Vladimír Urbánek (Kurzy.cz)
Czech markets  |  January 18, 2013 08:59:13

Unipetrol introduced selected indicators for 4Q12 - 4.5 billion write-off, the negative influence of seasonal factors - goals will not be met this year


Unipetrol reported this morning selected operating indicators for 4Q12. The volume of petroleum products announced for 4Q12 at 775 thousand. t (-13.1% y / y). On quarterly basis is a decrease of 8.0%, one of the reasons we see seasonal factors. The overall results of this sector affects the seasonal effects (decreasing margins lower volume).

The petrochemical industry is the volume for 4Q12 at 455 thousand. t (-2.4% y / y and +17.6% q / q). Results for 4Q12 petrochemicals affect lower margins, higher volumes. Positively reflected higher margins and improved demand. The volume of refinery and petrochemical segment is in line with our expectations.

Management commented Unipetrol upcoming 4Q12 report. Operating profit (EBIT) of the group for 4Q12 should be negative in the amount of approximately CZK 4.5 billion. Unipetrol in 4Q12 accounted for one-off items relating to asset impairment refining segment was CZK 4.5 billion. The reason is, according to the company's management worsening external environment and plan to sell some of its subsidiaries in this segment. Purification EBIT for this item should be, according to Unipetrol, roughly zero, our first estimate is -108 million CZK.

Negatively on the operating figures show a single item of CZK 130 million related to operations with CO2 allowances. At the financial level positively affect the outcome of approximately CZK 40 million, but this item should be compensated for losses other financial operations.

Year targets Unipetrol is positive EBIT and positive FCF (+455 CZK million and 1.5 billion CZK in 9M12) and taking into account non-recurring items goal has been accomplished. An expected loss on the operating profit and transform Unipetrol plan can not be assessed positively.

A complete set of figures for 4Q12 will be announced next Wednesday, the 23rd January.

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Unipetrol představil vybrané ukazatele za 4Q12 - odpis 4,5 mld.Kč, negativní vliv sezónních faktorů - cíle letos nebudou naplněny

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