UNIMOT publishes very good financial results for H1 2020 and develops new businesses

Date of publication: 25.08.20

UNIMOT S.A. has published a report for H1 2020. The UNIMOT Group has achieved growths of volumes in almost all business segments and growth of revenues and adjusted EBITDA.

In H1 2020 total revenues of the UNIMOT Group amounted to PLN 2 177 million, which is up by 15.9% yoy. The consolidated adjusted EBITDA (cleaned for the estimated valuation of compulsory reserve, justified movements and one-time events), which is the best benchmark of efficiency and business of the UNIMOT Group, reached the level of PLN 48.4 million, which is up by 74.2% yoy and achievement of over 60% of the increased in June of the present year forecast for the whole of 2020.

The achievement of high consolidated adjusted EBITDA was driven primarily by favourable external environment in the diesel oil business (higher than assumed volumes and margins) as well as higher than assumed sales volumes of bio-fuels following a larger number of won tenders.

In Q2 2020 itself, the consolidated total revenues amounted to PLN 981 million (down by 2.6% yoy), and consolidated adjusted EBITDA PLN 15.5 million (down by 7.2% yoy). – We are extremely pleased with our business results in the past quarter, especially as we still operate in an unpredictable environment related to the COVID-19 pandemic. Lower yoy quarterly results are primarily driven by one-time events in the form of a write-off on a part of the loan for Green Electricity, which suffered significantly due to the pandemic in H1 of the present year, and also the cost we incurred to purchase the coronavirus tests for the Ministry of Health – explains Mr Adam Sikorski, President of the Management Board of UNIMOT S.A.

Our main businesses were doing very well in the last months, but the area of bitumen products and oils encountered difficulties in conducting the activity related to product availability in case of bitumen and still valid trade obstacles in Asia – in case of oils. The company UNIMOT Energia i Gaz had to temporarily cease to acquire new contracts, and our plans regarding the development of the AVIA chain were deliberately slowed down. Presently, the situation in these areas is improving significantly – both acquisition of new contracts by UNIMOT Energia i Gaz, as well as acquisition of new AVIA stations have been resumed – adds Mr Adam Sikorski.

Despite the COVID-19 pandemic the UNIMOT Group conducted in H1 2020 intense development works.

In March 2020, the company Tradea joined the Nasdaq exchange, thanks to which it can trade electricity on the Scandinavian market. In March the present year, it also commenced petroleum trade, importing it from the USA and Saudi Arabia and supplying it to Central Europe. In May the present year, the subsidiary UNIMOT Energia i Gaz commenced the sales of photovoltaic installations on the Polish market under the AVIA Solar brand. Also, intense actions of acquiring new stations to the AVIA chain, including own stations, have been conducted since the end of Q2 2020.