Czech markets  |  January 23, 2013 15:43:47

Unipetrol: flash analysis results for 4Q2012


Unipetrol posted a 4Q 2012 net loss of 3.1 billion CZK, which is our estimate of approximately -3.14 ml. CZK and above the estimated market (-3.83 billion CZK). Massive loss was caused by one-time write-off of fixed assets in the refining segment in the amount of 4.5 billion CZK. This impairment reflects the constantly bad situation refineries across Europe. For the full year reached 3.4 billion loss Unipetrol CZK. The positive effect was due to impairment, positive income tax for Q4 of 1.5 billion CZK. Operating profit adjusted for change in revaluation reserves and one-time decrease in assets reached CZK 786 miles.

As a result of the revaluation of assets amounted to the worst outcome refining segment. Q4 and disregarding inventory revaluation and impairment EBIT -201 million CZK, mainly due to lower sales volumes and decrease the spread of gasoline by 33% q / q.Lower spread on gasoline reflected in a decline in refining margins by 16% q / q.

Conversely Petrochemical segment is doing well. EBIT adjusted for CZK 526 miles, which helped to stabilize the prices of petrochemical raw materials in 4Q and internal optimization measures. A positive factor was the growth of olefins margins at 21% q / q, which combined petrochemical margin increased by 10%. Conversely downside was the impairment allowances of CZK 87 miles. Although qoq volume growth fell by 3%, but their structure has improved towards products with higher margins. Demand was particularly strong in the 2nd half of the quarter.

Operating profit in the retail segment amounted to CZK -25 miles. The main problems are the black fuel market, the recession of the Czech economy, seasonality and large price competition in the Czech Republic. Lower sales volumes were mainly gasoline.

A positive result is a view of the statement of cash flow. Company has a plan that has set in April 2012, and achieved positive cash flow of more than 1 billion CZK. Operating cash flow for the full year reached 1.95 billion CZK in 2012.

Another outlook will depend mainly on external market conditions, especially on margins, the price of oil, from the front between oil prices and exchange rate. Management of the Company has not anything more concrete.

Retail segment should be in 2013 supported the new legislation, which should help cushion the black market fuel. If, at the turn of April and May, the new legislation is approved, the company management expects positive impact on the company sometime in the second half of the second quarter.

Download the entire analysishere


Tomáš Menčík

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Unipetrol: flash analýza výsledků za 4Q2012

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