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Unipetrol reports revenue of CZK 24 billion in Q1 2020

06-05-2020  

  • Unipetrol Group’s revenue amounted to CZK 24 billion
  • Ongoing adverse impact of the macroeconomic environment
  • Commissioning of the natural line of the new polyethylene unit PE3
  • Strengthening of the retail position in the Czech Republic; successful expansion in Slovakia
 
Refinery and petrochemical group Unipetrol has published its financial results for the first quarter of 2020 that were adversely affected by the ongoing challenging macroeconomic environment, the COVID-19 situation, the costs of emissions reduction, and low margins in the refinery and petrochemical segment. Revenue amounted to CZK 24 billion, down by about 17% in year-on-year terms. Earnings before interest, tax, depreciation and amortisation (EBITDA LIFO) totalled CZK CZK -0.6 billion. Net loss stood at CZK 2.2 billion. Unipetrol booked a CZK 3.16 billion adjustment for the inventory of refinery and petrochemical products due to a significant worldwide decline in oil and oil product prices. Unipetrol saw an ongoing development in the retail segment in the Czech Republic and Slovakia. In the Czech Republic, Benzina runs 418 filling stations while in Slovakia, it has ten outlets in its network. Unipetrol’s share in the fuel sales market in the Czech Republic rose to 24.9%.
 
“We started the first quarter very well, but the impact of the situation caused by the spread of coronavirus was fully reflected both at the national and international level in its second half. We booked an adjustment of CZK 3.16 billion mostly for crude oil inventory which had an accounting impact on the quarterly results,” said Tomasz Wiatrak, CEO of the Unipetrol Group. He added: “I am pleased to say that as a part of the Czech Republic’s critical infrastructure, we keep fulfilling our role and secure the ongoing supplies of fuels and other products for the Czech market. We remain forward-looking even in this challenging situation and continue our planned investments. The commissioning of the natural line of the new polyethylene unit, PE3, was the first major step. We are closely monitoring our operating expenses but do not plan to reduce investments or headcount. This is good news both for our employees, business partners, and the entire Czech economy.”
 
The volume of processed oil amounted to 1.64 million tonnes. Sales volumes of refinery products amounted to 1.36 million tonnes and of petrochemical products to 0.39 million tonnes. Investments totalled CZK 1.84 billion. They went primarily to the ongoing modernisation of production technologies, the construction of a new gas-fired boiler house of the steam cracker and the completion of the polyethylene unit, PE3, in Litvínov. Investments also went to the preparations of the turnaround of the Litvínov plant.
 
In the retail segment, Unipetrol continued investing in the modernisation and development of its network of filling stations in the Czech Republic and Slovakia. In the Czech Republic, it opened two new sites in Karviná and Přerov and continued implementation of the Stop Café refreshment concept. It is now available in 307 out of the current 418 stations. This resulted in a 25% increase in refreshment-related sales in January and a 26% rise in February. The situation in March was affected by the spread of coronavirus in the Czech Republic. In Q1 2020, Unipetrol again strengthened the leading position of the Benzina brand in the Czech Republic, increasing its market share to 24.9% (as of 31 January 2020). In Slovakia, the company introduced a benefits system for the use of Benzina Tank cards in Q1. At the end of Q1, Benzina operated ten stations in Slovakia, including two self-service sites.
 
The Unipetrol Group is the largest refinery and petrochemical company in the Czech Republic. It focuses on crude-oil processing and on the production, distribution and sale of vehicle fuels and petrochemical products – particularly plastics and fertilisers. In all these areas, it belongs among the important players on the Czech and Central European market. The Unipetrol Group encompasses refineries and production plants in Litvínov and Kralupy nad Vltavou, Paramo with its Mogul brand in Pardubice and Kolín, Spolana Neratovice, and two research centres in Litvínov and Brno. Unipetrol also includes a network of Benzina filling stations in the Czech Republic and Slovakia. With 418 filling stations, Benzina is the largest chain in the Czech Republic. Unipetrol is one of the largest companies in terms of turnover in the Czech Republic. It earned over CZK 129 billion last year and employs more than 4,800 persons. In addition to its business development, Unipetrol is proud to be a socially responsible corporation. Therefore, it pays an equal amount of attention to initiatives which focus on the cultivation and support of sustainable development, education, local communities, and the environment. In 2005, Unipetrol became a member of the PKN ORLEN Group, the largest crude-oil processor in Central Europe.
 
For more information, please visit the “Responsible Company” section at www.unipetrol.cz.
 
Contact information: Pavel Kaidl, spokesman, telephone: +420 225 001 407, +420 736 502 520, e-mail: pavel.kaidl@unipetrol.cz
 
 
 
 

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