​• The company posted an operational profit at a record peak in its history amounting to CZK 3.959 bn in Q2
• Net profit reached CZK 3.277 bn in Q2
• Refining utilization ratio increased by 5 pp (y/y)
• Revenues reached CZK 32.523 bn in Q2
• The volume of processed crude oil in Q2 reached 1,845 kt (+39% y/y)

In the second quarter of this year, Unipetrol posted an operational profit at a record peak in its history. Favourable macroeconomic conditions were utilized by higher refining capacity and increased sales in both segments (downstream, retail). The company recorded operational profit (EBITDA LIFO) of CZK 3.959 bn and net profit of CZK 3.277 bn. Despite the profound decline of crude oil prices y/y, revenues of Unipetrol slightly increased y/y to CZK 35.523 bn in 2Q.

"Production and sales of Unipetrol fully took an advantage of high petrochemical and refining margins on the market. After completion of acquisition of ENI stake in Česká rafinérská  we succeeded to increase the utilization of available production capacities up to 95% and to sell the increased production on the market in the Czech Republic as well as abroad," says CEO and Chairman of the Board of Directors of Unipetrol Marek Świtajewski. "During recent months we also got significantly closer towards realization of our key investment in the form of a new polyethylene unit. Currently we are in final stages of selection of suppliers for the largest investment project in the Czech petrochemical industry," adds Marek Świtajewski.

In the downstream segment that combines refinery and petrochemical parts, the company recorded EBITDA LIFO of CZK 3.910 bn in 2Q15. The operational profit was positively influenced by significantly better refinery margin and record high combined petrochemical margin (871 EUR/t). The results of the segment were also helped by lower energy costs thanks to significantly lower crude oil prices, higher sales volumes of refinery products and also propylene, benzene and polypropylene. On the other hand, segment results took into account by higher fixed costs due to the acquisition of ENI share in Česká rafinérská and higher difference between bio components quotations and quotations of gasoline and diesel.
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In the refinery part of the downstream segment, the volume of crude oil processed in Q2 reached 1,845 kt, which represents 39% growth y/y. Utilization of refining capacities reached very high 95%, supported by very good market demand for refinery products and reliable production without limitations. Sales volumes of refinery products increased to 1,457 kt (+29% y/y) and confirmed the ability of Unipetrol to sell higher volumes after completion of acquisition of ENI stake in Česká rafinérská.

Petrochemical part of downstream segment posted sales volumes of 442 kt in Q2 (-1% y/y). The sales of polyethylene remained constant y/y, in case of polypropylene it increased by 10%. The utilization of steam cracker was at level of 89%. There is continuation of very high demand for polymers due to favourable GDP dynamics and higher export of some European producers on the markets outside Europe, due to weaker EUR/USD rate.

In the field of petrochemical business, the company is currently finalizing preparation of key investment project from its Strategy 2013 – 2017. New polyethylene unit will be realized on the base of technological license purchased from the INEOS company.

The retail segment recorded operational profit EBITDA LIFO of CZK 122 m in 2Q15. The result was positively affected by better fuel sales in the retail network Benzina y/y, supported by lower price level on the market driven by decrease of crude oil prices, by positive GDP dynamics and by set of activities implemented in sales and marketing. Positive contribution to the results was generated also by non-fuel sales. Benzina increased its market share to 15.2%.