Stock Market: Unimot (WSE: UNT) Publishes Its 2Q22 Results

This report was prepared for the Warsaw SA Stock Exchange in the Analytical Scope Support Program 3.0. Consolidated figures. The company’s reported EBITDA amounted to PLN 68.1 million. This figure is influenced by non-recurring impacts of up to PLN -6.6 million along with other operating income of PLN .5 million. The special categories mentioned are -6.6 million PLN including (i) -2.2 million PLN time effects in the ON Bio segment, (ii) -3.5 million PLN transfer costs in the segment. natural gas and (iii) -0.9 million PLN in other unique pieces. Other operating income includes PLN 5.39 million in accounting profit from the sale of subsidiaries. Ultimately, the Company’s Adjusted EBITDA (as we calculated it) after excluding these amounts to PLN 70.2 million versus PLN 65.0 million initially projected (and versus PLN 6 . 1 million reported in preliminary figures earlier and 7 .3 million final EBITDA adjusted PLN calculated by management during the quarter). The difference between our Adjusted EBITDA and Management’s Adjusted EBITDA is other operating income (which in this case includes one-time profits from the sale of assets). The company’s reported net profit was PLN 5.0 million, while the adjusted net profit, according to our calculations, amounted to PLN 9.7 million. Segment result. The company’s ON/bio segment generated an adjusted EBITDA of PLN 59.1 million versus the PLN 9.6 million we expected. The company’s LPG segment recorded an adjusted EBITDA of PLN 2 .2 million versus PLN 17.0 million we expected. Adjusted EBITDA of the natural gas segment amounted to PLN 6.1 million versus PLN 5.0 million we expected. The power segment generated an adjusted EBITDA of PLN 1.8 million versus our expectation of PLN 0.0 million. The result of photovoltaic segmentation with adjusted EBITDA is -1.2 million PLN (vs We expect 1.5 million PLN). The company mentioned that the quarterly results were particularly affected by the war in Ukraine and led to instability in the energy market due to the imposition of sanctions against Belarus and Russia. The company also mentions very high consumption volume generated from diesel, biofuel and LPG products. Cash flow. The company’s cash flow from operating activities in Q2/2012 reached PLN 29.3 million compared to PLN -32.3 million recorded a year ago. The accumulated cash flow from operating activities in 1-2Q22 reached PLN 80.7 million (compared to PLN 65 million delivered a year ago). Net debt. The company’s net debt at the end of the quarter was PLN 2 5 million compared to PLN 22 million recorded a year ago Expected impact: positive. Not only because the results were slightly better than our expectations (and preliminary numbers) but also due to strong operating cash flow and reduced net debt. The earnings outlook for the second half of FY22 remains very good and we await the completion of the acquisition of Lotos and Orlen’s bitumen and logistics assets, which could represent a major growth opportunity for the Company. . In our view, the risk of SPO is lower than before due to relatively good balance sheet.

Michael Cooper

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