Vladimír Urbánek (Kurzy.cz)
Czech markets  |  October 25, 2012 09:01:54

Unipetrol's results beat market expectations


Unipetrol released this morning 3Q12 results that exceeded expectations. Revenues for 3Q12 Unipetrol reported at CZK 28.4 billion (18.2% y / y), in agreement with both the consensus (-2.6%) and our estimate (-3.7%). Yoy sales are due to higher volumes sold petrochemical segment. EBITDA of CZK 1,656 million (227.8% y / y) exceeded market expectations by almost 12% and is slightly above our projection (+4.5%). Positively to operating profit reflected higher refining margins. Other positive factors include the one-off item related to the dissolution of fine adjustments to CZK 131 million and revaluation reserves in the amount of CZK 455 million (non-cash item). Operating profit (EBIT) amounted to 942 millionCZK (after a loss of CZK 230 million in 3Q11) is substantially higher (almost 16%) than analyst expectations, but our estimate (+7.1%). Net income for 3Q12 amounted to 645 million CZK (for 3Q11 loss of CZK 128 million), which is a better value than a projection market (+21.6%).

Recall that the annual objectives of the company are: positive EBIT and positive free cash flow. Operating profit for 9M +454 million CZK confirms the fulfillment of this goal, however, free cash flow is 9M -1.5 billion CZK. Operating profit without revaluation reserves, which is a non-cash item is strong. The numbers, both at the operational level and at the net profit surpassed market expectations. Unipetrol's results for 3Q12 assessed as positive.

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