• Revenues significantly higher by 37% y/y of CZK 34 bn
• Profound increase of profitability of the company. EBITDA LIFO of CZK 2.304 bn and net profit of CZK 1.399 bn
• Better sales volumes across all segments
• Increase of crude oil throughput by 52% y/y to 1,372 kt and higher refining utilization ratio at level of 93%. Steam-cracker utilization ratio reached 89%.
• Increase of retail market share by 0.7 percentage point y/y to 15.2%

In Q3 Unipetrol Group posted very good results and significantly increased its profitability. Company recorded operational profit (EBITDA LIFO) of CZK 2.304 bn. Net profit reached CZK 1.399 bn. Revenues increased y/y by 37% to CZK 34.041 bn in 3Q14.

"Very good results in the third quarter were affected by significant improvement in refining margins which were the highest since the beginning of 2013, and an increase also in the petchem margin. Important is, that we managed to take advantage of positive macroeconomic conditions through very reliable production and higher sales volumes across all segments," says CEO and Chairman of the Board of Directors of Unipetrol Marek Świtajewski.

In the downstream segment, which consists of refinery and petrochemical parts, the company recorded EBITDA LIFO of CZK 2.135 bn in 3Q14. The results in the segment were positively influenced by better margins (both refining and petrochemical) and higher sales volumes. Partial grey zone reduction on the fuel market had a positive impact on sales volumes. Last but not least, positive result of the downstream segment has been affected by ongoing projects within the Operational Excellence. 

In the refinery part of the downstream segment, the volume of crude oil processed in Q3 reached 1,372 kt, which represents 52% growth y/y. Nominal utilization ratio increased to 93% in Q3. The refinery segment recorded EBITDA LIFO of CZK 798 m in 3Q14, mainly due to better refining margins and higher Brent-Ural differential. Group sales of refinery products increased to 1,174 kt (+41% y/y) in Q3, driven by both diesel and gasoline sales. 

Operational profit EBITDA LIFO in the petrochemical part of downstream segment amounted at CZK 1.336 bn in 3Q14. Company recorded a sales increase of petrochemical products to 449kt in Q3 (+23% y/y). Higher sales were driven by very good market demand and production without limitations. Steam-cracker utilization ratio reached 89% in Q3. The sales of polyethylene increased by 25% and of polypropylene by 32 %.  On the other hand renewable energy charges (OZE) continues to burden results of the petrochemical business..

The retail segment recorded a positive EBITDA LIFO of CZK 169m in 3Q14, mainly due to higher fuel and non-fuel sales volumes, caused by positive GDP dynamics and marketing activities for sales support within Benzina fuel stations network. Benzina increased its market share from 14.5% to 15.2% y/y. Despite of positive factors, results of the segment were negatively affected by lower fuel margins, gasoline in particular, caused by stronger competition on the Czech market y/y.