Unimot Sa · GPW:UNT
Unimot Sa — Q2 2022 Earnings Presentation
33 slides from Unimot Sa's earnings presentation, Sep 1, 2022
Slide 1: Consolidated financial results for 2Q2022
Consolidated financial results for 2Q2022 1 September 2022
Slide 2: Agenda
1. Most important events 2. UNIMOT Group financial results AGENDA 3. Financial results divided by segments 4. Outlook for future quarters 5. Appendix 2
Slide 3: 2Q2022: Key operational and financial data
2Q2022: KEY OPERATIONAL AND FINANCIAL DATA Total revenues Adjusted EBITDA** EBITDA* Net profit PLN 3,518m PLN 74m PLN 68m PLN 45m ON&BIO sales volumes LPG sales volumes Natural Gas sales volumes Electricity sales volumes 531 thous. m3 64 thous. tonnes 315 GWh 570 GWh Fulfilment of key conditions ena
Slide 4: Reorganisation of UNIMOT Group as scheduled
REORGANISATION OF UNIMOT GROUP AS SCHEDULED Transaction concluded Ongoing transaction shares Lotos Terminale Fuel terminals by UNIMOT Asphalts/ bitumen Investments Sp. z o.o. Ensured financing Aport: PLN 325.9m Schedule Newly-created Fuel trading Excluding fuel trading shares ✓ Due diligence related
Slide 5: Market environment in 2Q2022 – significant fluctuations
MARKET ENVIRONMENT IN 2Q2022 – SIGNIFICANT FLUCTUATIONS Quotations of diesel oil [USD/T] Diesel and petrol consumption [million m3] 1 400 PLATTS all origins and PLATTS Diesel oil Petrol spread [USD] 1 200 Jun-22 Jul-22 Aug-22 6 5,43 5,52 -50 5,27 4,70 1 000 -100 -150 4 800 600 1,66 1,69 1,80 2 400 1
Slide 6: Agenda
1. Executive summary 2. UNIMOT Group financial results AGENDA 3. Financial results divided by segments 4. Outlook for future quarters 5. Appendix 6
Slide 7: Financial data
FINANCIAL DATA Total revenues [PLN million] Total revenues breakdown Income statement and margins [in PLN million] +103% 2Q21 2Q22 2Q22/2Q21 3 518 Gross profit on sales 83 181 118,1% Other Gross profit on sales margin 2 822 7,8% 7,3% 4.8% 5.1% +0.3 p.p. 2 371 2 081 Natural gas and electricity Operat
Slide 8: EBITDA vs. Adj. EBITDA
EBITDA VS. ADJ. EBITDA EBITDA (S) vs. EBITDA [PLN million] Main differences between Adj. EBITDA and EBITDA in 2Q22 [PLN million] 146,8 Adj. EBITDA EBITDA 85,1 74,3 67,7 42,6 37,6 35,7 27,0 4,4 11,1 28,0 28,3 17,2 10,9 12,0 13,1 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Elimination of the Adjustment fo
Slide 9: Main reasons for higher consolidated results YoY
MAIN REASONS FOR HIGHER CONSOLIDATED RESULTS YOY 2Q22 [PLN million] 2Q22 Adj. EBITDA: 9,2 19,6 PLN 74,3 million Diesel+BIO 61,9 6,7 2,2 2,5 0,2 1,2 LPG 24,0 22,6 0,8 0,1 74,3 - 6,6 Fuel Stations 0,2 67,7 AVIA Ukraine 0,3 37,4 Natural Gas 5,8 UEiG 0,9 Tradea 0,2 Natural Gas 0,4 companies Other refine
Slide 10: Debt and funding
DEBT AND FUNDING Credit lines as of 30 June 2022 Main banks Total limit* Covenants (depending on the bank) Renewal PLN 258.5m** 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 11: Agenda
1. Executive summary 2. UNIMOT Group financial results AGENDA 3. Financial results divided by segments 4. Outlook for future quarters 5. Appendix 11
Slide 12: Diesel & Bio segment
DIESEL & BIO SEGMENT Sales volumes [thousand m3] Total revenues [PLN million] Adj. EBITDA* [PLN million] +39.8% +94.1% +152.7% 531,2 2 805 431,8 2 079 395,6 407,1 364,8 380,0 1 805 338,0 324,2 1 659 61,9 1 445 48,3 1 268 968 1 022 24,5 14,0 24,0 22,1 13,9 22,8 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22
Slide 13: Land premium and change of UNIMOT's costs
LAND PREMIUM AND CHANGE OF UNIMOT’s COSTS Estimated land premium of diesel [excluding Russian Distribution of UNIMOT’s costs vs. land premium [%] product, PLN/m3] 300,00 250,00 800 200,00 600 150,00 100,00 400 2Q 2022 50,00 Estimated land premium of diesel excluding any restrictions 200 - Jan-20 Jan
Slide 14: LPG segment
LPG SEGMENT Sales Volumes [thousand tonnes] Total revenues [PLN million] EBITDA [PLN million] +16.2% +117.1% >1000% 273,2 24,0 64,1 17,4 211,4 54,0 57,2 55,2 52,6 56,5 53,5 188,2 43,0 168,4 139,8 125,8 105,5 7,1 83,8 5,0 1,7 1,0 3,3 1,4 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q20 4Q20 1Q21 2Q21 3Q2
Slide 15: Natural gas segment
NATURAL GAS SEGMENT Sales volumes* [GWh] Total revenues [PLN million] Adj. EBITDA [PLN million] +118.5% >650% 1 035,1 987,9 196,9 152,5 8,0 130,0 5,4 6,6 4,2 418,3 92,4 90,5 297,3 339,6 315,0 0,7 - 0,1 144,2 34,7 - 0,3 - 2,7 67,9 19,2 6,6 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q20 4Q20 1Q21 2Q21 3
Slide 16: Electricity segment
ELECTRICITY SEGMENT Sales volumes* [GWh] Total revenues [PLN million] Adj. EBITDA [PLN million] -31.8% +132.9% +167% 911,5 102,7 836,4 717,7 729,1 745,9 81,4 668,2 74,0 559,1 570,0 56,1 24,2 43,0 44,1 36,9 41,3 2,9 1,4 0,3 0,8 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q2
Slide 17: Photovoltaics
PHOTOVOLTAICS Sales volumes* [KWp] Total revenues [PLN million] Adj. EBITDA [PLN million] -7.,6% -73.2% 1 352 1 235 4,7 1 047 5,0 947 3,8 4,1 716 3,2 2,8 565 2,5 339 1,2 -0,8 -0,5 -1,4 -1,8 -2,0 -4,2 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22
Slide 18: Fuel stations segment
FUEL STATIONS SEGMENT Sales volumes on AVIA stations Number of AVIA stations Adj. EBITDA [PLN million] [million liters] (own and franchise) +38.9% -66.7% ✓31 – own stations (CODO) 150 57,7 ✓71 – franchise stations (DOFO) 1,4 56,7 1,4 49,9 51,6 1,2 102 41,5 85 0,4 30,5 32,1 31,7 60 42 50 15 -0,3 -0,8
Slide 19: Fuel stations segment – additional information
FUEL STATIONS SEGMENT– ADDITIONAL INFORMATION Total revenues* [PLN million] Total revenues [PLN million] Average volume per station [thous. liters per month] +162% 2Q22 126,9 -2.4% 139,3 +149% Own stations** 2Q21 50,9 227 197 188 211 180 209 193 204 84,9 68,8 57,8 53,2 29,3 34,6 2Q22 12,4 21,9 Franc
Slide 20: Other petroleum products segment
OTHER PETROLEUM PRODUCTS SEGMENT Sales volumes* [in thousand Revenues** [PLN million] Adj. EBITDA [PLN million] tonnes] +10.3% +62.6% 311,2 0,88 18,0 19,5 19,6 15,1 0,14 0,24 12,6 13,9 8,0 -0,10 -0,22 -0,28 4,5 26,5 33,2 39,9 43,1 23,0 9,3 19,0 -0,86 -1,21 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q2
Slide 21: Agenda
1. Executive summary 2. UNIMOT Group financial results AGENDA 3. Financial results divided by segments 4. Outlook for future quarters 5. Appendix 21
Slide 22: Outlook for subsequent quarters
OUTLOOK FOR SUBSEQUENT QUARTERS GAZ LIQUID FUELS AND BIO-FUELS LPG AVIA STATIONS Change in fuel supply structure due to the war in High unit margins Driven by limited Connecting more petrol stations to the Ukraine (the Group is now making effective use of this commodity availability AVIA chain and f
Slide 23: Agenda
1. Executive summary 2. UNIMOT Group financial results AGENDA 3. Financial results divided by segments 4. Outlook for future quarters 5. Appendix 23
Slide 24: War in Ukraine – current and potential impact on the Group
WAR IN UKRAINE – CURRENT AND POTENTIAL IMPACT ON THE GROUP On 24 February 2022, the armed aggression of the Russian Federation against independent Ukraine began. The UNIMOT Group continuously monitors the political and economic steps taken by the government administration, as well as the internation
Slide 25: Balance
BALANCE [PLN thousand] 30.06.2022 30.06.2021 [PLN thousand] 30.06.2022 30.06.2021 Fixed assets, including: Equity, including: Share capital 8 198 8 198 Tangible assets 49 555 45 965 Other capitals 306 992 234 946 Intangible assets 19 434 21 233 Total equity 485 882 325 875 Fixed assets in total 176
Slide 26: Cash flow statement
CASH FLOW STATEMENT [PLN thousand] 2Q22 2Q21 Operating activity cash flows Profit before taxation 59 339 22 126 Adjustments by items, in this: 3 568 3 455 Amortisation Net interests, transactional costs (concerning credits and loans) and dividends 5 563 1 650 Receivables change 113 817 44 499 Invent
Slide 27: Good levels of main financial ratios
GOOD LEVELS OF MAIN FINANCIAL RATIOS GOAL 2019 2020 2021 1H22 2023 Financial liquidity ratio 1.45 1.36 1.28 1.25 min 1.2 (current assets / short-term liabilities) Interest coverage ratio 6.92 15.42 8.85 13.95 min. 3x (adj. EBITDA / interest) Equity Ratio 35.9% 33.6% 26.5% 22.3 min 20% (equity / bala
Slide 28: 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 29: Sales volumes on AVIA stations
SALES VOLUMES ON AVIA STATIONS [milion liters] 20,0 19,9 18,8 18,0 17,7 17,8 17,0 16,7 16,7 16,3 16,7 15,1 15,1 13,6 13,0 13,0 11,0 11,2 10,2 10,5 10,4 10,7 10,5 9,7 8,0 8,2 7,6 7,7 7,2 6,8 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 2020 2021 2022 29
Slide 30: Business profile
BUSINESS PROFILE LIQUID PETROL GAS FUELS STATIONS FUELS ELECTRICITY PHOTOVOLTAICS OTHER REFINED PRODUCTS DIESEL OIL BIO-FUELS LPG GAS FUEL STATIONS NATURAL GAS ELECTRICITY PHOTOVOLTAICS BITUMENS CRUDE OIL from 06.2020 from 09.2019 from 05.2020 LUBRICANTS from 09.2019 30
Slide 31: 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 100 218 1,22% 100 218 1,17% Fili
Slide 32: 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 33: Upcoming events / Investor relations
Upcoming events ►16 listopada 2022 r. Wyniki finansowe za III kwartał 2022 r. 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 INVESTOR RELATIONS and is not an offer to buy