- Unipetrol Group’s revenues amounted to CZK 31.1 billion
- Net profit reached CZK 2.9 billion, operating profit EBITDA LIFO CZK 2.3 billion
- Benzina continues to grow posting operating profit EBITDA LIFO of CZK 404 million and increasing its market share to 22.2%
- The final insurance compensation settlement of CZK 1.6 billion with the re-insurers for the extraordinary event at the steam cracker in Litvínov in 2015 was recognized in financial statements
Prague, July 20, 2018 - Unipetrol, the Czech Republic’s largest refining and petrochemical group, announced its Q2 2018 financial results. Economic results were negatively affected by an unfavourable macroeconomic environment, especially the sharp rise in oil prices (+48% y/y), and consequent lower margins in refinery (-34% y/y) and petrochemical (-22% y/y) parts.
Amounting to CZK 31.1 billion, the revenues remained at a comparable level y/y with only a minimum decrease of CZK 44 million. Operating profit before interest, taxes, depreciation and amortization (EBITDA LIFO) reached CZK 2.3 billion. It means a y/y decrease of CZK 4.2 billion (-64%). Net profit amounted to CZK 2.9 billion – that is a y/y decrease of CZK 687 million (-19%).
Unipetrol reached the final insurance
compensation settlement of CZK 1.6 billion with the re-insurers for loss of
profit and damages resulting from the extraordinary event which occurred at the
steam cracker in the Litvínov chemical plant in August 2015. The total settlement
with the reinsurers will have reached CZK 12.2 billion. The capital investments
amounted to CZK 2.3 billion in the second quarter. They were primarily aimed at
the construction of the new PE3 polyethylene unit, the planned maintenance and
modernisation of the Kralupy nad Vltavou refinery and the modernisation of
Benzina filling stations.
"The key project in the second quarter was a planned turnaround at the Kralupy nad Vltavou Refinery during which we successfully completed a general maintenance and modernisation of the entire complex," said Krzysztof Zdziarski, CEO of Unipetrol. "In the Litvínov Refinery, we launched the production of aviation fuel which up till now had only been produced in Kralupy. We thus respond to the growing demand for aviation fuel. By extending our production to Litvínov we can also expand our production capacities more efficiently, increase distribution flexibility and respond more effectively to seasonal fluctuations in fuel consumption," he added.
Segment downstream – continued increase in the petrochemical segment, decrease in the refinery part
The downstream segment consisting of the refinery and petrochemical part posted operating profit EBITDA LIFO of CZK 1.9 billion - a decrease of CZK 4.2 billion in a y/y comparison (-69 %). The results were negatively affected primarily by low margins due to growing crude oil prices on world markets. Petrochemical segment reported a y/y growth. The steam cracker’s utilization reached 89%. Sales of petrochemical products grew by 2% y/y to 511 thousand tonnes. The refinery part was utilized at 77%; the volume of processed crude oil fell by 22% to 1.6 million tons, primarily due to the planned turnover in the refinery in Kralupy nad Vltavou. Sales volumes of refinery products dropped y/y by 16% to 1.5 million tonnes.
Retail segment – sales growth and market share
increase
In the retail segment, the Unipetrol Group reported operating profit EBITDA LIFO of CZK 404 million. It is roughly on the same level y/y (-3%). This result was driven among others by increased fuel sales due to expanding network of Benzina filling stations and increasing amount of fuel sold. Benzina continued to invest in modernisation of its filling stations and in development of its Stop Cafe refreshment concept; in the second quarter, this concept was extended to another 19 filling stations. Overall, the customers can now enjoy the refreshment offer at 229 out of the current 405 filling stations. Unipetrol continued to strengthen the leading position of its Benzina brand on the Czech Republic’s filling station market, registering a total of 405 petrol stations in its Benzina network. Benzina’s market share has thus grown to 22.2% (April 2018).
|
|
Q2 2017
|
Q2 2018
|
Difference
(y/y)
|
H1 2017
|
H1 2018
|
Difference
(y/y)
|
|
Revenues
|
31,181
|
31,137
|
-0,1%
|
61,031
|
58,309
|
-5%
|
|
EBITDA LIFO
|
6,543
|
2,336
|
-64%
|
10,160
|
3,831
|
-62%
|
|
EBITDA
|
6,055
|
3,368
|
-44%
|
10,026
|
4,734
|
-53%
|
|
EBIT
|
5,345
|
2,559
|
-52%
|
8,673
|
3,146
|
-64%
|
|
Net profit
|
3,573
|
2,886
|
-19%
|
6,399
|
3,208
|
-50%
|
_____________________________________________________________________________________________________________
The Unipetrol Group is the largest refinery and petrochemical company in the Czech Republic. It focuses primarily on crude oil processing, distribution and sale of fuel and petrochemical products — particularly plastics and fertilisers. In all these fields, the group is a key player on both the Czech and Central European market. The Unipetrol Group includes refineries and production plants in Litvínov and Kralupy nad Vltavou, Paramo with the Mogul brand in Pardubice and Kolín, Spolana in Neratovice, and two research centres in Litvínov and Brno. Unipetrol also owns the Benzina network of petrol stations with 405 stations, which is the largest chain in the Czech Republic. Unipetrol is one of the largest companies in the Czech Republic in terms of turnover. The group created revenue of over CZK 122 billion last year and employs more than 4600 people. In 2005, Unipetrol became part of the PKN Orlen Group, the largest crude oil processor in Central Europe.
Contact: Pavel Kaidl, Unipetrol Group spokespersonMobile phone: +420 736 502 520, e-mail: pavel.kaidl@unipetrol.cz