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Unipetrol

Unipetrol's Cash & Cash Equivalents rose 50.6% yoy to CZK 1,682 mil in 2014

By Helgi Library - April 2, 2020

Unipetrol's total assets reached CZK 48,517 mil at the end of 2014, down 2.96% compared to the previous year. Curr...

Profit Statement 2012 2013 2014
Sales CZK mil 107,281 99,415 124,229
Gross Profit CZK mil 13,858 2,303 5,986
EBITDA CZK mil 3,350 1,522 1,273
EBIT CZK mil 543 -893 -997
Financing Cost CZK mil 317 450 365
Pre-Tax Profit CZK mil -4,688 -1,344 -1,362
Net Profit CZK mil -3,414 -1,396 -556
Dividends CZK mil 0.235 ... ...
Balance Sheet 2012 2013 2014
Total Assets CZK mil 50,632 49,998 48,517
Non-Current Assets CZK mil 26,051 25,664 22,173
Current Assets CZK mil 24,581 24,334 26,344
Working Capital CZK mil 4,474 5,786 9,244
Shareholders' Equity CZK mil 29,528 28,299 28,471
Liabilities CZK mil 21,104 21,699 20,046
Total Debt CZK mil 2,661 2,507 5,113
Net Debt CZK mil -397 1,390 3,431
Ratios 2012 2013 2014
ROE % -10.9 -4.83 -1.96
ROCE % -9.40 -4.51 -1.77
Gross Margin % 12.9 2.32 4.82
EBITDA Margin % 3.12 1.53 1.02
EBIT Margin % 0.506 -0.899 -0.803
Net Margin % -3.18 -1.40 -0.448
Net Debt/EBITDA -0.119 0.913 2.70
Net Debt/Equity -0.013 0.049 0.121
Cost of Financing % 11.4 17.4 9.58
Valuation 2012 2013 2014
Market Capitalisation USD mil 1,669 1,536 1,033
Enterprise Value (EV) USD mil 1,648 1,606 1,182
Number Of Shares mil 181 181 181
Share Price CZK 175 168 131
EV/EBITDA 9.62 20.6 19.9
EV/Sales 0.301 0.316 0.203
Price/Earnings (P/E) -9.29 -21.8 -42.6
Price/Book Value (P/BV) 1.07 1.08 0.831
Dividend Yield % < 0.001 ... ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales CZK mil                     67,387 85,967 97,428 107,281 99,415   ...
Gross Profit CZK mil                     12,449 15,361 11,812 13,858 2,303   ...
EBIT CZK mil ...                   -654 1,678 -682 543 -893   ...
Net Profit CZK mil                     -840 937 -5,914 -3,414 -1,396   ...
ROE %                     -2.19 2.44 -16.5 -10.9 -4.83   ...
EBIT Margin % ...                   -0.971 1.95 -0.700 0.506 -0.899   ...
Net Margin %                     -1.25 1.09 -6.07 -3.18 -1.40   ...
Employees ... ... ...               4,191 3,976 3,899 3,705 3,567   ...
balance sheet                                  
Total Assets CZK mil                     58,249 61,471 57,176 50,632 49,998   ...
Non-Current Assets CZK mil                     38,061 36,351 31,918 26,051 25,664   ...
Current Assets CZK mil                     20,188 25,120 25,258 24,581 24,334   ...
Shareholders' Equity CZK mil                     37,871 38,800 32,854 29,528 28,299   ...
Liabilities CZK mil                     20,378 22,671 24,322 21,104 21,699   ...
Non-Current Liabilities CZK mil                     4,267 4,312 4,047 882 2,862   ...
Current Liabilities CZK mil                     16,111 18,359 20,275 20,222 18,838   ...
Net Debt/EBITDA ...                   0.436 -0.486 0.180 -0.119 0.913   ...
Net Debt/Equity                     0.032 -0.065 0.013 -0.013 0.049   ...
Cost of Financing % ...                   9.48 11.6 10.4 11.4 17.4   ...
cash flow                                  
Total Cash From Operations CZK mil ...                   3,745 4,658 149 1,630 300   ...
Total Cash From Investing CZK mil ... ... ...               -1,822 -958 -3,058 -917 -1,688   ...
Total Cash From Financing CZK mil ... ... ...               -1,689 -144 626 -122 -584   ...
Net Change In Cash CZK mil ... ... ...               234 3,556 -2,283 591 -1,972   ...
valuation                                  
Market Capitalisation USD mil                     1,381 1,911 1,571 1,669 1,536   ...
Number Of Shares mil                     181 181 181 181 181   ...
Share Price CZK                     140 197 171 175 168   ...
Earnings Per Share (EPS) CZK                     -4.63 5.17 -32.6 -18.8 -7.70   ...
Book Value Per Share CZK                     209 214 181 163 156   ...
Dividend Per Share CZK ... ... ... ... ... ... ... ...     0.006 0.011 ... 0.001 ... ... ...
Price/Earnings (P/E)                     -30.2 38.1 -5.24 -9.29 -21.8   ...
Price/Book Value (P/BV)                     0.670 0.921 0.944 1.07 1.08   ...
Dividend Yield % ... ... ... ... ... ... ... ...     0.004 0.006 ... < 0.001 ... ... ...
Earnings Per Share Growth % ...                   -1,392 -212 -731 -42.3 -59.1   ...
Book Value Per Share Growth % ...                   -2.68 2.45 -15.3 -10.1 -4.16   ...
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales CZK mil                     67,387 85,967 97,428 107,281 99,415   ...
Cost of Goods & Services CZK mil                     54,938 70,606 85,616 93,423 97,111   ...
Gross Profit CZK mil                     12,449 15,361 11,812 13,858 2,303   ...
Staff Cost CZK mil ... ... ... ...             2,581 2,577 2,630 2,480 2,433   ...
Other Cost CZK mil ... ... ... ...             7,090 7,610 6,757 8,028 -1,651   ...
EBITDA CZK mil ...                   2,778 5,174 2,425 3,350 1,522   ...
Depreciation CZK mil ...                   3,432 3,496 3,107 2,807 2,415   ...
EBIT CZK mil ...                   -654 1,678 -682 543 -893   ...
Financing Cost CZK mil                     313 269 267 317 450   ...
Extraordinary Cost CZK mil ...                   251 223 4,995 4,914 0   ...
Pre-Tax Profit CZK mil                     -1,218 1,186 -5,944 -4,688 -1,344   ...
Tax CZK mil                     -372 249 -30.0 -1,274 52.9   ...
Minorities CZK mil ...                   -5.00 ... ... ... ... ... ...
Net Profit CZK mil                     -840 937 -5,914 -3,414 -1,396   ...
Dividends CZK mil ... ... ... ... ... ... ... ...     1.00 2.00 ... 0.235 ... ... ...
growth rates                                  
Total Revenue Growth % ...                   -31.3 27.6 13.3 10.1 -7.33   ...
Operating Cost Growth % ... ... ... ... ...           -16.6 5.34 -7.85 11.9 -92.6    
EBITDA Growth % ... ...                 -38.0 86.2 -53.1 38.1 -54.6   ...
EBIT Growth % ... ...                 -165 -357 -141 -180 -265   ...
Pre-Tax Profit Growth % ...                   -5,900 -197 -601 -21.1 -71.3   ...
Net Profit Growth % ...                   -1,392 -212 -731 -42.3 -59.1   ...
ratios                                  
ROE %                     -2.19 2.44 -16.5 -10.9 -4.83   ...
ROCE % ...                   -1.73 2.01 -13.4 -9.40 -4.51   ...
Gross Margin %                     18.5 17.9 12.1 12.9 2.32   ...
EBITDA Margin % ...                   4.12 6.02 2.49 3.12 1.53   ...
EBIT Margin % ...                   -0.971 1.95 -0.700 0.506 -0.899   ...
Net Margin %                     -1.25 1.09 -6.07 -3.18 -1.40   ...
Payout Ratio % ... ... ... ... ... ... ... ...     -0.119 0.213 ... -0.007 ... ... ...
Cost of Financing % ...                   9.48 11.6 10.4 11.4 17.4   ...
Net Debt/EBITDA ...                   0.436 -0.486 0.180 -0.119 0.913   ...
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets CZK mil                     38,061 36,351 31,918 26,051 25,664   ...
Property, Plant & Equipment CZK mil                     35,812 33,909 28,893 23,319 23,177   ...
Intangible Assets CZK mil                     1,617 1,909 2,508 1,986 1,748   ...
Current Assets CZK mil                     20,188 25,120 25,258 24,581 24,334   ...
Inventories CZK mil                     8,598 10,194 11,609 9,893 10,705   ...
Receivables CZK mil                     9,310 9,946 10,391 10,575 12,393   ...
Cash & Cash Equivalents CZK mil                     1,186 4,742 2,471 3,058 1,117   ...
Total Assets CZK mil                     58,249 61,471 57,176 50,632 49,998   ...
Shareholders' Equity CZK mil                     37,871 38,800 32,854 29,528 28,299   ...
Of Which Minority Interest CZK mil                     0 0 -7.00 -7.00 -8.91   ...
Liabilities CZK mil                     20,378 22,671 24,322 21,104 21,699   ...
Non-Current Liabilities CZK mil                     4,267 4,312 4,047 882 2,862   ...
Long-Term Debt CZK mil                     2,031 2,013 2,005 2.00 2,000   ...
Deferred Tax Liabilities CZK mil ... ... ... ... ... ... ... ...     1,715 1,759 1,576 388 226   ...
Current Liabilities CZK mil                     16,111 18,359 20,275 20,222 18,838   ...
Short-Term Debt CZK mil                     366 212 903 2,659 507   ...
Trade Payables CZK mil                     8,598 10,545 11,801 15,994 17,313   ...
Provisions CZK mil ... ... ... ... ... ... ... ...     1,463 1,694 1,537 881 433   ...
Equity And Liabilities CZK mil                     58,249 61,471 57,176 50,632 49,998   ...
growth rates                                  
Total Asset Growth % ...                   0.878 5.53 -6.99 -11.4 -1.25   ...
Shareholders' Equity Growth % ...                   -2.68 2.45 -15.3 -10.1 -4.16   ...
Net Debt Growth % ...                   -62.8 -308 -117 -191 -450   ...
Total Debt Growth % ...                   -43.0 -7.18 30.7 -8.49 -5.80   ...
ratios                                  
Total Debt CZK mil                     2,397 2,225 2,908 2,661 2,507   ...
Net Debt CZK mil                     1,211 -2,517 437 -397 1,390   ...
Working Capital CZK mil                     9,310 9,595 10,199 4,474 5,786   ...
Capital Employed CZK mil                     47,371 45,946 42,117 30,525 31,450   ...
Net Debt/Equity                     0.032 -0.065 0.013 -0.013 0.049   ...
Cost of Financing % ...                   9.48 11.6 10.4 11.4 17.4   ...
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit CZK mil                     -840 937 -5,914 -3,414 -1,396   ...
Depreciation CZK mil ...                   3,432 3,496 3,107 2,807 2,415   ...
Non-Cash Items CZK mil ...                   -441 510 3,560 -3,488 593   ...
Change in Working Capital CZK mil ...                   1,594 -285 -604 5,725 -1,312   ...
Total Cash From Operations CZK mil ...                   3,745 4,658 149 1,630 300   ...
Capital Expenditures CZK mil ... ... ...               -3,187 -3,089 -3,592 -1,346 -1,728   ...
Other Investments CZK mil ... ... ...               1,365 2,131 534 429 40.0   ...
Total Cash From Investing CZK mil ... ... ...               -1,822 -958 -3,058 -917 -1,688   ...
Dividends Paid CZK mil ... ... ... ... ... ... ... ...     -1.00 -2.00 ... -0.235 ... ... ...
Issuance Of Debt CZK mil ...                   -1,808 -172 683 -247 -154   ...
Total Cash From Financing CZK mil ... ... ...               -1,689 -144 626 -122 -584   ...
Net Change In Cash CZK mil ... ... ...               234 3,556 -2,283 591 -1,972   ...
ratios                                  
Days Sales Outstanding days                     50.4 42.2 38.9 36.0 45.5   ...
Days Sales Of Inventory days                     57.1 52.7 49.5 38.7 40.2   ...
Days Payable Outstanding days                     57.1 54.5 50.3 62.5 65.1   ...
Cash Conversion Cycle days                     50.4 40.4 38.1 12.1 20.7   ...
Cash Earnings CZK mil ...                   2,592 4,433 -2,807 -607 1,019   ...
Cash Earnings Per Share CZK ...                   14.3 24.4 -15.5 -3.35 5.62   ...
Price/Cash Earnings (P/CE) ...                   9.79 8.06 -11.0 -52.3 29.9   ...
Free Cash Flow CZK mil ... ... ...               1,923 3,700 -2,909 713 -1,388   ...
Free Cash Flow Yield % ... ... ...               7.30 10.1 -10.5 2.18 -4.62   ...
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     -1.45 1.57 -9.97 -6.33 -2.78   ...
Gross Margin %                     18.5 17.9 12.1 12.9 2.32   ...
Employees ... ... ...               4,191 3,976 3,899 3,705 3,567   ...
Cost Per Employee USD per month ... ... ... ...             2,693 2,826 3,178 2,852 2,905   ...
Cost Per Employee (Local Currency) CZK per month ... ... ... ...             51,320 54,012 56,211 55,781 56,831   ...
Staff Cost (As % Of Total Cost) % ... ... ... ...             3.79 3.06 2.68 2.32 2.43   ...
Effective Tax Rate %                     30.5 21.0 0.505 27.2 -3.94   ...
Enterprise Value (EV) USD mil                     1,447 1,776 1,593 1,648 1,606   ...
EV/EBITDA ...                   9.93 6.56 11.6 9.62 20.6   ...
EV/Capital Employed                     0.561 0.723 0.747 1.03 1.01   ...
EV/Sales                     0.409 0.395 0.289 0.301 0.316   ...
EV/EBIT ...                   -42.2 20.2 -41.3 59.4 -35.2   ...
Capital Expenditures (As % of Sales) % ... ... ...               4.73 3.59 3.69 1.25 1.74   ...
Crude Oil Throughput kt ... ... ... ...             4,110 4,352 3,942 3,927 3,607   ...
Utilization Ratio % ... ... ... ... ... ...         81.0 85.0 77.0 82.0 80.0   ...
Total Refining Conversion Capacity mt/year ... ... ... ... ... ... ... ...     5.10 5.10 5.10 4.50 4.50 ... ...
Refining Production - Light Distillates Yield % ... ... ... ... ... ...         31.0 33.0 33.0 34.0 ... ... ...
Refining Production - Middle Distillates Yield % ... ... ... ... ... ...         44.0 43.0 45.0 45.0 ... ... ...
Refining Production - Heavy Distillates Yield % ... ... ... ... ... ...         10.0 11.0 9.00 8.00 ... ... ...
Refining Sales Volume (kt) kt ... ... ... ... ... ...         3,409 3,548 3,438 3,283 3,151   ...
Sales of Petrochemicals (kt) kt ... ... ... ... ... ...         1,825 1,772 1,668 1,771 1,578   ...
Sales of Gasoline (kt) kt ... ... ... ... ... ... ... ...     858 815 827 810 782   ...
Sales of Diesel (kt) kt ... ... ... ... ... ... ... ...     1,776 1,844 1,789 1,749 1,701   ...
Sales of JET (kt) kt ... ... ... ... ... ... ... ...     75.0 86.0 79.0 93.0 69.0   ...
Sales of LPG (kt) kt ... ... ... ... ... ... ... ...     115 130 116 124 88.0   ...
Sales of Fuel Oils (kt) kt ... ... ... ... ... ... ... ...     141 197 162 99.0 124   ...
Sales of Bitumen (kt) kt ... ... ... ... ... ... ... ...     239 293 263 226 222   ...
Sales of Ethylene (kt) kt ... ... ... ...             143 165 148 156 140   ...
Sales of Benzene (kt) kt ... ... ... ...             182 211 201 205 189   ...
Sales of Propylene (kt) kt ... ... ... ...             36.0 51.0 42.0 41.0 31.0   ...
Sales of Urea (kt) kt ... ... ... ...             169 195 174 175 5.00   ...
Sales of Ammonia (kt) kt ... ... ... ...             232 147 130 141 186   ...
Sales of C4 fraction (kt) kt ... ... ... ...             144 1,201 711 77.0 79.0   ...
Sales of Oxo-Alcohols (kt) kt ... ... ... ... ... ... ... ...     18.0 30.0 59.0 67.0 58.0   ...
Sales of Polyethylene (kt) kt ... ... ... ...             286 288 262 289 280   ...
Sales of Polypropylene (kt) kt ... ... ... ...             214 241 212 237 231   ...

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Dec 2013
Company Report

Unipetrol is the leading refining and petrochemical Group in the Czech Republic. Dometically, it is the largest crude oil processor, one of the most important plastic producers, and the owner of the largest fuel filling stations network under the brand Benzina. Since 2005, Unipetrol Group has been a part of the biggest refining and petrochemical group in Central Europe - PKN Orlen from Poland. The Group consists of three business segments: refining, petrochemicals and retail distribution of fuels. Unipetrol Group is a leader on the Czech wholesale fuels market. It operates a steam cracker with a downstream polymer production in its Litvínov plant. Benzina network of filling stations was in 2012 with 338 stations and estimated retail market share of 13.7% the biggest player in the Czech Republic. The Group employed approximately 3,700 people at the end of 2012

Finance

Unipetrol has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 0% during that time to total of in 2015, or of sales. That’s compared to 2.04% average margin seen in last five years.

The company netted in 2015 implying ROE of and ROCE of . Again, the average figures were -8.56% and -7.28%, respectively when looking at the previous 5 years.

Unipetrol’s net debt amounted to at the end of 2015, or of equity. When compared to EBITDA, net debt was x, down when compared to average of 0.918x seen in the last 5 years.

Valuation

Unipetrol stock traded at per share at the end of 2015 resulting in a market capitalization of . Over the previous five years, stock price grew by 0% or % a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of x and price to earnings (PE) of x as of 2015.