Unimot Sa · GPW:UNT
Unimot Sa — Q1 2022 Earnings Presentation
36 slides from Unimot Sa's earnings presentation, May 23, 2022
Slide 1: Consolidated financial results for 1Q2022
Consolidated financial results for 1Q2022 23rd May 2022
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: 1Q2022: UNIMOT Group
1Q2022: UNIMOT GROUP Total revenues: Adjusted EBITDA*: EBITDA: Net profit: PLN 2 371m PLN 85.1m PLN 146.8m PLN 114.7m Positive contribution from liquid fuels, LPG and Tradea. Negative impact on the results: photovoltaics and AVIA stations in Ukraine. Important market challenges Extremely good year-e
Slide 4: Market environment in 1Q2022 – raising prices of products
MARKET ENVIRONMENT IN 1Q2022 – RAISING PRICES OF PRODUCTS Prices of diesel oil and biofuels* [USD/T] Electricity Forward Contracts (BASE_Y-23)** [PLN/MWh 3 000 1 600 1 400 1Q22 1Q22 ICE Gasoil (right axle) 1 400 1 200 2 500 Fame (left axle) 1 200 1 000 2 000 1 000 800 1 500 800 600 600 1 000 400 400
Slide 5: Agenda
AGENDA 1. Executive summary 2. UNIMOT Group financial results 3. Financial results divided by segments 4. Outlook for future quarters 5. Appendix
Slide 6: Key financial data
KEY FINANCIAL DATA Total revenues [in PLN million] Revenues from external entities breakdown +50.8% 2 822 8,9% 2 371 Fuels 2 081 1Q21 90,0% LPG gas 1 572 1 731 7,9% 1 338 1 245 Natural gas and electrity 1Q22 85,6% Others 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Adj. EBITDA* [in PLN million] Adj. EBITDA ma
Slide 7: Income statement and margins
INCOME STATEMENT AND MARGINS [in PLN million] 1Q21 1Q22 1Q22/1Q21 Net revenues 1 572 324 2 371 246 +50.8% Gross profit on sales* 90 734 210 593 +132.1% Gross profit on sales margin* 5.8% 8.9% +3.1p.p. Operating profit 39 375 144 156 +266.1% Operating profit 2.5% 6.1% +3.6pp EBITDA** 42 584 146 795 +
Slide 8: EBITDA vs. adjusted EBITDA
EBITDA VS. ADJUSTED EBITDA 146,8 Adj. EBITDA ADJUSTMENTS TO ACCOUNTING EBITDA IN 1Q22: EBITDA* ▪ The main adjustment of EBITDA result is realization of profits from transactions on the electricity market, 85,1 concluded in the previous year by Tradea company, on the level of PLN 21.5 million. Import
Slide 9: Good levels of main financial ratios
GOOD LEVELS OF MAIN FINANCIAL RATIOS 2019 2020 2021 1Q22 LTM 2023 GOAL ▪ Current liquidity ratio on the level of 1.22, that is higher than the level assumed in the strategy Financial liquidity ratio ▪ Interest coverage ratio on a very high level 1.45 1.36 1.28 1.22 min 1.2 (current assets / short-te
Slide 10: Businesses contribution to adj. EBITDA 1Q22
BUSINESSES CONTRIBUTION TO ADJ. EBITDA 1Q22 [in PLN million] 61,7 146,8 24,0 1,0 0,2 0,5 10,2 85,1 3,2 0,2 17,4 1,5 0,2 48,3 ON + BIO LPG Stacje AVIA Gaz UEiG Tradea Spółki Produkty Foto- Centrum Korekty EBITDA Paliw Ukraina Ziemny Gazowe Ropo- woltaika korp. EBITDA 1Q22 pochodne i Skorygowana nowe
Slide 11: Main reasons for higher consolidated results YoY
MAIN REASONS FOR HIGHER CONSOLIDATED RESULTS YOY 1Q22 [in PLN milion 61,7 146,8 0,7 0,5 1,2 8,5 23,3 85,1 14,1 1,6 0,0 1,2 1,1 26,3 42,6 EBITDA ON+BIO Gaz LPG Stacje AVIA Gaz UEiG Tradea Spółki Produkty Foto- Centrum EBITDA Korekty EBITDA Skorygowana Paliw Ukraina Ziemny Gazowe Ropo- woltaika korp.
Slide 12: Debt and funding
DEBT AND FUNDING Credit lines as of 31.03.2022 Main banks Total limit* Covenants (depending on the bank) Renewal 258.5 mln PLN** Main credit facilities are renewed every mBank, ING Bank Śląski, Current liquidity ratio, net profit ratio, profit on sales ratio, EBITDA/interests, year. The other ones –
Slide 13: Agenda
AGENDA 1. Executive summary 2. UNIMOT Group financial results 3. Financial results divided by segments 4. Outlook for future quarters 5. Appendix
Slide 14: Market environment of diesel oil
MARKET ENVIRONMENT OF DIESEL OIL Estimated land premium of biggest Polish diesel oil producers* [PLN/m3] Increase of diesel consumption from 4,9.mln 720 m3 in 1Q21 to 5.4 mln m3 in 1Q22 670 (source: POPiHN) 620 570 520 Land premium needs to be perceived as a 470 trend, not specific values 420 ▪ It d
Slide 15: Diesel oil & bio segment
DIESEL OIL & BIO SEGMENT Sales volumes [thousand m3] Total revenues [PLN million] Adj. EBITDA* [PLN million] - 11% +42.9% +118.6% 431,8 2 144 395,6 407,1 48,3 380,0 1 805 338,0 364,8 324,2 1 690 1 483 1 263 22,1 24,5 22,8 968 1 022 24,0 14,0 13,9 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 3Q20 4Q20 1Q21 2Q2
Slide 16: LPG segment
LPG SEGMENT Sales Volumes [in thousand Total revenues [PLN million] EBITDA [PLN million] tonnes] -6.3% +34.7% +420.8% 54,0 57,2 56,5 17,4 55,2 52,6 53,5 43,0 211,4 188,2 168,4 139,8 125,8 7,1 105,5 5,0 83,8 1,7 1,0 3,3 1,4 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 3Q20 4Q
Slide 17: Natural gas segment
NATURAL GAS SEGMENT Sales volumes [GWh] Total revenues* [PLN million] Adj. EBITDA [PLN million] -21.6% -59.6% +113.1% 196,9 1 035,1 987,9 130,0 8,0 5,4 92,4 90,5 4,2 418,3 339,6 0,7 - 0,1 297,3 - 0,3 - 2,7 34,7 144,2 19,2 67,9 6,6 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22
Slide 18: Electricity segment
ELECTRICITY SEGMENT Sales volumes [GWh] Total revenues [PLN million] Adj. EBITDA [PLN million] -18.2% +148.3% +1614% 911,5 97,5 836,4 717,7 729,1 745,9 74,0 668,2 64,2 66,1 559,1 24,0 43,0 36,9 29,8 2,9 1,4 0,3 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 3Q20 4Q20 1Q21 2Q21
Slide 19: Photovoltaics segment
PHOTOVOLTAICS SEGMENT Sales volumes [KWp] Total revenues [PLN million] EBITDA [PLN million] -41.1% -23.9% 1 352 1 229 4,7 1 047 -0,5 959 3,8 4,1 -0,8 3,2 -1,4 716 2,8 -1,8 565 2,5 -2,0 -4,2 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 ▪ The segment includ
Slide 20: Petrol stations segment
PETROL STATIONS SEGMENT Sales volumes on AVIA stations in Poland Total revenues [PLN million] EBITDA [PLN million] manager by UNIMOT [million liters] +63% +145.8% 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 84,9 1,4 1,4 1,2 56,7 68,8 49,9 51,6 57,8 41,5 53,2 30,5 32,1 31,7 29,3 34,6 -0,3 21,9 -0,8 -0,9 -1,4
Slide 21: Petrol stations segment – additional information
PETROL STATIONS SEGMENT– ADDITIONAL INFORMATION Stacje AVIA Grupy UNIMOT (stacje własne i franczyza) Revenues - own stations * [in PLN Revenues - franchise ** [in PLN Number of stations as of million] million] 31.03.2022: Goal Stations 150 ▪ 24 – own stations 60 85 92 1Q22 2,7 42 50 (CODO) 1Q22 82,2
Slide 22: Other petroleum products segment
OTHER PETROLEUM PRODUCTS SEGMENT Volumes [in thousand tonnes] Revenues [in PLN million] Adj. EBITDA [in PLN million] +71.3% +104.2% 311,2 18,0 19,6 19,7 0,14 0,24 15,1 12,7 8,0 -0,10 -0,22 -0,28 4,7 26,5 33,2 39,9 23,0 9,3 19,0 -0,86 -1,21 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 3Q20 4Q20 1Q21 2Q21 3Q21
Slide 23: Agenda
AGENDA 1. Executive summary 2. UNIMOT Group financial results 3. Financial results divided by segments 4. Outlook for future quarters 5. Appendix
Slide 24: War in Ukraine – current and potential impact on the Group
WAR IN UKRAINE – CURRENT AND POTENTIAL IMPACT ON THE GROUP On 24th February 2022, armed aggression of the Russian Federation on independent Ukraine began. Unimot Group is monitoring on a current basis the political and economic steps taken by the government and the international community, and is an
Slide 25: Prospects for the next quarters
PROSPECTS FOR THE NEXT QUARTERS GAZ LIQUID FUELS & BIOFUELS LPG GAS AVIA STATIONS Changes in the structure of fuel supplies as a result of Continuation of proactive searching More fuel stations joining AVIA network war in Ukraine (currently the Group is taking for alternative sources of supplies in
Slide 26: Agenda
AGENDA 1. Executive summary 2. UNIMOT Group financial results 3. Financial results divided by segments 4. Outlook for future quarters 5. Appendix
Slide 27: Balance
BALANCE [PLN thousand] 31.03.2022 31.03.2021 [PLN thousand] 31.03.2022 31.03.2021 Fixed assets, including: Equity, including: ▪ No significant increases in the area of fixed assets Tangible assets 46 240 36 970 Share capital 8 198 8 198 ▪ Increase in stocks results mainly from the higher valuation O
Slide 28: Cash flow statement
CASH FLOW STATEMENT [PLN thousand] 1Q22 1Q21 ▪ Negative operating cash flows result first and Operating activity cash flows foremost from increase in the prices of all petroleum products, natural gas and electricity Profit before taxation 140 265 38 030 due to price increases. ▪ A small change in de
Slide 29: Strategy for 2018-2023
STRATEGY FOR 2018-2023 Primary goal: Building the Group’s value for the shareholders through increase of business efficiency and long-term diversification of activity. Financial security of our business activity as one of the most important values. Strategic goals in 2023 r. Assumption from strategy
Slide 30: Business profile
BUSINESS PROFILE LIQUID PETROL GAS FUELS STATIONS FUELS ELECTRICITY PHOTOVOLTAICS OTHER REFINED PRODUCTS DIESEL OIL BIO-FUELS LPG GAS PETROL STATIONS NATURAL GAS ELECTRICITY PHOTOVOLTAICS BITUMENS CRUDE OIL from 06.2020 from 09.2019 from 05.2020 LUBRICANTS from 09.2019 30
Slide 31: Structure of the capital group
STRUCTURE OF THE CAPITAL GROUP 100% 100% 100% 100% 100% 100% 75% 80% UNIMOT System Tradea UNIMOT Paliwa UNIMOT Energia UNIMOT UNIMOT 3 Seas Energy Operator Klastra Sp. z o.o. Sp. z o.o. Sp. z o.o. i Gaz Sp. z o.o. Ukraine LLC Asia LLC LLC Energii Sp. z o.o. development of AVIA crude oil trading Żywi
Slide 32: Selected operational and financial data for 1Q2022 – main subsidiaries
SELECTED OPERATIONAL AND FINANCIAL DATA FOR 1Q2022 – MAIN SUBSIDIARIES [PLN thousand] Tradea UEiG UNIMOT System 10 709.90 Gas Volumes [MWh] 746 133.803 EE 6 916.957 Gas 17 466.28 Electricity Revenues 72 309 25 925 3 388 EBITDA 2 578 -199 998 Operational profit 2 536 -323,83 825 Net profit 4 132 -204
Slide 33: Awareness of global changes – building business cluster
AWARNESS OF GLOBAL CHANGES – BUILDING BUSINESS CLUSTER We develop our businesses being aware of global trends and market transormation – structure of the Group is well-conceived and businesses are additionally enchanced by multi-dimentional synergies. NOW FUTURE Core business Support for core busine
Slide 34: 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 Management Board 92 490 1.13% 92 490 1.08% Filip
Slide 35: 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. EBITDA – Earnings Before Interest, Taxes, Depreciation and Amortization.
Slide 36: 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