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Petrochemical 2012 sales up 10% at Unipetrol
31
Jan '13
Unipetrol recorded 10% increase of revenues at CZK 107bn in 2012. EBIT excluding one-off impairment reached positive result of CZK 372m in 2012. The volume of crude oil processed 3927 kt in 2012 similar to volume of 2011. EBIT negatively influenced by impairments of fixed assets in 4Q.

In 2012 Unipetrol Group results were influenced mainly by one-off impairments of fixed assets of the refinery segment, booked in the amount of CZK - 4.386bn. Company posted an operational result (EBIT) of CZK -4.014bn, with revenues of CZK 107.281bn in 2012. During the last year company recorded net result of CZK -3.414bn.

“We decided to precede impairments of fixed assets of the refining segment, due to the deteriorated external refining environment. Reported EBIT excluding one-off impairment reached positive result of 372m in 2012,” said the Vice-Chairman of the Board of Directors of Unipetrol, Piotr Wielowieyski, adding: “The best results were recorded in the petrochemical segment in 2012, especially due to very good performance in 4Q. The retail segment generated 207m in EBIT for 2012, but the segment was negatively affected by lower sales volumes, mainly in gasoline, partly caused by fuel imports within grey economy.”

In the refinery segment the volume of crude processed in 2012 reached 3927 kt, similar volume as in 2011 (3942 kt). Nominal utilisation ratio increased to 82% in 2012 (+5% y/y). The refinery segment recorded EBIT of CZK -4,806bn in 4Q12, mainly due to one-off impairments of fixed assets. Other factors that influenced performance of the segment in 4Q were significant increase of fuel imports within grey economy, lower capacity utilization by 7% q/q, lower sales volumes, mainly in gasoline, due to seasonality. Stronger CZK against USD also worsened profitability. On the other hand the segment was positively influenced by higher average Brent-Ural differential.

EBIT in the petrochemical segment amounted to CZK +432m in 4Q12, mainly due to significantly better external market conditions in terms of crude oil prices and positive effect of feedstock prices. Positive EBIT was delivered also due to results of internal optimization projects. Company recorded higher model olefin margin q/q, slightly compensated by small decrease of model polyolefin margin.

Group sales of petrochemical products increased (+17% y/y) in 4Q12, to 453kt, mainly due to slightly improved demand for polymers or cyclical turnaround of Litvínov plant at the turn of 3Q and 4Q 2011. Better results were affected also by the production shutdowns of several competitors. Permanent shutdown of the urea unit in Litvínov was in-line with plan as of 1st January 2013.

The retail segment recorded a negative EBIT of CZK -25m in 4Q12. Strong negative effect had significant increase of fuel imports within grey economy. The result was also affected by lower sales volumes, mainly in gasoline, due to weak seasonality, recession of the Czech economy or very fierce price competition on the Czech market.


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