Summary of Strategy implementation in 2021

In 2021, despite the continuing COVID-19 pandemic, PKN ORLEN managed to consolidate its position and maintain financial ratios at safe levels, posting record-high LIFO-based EBITDA of PLN 14.2 billion.

GRI Disclosures:


  • Goal 7
  • Goal 9
  • Goal 11
  • Goal 12
  • Goal 13


  • 103-1
  • 103-2

The main contributors to this impressive result were: petrochemicals, energy, and refinery. Since 2021, sound financial foundations have also been supported by green bond issues.

Our earnings and stable financial condition, confirmed by safe levels of debt ratios and Baa2 rating from Moody’s, allowed us to grow our CAPEX by PLN 0.9 billion. The Group allocated PLN 9.9 billion to investment projects, which included: construction of a visbreaking unit in Płock, expansion of the olefins production capacity in Płock, expansion of the fertilisers production capacity in ANWIL, upgrades of the existing assets and connection of new customers in the ENERGA Group, construction of a propylene glycol unit in Trzebinia and the R&D Centre in Płock, development of a wind farm project in the Baltic Sea, and launch of another 300 alternative refuelling points (500 in total). Acquisition processes were also continued in 2021, in accordance with the ORLEN2030 strategy.

In line with the ORLEN 2030 strategy adopted in November 2020, PKN ORLEN has resumed the pre-COVID-19 dividend policy, which means paying dividends of at least PLN 3.50 per share, compared with PLN 1.0 in 2020, and maintaining or increasing the distributions in the coming years. This dividend level reflects the Group’s robust liquidity and financial position.

In 2021, PKN ORLEN was again awarded the titles of The World’s Most Ethical Company 2021 and Top Employer Polska 2021.

Item Actual 2021 Strategy 2030
Average 2021-2025
Difference (2-3)
1 2 3 4
Brent crude oil price [USD/bbl] 70.9 57.8 +13.1
Model Refining Margin [USD/bbl] 2.4 4.1 -1.7
Urals-Brent differential [USD/bbl] 1.9 1.48 +0.42
Model Petrochemical Margin [EUR/t] 1,273 884 +389
orl_FINANCES-item orl_FINANCES-item
orl_ESG-item orl_ESG-item

Key success factors for the strategy

UoM Actual 2021 Actual 2020
LIFO EBITDA before impairment1, including: PLN bn 14.2 12.4
Refining PLN bn 3.6 0
Petrochemicals PLN bn 4.3 2.3
Energy mld PLN 3.7 7.7
Retail PLN bn 2.9 3.2
Upstream PLN bn 0.4 0.3
Financial leverage % 23.3 31.0
Net debt/LIFO EBITDA (before impairment losses) X 0.80 1.02
Share of Polish fuel market2 % 49.8 52.6
Refining capacity utilisation % 85 84
Processing of crude oil in the ORLEN Group PLN bn 29.9 29.5
PKN ORLEN’s fuel yield % 82 82
Net electricity generation TWh 11.4 8.9
Share of fuel sales in home market2 % 15.2 15.7
1 The operating results in 2020 and 2021 include impairment losses of PLN (1,591) million and PLN 811 million, respectively.
2 As of the end of the year.

See also

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