Research (Česká spořitelna)
Czech markets  |  January 23, 2013 10:23:38

Unipetrol: Q4 results in line with market consensus

Although sales fell slightly behind market consensus and EBITDA and EBIT were in line with him. Net income was -3.1 billion CZK, which is about five hundred million above consensus. Previously reported depreciation of fixed assets in the refining segment amounted to CZK 4.386 billion (Unipetrol).

Depreciation in the amount of CZK 4.4 billion adversely affect the financial results of the company. The refining segment in the 4th quarter operating profit reached LIFO CZK -201 million (-299 million against CZK in the 4th quarter of 2011), mainly due to better refining margins. Petrochemical segment significantly improved profitability through better structure and annual sales growth combined petrochemical margin by 10%. Thanks to LIFO EBIT amounted to 526 millionCZK (against CZK -109 million in 4Q11). Retail segment recorded losses (-25 million against CZK CZK 46 million in 4Q11), mainly due to price competition and weak sales. Overall flourished petrochemical segment, while refining and retail were weak. We retain our negative view of the company's shares.

Václav Kmínek

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