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Unipetrol Q1'14 revenues mount 16%
24
Apr '14
In Q1 Unipetrol Group posted revenues of CZK 28.809 bn, indicating an increase of 16% y/y compared with the first quarter of 2013. The increase was especially driven by the operation of higher refining capacity in Ceska rafinerska (67,555%) since February, upon successful completion of the acquisition of the Shell’s 16.335% stake on 31 January.
 
Highlights: 
-Acquisition of 16.335% stake in Ceska rafinerska from Shell successfully completed on 31 January
-Annex to crude oil supplies agreement with PKN ORLEN signed on 28 March securing additional needs for crude oil deliveries
-Another very good quarter for petrochemical segment with EBITDA LIFO of CZK 1 billion
-Significant improvement of retail segment results y/y with EBITDA LIFO of CZK 100 million 
-Ongoing big impact of fuels grey zone despite partial improvement of business environment since implementation of new legislation in October 2013
 
Unipetrol recorded a positive operational profit EBITDA LIFO of CZK 1.857 bn. Operating profitability was positively influenced by a gain on acquisition of CZK 1.186 bn related to the transaction in Ceska rafinerska. This positive one off item stems from the purchase price of USD 27.2 m, which is significantly below the fair value of assets acquired. The petrochemical segment recorded best results during last few years and retail segment performance improved significantly y/y compared with the first quarter of 2013.
 
“We increased sales volumes in the petrochemical segment by 9% y/y, which in combination with the high margins led to an operating profit of 1 billion CZK. Within the retail market the positive effects of the new legislation for mitigation of illegal imports are visible. 
 
“Compared to a very bad situation last year, the business environment of the fuel market partly improved, but we still see further attempts of gray zone companies to regain positions on the market," said Marek Switajewski, Chairman of the Board of Directors and CEO of Unipetrol. „The beginning of this year was difficult mainly from the perspective of refinery sector, which was still facing very depressed levels of refining margins," added Marek Switajewski.
 
In the refinery segment, the volume of crude processed in Q1 reached 1,125 kt, which represents 26% increase y/y. Nominal utilization ratio reached 83% in Q1. The refinery segment recorded EBITDA LIFO of CZK 752m in 1Q14, mainly due the positive impact of CZK 1.186 bn of gain on acquisition. Excluding this operation, the segment result would be negative, as a result of weak macro environment, especially low refining margins. 


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