This report is prepared for the Warsaw Stock Exchange SA within the framework of the Analytical Coverage Support Program 3.0.
Event: Preliminary consolidated 3Q22 results revealed.
The Company published its preliminary data regarding 3Q22.
The Company revealed that its preliminary consolidated adjusted EBITDA for 3Q22 amounted to PLN 124 million (vs. PLN 95.0 million expected by us). The reported consolidated EBITDA amounted to PLN 61 million (vs. PLN 95.0 million expected by us). The quarterly consolidated sales amounted to PLN 3.786 billion.
The Company mentioned that the quarterly results had been particularly impacted by the war in Ukraine, and by the resultant instability of energy markets caused by introduction of sanctions on Belarus and Russia. The Company also mentions very high sale volumes generated on diesel, petrol and LPG products and logistical constraints that limited the utilization of market opportunities. Furthermore, The Company generated PLN 23 million on the sale of obligatory reserves (vs. PLN 25 million expected by us and vs. PLN 30 million declared by the Company to be generated in 2H22).
Expected impact: Positive. The results were published near the end of Friday’s session and they were probably not fully discounted. The scale of positive surprise in this quarter is quite big: we will probably need to again upgrade our financial forecasts for the Company for this year. We support our positive view on the Company’s equities.
Analyst: Åukasz Prokopiuk, CFA
GPW’s Analytical Coverage Support Programme 3.0
