Report nr: 36/2023 Date of publication: 07.11.2023 / 21:08
The Management Board of UNIMOT S.A. (the “Issuer”), with its registered office in Zawadzkie, announces that, having analysed and verified preliminary, estimated selected financial data for Q3 2023 (the “Preliminary Data”), has decided to publish it as confidential information.
The Consolidated Preliminary Data for Q3 2023 is as follows:
- Total revenues: PLN 3 360 million,
- EBITDA (i.e. earnings before interest, taxes, depreciation and amortisation): PLN 10.3 million,
- Adjusted EBITDA (i.e. EBITDA adjusted for estimated valuation of obligatory liquid and gaseous fuel reserves, justified cost and revenue deferrals and non-recurring events): PLN 4 million.
Comparable, consolidated data for Q3 2022 is as follows:
- Total revenues: PLN 3 814 million,
- EBITDA: PLN 59.8 million,
- Adjusted EBITDA: PLN 120.7 million.
The following factors had the major impact on consolidated Adjusted EBITDA in Q3 2023:
- from the second half of August 2023, domestic diesel quotations began to reach levels that did not reflect, i.e. significantly below, global quotations for this product. This resulted in a reduction in the activity of trading imported diesel and offering it on the domestic market. Consequently, in Q3 2023, the Issuer Group focused, in particular, on fuel exports to Ukraine; the fulfilment of diesel oil supply commitments made – in the earlier period – by the Issuer Group to domestic counterparties; and the supply – in accordance with contracts – of diesel oil to the AVIA station chain. The Issuer’s Management Board announces that it has completed an analysis of the impact of the negative market conditions referred to above. The results of this analysis include, inter alia, the impact of the performance of the Issuer Group’s contractual obligations, which could not be performed on the basis of the product purchased in Poland (due to limited supply) and had to be performed with imported diesel oil. The Issuer’s Management Board estimates that, as a consequence of the above situation, it lost benefits at the level of PLN 72.4 million, which would not have occurred if the market environment in Q3 2023 had not significantly differed from the diesel oil trading conditions observed in previous periods,
- positive contribution of the assets acquired in 2023, i.e. Olavion sp. z o.o., Unimot Commodities sp. z o.o., Unimot Terminals sp. z o.o., Unimot Infrastruktura sp. z o.o., Unimot Bitumen sp. z o.o., RCEkoenergia sp. z o.o. and Unimot Aviation sp. z o.o., to Adjusted EBITDA at the level of PLN 49.2 million in Q3 2023,
- achieving in Q3 2023 a sales volume of 481.6 thousand m3 of diesel, petrol and biofuels (down 9% year-on-year) and increasing sales of LPG by 7% year-on-year to 68.7 thousand tonnes.
The Preliminary Data presented has been prepared on the basis of preliminary financial data for Q3 2023 available to the Issuer’s Management Board. The estimates have been made to the best knowledge of the Management Board at the date of preparation, but may differ from the final figures, which will be published in the condensed consolidated financial statements prepared as at 30 September 2023.
Legal basis:
Article 17(1) of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR Regulation)
Persons representing the Company:
Filip Kuropatwa, Vice-President of the Management Board
