a AB (Lit huania) 100
EMAS UAB (Lit huania) 34
Orlen Ochrona Sp z oo 100
Orlen Ochrona Sp z oo Oddzial W Republice Czeskie j (CzechRepublic)
100
Orlen Oil Sp z oo 100
Pet ro-Oil SEEWAX Sp z oo 25
Plat inum Oil Sp z oo 2198
Pet ro Oil Wielkopolskie Cent rum Sprzedazy Sp z oo Oddzial WBaranowie
100
Pet ro Oil Wielkopolskie Cent rum Sprzedazy Sp z oo WSuchym Lesie Oddzial W T orniu
Konsorcjum Olejow Przepracowanych Organizacja OdzyskuOpakowan I Ole jow SA
81
Konsorcjum Olejow Przepracowanych Organizacja Odzysku SAOddzial W Krakowie
100
Ran Akant Sp z oo 51
Ran Pet romex Sp z oo 51
Ran Wat t Sp z oo 51
Remwil Sp z oo 100
Przedsiebiorst wo Inwest ycyjno Remont owe Remwil Sp z ooOddzial W Nerat ovicach
100
Orlen Kolt rans Sp z oo 9985
Orlen Projekt SA 9963
Orlen Holding Malt a Limit ed (Malt a) 995
Orlen T ransport Krakow Sp z oo 9841
Orlen T ransport Krakow Sp z oo Oddzial Przemysl 100
Orlen T ransport Krakow Sp z oo Oddzial Rzeszow 100
Raf T rans Sp z oo 100
Orlen Cent rum Serwisowe Sp z oo 9637
Orlen Cent rum Serwisowe Sp z oo Oddzial Kat owice 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Kedzierzyn Kozle100
Orlen Cent rum Serwisowe Sp z oo Oddzial Kie lce 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Lodz 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Nowa Wies Wielka100
Orlen Cent rum Serwisowe Sp z oo Oddzial Rzeszow 100
Orlen Cent rum Serwisowe Sp z oo Oddzial Warszawa 100
Serwis Mazowsze Sp z oo 885
Orlen Laborat orium Sp z oo 9494
Orlen Wir Sp z oo 7659
Orlen Wir Sp z oo Oddzial Na Lit wie Z Siedziba W Kownie 100
UNIPET ROL as (Czech Republic) 6299
BENZ INA sro (Czech Republic) 100
PARAMO as (Czech Republic) 100
MOGUL SLOVAKIA sro (Slovakia) 100
Paramo Oil sro (Czech Republic) 100
UNIPET ROL RAFINERIE sro (Czech Republic) 100
UNIPET ROL RPA sro (Czech Republic) 100
CHEMOPET ROL as (Czech Republic) 100
PET ROT RANS sro (Czech Republic) 1
POLYMER INST IT UT E BRNO spol s ro (Czech Republic) 1
Company Tear Sheet - Subsidiaries and Aff iliates
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 5 of 48
100
Orlen Paliwa Sp z oo 100
Orlen Paliwa Sp z oo (Widelka) 100
Orlen Paliwa Sp z oo Oddzial Biuro Obslugi Klient a W Plocku100
Orlen Paliwa Sp z oo Oddzial Gaz W Plocku 100
Orlen Paliwa Sp z oo Oddzial Sprzedaz Regionalny W Plocku100
Orlen Paliwa Sp z oo Oddzial Sprzedaz Regiony W Plocku 100
Pet ro Mawi Sp z oo 60
Orlen Poludnie SA 100
Ekonaf t Sp z oo 100
Energomedia Sp z oo 100
Euronaf t T rzebinia Sp z oo 100
Pensjonat Vena Sp z oo 67
Konsorcjum Olejow Przepracowanych Organizacja OdzyskuOpakowan I Ole jow SA
8
Konsorcjum Olejow Przepracowanych Organizacja Odzysku SAOddzial W Krakowie
100
Orlen Serwis SA 100
Orlen Upst ream Sp z oo 100
Pet rolot Sp z oo 100
Pet rolot Sp z oo Port Lot niczy Gdansk T rojmiast o 100
Pet rolot Sp z oo Port Lot niczy Kat owice Pyrzowice 100
Pet rolot Sp z oo Port Lot niczy Krakow Balice 100
Pet rolot Sp z oo Port Lot niczy Poznan Lawica 100
Pet rolot Sp z oo Port Lot niczy Szczecin Goleniow 100
Raf ineria Naf t y Jedlicze SA 100
RAF-Energia Sp z oo 100
Raf Kolt rans Sp z oo 100
UNIPET ROL DOPRAVA sro (Czech Republic) 1
UNIPET ROL SERVICES sro (Czech Republic) 100
UNIPET ROL T RADE as v likvidaci (Czech Republic) 100
Chemapol Schweiz AG (PRODundef ) 100
Vyzkumny ust av anorganicke chemie as (Czech Republic) 100
But adien Kralupy as (Czech Republic) 51
ORLEN HOLDING MALT A (Malt a) 05
UNIPET ROL DEUT SCHLAND GmbH (Germany) 01
PET ROT RANS sro (Czech Republic)
POLYMER INST IT UT E BRNO spol s ro (Czech Republic)
UNIPET ROL DOPRAVA sro (Czech Republic)
Ship Service SA 609
Orlen Aut omat yka Sp z oo 5242
Orlen Aut omat yka Sp z oo Oddzial Na T eryt orium RepublikiLit ewskie j
100
Orlen Aut omat yka Sp z oo Oddzial W T rzebinii 100
Basell Orlen Polyolef ins Sp z oo 50
Basell Orlen Polyolef ins Sprzedaz Sp z oo 100
Plocki Park Przemyslowo T echnologiczny SA 50
Cent rum Edukacji Sp z oo (Plock) 6943
Naf t oport Sp z oo 1795
T elewizja Familijna SA 1196
Dom Wydawniczy Kobiet a I Z ycie Sp z oo 100
Amber T v Sp z oo 75
URODA Sp z oo 7163
Grupa Mult imedialna SA 065
Company Tear Sheet - Key Financial Highlights
FISCAL PERIOD Q1-2013 CONSOLID Q1-2014 CONSOLID Q1-2015 CONSOLID Q1-2016 CONSOLID
Net sales revenue 8722732 7894694 5366537 4096271
Total Operating Revenue 8745929 7993873 5388266 4146296
Operating profit (EBIT) 102957 77903 316278 99293
EBITDA NA NA NA NA
Net Profit(Loss) 46076 41243 232849 84892
Total Assets 16481679 17468363 12205902 12827082
Total equity 8764528 9099657 5601049 6507050
Operating Profit Margin 118 099 589 242
Return on Sales (ROS) 053 052 434 207
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 6 of 48
Return on Equity (ROE) 0 0 0 0
Debt to equity 3491 3563 5255 3958
Quick ratio 0 61 058 076 078
Cash Ratio 008 006 025 030
Provider EMIS - Global EMIS - Global EMIS - Global EMIS - Global
FISCAL PERIOD Q1-2013 CONSOLID Q1-2014 CONSOLID Q1-2015 CONSOLID Q1-2016 CONSOLID
Note data in USD Thousands
Company Tear Sheet - Financial Performance Charts
Company Tear Sheet - Latest MampA and ECM Deals
DAT ECOUNT RY OF
T ARGETT ARGET COMPANY
DEALT YPE
BUYER SELLER DEAL INDUST RIESDEAL VALUE
USD (MN)ST AKE
20-Jan-16CzechRepublic
68 petrol stations of OMV AcquisitionPKNOrlen SA
OMV AG Gasoline Stations NA 10000
16-Nov-15 PolandAssets of EuronaftTrzebinia
AcquisitionPKPCargo SA
PKN Orlen SASupport Activities for RailTransportation Rail Transportation
1502 10000
16-Nov-15 Poland Orlen Transport SA AcquisitionTransPoloniaSA
PKN Orlen SA Truck Transportation 2137 10000
21-Oct-15 Germany13 SUN petrol stations ofGermania Petrol
AcquisitionPKNOrlen SA
GermaniaPetrol GmbH
Gasoline Stations NA 10000
13-Oct-15 Canada Kicking Horse Energy Inc AcquisitionPKNOrlen SA
NA Oil and Gas Extraction 22634 10000
Company Tear Sheet - Top Competitors
Gasoline Stat ions
COMPANYT OT AL
OPERAT INGREVENUE
OPERAT INGPROFIT(EBIT )
NETPROFIT (LOSS)
RET URN ONASSET S (ROA)
()
RET URN ONEQUIT Y (ROE)
()
PRICE PEREARNING
()
EARNINGPER
SHARE
PRICEREFERENCE
DAT E
FISCALYEAR
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 7 of 48
PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015
Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015
Lotos Paliwa Spz oo
5621684 13710 7267 114 511 NA 2013
BP Europa SEOddzial WPolsce
3723751 38592 20434 186 1725 NA 2014
Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
100
Orlen Paliwa Sp z oo 100
Orlen Paliwa Sp z oo (Widelka) 100
Orlen Paliwa Sp z oo Oddzial Biuro Obslugi Klient a W Plocku100
Orlen Paliwa Sp z oo Oddzial Gaz W Plocku 100
Orlen Paliwa Sp z oo Oddzial Sprzedaz Regionalny W Plocku100
Orlen Paliwa Sp z oo Oddzial Sprzedaz Regiony W Plocku 100
Pet ro Mawi Sp z oo 60
Orlen Poludnie SA 100
Ekonaf t Sp z oo 100
Energomedia Sp z oo 100
Euronaf t T rzebinia Sp z oo 100
Pensjonat Vena Sp z oo 67
Konsorcjum Olejow Przepracowanych Organizacja OdzyskuOpakowan I Ole jow SA
8
Konsorcjum Olejow Przepracowanych Organizacja Odzysku SAOddzial W Krakowie
100
Orlen Serwis SA 100
Orlen Upst ream Sp z oo 100
Pet rolot Sp z oo 100
Pet rolot Sp z oo Port Lot niczy Gdansk T rojmiast o 100
Pet rolot Sp z oo Port Lot niczy Kat owice Pyrzowice 100
Pet rolot Sp z oo Port Lot niczy Krakow Balice 100
Pet rolot Sp z oo Port Lot niczy Poznan Lawica 100
Pet rolot Sp z oo Port Lot niczy Szczecin Goleniow 100
Raf ineria Naf t y Jedlicze SA 100
RAF-Energia Sp z oo 100
Raf Kolt rans Sp z oo 100
UNIPET ROL DOPRAVA sro (Czech Republic) 1
UNIPET ROL SERVICES sro (Czech Republic) 100
UNIPET ROL T RADE as v likvidaci (Czech Republic) 100
Chemapol Schweiz AG (PRODundef ) 100
Vyzkumny ust av anorganicke chemie as (Czech Republic) 100
But adien Kralupy as (Czech Republic) 51
ORLEN HOLDING MALT A (Malt a) 05
UNIPET ROL DEUT SCHLAND GmbH (Germany) 01
PET ROT RANS sro (Czech Republic)
POLYMER INST IT UT E BRNO spol s ro (Czech Republic)
UNIPET ROL DOPRAVA sro (Czech Republic)
Ship Service SA 609
Orlen Aut omat yka Sp z oo 5242
Orlen Aut omat yka Sp z oo Oddzial Na T eryt orium RepublikiLit ewskie j
100
Orlen Aut omat yka Sp z oo Oddzial W T rzebinii 100
Basell Orlen Polyolef ins Sp z oo 50
Basell Orlen Polyolef ins Sprzedaz Sp z oo 100
Plocki Park Przemyslowo T echnologiczny SA 50
Cent rum Edukacji Sp z oo (Plock) 6943
Naf t oport Sp z oo 1795
T elewizja Familijna SA 1196
Dom Wydawniczy Kobiet a I Z ycie Sp z oo 100
Amber T v Sp z oo 75
URODA Sp z oo 7163
Grupa Mult imedialna SA 065
Company Tear Sheet - Key Financial Highlights
FISCAL PERIOD Q1-2013 CONSOLID Q1-2014 CONSOLID Q1-2015 CONSOLID Q1-2016 CONSOLID
Net sales revenue 8722732 7894694 5366537 4096271
Total Operating Revenue 8745929 7993873 5388266 4146296
Operating profit (EBIT) 102957 77903 316278 99293
EBITDA NA NA NA NA
Net Profit(Loss) 46076 41243 232849 84892
Total Assets 16481679 17468363 12205902 12827082
Total equity 8764528 9099657 5601049 6507050
Operating Profit Margin 118 099 589 242
Return on Sales (ROS) 053 052 434 207
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 6 of 48
Return on Equity (ROE) 0 0 0 0
Debt to equity 3491 3563 5255 3958
Quick ratio 0 61 058 076 078
Cash Ratio 008 006 025 030
Provider EMIS - Global EMIS - Global EMIS - Global EMIS - Global
FISCAL PERIOD Q1-2013 CONSOLID Q1-2014 CONSOLID Q1-2015 CONSOLID Q1-2016 CONSOLID
Note data in USD Thousands
Company Tear Sheet - Financial Performance Charts
Company Tear Sheet - Latest MampA and ECM Deals
DAT ECOUNT RY OF
T ARGETT ARGET COMPANY
DEALT YPE
BUYER SELLER DEAL INDUST RIESDEAL VALUE
USD (MN)ST AKE
20-Jan-16CzechRepublic
68 petrol stations of OMV AcquisitionPKNOrlen SA
OMV AG Gasoline Stations NA 10000
16-Nov-15 PolandAssets of EuronaftTrzebinia
AcquisitionPKPCargo SA
PKN Orlen SASupport Activities for RailTransportation Rail Transportation
1502 10000
16-Nov-15 Poland Orlen Transport SA AcquisitionTransPoloniaSA
PKN Orlen SA Truck Transportation 2137 10000
21-Oct-15 Germany13 SUN petrol stations ofGermania Petrol
AcquisitionPKNOrlen SA
GermaniaPetrol GmbH
Gasoline Stations NA 10000
13-Oct-15 Canada Kicking Horse Energy Inc AcquisitionPKNOrlen SA
NA Oil and Gas Extraction 22634 10000
Company Tear Sheet - Top Competitors
Gasoline Stat ions
COMPANYT OT AL
OPERAT INGREVENUE
OPERAT INGPROFIT(EBIT )
NETPROFIT (LOSS)
RET URN ONASSET S (ROA)
()
RET URN ONEQUIT Y (ROE)
()
PRICE PEREARNING
()
EARNINGPER
SHARE
PRICEREFERENCE
DAT E
FISCALYEAR
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 7 of 48
PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015
Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015
Lotos Paliwa Spz oo
5621684 13710 7267 114 511 NA 2013
BP Europa SEOddzial WPolsce
3723751 38592 20434 186 1725 NA 2014
Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Return on Equity (ROE) 0 0 0 0
Debt to equity 3491 3563 5255 3958
Quick ratio 0 61 058 076 078
Cash Ratio 008 006 025 030
Provider EMIS - Global EMIS - Global EMIS - Global EMIS - Global
FISCAL PERIOD Q1-2013 CONSOLID Q1-2014 CONSOLID Q1-2015 CONSOLID Q1-2016 CONSOLID
Note data in USD Thousands
Company Tear Sheet - Financial Performance Charts
Company Tear Sheet - Latest MampA and ECM Deals
DAT ECOUNT RY OF
T ARGETT ARGET COMPANY
DEALT YPE
BUYER SELLER DEAL INDUST RIESDEAL VALUE
USD (MN)ST AKE
20-Jan-16CzechRepublic
68 petrol stations of OMV AcquisitionPKNOrlen SA
OMV AG Gasoline Stations NA 10000
16-Nov-15 PolandAssets of EuronaftTrzebinia
AcquisitionPKPCargo SA
PKN Orlen SASupport Activities for RailTransportation Rail Transportation
1502 10000
16-Nov-15 Poland Orlen Transport SA AcquisitionTransPoloniaSA
PKN Orlen SA Truck Transportation 2137 10000
21-Oct-15 Germany13 SUN petrol stations ofGermania Petrol
AcquisitionPKNOrlen SA
GermaniaPetrol GmbH
Gasoline Stations NA 10000
13-Oct-15 Canada Kicking Horse Energy Inc AcquisitionPKNOrlen SA
NA Oil and Gas Extraction 22634 10000
Company Tear Sheet - Top Competitors
Gasoline Stat ions
COMPANYT OT AL
OPERAT INGREVENUE
OPERAT INGPROFIT(EBIT )
NETPROFIT (LOSS)
RET URN ONASSET S (ROA)
()
RET URN ONEQUIT Y (ROE)
()
PRICE PEREARNING
()
EARNINGPER
SHARE
PRICEREFERENCE
DAT E
FISCALYEAR
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 7 of 48
PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015
Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015
Lotos Paliwa Spz oo
5621684 13710 7267 114 511 NA 2013
BP Europa SEOddzial WPolsce
3723751 38592 20434 186 1725 NA 2014
Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
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Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
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Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015
Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015
Lotos Paliwa Spz oo
5621684 13710 7267 114 511 NA 2013
BP Europa SEOddzial WPolsce
3723751 38592 20434 186 1725 NA 2014
Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Financial Statements - Annual Statements - EMIS Global Template
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Share of profit (loss) of associates -117558 -53711 -27202 -5390 104935
Profit before income tax 942013 805365 37007 -1998586 912878
Income tax -262094 -139343 -21192 132541 -123219
Profit after income tax 679920 666022 15815 -1866044 789659
Net Profit(Loss) 679920 666022 28467 -1847970 856701
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Financial Statements - Interim Statements - EMIS Global Template
REPORTING DETAILS
NAMEQ1-2015 -
CONSOLIDH1-2015 -
CONSOLIDQ3C-2015 -CONSOLID
Y-2015 - CONSOLIDQ1-2016 -
CONSOLID
Begin date of reporting period 2015-01-01 2015-01-01 2015-01-01 2015-01-01 2016-01-01
End date of reporting period 2015-03-31 2015-06-30 2015-09-30 2015-12-31 2016-03-31
Original units as reported PLN Thousands PLN Thousands PLN Thousands PLN Thousands PLN Thousands
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Share of profit (loss) of associates 30045 79140 102858 104935 -25265
Profit before income tax 269065 775515 1031530 912878 88176
Income tax -44531 -152896 -197681 -123219 -24760
Profit after income tax 224533 622619 833849 789659 63416
Net Profit(Loss) 232849 650614 884475 856701 84892
Cash Flow Statement
NAMEQ1-2015 -
CONSOLIDH1-2015 -
CONSOLIDQ3C-2015 -CONSOLID
Y-2015 - CONSOLIDQ1-2016 -
CONSOLID
Exchange rat e used f or currencyconversion (IFRS)
373 371 373 377 396
Net cash flow from (used in) operatingactivities
262895 984939 1015458 1418737 739517
Net Profit 232849 650614 884475 856701 109652
Adjustments for Depreciation andimpairment of property plant and equipment
121253 246571 370986 502149 130117
Adjustments for Finance income 14486 27726 39911 52202 12633
Adjustments for Other adjustments -29509 94752 82501 165616 55584
Changes in Inventories -89599 -207540 -512685 -173566 373169
Changes in Trade and other receivables -89062 -416426 -44465 333353 8085
Changes in Trade and other payables 66260 411311 -51429 -509569 64932
Income tax paid 21193 124632 155895 69161 -22234
Net cash flow from (used in) investingactivities
-152372 -354783 -511345 -1085384 -353462
Proceeds from sale of property plant andequipment
11535 14536 18750 34713 15412
Purchase of property plant and equipment -165248 -335132 -495541 -815893 -387318
Acquisition of subsidiary -9152 -9107 -316659 17938
Other investing activity cash flows 1341 -25034 -25447 12454 50531
Net cash flow from (used in) financingactivities
-339349 -576858 -265985 -759451 -78575
Proceeds from borrowings 19046 100943 531970 502414 538152
Repayment of borrowings -342031 -633387 -548310 -999263 -602073
Payments of finance lease liabilities -1878 -3499 -5625 -1769
Dividends paid -189109 -187080
Other financing activity cash flow -14486 -40916 -54911 -75521 -12885
Net increase (decrease) in cash and cashequivalents
-228826 53298 238128 -426098 307479
Cash at the beginning of the period 1056139 1059772 1054566 1043251 593230
Exchange gains (losses) on cash and cashequivalents
1610 1346 11518 5035 -24760
Cash at the end of the period 828923 1114416 1304212 622188 875950
Free cash flow 97647 649807 519917 602844 352199
CAPEX -165248 -344554 -504917 -1132551 -387318
OTHER INFORMATION
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 15 of 48
NAMEQ1-2015 -
CONSOLIDH1-2015 -
CONSOLIDQ3C-2015 -CONSOLID
Y-2015 - CONSOLIDQ1-2016 -
CONSOLID
Reporting type Non-Cumulative Non-Cumulative Cumulative Non-Cumulative
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
NAMEQ1-2015 -
CONSOLIDH1-2015 -
CONSOLIDQ3C-2015 -CONSOLID
Y-2015 - CONSOLIDQ1-2016 -
CONSOLID
Reporting type Non-Cumulative Non-Cumulative Cumulative Non-Cumulative
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Liquidity Ratios
Current Ratio 152 170 153 155 151
Quick ratio 0 70 071 067 085 073
Dooms day ratio 0 27 015 017 028 017
Cash Ratio 029x 017x 018x 034x 024x
Cash Flow from Operation Ratio 004x 020x 035x 023x 039x
Leverage Ratios
Debt to total assets 2288 1728 1454 2499 2083
Debt to equity 5015 3213 2710 5728 4136
Long Term Debt to Capital 2822 2134 1911 3217 2512
Debt Enterprise Value 5420 3043 3122 3857 2586
Cash Flow to Debt 1927 -3515 885 1070 -1604
Leverage ratio 219x 186x 186x 229x 199x
Growth Trend Ratios
Revenue Trend 12804 11227 9458 9404 8269
Total Operating Revenue Trend 12806 11190 9449 9425 8249
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Fixed assetsTotal assets 4525 4701 4850 4846 5097
Current LiabilitiesTotal Liabilities 6205 6219 6703 5328 5720
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Financial statement type Consolid Consolid Consolid Consolid Consolid
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 20 of 48
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Fiscal year end December December December December December
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 21 of 48
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
more raquo
more raquo
Company Documents - Financial DocumentsAnnual Reports
Company Documents - Corporate Act ions
June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 04 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
June 14 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions
December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions
December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal
By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna
November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal
By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said
November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in
Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported
October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in
Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations
March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in
The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock
March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in
Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry
News amp Reports - News
June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP
Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed
June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 22 of 48
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring
Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016
June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling
May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)
May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement
May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English
Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure
May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in
Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr
May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today
Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran
May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in
Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs
May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag
May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 23 of 48
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
government of f icial responsible f or gas and power inf rastructure told Reuters on Monday
May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review
In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG
May 30 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed
May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group
PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group
May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 30 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers
May 27 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in
Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday
May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)
May 24 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA
May 24 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review
Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf
May 23 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 23 2016 INBRIEF PNB - Polish News Bullet in
According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 24 of 48
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling
May 20 2016 Top news from Polish polit ics economy business amp f inancial markets - 1630 PAP Market Insider
Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 20 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider
concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today
Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said
May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in
The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015
May 18 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider
draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art
May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider
Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 18 2016 Poland Press - Top Business Headlines PAP Market Insider
Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news
May 17 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider
Warszawa May 17 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 Top news from Polish polit ics economy business amp f inancial markets - 2100 PAP Market Insider
Warszawa May 16 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider
May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider
Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue
within the ORLEN Capital Group PAP Market Insider
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 25 of 48
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
more raquo
Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group
May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider
Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN
PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider
by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA
May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider
instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa
May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter
News amp Reports - Reports
July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports
September 13 2012 PKN Orlen mBank Analyt ical Report
April 17 2012 PKN Orlen Erste Bank - Company Analyses
November 17 2011 PKN_Orlen mBank Analyt ical Report
August 22 2011 PKN_Orlen mBank Analyt ical Report
June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses
March 16 2011 PKN_Orlen mBank Analyt ical Report
December 03 2010 PKN_Orlen mBank Analyt ical Report
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
MampA and ECM Deals - EMIS DealWatch Deals
DAT ECOUNT RY
OFT ARGET
T ARGET COMPANYDEALT YPE
BUYER SELLER DEAL INDUST RIESDEAL
VALUEUSD (MN)
ST AKE
20-Jan-16CzechRepublic
68 petrol stations of OMV Acquisition PKN Orlen SA OMV AG Gasoline Stations NA 100
16-Nov-15 Poland Assets of Euronaft Trzebinia Acquisition PKP Cargo SA PKN Orlen SASupport Activities forTransportation RailTransportation
1502 100
16-Nov-15 Poland Orlen Transport SA Acquisition Trans Polonia SA PKN Orlen SA Truck Transportation 2137 100
21-Oct-15 Germany13 SUN petrol stations ofGermania Petrol
Acquisition PKN Orlen SAGermaniaPetrol GmbH
Gasoline Stations NA 100
13-Oct-15 Canada Kicking Horse Energy Inc Acquisition PKN Orlen SA NA Oil and Gas Extraction 22634 100
13-Oct-15UnitedStates
FX Energy Inc Acquisition PKN Orlen SA NAOil and Gas ExtractionAgriculture Forestry Fishingand Hunting
8310 100
24-Sep-15 PolandTwo concessions in theregions of Lesser Polandand Subcarpathia
Acquisition PKN Orlen SADEADeutscheErdoel AG
Oil and Gas Extraction NA 100
20-Aug-15CzechRepublicPoland
Orlen KolTrans Sp z oo Acquisition PKP Cargo SA PKN Orlen SA Rail Transportation 4860 9985
20-Jul-15 Poland Bieszczady ProjectJointventure
PKN Orlen SA PolskieGornictwo Naftowe iGazownictwo SA
NA Oil and Gas Extraction NA 100
03-Jul-14CzechRepublic
Ceska Rafinerska ASMinoritystakepurchase
PKN Orlen SA Eni SpA Petroleum Refineries 4100 32445
14-May-14 Poland Orlen Medica Acquisition PZU TFI SA PKN Orlen SAHealth Care and SocialAssistance
1380 100
14-May-14 Poland Prof Med Sp z oo Acquisition PZU SA PKN Orlen SAHealth Care and SocialAssistance
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
DEALSIDE
INT ENTANNOUNCEMENT
T ARGETT ARGET
COUNT RYT ARGET INDUST RY
DEALT YPE
INVEST OR
Sell-side
13-Nov-15Orlen TransportSA
Poland Truck Transportation Acquisition Trans Polonia SA
Sell-side
23-Jul-15Czech railtransport unit ofPKN Orlen
CzechRepublic
Rail Transportation Acquisition NA
Buy-side
06-May-15 Fuel stationsAustriaGermanySwitzerland
Gasoline Stations Acquisition PKN Orlen SA
Sell-side
20-Oct-14Orlen KolTransSp z oo
Poland Rail Transportation Acquisition PKP Cargo SA
Buy-side
10-Jun-14Kicking HorseEnergy Inc
Canada Oil and Gas Extraction Acquisition PKN Orlen SA
Sell-side
29-May-14 ORLEN Lietuva Lithuania Petroleum Refineries Acquisition NA
Buy-side
05-Sep-13
BirchillExplorationLimitedPartnership
Canada Oil and Gas Extraction Acquisition PKN Orlen SA
Sell-side
23-Aug-13Medical centresin Plock andWloclawek
Poland Hospitals amp Health Care Acquisition NA
Buy-side
27-Jun-13 Fuel stationsCzechRepublicGermany
Gasoline Stations Acquisition PKN Orlen SA
Sell-side
25-Jul-12 Neste Polska Poland Other Gasoline Stations Acquisition Lotos SA PKN Orlen SA
Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing
Acquisition ZA Pulawy
Sell-side
14-Mar-11Rafineria NaftyJedlicze
Poland Petroleum Refineries Privatization PKN Orlen SA
Sell-side
30-Nov-10 CeproCzechRepublic
Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing
MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft
Sell-side
02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction
Minoritystakepurchase
ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP
Buy-side
16-Sep-10Gasolinestations
CzechRepublic
Gasoline Stations Acquisition PKN Orlen SA Unipetrol
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 29 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
This company is scored higher thanonly 5266 of companies in theindustry which equates to B - BelowAverage Risk on the Financial Scale Expected
Participation inCustomers Credit
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Criteria Weight Score Final Score
I EMIS Benchmark Score 90 207 B Below Average Risk
SIZ E RANKING SCORE
Sales 1 10000
Assets 1 10000
Profit 41 698
Total Shareholders Equity 1 10000
Average Size 11 7675
GROWT H RANKING SCORE
Net Sales Growth Rate 11 7674
Inc Dec in Assets 20 5581
Inc Decin Net Income 24 4651
Increase (Decrease) in Equity 22 5116
Average Growt h 19 5756
PROFIT ABILIT Y RANKING SCORE
Net Income Net Sales 29 3488
Return On Assets 38 1395
Net Income Net Worth 39 1163
Average Prof it abilit y 35 2015
INDEBT EDNESS RANKING SCORE
Indebtedness 22 5116
Leverage 33 2558
Total Liabilities Sales 17 6279
Average Indebt edness 24 4651
II EMIS Trend Score 10 298 E Very High Risk
Scoring Range 1 - Improves 2 - Maintains (According to the tolerance margin) 3 - Deteriorate
EMIS Credit Analytics - Summary
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
EMIS Benchmark Score
B Below Average Risk
5266
EMIS Trend Score
E Very High Risk
PampL E
Balance Sheet C
Cash Flow E
EMIS Credit Quota
21112537Thousands (USD)
Average Ranking 21 in 43 companies
RELAT IVEST RENGT HS
RELAT IVEWEAKNESSES
Sales Net Income Sales
Sales Growth
Remarks
EMIS Trend Score is calculated based on the 2latest annual company financial statements
Remarks
Credit Quota Recommended was calculatedbased on the industry average customer type(customized) and Financial Score
EMIS Credit Analyt ics - EMIS Financial Score
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
EMIS Benchmark Score 5266
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 31 of 48
100
PampL 2014 T OT AL
Sales Growth 3 3
Operating Profit Sales 3 3
Net Income Sales 3 3
T ot al PampL 300 300
BALANCE 2014 T OT AL
Days Receivables 2 2
Days Inventory 1 1
Current Ratio 3 3
Indebtness (Total AssetsTotal Liabilities) 3 3
Total Liabilities Sales 3 3
T ot al Balance 230 230
CASH FLOW 2014 T OT AL
Cash from Sales 3 3
Cash for Production 2 2
Cash for Operation 1 1
Net Operation Cash Generation (NOCG) 3 3
Free Cash Flow 3 3
Cash Flow After Financial Expenses 3 3
Cash Flow After Financial 3 3
Reduction in Debt 2 2
T ot al Cash Flow 267 267
III EMIS Financial Score 100 216 CC Above Average Risk
E D C CC B BB A AA
Business Scale
AA - Very Low RiskA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High RiskE - Very High Risk
E Very High Risk
C Moderate High Risk
E Very High Risk
EMIS Credit Analyt ics - EMIS Benchmark Score
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 32 of 48
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
SIZ E RANKING SCORE
Sales 1 10000
Assets 1 10000
Profit 41 698
Total Shareholders Equity 1 10000
Average Size 11 7675
GROWT H RANKING SCORE
Net Sales Growth Rate 11 7674
Inc Dec in Assets 20 5581
Inc Decin Net Income 24 4651
Increase (Decrease) in Equity 22 5116
Average Growt h 19 5756
PROFIT ABILIT Y RANKING SCORE
Net Income Net Sales 29 3488
Return On Assets 38 1395
Net Income Net Worth 39 1163
Average Prof it abilit y 35 2015
INDEBT EDNESS RANKING SCORE
Indebtedness 22 5116
Leverage 33 2558
Total Liabilities Sales 17 6279
Average Indebt edness 24 4651
Average Ranking 21
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
EMIS Benchmark Score(Against Industry)
5266
EMIS Credit Analyt ics - EMIS Credit Quota
Key parameters af f ecting quota value
COMPANY INDICAT ORS VALUE INDUST RY MULT IPLIERS MAX CALCULAT ED CREDIT
Assets 1332259352 Suppliers Assets 2801 373173079
Net Worth 581261405 Suppliers Net worth 6383 371042677
Tangible Net Worth 604356752 Suppliers Tangible Net Worth 6383 385785372
Net Sales 3067917427 Suppliers Net Sales 1352 414818151
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 33 of 48
Source EMIS Company Database
AVERAGE CREDIT
(BASED ON INDUSTRY)
319886918THOUSANDS (USD)
XEXPECT ED PART ICIPAT ION
(IN CUSTOMERS CREDIT)
11
FINANCIAL SCORE
CC
=
=
CALCULAT ED CREDIT
(AVERAGE X PARTICIPATION)
35187561THOUSANDS (USD)
X
QUOT A ADJUST MENT S
06
=CREDIT QUOT A
(ADJUSTED BY SCORE)
21112537THOUSANDS (USD)
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
NIP 7740001454 Headquart ers T el +48 (24) 3650000
Cost of Goods Sold 3048984945 Suppliers Cost of Goods Sold 1363 415427048
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
100
PampL 2014 T OT AL
Sales Growth 3 3
Operating Profit Sales 3 3
Net Income Sales 3 3
T ot al PampL 300 300
BALANCE 2014 T OT AL
Days Receivables 2 2
Days Inventory 1 1
Current Ratio 3 3
Indebtness (Total AssetsTotal Liabilities) 3 3
Total Liabilities Sales 3 3
T ot al Balance 230 230
CASH FLOW 2014 T OT AL
Cash from Sales 3 3
Cash for Production 2 2
Cash for Operation 1 1
Net Operation Cash Generation (NOCG) 3 3
Free Cash Flow 3 3
Cash Flow After Financial Expenses 3 3
Cash Flow After Financial 3 3
Reduction in Debt 2 2
T ot al Cash Flow 267 267
III EMIS Financial Score 100 216 CC Above Average Risk
E D C CC B BB A AA
Business Scale
AA - Very Low RiskA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High RiskE - Very High Risk
E Very High Risk
C Moderate High Risk
E Very High Risk
EMIS Credit Analyt ics - EMIS Benchmark Score
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 32 of 48
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
SIZ E RANKING SCORE
Sales 1 10000
Assets 1 10000
Profit 41 698
Total Shareholders Equity 1 10000
Average Size 11 7675
GROWT H RANKING SCORE
Net Sales Growth Rate 11 7674
Inc Dec in Assets 20 5581
Inc Decin Net Income 24 4651
Increase (Decrease) in Equity 22 5116
Average Growt h 19 5756
PROFIT ABILIT Y RANKING SCORE
Net Income Net Sales 29 3488
Return On Assets 38 1395
Net Income Net Worth 39 1163
Average Prof it abilit y 35 2015
INDEBT EDNESS RANKING SCORE
Indebtedness 22 5116
Leverage 33 2558
Total Liabilities Sales 17 6279
Average Indebt edness 24 4651
Average Ranking 21
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
EMIS Benchmark Score(Against Industry)
5266
EMIS Credit Analyt ics - EMIS Credit Quota
Key parameters af f ecting quota value
COMPANY INDICAT ORS VALUE INDUST RY MULT IPLIERS MAX CALCULAT ED CREDIT
Assets 1332259352 Suppliers Assets 2801 373173079
Net Worth 581261405 Suppliers Net worth 6383 371042677
Tangible Net Worth 604356752 Suppliers Tangible Net Worth 6383 385785372
Net Sales 3067917427 Suppliers Net Sales 1352 414818151
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 33 of 48
Source EMIS Company Database
AVERAGE CREDIT
(BASED ON INDUSTRY)
319886918THOUSANDS (USD)
XEXPECT ED PART ICIPAT ION
(IN CUSTOMERS CREDIT)
11
FINANCIAL SCORE
CC
=
=
CALCULAT ED CREDIT
(AVERAGE X PARTICIPATION)
35187561THOUSANDS (USD)
X
QUOT A ADJUST MENT S
06
=CREDIT QUOT A
(ADJUSTED BY SCORE)
21112537THOUSANDS (USD)
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
NIP 7740001454 Headquart ers T el +48 (24) 3650000
Cost of Goods Sold 3048984945 Suppliers Cost of Goods Sold 1363 415427048
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
SIZ E RANKING SCORE
Sales 1 10000
Assets 1 10000
Profit 41 698
Total Shareholders Equity 1 10000
Average Size 11 7675
GROWT H RANKING SCORE
Net Sales Growth Rate 11 7674
Inc Dec in Assets 20 5581
Inc Decin Net Income 24 4651
Increase (Decrease) in Equity 22 5116
Average Growt h 19 5756
PROFIT ABILIT Y RANKING SCORE
Net Income Net Sales 29 3488
Return On Assets 38 1395
Net Income Net Worth 39 1163
Average Prof it abilit y 35 2015
INDEBT EDNESS RANKING SCORE
Indebtedness 22 5116
Leverage 33 2558
Total Liabilities Sales 17 6279
Average Indebt edness 24 4651
Average Ranking 21
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
EMIS Benchmark Score(Against Industry)
5266
EMIS Credit Analyt ics - EMIS Credit Quota
Key parameters af f ecting quota value
COMPANY INDICAT ORS VALUE INDUST RY MULT IPLIERS MAX CALCULAT ED CREDIT
Assets 1332259352 Suppliers Assets 2801 373173079
Net Worth 581261405 Suppliers Net worth 6383 371042677
Tangible Net Worth 604356752 Suppliers Tangible Net Worth 6383 385785372
Net Sales 3067917427 Suppliers Net Sales 1352 414818151
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 33 of 48
Source EMIS Company Database
AVERAGE CREDIT
(BASED ON INDUSTRY)
319886918THOUSANDS (USD)
XEXPECT ED PART ICIPAT ION
(IN CUSTOMERS CREDIT)
11
FINANCIAL SCORE
CC
=
=
CALCULAT ED CREDIT
(AVERAGE X PARTICIPATION)
35187561THOUSANDS (USD)
X
QUOT A ADJUST MENT S
06
=CREDIT QUOT A
(ADJUSTED BY SCORE)
21112537THOUSANDS (USD)
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
NIP 7740001454 Headquart ers T el +48 (24) 3650000
Cost of Goods Sold 3048984945 Suppliers Cost of Goods Sold 1363 415427048
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Source EMIS Company Database
AVERAGE CREDIT
(BASED ON INDUSTRY)
319886918THOUSANDS (USD)
XEXPECT ED PART ICIPAT ION
(IN CUSTOMERS CREDIT)
11
FINANCIAL SCORE
CC
=
=
CALCULAT ED CREDIT
(AVERAGE X PARTICIPATION)
35187561THOUSANDS (USD)
X
QUOT A ADJUST MENT S
06
=CREDIT QUOT A
(ADJUSTED BY SCORE)
21112537THOUSANDS (USD)
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
NIP 7740001454 Headquart ers T el +48 (24) 3650000
Cost of Goods Sold 3048984945 Suppliers Cost of Goods Sold 1363 415427048
QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS
Expanded QuotaAA 2
A 15
Normal Quota BB 1
Reduced Quota
B 08
CC 06
C 04
No QuotaD 02
E 0
EMIS Credit Analyt ics - Conclusions
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 34 of 48
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Ul Chemikoacutew 7
09-411
Fax +48 (24) 3654040
Email zarzadorlenpl
RELAT IVE ST RENGT HS RANKING SCORE
Sales 1 100
Sales Growth 11 7674
EMIS Credit Quota(Score adjusted)
21112537Thousands (USD)
Participation in credit Financial Score
CC
Date 2016 June 2
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics
EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is
the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry
EMIS Benchmark Score(Against Industry)
5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies
classified within this industry
EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity
Ratios In the result it is important to note
EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and
Cash Flow Statement
EMIS T REND SCORE
Profit amp Loss E
Balance Sheet C
Cash Flow Statement E
EMIS Financial ScoreEMIS Financial Score was not affected by Conditions
Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)
Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459
Key parameters af f ecting quota value
EMIS Credit Analyt ics - Company vs Industry Key Stats
Company vs Industry - Key Stats
REPORTING DETAILS
11
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 35 of 48
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
Displaying units USD Thousands USD Thousands USD Thousands
SIZ E
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Sales 915054 30679174 1 37904382 1 38981804 1
Assets 441712 13322594 1 17049137 1 16979933 1
Profit -47512 -1656877 41 58433 1 756549 1
Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Current Liabilities Total Liabilities 6146 6279 7 7210 11 6768 11
Average Indebt edness Posit ion 20 21 24
EFFICIENCY
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Days Receivables 23 24 8 24 10 24 6
Days Inventory 36 33 16 46 19 48 23
Suppliers Turnover 49 45 10 50 15 45 15
Operational Cycle 59 57 11 70 13 72 14
Average Ef f iciency Posit ion 11 14 15
LIQUIDIT Y
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Current Ratio 128 132 19 142 21 157 22
Quick Ratio 132 132 19 142 21 157 22
Working Capital 42581 1486941 1 2418659 1 3019099 1
Average Liquidit y Posit ion 13 14 15
OT HERS
2014 2014 2013 2012
AVERAGEINDUST RY
VALUE RANKING VALUE RANKING VALUE RANKING
Gross Profit 0 76 062 31 491 34 614 33
Other Income -1926 -1852 32 64868 3 5153 6
Reduction In Debt 158 0 13 0 17 0 12
Average Ot hers Posit ion 25 18 17
EMIS Credit Analyt ics - Company vs Industry Balance Sheet
Company vs Industry - Balance Sheet
REPORTING DETAILS
2014 2013 2012
Statement type Individual Individual Individual
Audited Non-Audited Non-Audited Non-Audited
Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins
Companies in Industry 43 54 52
EMIS Benchmark Score 5266 6892 7170
Reporting Standard 197 197 197
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 37 of 48
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Fiscal year 2014Companies in Industries 43
IndustryPetroleum Refineries
Profit Before Income Taxes -594 -909715 -580 -407834 008 -9639 014 -9402 196 -1306 217 -601
T AXES AND OT HERS
2014INDUST RY
2014COMPANY
2013INDUST RY
2013COMPANY
2012INDUST RY
2012COMPANY
V H V H V H V H V H V H
Extraordinary Income (Charges) 0 02 8819 005 4250 002 NA 004 NA 000 -10000 000 NA
Changes Due To Consolidation 027 -8018 002 -8023 162 -5086 008 -5086 292 -4973 014 -4977
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Cash For Production -9625 -2474 -9736 159 -9328 1572 -9324 962 -9801 -961 -9748 -1525
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 42 of 48
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Score Scale
Financial ScaleFinancial Model has 8 risk categories
A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk
Risk Profile
High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months
A loss in the Credit would seriously affect the results Bank credited to morethan 36 months
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 43 of 48
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Ret urn on Asset s (ROA)
An indicator of how profitable a company is relative to its total assets ROA gives an
idea as to how efficient management is at using its assets to generate earnings
Calculated by dividing a companys annual earnings by its total assets
Calculated as Net prof it T ot al Asset
Ret urn on Equit y (ROE)
A measure of a corporations profitability that reveals how much profit a company
generates with the money shareholders have invested
Calculated as Net prof it Shareholders equit y
Ret urn on Sales (ROS)
A ratio widely used to evaluate a companys operational efficiency ROS is also
known as a firms operating profit margin
Calculated as Net Prof it Net Sales Revenue
Bookvalue
A companys common stock equity as it appears on a balance sheet equal to total
assets minus liabilities preferred stock and intangible assets such as goodwill
Current Rat io
A liquidity ratio that measures a companys ability to pay short-term obligations
Calculated as Current Asset sCurrent Liabilit ies
Quick rat io
An indicator of a companys short-term liquidity The quick ratio measures a
companys ability to meet its short-term obligations with its most liquid assets The
higher the quick ratio the better the position of the company
Calculated as (Current Asset s-Invent ories)Current Liabilit ies
Debt t o equit y
A measure of a companys financial leverage calculated by dividing its total
liabilities by stockholders equity It indicates what proportion of equity and debt the
company is using to finance its assets
Calculated as T ot al Liabilit iesShareholders Equit y
Debt t o t ot al asset s
A metric used to measure a companys financial risk by determining how much of
the companys assets have been financed by debt Calculated by adding short-term
and long-term debt and then dividing by the companys total assets
Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s
Leverage rat io
Leverage ratio provide an indication of the long term solvency of the firm
Calculated as T ot al Asset sShareholders Equit y
Debt Ent erprise Value
This metric is equivalent to the payback period used by debtholders Calculated as
Debt Ent erprise Value
Market Capit alizat ionEBIT DA
Calculated as Market Capit alizat ionEBIT DA
Earning Bef ore Int erest s and T axes (EBIT )
Earning Before Interests and Taxes (EBIT)
EBIT DA
Earnings before interest taxes depreciation and amortization (EBITDA) is a non-
GAAP metric that can be used to evaluate a companys profitability Calculated as
Ent erprise valueNet Sales
Dividing the enterprise value of a firm by its sales or revenues is a way of
comparing firms in cyclical industries Calculated as Enterprise Value Net Sales
Revenue
Ent erprise valueGross income
Calculated as Enterprise value Gross income
Ent erprise valueT ot al Asset s
Calculated as Enterprise value Total Assets
EBIT DA Margin
A measurement that provides a clear view of the companyrsquos core profitability
Calculated as EBITDA Net Sales Revenue
T ot al Operat ing Revenue T rend
Calculated as Total Operating Revenue current year Total Operating Revenue
previous year
Gross Prof it T rend
Calculated in percentage as (Gross Prof it Current Year Gross Prof it
Previous Year) ndash 1
EBIT DA T rend
Calculated as EBITDA current year EBITDA previous year
Account s Receivables T rend
Calculated in percentage as T rade Account s Receivables current year
T rade Account Receivables previous year
Invent ory T rend
Calculated as Inventories current year Inventories previous year
Net Propert y Plant and Equipment (PPampE) T rend
Calculated as Net PPampE current year Net PPampE previous year
T ot al Asset s T rend
Calculated as Total Assets current year Total Assets previous year
Bookvalue T rend
Calculated as Bookvalue current year Bookvalue previous year
Shareholders Equit y T rend
Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous
year
Cash f rom Operat ions T rend
Calculated as Net Cash Flow from Operations current year Net Cash Flow from
Operations previous year
Capit al Expendit ures T rend
Calculated as CAPEX current year CAPEX previous year
Dividend per Share T rend
Calculated as Dividend value per (common) share current year Dividend value
per (common) share previous year
Cost t o Income Rat io
A key financial measure showing a bankrsquos cost in relation to its income Ratio is
calculated as Total Operational Cost Total Operational Income
Glossary
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 44 of 48
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and
Amort izat ion excluded)
Ent erprise Value EBIT DA
Enterprise Value EBITDA is the metric most used to measure how many years it
would take to pay back the investment
Ent erprise Value
A measure of a companys value often used as an alternative to straightforward
market capitalization EV is calculated as market cap plus debt minority interest
and preferred shares minus total cash and cash equivalents
Dooms day rat io
Calculated as Cash Current Liabilit ies
Long T erm Debt t o Capit al
A ratio showing the financial leverage of a firm calculated by dividing long-term
debt by the amount of capital available Calculated as Long t erm debt Long
t erm debt + Pref f ered St ock + Common St ock
Int erest Coverage Rat io
A ratio used to determine how easily a company can pay interest on outstanding
debt The interest coverage ratio is calculated by dividing a companys earnings
before interest and taxes (EBIT) of one period by the companys interest expenses of
the same period Calculated as EBIT Int erest expense
Cash Flow t o Debt
This coverage ratio compares a companys operating cash flow to its total debt
which for purposes of this ratio is defined as the sum of short-term borrowings the
current portion of long-term debt and long-term debt This ratio provides an
indication of a companys ability to cover total debt with its yearly cash flow from
operations The higher the percentage ratio the better the companys ability to carry
its total debt Calculates as Operat ing Cash Flow T ot al Debt
Ret urn on Capit al
A ratio that indicates the efficiency and profitability of a companys capital
investments Calculated as Net Income (Total Asset - Current Liabilities)
Gross Prof it Margin
A financial metric used to assess a firms financial health by revealing the
proportion of money left over from revenues after accounting for the cost of goods
sold Gross profit margin serves as the source for paying additional expenses and
future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net
Sales Revenue
Operat ing Prof it Margin
A ratio used to measure a companys pricing strategy and operating efficiency
Calculated as Operat ing prof it Net sales
Account s Receivable T urnover
An accounting measure used to quantify a firms effectiveness in extending credit
as well as collecting debts The receivables turnover ratio is an activity ratio
measuring how efficiently a firm uses its assets Calculated as Net Sales
Revenue T rade Account s Receivable (Net )
Invent ory T urnover
A ratio showing how many times a companys inventory is sold and replaced over a
period Calculated as Sales Invent ory
Current asset t urnover
Calculated as Net Sales Revenue T ot al Current Asset
Ef f iciency Rat io
Calculated as Total non-interest expenses (Total net interest income + Total non-
interest income)
Loans t o Deposit s Rat io
A commonly used statistic for assessing a banks liquidity Calculated as Total
Loans Total Deposits
Liquid Asset s t o Deposit s Rat io
This ratio indicates extent of liquidity maintained by a bank for meeting the demand
made by the depositors Calculated as (Cash + Financial assets held for trading)
Total Deposits
Loans t o Asset Rat io
Calculated as Total Loans Total Assets
Net Int erest Income T rend
Calculated as Net Interest Income current year Net Interest Income previous year
Net Fee and Commission Income T rend
Calculated as Net Fee and Commission Income current year Net Fee and
Commission Income previous year
Loans and Advances t o Cust omers T rend
Calculated as Loans and Advances to Customers current year Loans and
Advances to Customers previous year
Deposit s f rom Cust omers T rend
Calculated as Deposits from Customers current year Deposits from Customers
previous year
Loss Rat io
This ratio indicates the average cost of insurance protection per each dollar of net
premiums earned during the period Calculated as Total Losses Incurred in Claims
Net Insurance Premium Revenue
Underwrit ing Expenses Rat io
This ratio measures operational efficiency in underwriting Calculated as
Underwriting expenses Net Insurance Premium Revenue
Policyholder Dividend Rat io
Calculated as Dividends Net Insurance Premium Revenue
Combined LossExpense Rat io
Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend
Ratio When the combined ratio is under 100 underwriting results are
considered profitable when the combined ratio is over 100 underwriting results
are considered unprofitable
Ceded Premium Rat io
Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium
Revenue
Net Premiums Earned T rend
Calculated as Net Insurance Premium Revenue current year Net Insurance
Premium Revenue previous year
Fees and Commissions T rend
Calculated as Net Fees and Commissions Income current year Net Fees and
Commissions Income previous year
Net Invest ment Income T rend
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 45 of 48
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
Fixed-asset t urnover
This ratio is a rough measure of the productivity of a companys fixed assets
(property plant and equipment or PPampE) with respect to generating sales For most
companies their investment in fixed assets represents the single largest
component of their total assets This annual turnover ratio is designed to reflect a
companys efficiency in managing these significant assets Simply put the higher
the yearly turnover rate the better Calculated as Revenue Propert y Plant and
Equipment
Asset T urnover
The amount of sales generated for every dollars worth of assets It is calculated by
dividing sales in dollars by assets in dollars Calculated as Revenue Asset s
Revenue T rend
Calculated as (Net Sales Current Year Net Sales Previous Year)
Net Income T rend
Calculated as (Net Income Current Year Net Income Previous Year)
Operat ing Income T rend
Calculated as (Operat ing Income Current Year Operat ing Income
Previous year)
PriceBook Rat io
A ratio used to compare a stocks market value to its book value It is calculated by
dividing the current closing price of the stock by the latest years book value per
share Calculated as St ock price (T ot al Asset - Int angible asset s and
Liabilit ies)
PriceEarnings Rat io
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market capShareholder equit y
A financial ratio showing the premium which is included in the current market price
compared to the actual value of Shareholder equity of the company Calculated as
Market capit alizat ion Shareholders equit y
PriceEBIT Rat io
The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows
the number of times the market price exceeds the earnings per share before the
effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated
as follows Valuat ion price EBIT
T ot al Capit al Rat io
Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1
and T ier 2) Risk-adjust ed asset s
T ier 1 Rat io
Tier 1 capital is the core measure of a banks financial strength from a regulators
point of view It consists primarily of shareholders equity but may also include
preferred stock that is irredeemable and non-cumulative and retained earnings
Risk Weight ed Asset s
Risk weights are in five categories from zero to 100 per cent Those carrying a
zero weight include notes and coins gold matched by gold liabilities balances with
the Reserve Bank and commonwealth government securities with less than twelve
months to maturity Commonwealth government securities with more than twelve
months to maturity carry a 10 per cent risk weighting as do state government
securities Claims on other banks Australian local governments and public-sector
organisations other than those with corporate status or which operate
Calculated as Investment Income current year Investment Income previous year
Receivables Arising Out Of Direct Insurance Operat ions T rend
Calculated as Receivables Arising out of Direct Insurance Operations current year
Receivables Arising out of Direct Insurance Operations previous year
Operat ing ROA
An indicator that shows the type of net profit which is actually generated by business
effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s
Payables T urnover
An indicator that evaluates how fast a company pays off its creditors (suppliers)
Calculated as Purchases T rade Payables
Working Capit al T urnover
A measure that indicates how efficiently the company generates revenue with its
working capital Working capital is defined as current assets minus current liabilities
Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current
Liabilit ies)
Working Capit al
A measure of a companyrsquos short term financial health Calculated as T ot al
Current Asset s ndash T ot al Current Liabilit ies
Cash Rat io
A measure of a companyrsquos liquidity in crisis situation Only highly marketable
securities and cash are included Calculated as (T ot al Cash and Cash
Equivalent s + Market able securit ies) T ot al Current Liabilit ies
Cash Flow f rom Operat ion Rat io
A measure of how well current liabilities are covered by the cash flow generated
from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing
Act ivit ies T ot al Current Liabilit ies
Debt Coverage
A measure that shows a companyrsquos ability to cover total debt with its yearly cash
flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies
T ot al Debt
Cash Flow t o Revenue
This ratio measures the amount of operating cash flow generated for each dollar of
revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales
Revenue
Cash Ret urn on Asset s
This ratio measures the return of operating cash flow attributed to all providers of
capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Asset s
Cash Ret urn on Equit y
This ratio measures the return of operating cash flow attributed to shareholders
Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al
Shareholdersrsquo Equit y
Cash t o Income
This ratio measures the ability to generate cash from companyrsquos operations
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it
(EBIT )
CashT ot al Asset s
Calculated as Cash and Cash Equivalent s T ot al Asset s
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 46 of 48
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
commercially carry a 20 per cent risk weighting Loans secured by a mortgage
over residential property and with a loan-to-valuation of 80 per cent or less carry a
50 per cent risk weighting and loans to companies or individuals carry a 100 per
cent risk weighting
Market Cap Net cash
A ratio measure the market value of the company to the Net cash position of the
company Calculated as Market capit alizat ion (Cash and cash equivalent s
minus long-t erm debt )
Net Cash
Net cash is commonly used in evaluating a companys cash flow More generally
net cash can refer to the amount of cash remaining after a transaction has been
completed and all charges and deductions related to the transaction have been
subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies
Annualised Ret urn on Equit y (ROE)
Return on Equity ratio (ROE) converted into an annual basis
Annualised Ret urn on Asset s (ROA)
Return on Assets ratio (ROA) converted into an annual basis
Export Proport ion Rat io
The percentage figure of the proportion of the export revenue from the total sales
revenue of the company Calculated as Export revenue T ot al revenue
Net Debt
A metric that shows companys overall debt situation by netting the value of
financial liabilities with its cash and other similar liquid assets Calculated as
financial liabilities - cash and cash equivalents
EPS
The portion of a companys profit allocated to each outstanding share Calculated
as Net Profit Outstanding Shares
PE
A valuation ratio of a companys current share price compared to its per-share
earnings Calculated as Market value per share Earning per share EPS
Market Capit alizat ionNet Sales
Calculated as Market Capitalization Net Sales Revenue
Market Capit alizat ionGross income
Calculated as Market Capitalization Gross Profit
Market Capit alizat ionEBIT
Calculated as Market Capitalization EBIT
Market Capit alizat ionT ot al Asset s
Calculated as Market Capitalization Total Assets
ReceivablesT ot al asset s
Calculated as T rade Account s Receivable T ot al Asset s
Invent oriesT ot al asset s
Calculated as Invent ories T ot al Asset s
Fixed asset sT ot al asset s
Calculated as Non-current Asset s T ot al Asset s
Current Liabilit iesT ot al Liabilit ies
Calculated as T ot al Current Liabilit ies T ot al Liabilit ies
Salaries and Employee Benef it sNet sales
Calculated as Employee Benef it Expenses Net Sales Revenue
Administ rat ive ExpensesNet Sales
Calculated as Administ rat ive Expenses Net Sales Revenue
Depreciat ion and Amort izat ionNet sales
Calculated as Depreciat ion Amort izat ion and Impairment Charges Net
Sales Revenue
Int erest paidNet sales
Calculated as Int erest -t ype Expenses Net Sales Revenue
Income t axNet sales
Calculated as Income T ax Net Sales Revenue
Operat ing Cash Flow t o T ot al Cash Flow
Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash Flow f rom Invest ing t o T ot al Cash Flow
Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net
IncreaseDecrease in Cash and Cash Equivalent s
Cash f low f rom f inancing t o T ot al cash f low
Calculated as Net cash flow from (used in) financing activities Net
IncreaseDecrease in Cash and Cash Equivalents
Average Yie ld on Asset s
Calculated as T ot al Int erest Income T ot al Asset s
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the
effective delivery of the information and shall not be held responsible for any errors or omissions therein
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
contentrecommendation
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 47 of 48
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48
Table of Contents
Company Tear Sheet
Contact Information
NAICS Industry Classification
Business description
Basic Information
EMIS Financial Score
Share Price information
Key Executives
Ownership Details
Subsidiaries and Affiliates
Key Financial Highlights
Financial Performance Charts
Latest MampA and ECM Deals
Top Competitors
Financial Statements
Annual Statements
Interim Statements
Ratios
Multiples
Company Documents
Financial DocumentsAnnual Reports
Corporate Actions
News amp Reports
News
Reports
MampA and ECM Deals
EMIS DealWatch Deals
EMIS DealWatch Intents
EMIS Credit Analytics
Summary
EMIS Financial Score
EMIS Benchmark Score
EMIS Credit Quota
Conclusions
Company vs Industry Key Stats
Company vs Industry Balance Sheet
Company vs Industry Income Statement
Company vs Industry Cash Flow
EMIS Credit Analytics Assumptions
Glossary
Disclaimer
EMIS Business Report Generated on 2016-06-02
Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 48 of 48