Current Report No. 2/2025
Date: 21.02.2025 17:42
The Management Board of UNIMOT S.A. (the ‘Issuer’) with its registered office in Zawadzkie, hereby announces that, following the analysis and verification of preliminary, estimated selected financial data for the fourth quarter of 2024 (the ‘Preliminary Data’), it has decided to publish them as confidential information.
The consolidated preliminary data for the fourth quarter of 2024 is as follows:
· Total revenue: PLN 3.927 billion,
· EBITDA (i.e., profit before interest, taxes, depreciation and amortisation): PLN 157.9 million,
· Adjusted EBITDA (i.e., EBITDA adjusted for the estimated valuation of compulsory liquid and gaseous fuel reserves, justified shifting of costs and revenues in time, and non-recurring situations): PLN 82.1 million, and after taking into account a contingent payment of PLN 22.0 million (discussed below), Adjusted EBITA amounted to PLN 60.1 million.
Comparable consolidated data for the fourth quarter of 2023 amount to:
· Total revenue: PLN 3.049 billion,
· EBITDA: PLN 25.5 million,
· Adjusted EBITDA: PLN 46.6 million.
The consolidated Adjusted EBITDA in the fourth quarter of 2024 was mainly driven by the following factors:
· Achievement by the bitumen segment of Adjusted EBITDA of PLN 19 million in Q4 2024, and after taking into account the contingent payment: PLN 3 million.
The contingent payment of PLN 22.0 million was estimated for the whole of 2024 and results from UNIMOT Bitumen Sp. z o.o. meeting the conditions specified in the agreement concluded on 7 April 2023, under which the Issuer's Group acquired from ORLEN S.A. 100% of the share capital in Lotos Terminale S.A. (currently: UNIMOT Terminale Sp. z o.o.) and at the same time took control of, among others, Uni-Bitumen Sp. z o.o. (currently: UNIMOT Bitumen Sp. z o.o.). The Issuer reminds that the contingent payments referred to above are dependent on UNIMOT Bitumen Sp. z o.o. meeting the following two conditions simultaneously in the years 2023-2032: exceeding the reference EBITDA margin and exceeding the reference result set out in the agreement for each year. Conditional payments will be made after the repayment of the loan agreement that finances the acquisition of UNIMOT Terminale Sp. z o.o.’s assets. Until then, conditional payments will only accrue,
· The liquid fuels segment achieved an adjusted EBITDA of PLN 45.1 million in Q4 2024. This segment was positively affected by a decrease in purchase premiums, compulsory reserve maintenance costs, and higher land premiums. The Issuer's Group is consistently continuing the process of diversifying its product portfolio and is focusing on introducing and increasing the share of products that enable the generation of higher margins,
· Stable financial results were generated by the Infrastructure and Logistics segment, which achieved an Adjusted EBITDA of PLN 24.0 million. This segment includes, among others, fuel storage and rail transport services,
· The natural gas segment generated PLN 11.1 million of EBITDA, mainly due to the sale of natural gas to end customers and the use of storage capacity in trading this commodity,
· The results of the LPG segment (PLN 2.2 million) were under price pressure resulting from the oversupply of this product on the Polish market coming from the east, while the Issuer's Group incurred costs related to the performance of the contract for the transhipment and storage of LPG in Wilhelmshaven, Germany. The agreement was concluded in order to provide the Issuer's Group with greater independence and logistical stability of LPG supplies after the embargo on LPG imports from Russia to the EU came into force in December 2024,
· Achieving sales volumes of diesel, heating oil, petrol, and biofuels of 685,800 m3 in Q4 2024 (up 43 per cent y/y) and an 8 per cent y/y decline in LPG sales to 62,000 tonnes.
The Preliminary Data presented has been prepared on the basis of preliminary financial data for the fourth quarter of 2024 available to the Issuer's Management Board. The estimates have been made to the best of the Management Board's knowledge as of the date of their preparation, but may differ from the final data published in the consolidated annual report for 2024, additionally due to the fact that, as of the date of publication of this current report, procedures related to the audit of the Issuer's Group's financial data by a statutory auditor are in progress.
Legal basis
Article 17(1) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR).
Persons representing the Company:
Filip Kuropatwa, Vice-President of the Management Board