Preliminary estimated selected financial data for Q4 2023

Report: 4/2024
Date of publication:09.02.2024 / 20:52
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The Management Board of UNIMOT S.A. (the “Issuer”), having its registered office in Zawadzkie, announces that, having analysed and verified preliminary, estimated selected financial data for Q4 2023 (the “Preliminary Data”), it has decided to publish them as confidential information.

Consolidated Preliminary Data for the fourth quarter of 2023 is as follows:

Total revenues: PLN 2 170,4 million,
EBITDA (i.e. earnings before interest, taxes, depreciation and amortisation): PLN 54,7 million,
Adjusted EBITDA (i.e. EBITDA adjusted for the estimated valuation of compulsory reserve of liquid and gaseous fuels, reasonable deferrals of costs and revenues and non-recurring events): PLN 41,0 million.

The comparable consolidated figures for Q4 2022 are as follows:

Total revenues: PLN 3 682 million,
EBITDA: PLN 228,2 million,
Adjusted EBITDA: PLN 233,9 million.

The consolidated Adjusted EBITDA in Q4 2023 was primarily driven by the following factors:

the persistence, for most of the last quarter of 2023, of a situation on the diesel market characterised by domestic diesel quotations being at levels that did not reflect, i.e. below, global quotations for this product. The consequence of this was a reduction in diesel trading on the Polish market. The Group in this period concentrated on exporting fuels to Ukraine; fulfilling the obligations for diesel oil deliveries, which were – in an earlier period – incurred by the Issuer’s Group to domestic counterparties and delivering – in accordance with contracts – diesel oil to the AVIA station chain. The Issuer’s Management Board analysed the impact of the above negative conditions on the financial position of the UNIMOT Group, which shows that it lost benefits at the level of PLN 72.0 million, which would not have occurred if the market environment in Q4 2023 had not significantly deviated from typical diesel oil trading conditions,
positive contribution of the assets acquired in 2023, i.e. Olavion sp. z o.o., Unimot Commodities sp. z o.o., Unimot Terminals sp. z o.o., Unimot Infrastruktura sp. z o.o., Unimot Bitumen sp. z o.o., RCEkoenergia sp. z o.o. and Unimot Aviation sp. z o.o., to Adjusted EBITDA at PLN 54.0 million in Q4 2023,
the UNIMOT Group’s results were also positively influenced by the activities of the natural gas segment, which settled previously concluded contracts in the period under review. This segment achieved an Adjusted EBITDA result of PLN 25.5 million in the fourth quarter,
achieving a sales volume of 441.6 thousand m3 of diesel, petrol and biofuels in Q4 2023 (up 1 per cent year-on-year) and increasing sales of LPG by 17 per cent year-on-year to 74.0 thousand tonnes.

The Preliminary Data presented has been prepared on the basis of preliminary financial data for Q4 2023 available to the Issuer’s Management Board. The estimates have been made to the best knowledge of the Management Board as at the date of their preparation, but may differ from the final data published in the consolidated annual report for 2023, inter alia due to the fact that, as at the date of publication of this current report, procedures related to the audit of the Issuer Group’s financial data by the statutory auditor are in progress.

The process of final settlement of the acquisition of Lotos Terminale S.A. is also underway. (currently: Unimot Terminale Sp. z o.o.) and subsidiaries of Lotos Terminale S.A.: Uni-Bitumen Sp. z o.o. (now: Unimot Bitumen Sp. z o.o.) and Lotos Infrastruktura S.A. (now: Unimot Infrastruktura Sp. z o.o.) together with its subsidiary RCEkoenergia Sp. z o.o. The final settlement of the transaction will be included in the results of the Issuer Group in Q4 2023 and may be the subject of a separate current report. Thus, the preliminary estimated selected financial data for Q4 2023 provided in this current report will change.