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Estimates of UNIMOT’s results: good Q2 despite pandemic

Date of publication: 09.08.20

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UNIMOT S.A., listed on the Warsaw Stock Exchange independent importer of liquid and gaseous fuels, has published the estimates of consolidated financial results for Q2 2020. According to preliminary data the consolidated adjusted EBITDA amounted to PLN 15.4 million.

According to the estimates the consolidated revenues on sales of the UNIMOT Group in Q2 2020 amounted to PLN 981.6 million, which is down by 2.6% against the corresponding period of the previous year.

The consolidated adjusted EBITDA (adjusted for the estimated valuation of compulsory reserve, justified movements, and one-time events) reached the level of PLN 15.4 million, which is down by 7.7% yoy.

The achievement of the consolidated adjusted EBITDA was influenced primarily by the favourable external environment in the diesel oil business (higher than estimated volumes and margins) and higher than assumed volumes of bio-fuels sales driven by a larger number of won tenders. Good results were also recorded by the LPG segment and Tradea.

I am extremely glad that despite the pandemic we obtained such good financial results in Q2 of the present year. The market was favourable to us. However, it is also important how we managed in this dynamically changing, specific environment. Thanks to the determination and commitment of our team we made use of market opportunities in major segments. After Q1 the Group achieved PLN 48.4 million of consolidated adjusted EBITDA, that is over 60% of the increased at the end of June annual financial forecast amounting to PLN 80 million – explains Mr Adam Sikorski, President of the Management Board of UNIMOT S.A.

Due to the restrictions caused by coronavirus during Q2 some of our companies did not conduct their activity according to their plans. UNIMOT Energia i Gaz executing signed agreements temporarily ceased to acquire new customers. In the second half of June acquisition of new customers was resumed, which should generate additional revenues in 2021-22. Green Electricity in turn encountered limitations in renting motor and electric scooters throughout a major part of this quarter. Out of prudence we decided to make a write-off of on part of our loan. Holiday time favours an increase of the demand regarding micro-mobility services, which has a positive impact on current results of this company and allow us to look ahead confidently on its development in future quarters – adds Mr Marek Moroz, Vice-President of the Management Board for Financial Issues.

Q2 2020 was also intense for the UNIMOT Capital Group with regard to development. The company commenced trade of petroleum – it imported it from the USA and Saudi Arabia and supplied to Central Europe. Petroleum trade generated significant incomes and profits in this quarter and should contribute positively to the results of H2 2020. The business is run in cooperation with the American company Getka. In May, the present year  UNIMOT Energia i Gaz commenced sales of photovoltaic installations under the AVIA brand on the Polish Market. The service is dedicated both to retail and business clients. We expect that this segment will positively influence the results of the UNIMOT Group already in H2 2020 – comments Mr Adam Sikorski, President of the Management Board of UNIMOT S.A.

 

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