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Unipetrol posted EBIT of CZK +571m in 1Q11

29-04-2011  

Revenues rose year-to-year by 28% to CZK 23bn 
The Group netted CZK +464m, i.e. 50% more than in 1Q10 
Benzina unveiled the first fully self-service fuel station on the Czech market

Prague, 29 April 2011 – The Unipetrol Group posted an operational profit (EBIT) of CZK 571m, a net profit of CZK 464m, with revenues of CZK 23bn (+28% y/y) in 1Q11. The petrochemical segment was the biggest contributor to the total EBIT, followed by the refinery and retail segment. The posted results represent significant improvement in comparison to both 1Q10 and 4Q10. EBIT grew y/y by 10% and q/q jumped almost 5x.

The Group increased sales of refinery products (+10% y/y), with especially diesel and gasoline going significantly up (9% y/y and 8% y/y respectively), while petrochemical sales decreased y/y by 7% (like for like comparison it was only -2% y/y). The volume of crude oil processed y/y declined by 7%, resulting in 69% utilisation ration level. Retail distribution showed y/y improvement partly connected to the low base due to pre-stocking effect prior to 1/1/2010 excise tax increase as well as better diesel sales volumes. The company indebtedness measured by debt to equity ratio decreased y/y by 8pp down to 4%.

“The EBIT we achieved in this quarter was second best in the last two years, mainly due to remarkable growth of petrochemical segment. Such result confirmed on one hand that the sectors in which Unipetrol Group is operating are gradually recovering and on the other that in the past two years we managed to strongly improve our competitiveness. This fact notwithstanding, cost management must remain one of our priorities in the future also because we are having the regular shutdown in Litvinov plant this year,”said the CEO and Chairman of the Board of Directors of Unipetrol, Piotr Chełmiński.

Complying with the goal to gradually increase the number of filling stations and to continually improve the level of provided services, Benzina unveiled the first fully self-service station on the Czech market. The station known as Express 24 is open nonstop and operates in Vysoké Mýto. Benzina currently runs 336 fuel stations in the Czech Republic.

Commentary by segments (y/y comparison):

Generating EBIT of CZK 385m the petrochemical segment increased its 1Q11 operation profitability almost four times in comparison to the same quarter last year. This result was achieved mainly thanks to higher olefin and polyolefin margins, improved sales volumes - especially of monomers and better sales volume mix with higher share of more profitable products. On the other hand, segment results were negatively influenced y/y by stronger CZK against EUR, reduced availability of steam cracker feedstock due to limited external supplies and shutdowns in refining and lower total petrochemicals sales volumes of partly due to the business decision to maximise profit with available products in full-year perspective.

EBIT in the refining segment amounted to CZK 89m in 1Q11. Performance of this segment was influenced by worse refinery margins, 7% y/y lower crude oil throughput stemming mainly from 2-month Paramo refinery shutdown (partly compensated by higher share of more profitable products) along with temporary reduction of Litvínov refinery capacity and by stronger CZK against USD, were partly offset by improved B-U differential and a 10% growth in refinery products sales volumes on lower 2010 basis (esp. diesel and gasoline).

The retail segment posted a positive EBIT of CZK 72m in 1Q11. The segment was negatively influenced by lower fuel unit margins, prevailing fuel price differential to neighbouring countries, as well as by historically highest motor fuels prices in the Czech Republic, only partially offset by further continuation of premium fuel sales improvement, better non-fuel sales and improving diesel demand.

Attachment No. 1 
Consolidated un-audited financial results (CZK million)

  1Q10 4Q10 1Q11 Q/Q Y/Y
Revenues 18,039 22,014 23,088 +5% +28%
EBITDA 1,352 983 1,379 +40% +2%
EBIT​ 517 122 571 +369% +10%
Net result 1) 309 -68 464 n/a +50%

1) Net result attributable to shareholders of the parent company

 

EBIT Segment Breakdown (CZK million)

  1Q10 4Q10 1Q11 Q/Q Y/Y
EBIT, of which 517 122 571 1) +368% n/a
• Refining 279 -27 89 n/a -68%
• Petrochemical 97 144 385 +167% +297%
• Retail distribution 131 110 72 -35% -45%
• Others 10 -​105 26 n/a +160%

1) Minor mathematical discrepancy between segments and total due to rounding.

 

UNIPETROL, a.s. is a group of companies operating in the petrochemical industry in the Czech Republic. In 2005 UNIPETROL became a part of the PKN ORLEN Group, the largest oil processor in Central Europe. The UNIPETROL Group is oriented mostly towards oil processing, fuel distribution and petrochemical production. In all of these business areas the UNIPETROL Group is among the key players both in the Czech Republic and on the Central European market. The Group ranks among the leading firms in the Czech Republic in terms of its revenues, and employs almost 4,000 people.

Contact: 
Bořek Konečný 
Communication Specialist 
Telephone: +420 225 001 670, +420 736 502 600 
E-mail: borek.konecny@unipetrol.cz

​1Q 2011 consolidated financial results (IFRS) [435 kB]

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