Unimot Sa · GPW:UNT
Unimot Sa — Q2 2019 Earnings Presentation
32 slides from Unimot Sa's earnings presentation, Aug 21, 2019
Slide 1: Consolidated financial results for Q2 2019
Consolidated financial results for Q2 2019 08/21/2019
Slide 2: Agenda
AGENDA 1. Most important events 2. UNIMOT Group financial results 3. Financial results divided by segments 4. Outlook for future quarters 5. Appendix
Slide 3: UNIMOT's business in Q2 2019
UNIMOT’S BUSINESS IN Q2 2019 Total revenues: Adj. EBITDA*: EBITDA: Net profit: PLN 1 007.9 million PLN 16.7 million PLN 14.9 million PLN 8.0 million UNIMOT GROUP ▪ Growth in diesel sales ▪ Growth in sales volumes ▪ Growth in sales volumes by 31.8% ▪ Another quarter of very volumes by 11.4% by 35.9%
Slide 4: Agenda
AGENDA 1. Most important events 2. UNIMOT Group financial results 3. Financial results divided by segments 4. Outlook for future quarters 5. Appendix
Slide 5: Key financial data
KEY FINANCIAL DATA Total revenues [in PLN million] Revenues from external entities breakdown +19.4% Revenues in 2Q 2019 are 1 008 highest quarterly revenues in 1 007 the history of the UNIMOT 1H19 89,1% 8,3% 2,6% Capital Group Fuels (diesel, bio-fuel, others) 844 843 869 LPG gas Naural gas and elect
Slide 6: EBITDA vs. adjusted EBITDA
EBITDA VS. adjusted EBITDA Adj. EBITDA 22,9 EBITDA* 18,7 ADJUSTMENTS TO BOOK EBITDA in 2Q 2019 15,9 16,7 In PLN milion 14,5 ▪ impact of liquid fuels inventories valuation and 12,2 moving costs over time driven by NIT fulfilment and 11,1 14,9 maintaining compulsory reserves: 7,6 PLN +2 622 thousand 5
Slide 7: Income statement and margins
INCOME STATEMENT AND MARGINS [in PLN million] 2Q18**** 1Q19 2Q19 2Q19/2Q18 1H18**** 1H19 1H19/1H18 Net revenues 843.9 868.7 1 007.9 +19.4% 1 521.4 1 877.7 +23.4% Gross profit on sales* 24.4 44.0 44.8 +83.6% 44.6 90.0 +101.7% Gross profit on sales margin* 2.9% 5.1% 4.4% +1.6 p.p. 2.9% 4.8% +1.9 p.p.
Slide 8: Further financial ratios improvement
FURTHER FINANCIAL RATIOS IMPROVEMENT 3Q18 2018 1Q19 2Q19 CEL 2Q18 LTM ▪ Current liquidity ratio has been LTM LTM LTM LTM 2023 maintained at good level 1.34, i.e. Financial liquidity ratio above minimum level assumed in 1.24 1.30 1.33 1.41 1.34 min 1.2 strategy (current assets / short-term liabilitie
Slide 9: Businesses contribution to consolidated EBITDA Q2 19
BUSINESSES CONTRIBUTION TO CONSOLIDATED EBITDA Q2 19 [PLN million] 1,8 0,2 -1,7 1,3 -0,1 -0,2 -0,7 16,7 -1,7 15,9 14,9 ON + BIO LPG Stacje Gaz UEiG Tradea Spółki Koszty Korekty Diesel+BIO LPG Fuel Paliw Natural Ziemny UEiG Tradea Natural Corporate gazowe centrum Adj. Adjust- EBITDA Stations gas gas
Slide 10: Main reasons for higher consolidated results yoy
MAIN REASONS FOR HIGHER CONSOLIDATED RESULTS YOY Q2 19 [PLN million] 1,8 16,7 -1,7 2,2 0,3 14,9 0,8 -0,2 0,7 0,4 11,9 -1,4 Adj. Diesel+BIO ON+BIO LPG Gaz LPG Fuel Stacje Natural Gaz UEiG UEiG Tradea Tradea Natural Spółki Corporate Koszty Adj. Estimated Korekty EBITDA EBITDA EBITDA Stations Paliw gas
Slide 11: Agenda
AGENDA 1. Most important events 2. UNIMOT Group financial results 3. Financial results divided by segments 4. Outlook for future quarters 5. Appendix
Slide 12: Market environment of diesel oil
MARKET ENVIRONMENT OF DIESEL OIL Estimated land premium of biggest Polish diesel oil producers* [PLN/m3] Futher growth of diesel consumption – from 4.23 million m3 in Q2 18 to 4.38 million m3 in Q2 19 470 (source: POPiHN / Lotos) 420 Land premium needs to be perceived as a 370 trend, not specific va
Slide 13: Diesel+BIO segment
DIESEL+BIO SEGMENT Sales volumes [thousand m3] Total revenues [PLN million] Adj. EBITDA* [PLN million] +15.9% +21.7% +461% 262 16,8 15,9 226 230 882,1 901,8 200 210 741,0 728,2 754,1 9,0 7,4 2,8 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 ▪ Record level of quarterly di
Slide 14: LPG segment
LPG SEGMENT Sales volumes [thousand t] Total revenues [PLN million] Adj. EBITDA* [PLN million] +31.8% +23.4% +165.0% 39,4 3,7 33,4 36,5 86,2 83,7 33,2 82,9 29,9 67,8 71,9 2,7 2,3 Sale of PLG cylinders 1,5 1,3* segment PLN 1,4 million 0,5 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q
Slide 15: Natural gas segment
NATURAL GAS SEGMENT Sales volumes [GWh] revenues* [PLN million] EBITDA [PLN million] -42.7% -41.2% 2Q18 3Q18 4Q18 1Q19 2Q19 135 0,7 91 85 14,5 0,0** 78 12,1 67 11,1 -0,9 Blue Cold -0,8 6,9 7,1 -1,5 write-offs -3,8 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 Natural gas companies ▪ The segment
Slide 16: Natural gas: partial disinvestment – situation of companies (August 2019)
NATURAL GAS: PARTIAL DISINVESTMENT – SITUATION OF COMPANIES (AUGUST 2019) Distribution and sale of natural gas for technological Regasification as well as distribution and sale of natural Regasification as well as distribution and sale of natural Production of liquefied natural gas and heating proce
Slide 17: Natural gas: partial disinvestment (August 2019)
NATURAL GAS: PARTIAL DISINVESTMENT (AUGUST 2019) CURRENT STRUCTURE OF SHARES ULTIMATE STRUCTURE OF SHARES 58.74% 50.76% 100% 100% 100% Other shares: UNIMOT System Sp. z o.o. Blue Cold Sp. z o.o. UNIMOT System Blue LNG Blue Cold Sp. z o.o. Sp. z o.o.* Sp. z o.o. 100% Blue LNG Sp. z o.o.* LIABILITIES
Slide 18: Electricity segment
ELECTRICITY SEGMENT Sales volumes [thousand m3] Total revenues from electricity EBITDA [PLN million] [PLN million] +33.9% +94.7% 490 139,8 432 121,0 2,5 366 328 1,8 243 71,8 78,5 1,3 52,6 0,3 -0,5 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 Separate data ▪ Growth of pr
Slide 19: Fuel stations segment
FUEL STATIONS SEGMENT Sales volumes generated by all AVIA Total revenues [PLN million] EBITDA [PLN million] fuel stations [in million liters] +63.6% +121.2% 9,5* 2Q18 3Q18 4Q18 1Q19 2Q19 17,5 15,5 13,3 14,2 7,2 * -0,2 10,7 5,2 4,3 4,7 -0,6 -0,6 -0,7 -1,6 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19
Slide 20: Micromobility: investment into Green Electricity Sp. z o.o.
MICROMOBILITY: INVESTMENT INTO GREEN ELECTRICITY SP. Z O.O. (non-consolidated company) Green Electricity uses platform Number of vehicles pioneer of micromobility and multimodal transport in Poland Revenues for 2018: PLN 14.3 m Revenues for 1H 2019: PLN 9.9 m Operating profit for 2018: PLN 1.1 m Ope
Slide 21: Agenda
AGENDA 1. Most important events 2. UNIMOT Group financial results 3. Financial results divided by segments 4. Outlook for future quarters 5. Appendix
Slide 22: Outlook for future quarters
OUTLOOK FOR FUTURE QUARTERS ▪ Further flexible utilisation of favourable market ▪ Further development of International trading environment ▪ Increased purchase efficiency, sales and ▪ Good market prospects driven by seasonability effect efficiency of logistics planning driven by GAZ ▪ Positive effec
Slide 23: Strategy for 2018-2023
STRATEGY FOR 2018-2023 Primary goal: Forecasts of adj. EBITDA* Building the Group’s value for the shareholders through increase of business [PLN million] 74,8 efficiency and long-term diversification of activity. 64,9 Financial security of our business activity as one of the most important values. 5
Slide 24: Agenda
AGENDA 1. Most important events 2. UNIMOT Group financial results 3. Financial results divided by segments 4. Outlook for future quarters 5. Appendix
Slide 25: Cash flow statement
CASH FLOW STATEMENT [PLN thousand] 2Q19 2Q18 Operating activity cash flows Profit before taxation 10 454 (7 893) Adjustments by items, in this: Amortisation 2 141 1 403 Net interests, transactional costs (concerning credits and loans) and dividends 2 352 1 844 Receivables change (3 040) (3 761) Inve
Slide 26: Balance sheet
BALANCE SHEET [PLN thousand] 30.06.2019 31.12.2018 [PLN thousand] 30.06.2019 31.12.2018 Fixed assets, including: Equity, including: Tangible assets 43 072 45 825 Share capital 8 198 8 198 Other capitals 174 437 174 437 Intangible assets 18 669 18 636 Total equity 217 574 193 245 Fixed assets in tota
Slide 27: Business profile
BUSINESS PROFILE PALIWA STACJE PALIWA ENERGIA MIKRO- PŁYNNE PALIW GAZOWE ELEKTRYCZNA MOBILITY DIESEL OIL BIO-FUELS LPG GAS FUEL STATIONS NATURAL GAS ELECTRICITY 27
Slide 28: Structure of the capital group
STRUCTURE OF THE CAPITAL GROUP 58.74%* 50.76%* 100% 100% 100% 100% 100% UNIMOT System Blue Cold Tradea UNIMOT Energia i Gaz UNIMOT Paliwa Sp. z o.o. Unimot Unimot Sp. z o.o. Sp. z o.o. Sp. z o.o. Sp. z o.o. (wcześniej Tankuj24.pl Sp. z o.o.) Ukraine LLC Asia LLC construction and development LNG prod
Slide 29: National indicative target realisation – current low
NATIONAL INDICATIVE TARGET REALISATION – CURRENT LOW Possible to decrease to the level of 6.56% by applying reduction coefficient Obligation to fulfil NIT in 2018: 8.0% (0.86), applied by UNIMOT NIT FULFILLMENT IN 2019 1. Quarterly obligation and blending settlement* • Q1: min. 50% of obligation ful
Slide 30: Shareholders of Unimot S.A.
SHAREHOLDERS OF UNIMOT S.A. Shareholder No. of shares Share in capital No. of votes Share in votes Unimot Express Sp. z o.o. 3 593 625 43,84% 3 593 625 42,04% Zemadon Limited 1 616 661 19,72% 1 966 661 23,01% Robert Brzozowski – Vice-President of the Board 32 030 0,39% 32 030 0,37% Marek Moroz – Vic
Slide 31: Dictionary
DICTIONARY Bio-fuels blending – physical blending of fossil fuels with biocomponents that come from processing biomass. Since 2017 bio-blending has been an obligatory element to partially fulfil the National Indicative Target. In 2017 the minimum 50% of the obligation had to be fulfilled by bio-blen
Slide 32: Investor Relations Unimot S.A.
This presentation has been prepared by Unimot S.A. (“Company”) for its shareholders, analysts, and other contractors. This presentation has been prepared solely for information and is not an offer to buy or sell or a solicitation of an offer to buy or sell any securities or instruments. This present