The results were also negatively influenced by difficult refining macroeconomic conditions. Petrochemical segment continued to be the key profit maker of the Group. Company also recorded improvement in performance of retail segment.
-Purchase of licence for new polyethylene unit PE3
- Unipetrol signed a share purchase agreement with Shell, for Shell’s 16.335% - shareholding in Ceska rafinerska
- Long-term contract on lignite supplies
- New unmanned filling station Expres 24 finished in Ostrava
“We are consequantly aiming at improvement of our financial performance. In Q4 2013 Unipetrol achieved some significant milestones important for realization of our strategy for the years 2013-2017.
"We signed purchase agreement with Shell, which increased our share capital in Ceska Rafinerska to 67.555%. The transaction broughts Unipetrol the qualified majority of votes, allowing significant improvement of the company's operational management,” said the Chairman of the Board of Directors and CEO of Unipetrol, Marek Switajewski
In the refinery segment, the volume of crude processed in Q4 reached 906 kt, comparable amount as in previous quarters of 2013. Nominal utilization ratio reached 81% in Q4. The refinery segment recorded EBITDA LIFO of CZK -391m in 4Q13, mainly due to weakest refining margins since the end of 2011 and low Brent-Ural differential.
The results of the segment were positively affected by variable and fixed costs savings within Operational Excellence Initiatives. Paramo recorded better results, driven by ongoing restructuring of the company. Group sales of refinery products decreased to 762kt (-2% y/y) in Q4, mainly due to planned turnaround of Kralupy refinery in September and October 2013.
Operational profit EBITDA LIFO in the petrochemical segment amounted to CZK +514m in 4Q13. The results of the segment were positively affected by very good petrochemical margins, development of FX – stronger EUR vis-à-vis CZK and USD, higher steam cracker utilization and fixed and variable costs savings within Operational Excellence Initiatives.
In y/y comparison the company recorded negative impact of lower olefin margins, higher renewable energy surcharges and negative impact of CO2 allowances. Company recorded sales decrease of petrochemical products to 420kt in Q4 (-7% y/y) due to slightly lower sales of polymers.
The retail segment recorded a positive EBITDA LIFO of CZK +173m in 4Q13, mainly due to higher fuel margins, and higher fuel sales volumes. The result of the segment in 4Q 2013 was inevitably, accelerated by promotional activities and also by new legislation for mitigation of illegal imports (amendment to Act on Fuels in force from October 1).
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