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.

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.

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.

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.

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.

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.

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.

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.