In 2021, the ORLEN Group operating segments delivered LIFO-based EBITDA before net reversal of impairment losses on assets of PLN 14.2bn.
LIFO-based EBITDA by operating segment [PLNbn]
After the net effect of impairment reversals of PLN 0.8bn (mainly in respect of ORLEN Upstream’s assets, of PLN 0.9bn), the ORLEN Group’s LIFO-based EBITDA for 2021 totalled PLN 15.0bn.
The effect of oil price movements on the value of inventories, reflected in EBITDA, was PLN 4.2bn. As a result, the ORLEN Group’s EBITDA for 2021 came in at PLN 19.2bn.
Effect of impairment losses and inventory write-downs on EBITDA [PLNbn]
Net cash from operating activities in 2021 was PLN 13.3bn and included mainly earnings before depreciation and amortisation (EBITDA) of PLN 19.2bn, adjusted primarily for: changes in provisions of PLN 6.1bn, negative effect of an increase in net working capital of PLN (4.4)bn, gain on investment activities of PLN (3.7)bn, income tax paid of PLN (1.2)bn and share in net profit/(loss) of equity-accounted entities of PLN (0.6)bn.
Net cash used in investing activities in 2021 amounted to PLN (9.7)bn and included mainly net cash from the acquisition and disposal of property, plant and equipment, intangible assets and right-of-use assets of PLN (11.1)bn, purchase of shares in subsidiaries, net of cash acquired as at the acquisition date in the amount of PLN (0.8)bn, and settlement of derivatives not designated for hedge accounting of PLN 2.0bn.
As part of the ORLEN Group Strategy for 2021–2030 introduced in 2020, PKN ORLEN also adopted a dividend policy which assumes annual dividend payments of at least PLN 3.50 per share starting from 2021. The Group’s dividend policy takes into account its liquidity situation as well as the ability to deliver strategic financial objectives.
Dividend distribution (PLNbn)