Further development of sales among others on markets of Baltic states and Ukraine drove the Company to the net result of USD 145m for 1st half of 2015.
"All the efforts and commitment made to restructure the Company is followed with good financial results. Nevertheless we do not overestimate the influence of market conditions, that currently are extremely favorable for us. However we noted that our efforts to expend on Baltic states market result with higher sales volumes. In 1 half of 2015 ORLEN Lietuva delivered 22% more volumes to Latvia compared to the same period in 2014. In Estonia in the same period our sales enlarged by 38%", – said Ireneusz Fafara, CEO of ORLEN Lietuva.
In Q2 2015 ORLEN Lietuva noted:
• EBITDA LIFO of USD 134m,
• Higher capacity utilization by 14 p.p (Y/Y),
• Higher sales volume by 17% (Y/Y),
• Further improvement of operational indicators
ORLEN Lietuva is the biggest Lithuanian company, exporter and tax payer.
Since 2006, PKN ORLEN has spent nearly USD 4 billion on the acquisition and further investments in the Mazeikiai refinery. PKN ORLEN has never distributed any of ORLEN Lietuva's profit as dividend, and has reinvested all financial resources available at the company in its development.
The Company permanently suffers from high logistical costs. Therefore PKN ORLEN, as the only shareholder, undertook all accessible measure to restructure the Company and implement a strategy that enables ORLEN Lietuva to adjust to market conditions: maximize the production and thus the economic effect whenever the market is favorable. And on the other hand introduced solutions could help to minimalize it, when the market is low.
