PKN ORLEN shareholders

PKN ORLEN shareholders  

PKN ORLEN is a joint stock company. Its share capital is PLN 534,636,326.25 and comprises 427,709,061 ordinary bearer shares with a par value of PLN 1.25 per share.

PKN ORLEN SHAREHOLDING STRUCTURE AS AT JULY 23RD 2015
ShareholderNumber of sharesNumber of votes% of share capital% of total voting rights at the General Meeting
State Treasury 117,710,196 117,710,196 27.52% 27,52%
ING OFE* 39,000,000 39,000,000 9.12% 9,12%
Aviva OFE* 34,000,000 34,000,000 7.95% 7,95%
Others 236,998,865 236,998,865 55.41% 55,41%
Total 427,709,061 427,709,061 100.00% 100,00%

*Based on information obtained at the PKN ORLEN Annual General Meeting on April 28th 2015.

shareholding structure

* See also: Current Report No. 68/2015 of April 28th 2015

Shares in PKN ORLEN and other ORLEN Group companies held by Management and Supervisory Board members

As at December 31st 2014, members of the PKN ORLEN Management Board held no Company shares. Grzegorz Borowiec and Artur Gabor, members of the Supervisory Board, held 100 and 3,200 shares in the Company, respectively, as at the end of 2014.

As at December 31st 2014, Management and Supervisory Board members did not hold any shares in other Group companies.

Dividend policy

The dividend policy adopted under the ORLEN Group’s Strategy for 2014−2017 provides for a progressive increase in dividend per share. In this way dividend is not linked to net profit, which, given the Group’s profile, tends to be highly volatile and may include non-cash items such as revaluation of assets, inventories and bank borrowings, which may cause net profit not to reflect the Group’s current financial standing fully. During the Annual General Meeting of April 28th 2015, the shareholders agreed to allocate PLN 705.7m of statutory reserve funds created from retained earnings to dividend for the financial year 2014, which allowed the Management Board to recommend a dividend payment of PLN 1.65 per share. The dividend record date and dividend payment date were set for June 16th 2015 and July 8th 2015, respectively.

For more information on dividend payment, see dividend .

Ratings

In 2014, we maintained our investment-grade ratings from two leading rating agencies, Fitch and Moody’s, which assigned us credit ratings of BBB- and Baa3 (positive outlook), respectively. This was a result of consistent deleveraging of the ORLEN Group, diversification of financing sources, and maintenance of financial ratios at safe levels. It significantly improved PKN ORLEN’s credit standing, despite the persistently challenging climate for the industry.

ORLEN Group’s credibility was additionally strengthened by the presentation of the ORLEN Group’s strategy for 2014−2017, which is a continuation of the strategy announced at the end of 2012. It supports the Company’s credit profile by maintaining financial ratios at safe levels. The analysts of the credit rating agencies positively assessed the Company’s significant financial flexibility. They also acknowledged PKN ORLEN’s sustainable investment policy, in particular the standby capex that may be utilised in the future if cash flows from operating activities are lower than expected. The analysts also appreciated PKN ORLEN’s ability to flexibly manage working capital in response to changes in its financial standing. The ORLEN Group’s strategy was viewed as an ambitious plan to improve the efficiency of its core business, while at the same time develop the Power Generation and Upstream segments and maintain significant flexibility in the planning of future activities.

PKN ORLEN on the Stock Exchange

PKN ORLEN shares are listed on the main market of the Warsaw Stock Exchange in a continuous trading system, and are included in the WIG, WIG20, WIG30 and WIG-Poland indices, as well as in the WIG-PALIWA index of fuel sector companies. Since November 19th 2009, PKN ORLEN stock has also been a constituent of the RESPECT Index of socially responsible companies. In 2014, PKN ORLEN share price grew by 19.3% (y/y), yielding the highest rate of return among all WIG20 companies. Including dividend, the rate of return reached 23.5%. In the same period, the blue-chip WIG20 index dropped (-)3.5% (y/y), while the WIG index was up 0.3%. In 2014, nearly 198 million PKN ORLEN shares were traded on the main market, down 12% on the trading volume recorded in 2013.

Key data on PKN ORLEN shares

KEY DATAUNIT201420132012CHANGE %
1 2 3 4 5 6=(3-4)/4
Net profit attributable to owners of the Parent PLNm (5,811) 176 2,345 -
Average P/E   (3.1) 116.6 7.2 -
P/E at end of year   (3.6) 99.6 9.0 -
           
Profit/(loss) on core business1) PLNm 882.0 469.0 2,346.0 (88.1%)
Average P/E   20.5 43.7 7.2 -
P/E at end of year   23.7 37.4 9.0 -
           
Share price high2) PLN 49.5 56.8 52.95 (12.9%)
Share price low PLN 36.88 40.5 32.02 (8.9%)
Share price at end of year PLN 48.92 41 49.5 19.3%
Average price in period PLN 42.26 47.96 39.27 (11.9%)
Free float number of shares 427,709,061 427,709,061 427,709,061 0.0%
Capitalisation at end of year PLNm 20,924 17,536 21,172 19.3%
Average daily trading value PLNm 34 44 45 (22.7%)
Average daily trading volume number of shares 796,614 915,877 1,148,614 -13.0%

1) Net profit attributable to owners of the Parent, excluding net other income/expenses and net finance income/cost.
2) Closing prices.

Performance of PKN ORLEN shares on the WSE in 2008–2014

performance

Source: In-house analysis based on gpwinfostrefa.pl data.

Effect of key events on the price of PKN ORLEN shares on the WSE in 2014

 

Source: In-house analysis based on gpwinfostrefa.pl data.

Recommendations

DateInstitutionRecommendationTarget price (PLN)
17/07/2015 ING Buy 92.80
07/06/2015 BOŚ Buy 89.10
28/07/2015 Deutsche Bank Buy 88.00
25/06/2015 HSBC Buy 82.00
03/08/2015 Raiffeisen Hold 80.00
01/07/2015 Bank of America Merrill Lynch Neutral 80.00
10/07/2015 BDM Accumulate 80.00
07/07/2015 Trigon Buy 80.00
24/07/2015 Societe Generale Hold 79.00
05/06/2015 Barclays Underperform 76.00
28/07/2015 Erste Reduce 74.50
28/04/2015 mBank Hold 70.80
24/07/2015 Goldman Sachs Sell 65.00
24/07/2015 UBS Sell 65.00
01/07/2015 Citi Sell 62.80
17/04/2015 Espirito Santo Neutral 62.00
30/06/2015 Concorde Securities Underperform 60.10
14/01/2015 Vestor Accumulate 58.00
09/07/2015 J.P.Morgan Underperform 58.00
08/12/2014 UniCredit Buy 56.70
29/04/2015 Wood Sell 52.20
23/02/2015 BZ WBK Sell 50.80
18/02/2015 PKOBP Sell 50.65
27/01/2015 Ipopema Sell 49.00
02/06/2015 Morgan Stanley Underperform 47.00

The current list of recommendations issued on the Company shares is presented on the Company’s corporate website.