- In 2Q2017, revenues amounted to CZK 31.2 bn; operating profit EBITDA LIFO reached CZK 6.5 bn
- High utilization of refinery and petrochemical production capacities
- Significant sales growth in all segments
- Further increased market share of Benzina
- Payments from insurers for extraordinary events in past years recognized in financial statements
- 1H2017 revenues exceeded CZK 61 bn, EBITDA LIFO reached CZK 10.2 bn, net profit amounted to nearly CZK 6.4 bn
Prague, July 21, 2017 – Unipetrol, the Czech
Republic’s largest refining and petrochemical group, announced its 2Q2017
results. In the second quarter of 2017, Unipetrol’s revenues grew by CZK 10.6
billion y/y (+52%) to CZK 31.2 billion. Operating profit before interest,
taxes, depreciation and amortization (EBITDA LIFO) amounted to CZK 6.5 billion;
this represents a y/y increase of nearly CZK 2 billion (+43%). Net profit grew
by CZK 467 million (+15%) to CZK 3.6 billion y/y.
„This quarter was very
successful for us. Thanks to favorable macroeconomic environment, high
utilization of production capacities and growing sales in all segments, we have
achieved excellent economic results,” said Andrzej
Modrzejewski, Unipetrol’s CEO and Chairman of the Board, adding: „The General Meeting approved the dividend
for last year which grew by 50 percent y/y. We are walking on the path of
long-term development of our group. Our goal is to continue to increase the value
for all shareholders. And we are undoubtedly successful in doing so.“
The Group’s financial results were also backed up
by recognizing part of payments from insurers in financial statements. Unipetrol
received a confirmation from the respective insurer and reinsurers which
contains information on the final settlement of CZK 0.3 billion in connection
with the extraordinary event that occurred in the fluid catalytic cracking unit
in Kralupy nad Vltavou on May 17, 2016. Unipetrol also recognized in its
financial statements the amount of CZK 2.8 billion from insurers compensating
for lost profits and damages resulting from the extraordinary event that
occurred at the Steam Cracker in Chempark Záluží u Litvínova on August 13,
2015.
Segment downstream – high utilization of
production capacities, significant sales growth
In the downstream segment, which consists of
refinery and petrochemical part, the Unipetrol Group reported operating profit
EBITDA LIFO of CZK 6.1 billion in 2Q2017. In a year-on-year comparison, it’s an
increase of CZK 1.8 billion (+40%). The achieved results were positively
influenced by the stable operation of both refineries as well as by y/y
increase in the utilization of production capacities from 46% to 96%. As a
result, Unipetrol increased the volume of processed crude oil by 108% to 2.1
million tons y/y. Sales volumes of refinery products grew by 18% to 1.8 million
tons y/y. The Steam Cracker used 89% of its capacity which was reflected in a
significant increase in sales volumes of petrochemical products – by 120% to
500 thousand tons. Spolana has contributed to this amount by sold volume of 103
thousand tons. Unipetrol successfully continued the construction of the new polyethylene
unit PE3 which will become, upon its conclusion in 2018, one of the most modern
facilities of its kind in Europe. The unit, the construction of which started
in June 2016, is the largest investment in the history of the Czech
petrochemical industry worth more than CZK 8.5 billion.
Retail segment – sales growth and market share
increase
In the retail segment, the Unipetrol Group
reported operating profit EBITDA LIFO of CZK 415 million. Its y/y increase by
CZK 241 million (+139%) was due to generalfavorable macroeconomic situation; results
in the segment’s non-fuel part improved thanks to the modern refreshment
concept STOP CAFE, and, in particular, higher fuel sales. Unipetrol benefited
from successful sales of the new fuel type EFECTA 95 and EFECTA Diesel as well
as premium fuels VERVA, and from the ever-increasing number of filling stations
that are being taken over from OMV. Unipetrol has taken over 41 stations recording a total of 387 stations in its network by the end of June.
The group has thereby further strengthened Benzina’s leading position on the
Czech Republic’s filling station market increasing its market share to 18.7%
(April 2017).
Unipetrol Group’s
Unaudited Consolidated Financial Statements (CZK million)
|
|
Q2 2016
|
Q2 2017
|
Difference
(y/y)
|
H1 2016
|
H1 2017
|
Difference
(y/y)
|
|
Revenues
|
20,551
|
31,181
|
+52%
|
38,237
|
61,031
|
60%
|
|
EBITDA LIFO
|
4,582
|
6,543
|
+43%
|
4,933
|
10,160
|
106%
|
|
EBITDA
|
4,260
|
6,055
|
42%
|
4,819
|
10,026
|
108%
|
|
EBIT
|
3,774
|
5,345
|
42%
|
3,877
|
8,673
|
124%
|
|
Net profit
|
3,106
|
3,573
|
15%
|
3,081
|
6,399
|
108%
|
Unipetrol Group’s EBITDA LIFO – Segment
Breakdown (CZK million)
|
|
Q2 2016
|
Q2 2017
|
Difference
(y/y)
|
H1 2016
|
H1 2017
|
Difference
(y/y)
|
|
EBITDA LIFO:
|
4,582
|
6,543
|
43%
|
4,933
|
10,160
|
106
%
|
|
· Downstream
|
4,398
|
6,149
|
40%
|
4,530
|
9,514
|
110%
|
|
· Retail
|
174
|
415
|
139%
|
376
|
618
|
81%
|
_____________________________________________________________________________________________________________
UNIPETROL, a.s., controls companies operating in the petrochemical industry in the Czech Republic. In 2005, Unipetrol became part of the PKN Orlen Group, the central Europe’s largest crude oil processor. The Unipetrol Group is focused mostly at crude oil processing, fuel distribution and petrochemical production. In all of these business areas, the Group is among the key players both in the Czech Republic and on the central European market. The Group ranks among the leading companies in the Czech Republic in terms of revenues. It employs 4,500 people.