Poland's PKN Sees 2016 Adjusted Operating Profit At PLN 9.4B



Reuters

WARSAW, Jan 24 (Reuters) - Poland's biggest refiner, the state-run PKN Orlen, said late on Monday that it expects to post around 9.4 billion zlotys ($2.31 billion) in 2016 adjusted operating profit, the so-called LIFO EBIDTA, which removes the impact of crude oil prices.

Earlier the company said that it sees its earnings before interest, tax, depreciation and amortisation (EBITDA), calculated on the last in, first out (LIFO) basis, which assumes that the assets produced or acquired last are the ones used, sold or disposed of first, at 8.8 billion zlotys in 2017-2018.

The company also said that capital investment last year reached 4.7 billion zlotys, including 2.7 billion zlotys spent on growth and development.

Financial gearing, the company's debt level related to its equity capital, amounted to 11.5 percent, PKN Orlen said in its statement.

(Reporting by Jakub Iglewski; Writing by Lidia Kelly; Editing by Christian Schmollinger)



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