Unipetrol raised in the first quarter revenues up by 10%

During the period company recorded net result of CZK -361m. Results were positively influenced by higher refinery margins, fixed costs decreased by CZK 100m y/y and sale of not consumed CO2 allowances for more than 100m CZK.  

• Revenues reached more than 25bn in Q1
• Negative influence of tough macro environment and the petrochemical segment on EBIT
• Company recorded increase in volume of processed crude oil (+ 3%)
• Fixed costs decreased by 10% y/y in Q1

„The beginning of this year was difficult especially for petrochemical sector, mainly due to lower combined petchem margins. However, EBIT achieved in the refinery segment increased y/y by 69% during the first quarter," said the CEO and Chairman of the Board of Directors of Unipetrol, Piotr Che�mi�ski, adding: „In retail segment, there is a long-term decline in demand for fuels, particularly gasoline. This year we would like to strengthen non-fuel sales of complementary goods. We plan to open 88 new fast-food restaurants STOP CAFE, well received at a number of the Orlen-branded fuel stations in Poland.

In the refinery segment the volume of processed crude oil increased by 3% y/y, from 879 kt in 1Q11 to 906 kt in 1Q12, as the nominal utilisation ratio reached 71%. The refinery segment recorded EBIT of CZK 150m in 1Q12 (+69% y/y). The reasons for better results were mainly higher refinery margins, improvement in Brent-Ural differential and lower differential between Brent and other sweet crude oils.  The segment was positively influenced also by positive FX effect of CZK/USD weakening. Group sales of refinery products declined (-5% y/y) in 1Q12. The sales were down on gasoline (-4% y/y) and also diesel (-2% y/y).

The retail segment recorded a positive EBIT of CZK 50m in 1Q12, what represents 31% decline y/y. This result was affected by lower gasoline and diesel sales caused by  government austerity measures and deteriorated purchasing power of the Czech population. High margin premium fuels VERVA sales increased in 1Q12 by 10% y/y.

EBIT in the petrochemical segment amounted to CZK -236m in 1Q12. Group sales of petrochemical products declined slightly (-2% y/y) in 1Q12, mainly due to agro products (-11 % y/y) and monomers (-6% y/y).  On the other hand, sales of polyetylene and polypropylene (+6 % y/y) reached relatively high dynamics. Performance of this segment was also negatively influenced by lower combined petchem margins, in case of olefins (-21% y/y) and polyolefins (-15% y/y), mainly due to sharp increase in prices of raw materials. Positive effect generated FX effect of CZK/EUR weakening and ongoing decrease of fixed costs.

UNIPETROL, a.s. is a group of companies operating in the petrochemical industry in the Czech Republic. In 2005 UNIPETROL became a part of the PKN ORLEN Group, the largest oil processor in Central Europe. The UNIPETROL Group is oriented mostly towards oil processing, fuel distribution and petrochemical production. In all of these business areas the UNIPETROL Group is among the key players both in the Czech Republic and on the Central European market. The Group ranks among the leading firms in the Czech Republic in terms of its revenues, and employs almost 4,000 people.

Consolidated un-audited financial results (CZK million)

1) Net result attributable to shareholders of the parent company

EBIT Segment Breakdown (CZK million)

Contact:

Mikuláš Duda

Press Department Manager

Telephone: +420 225 001 407, +420 736 502 520

E-mail: mailto:mikulas.duda@unipetrol.cz