Q2 2021 Polski Koncern Naftowy Orlen SA Earnings Call Transcript
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year-on-year to the level of USD 9.8 per barrel, and the higher fuel consumption as a result of loosening COVID restrictions translated into increase in sales volumes by 9% year-on-year and 10% quarter-on-quarter.
In Q2, we processed 6.8 million tonnes of crude oil, so 10% more than in the previous year, which is a 78% utilization ratio. Crude oil throughput was adjusted to the fuel demand, as usual, and also to the maintenance shutdowns that we had in our petrochemical segments.
Our financial situation is still very strong. In Q2, we generated PLN 5.1 billion cash flow from operations that I've mentioned in the beginning. We realized CapEx at the level of PLN 2.4 billion. And as a result, we reduced our net debt by PLN 2 billion compared to Q1 to the level of PLN 11.5 billion. Covenant net debt to EBITDA remains at the safe level of 0.87.
In May, PKN ORLEN, as the first company in Poland, issued [7-year bonds] worth EUR 500 million with 1.125% coupon. The issue of
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