Executive Summary of2020

The effectiveness of the measures we take is best demonstrated by our financial performance. In the extremely difficult 2020, we earned a solid net profit of PLN 2.8bn. The credit for this result belongs to all the employees, who consistently demonstrate commitment to delivering our business objectives. In 2020, we focused on both growth investments and acquisitions, which is consistent with our strategic goal of building a strong integrated multi-utility group.

Daniel Obajtek
CEO, President of the Management Board

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1 / 8
PKN ORLEN is implementing an ambitious growth plan outlined in the ORLEN Group strategy until 2030 by strengthening the promising petrochemical segment, maximising margins and entering new business segments. In 2020, we moved forward with our Petrochemical Development Programme, the largest capital project in the company’s history, launching the contract signing process for the construction of Olefins Complex III.

Zbigniew Leszczyński
Member of the Management Board, Development

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2 / 8
The linchpin of ORLEN Group’s transition towards a multi-utility company will be renewable and gas-fired power generation, efficient and low-emission refining and petrochemical operations and own hydrocarbon production. By acquiring the Energa Group in 2020, the ORLEN Group gained access to over 50 renewable energy generation assets: hydroelectric power plants, onshore wind farms and solar photovoltaic farms.

Józef Węgrecki
Member of the Management Board, Operations

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3 / 8
Retail is a vital element of the ORLEN Group’s business. We operate over 2,800 service stations in Poland, Germany, Czech Republic, Slovakia, and Lithuania. Over the next decade, we will seek to expand the ORLEN network, particularly outside Poland, to comprise approximately 3,500 sites. This will consolidate our market leadership in the region. We are committed to providing advanced and comprehensive services. Customers of our service stations will be able not only to fill up a gasoline- or diesel-powered vehicle, but also charge an electric car and refuel a vehicle powered by CNG, LNG or hydrogen.

Patrycja Klarecka
Member of the Management Board, Retail Sales

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4 / 8
The Group owes the strength and stability of its sales performance to diversification. While the Refining segment has experienced some headwinds from the pandemic and a weaker macroeconomic environment, the results of the Petrochemicals and Power Generation segments have been strong. We also ensure that our sales channels and markets are diversified. We are consistently increasing export sales of our products. More than 50% of PKN ORLEN revenue is generated on foreign markets.

Michał Róg
Member of the Management Board, Wholesale and International Trade

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5 / 8
Recognising the priorities and the direction of changes outlined in the European Union climate policy, we consistently develop our business on the basis of innovative, zero- and low-carbon technologies and products, invest in the best available environmental techniques (BAT), and make our business decisions taking into account the principles of circular economy. PKN ORLEN is the first fuel company in Central Europe to declare an intention to achieve emission neutrality by 2050.

Armen Konrad Artwich
Member of the Management Board, Corporate Affairs

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6 / 8
Diversification of revenue and profit sources is a key success factor in business. We keep a close eye on trends and adequately respond to them. This approach directly translates into our financial performance. Our 2020 performance was solid despite the macroeconomic headwinds created by the pandemic affecting the industries in which we operate. In 2020, PKN ORLEN posted a robust LIFO EBITDA before impairment of PLN 12.4bn and net profit of PLN 2.8bn, including gain on bargain purchase of the Energa Group.

Jan Szewczak
Member of the Management Board, Finance

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7 / 8
We are a forward-looking brand and a hallmark of Polish business. The market recognises our achievements, as demonstrated by the numerous awards and accolades we received last year.

ORLEN has been named the most valuable Polish brand in a ranking compiled by Rzeczpospolita daily, with its value having doubled, to PLN 10bn, since the previous edition of the ranking.

Adam Burak
Member of the Management Board, Communication and Marketing

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8 / 8

We delivered very solid 2020 results despite the macroeconomic headwinds created by the pandemic. Business diversification is a key to success.

2020Financial highlights


The ORLEN Group keeps a close eye on trends and adequately responds to them. This approach directly translates into its financial performance.

The record results in Retail and Power Generation and strong Petrochemicals performance demonstrate that with its decisions from three years ago to go ahead with investments and acquisitions in those segments the ORLEN Group set the right strategic growth directions. In 2020, the Group actively managed its financing sources, maintaining financial ratios at a safe level. In the fourth quarter, PKN ORLEN issued PLN 1 billion worth of sustainability bonds, Many important growth projects were also completed, with capex budget of PLN 9 billion.

Capital expenditure 8.99 bn PLN 5.5 bn PLN 9.4 bn PLN 12.4 bn PLN
7,2 bn PLN Operating cash flow
86,18 bn PLN Revenue
0,4 bn PLN (PLN 1.00 per share) Dividend for 2019
1,27 Net debt to EBITDA ratio
Baa2 Moody's rating with a positive rating
BBB- Fitch rating with a stable outlook

In 2020, efforts were continued to build a multi-utility group.

Progress was made on capex projects in the petrochemical segment, the project to expand ANWIL’s fertilizer capacities, and the process to transform ORLEN Południe into a state-of-the-art biorefinery. A visbreaker project was launched in Płock. PKN ORLEN closed the acquisition of shares in Energa, completed the acquisition of RUCH, secured conditional clearance from the European Commission for the acquisition of Grupa LOTOS and commenced the process to acquire PGNiG. The Group worked to enhance its renewable energy capabilities, acquiring the Energa Group and making advanced preparations for the construction of an offshore wind farm.

2,855 2,836 Number of service stations Own sources over 0.5*GWe <0.1*GWe * Over 0.5 GWe of installed electrical capacity and nearly 0.1 GWt of installed thermal capacity
3.2 GWe Total installed electrical capacity at the ORLEN Group
6.7 GWt Total installed thermal capacity at the ORLEN Group
6 Refineries with a total annual oil processing capacity of more than 35 milion tonnes
114 EV charging stations
1.2 Thousand Ruch outlets
174 Million boe Total 2P oil and gas reserves

For the ORLEN Group, ESG is an important part of strategic management.

ESG considerations are integrated into the business strategy to enhance the Group's financial performance and build long-term value for all stakeholders. In 2020, we undertook to achieve a net zero carbon footprint by 2050 based on four pillars: energy efficiency in production, zero-emission power generation, fuels of the future, and green finance.

2030 2020 Net carbonemissions 2050 Operational target2030 -33% CO2 / MWhin energy Zero net carbonemissions -20% CO2 in refiningand petrochemicals Zero net carbon emissions 2050
33,377 ORLEN Group employees
0.72 Accident rate TRR
771,310 Beneficiaries of the ‘My Place on Earth’ grant programme dedicated to local communities
4 Corporate foundations
2.1 mld m3 Reused water
66.6 EUR million in capital expenditure on environmental protection

In response to the energy transition, ORLEN Group will evolve into a more sustainable multi-utility business.

ORLEN 2030Strategy

The path of the ORLEN Group’s transformation until 2030 has been charted around renewable energy and advanced petrochemicals. Business diversification efforts will be driven by maximised profits from our existing core business, to be transformed based on new technologies, in line with the emerging environmental and consumer trends. By 2030, the Group plans to spend a total of PLN 140bn on capex projects. Delivery of the strategy will further diversify our revenue sources, in line with the long-term objective of net zero carbon emissions by 2050.


Hydrogen Biomass- and waste-to-energy Hydropower Solar power generation Recycling of plastics Electric mobility Energy production and storage Gas-fired power CNG/LNG Wind power

Headed forResponsibility

The ORLEN Group supports the development of local communities, counteracts social exclusion and engages in initiatives designed to ensure equal opportunities. It is committed to safety and protection of human health, cultivates national heritage and sponsors sports.

More than
scholarships awarded by the ORLEN Foundation
More than
employees participating in employee volunteering projects
More than
users of the Free Information System for the inhabitants of the Płock region

The ORLEN 2030 Strategy reaffirms the commitment to the ORLEN Group’s long-term goal of achieving emission neutrality by 2050. Reducing the environmental footprint has long been one of the ORLEN Group’s top priorities.

More than
5,000 m2
covered by tree and shrub plantings in Płock
hectares of meadows created on a combustion waste landfill site and in front of the head office of Energa Elektrownie Ostrołęka
peregrine falcons hatched on the premises of ORLEN Group plants

ORLEN Group employees are provided with fair and friendly working conditions. Our relations with internal stakeholders and the external business environment are based on integrity, respect in everyday relationships and on dialogue, cooperation and involvement of each staff member in building a culture consistent with the Company’s core values.

More than
employees of the Energa Group, the RUCH Group and other organisations have joined the ORLEN Group
Employee turnover at
The New
Code of Ethics
of the ORLEN Group

The ORLEN Group is committed to ensuring customer health and safety, responds to customer expectations, works to improve the accessibility of its facilities, and promotes responsible attitudes.

More than
thousand service stations with facilities accessible to people with disabilities
More than
thousand Stop Cafe outlets serving Fairtrade certified coffee
More than
million Vitay programme and Yanosik application points donated by customers for charity causes

The ORLEN Group seeks to instil responsibility in, forge stronger ties with, and promote responsible attitudes among its trading partners.

More than
ORLEN Group suppliers
of our suppliers declare compliance with the ‘PKN ORLEN Supplier Code of Conduct’
More than
retail investors joined the dedicated ‘ORLEN IN YOUR PORTFOLIO’ programme in 2020

Responsibility and dialogue are the underlying principles of the ORLEN Group’s stakeholder relations. A survey of internal and external stakeholders’ opinions on sustainable development and corporate social responsibility was held in 2020.


Actions and projects implemented by the ORLEN Group are in line with the implementation of the 2030 Sustainable Development Goals announced by the United Nations and adopted by nearly 200 countries, including Poland.


ORLEN Group Integrated Report

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