2015-03-06 11:38 [Photo: Money.pl/Tomasz Brankiewicz] 
Lotos reported financial results for 2014. After that, every two months earlier presented PKN Orlen (5.8 billion zł losses) should not expect anything good.
The main reason for the losses were falling oil prices, which affected the valuation of stocks held by the company. Impairment in the fourth quarter on assets in the exploration and production segment and the company reserves decreased score of 0.8 billion zł. If we assume that the profit / loss on fuel sold to be expected in relation to the recent purchase prices of raw materials, the final result would be much better.
According to the so-called. LIFO method ( Last In, First Out), which makes post the inventory expense by price last entered storage products in 2014. EBITDA (operating profit before depreciation and amortization) of total was positive (6.5 million zł) and higher than that presented by the International Accounting Standards as much as 0.9 billion zł. Market expectations LIFO EBITDA were a little higher, but only by almost 170 million zł.
In line with expectations appeared to be the company’s revenues, which, however, fell by 12 percent. y / y. Here again were several dozen drops decisive global fuel prices. Lotus terms of volume sales increased – on the domestic market to 6.28 million tonnes, with respect to 6.26 million tonnes in 2013., And to export markets to 4.07 million tonnes from 3.08 million tonnes.
The financial results of the Group Lotus
| 4Q results. | kons. | difference | q / q | Results 2014 | r / r | |
|---|---|---|---|---|---|---|
| Revenue | 6575.8 | 6491.7 | 1, 30% | -12.90% | 28501.887 | -12.40% |
| EBITDA | -856.8 | -651.4 | 31.50% | – | -584.067 | -172.19% |
| LIFO EBITDA | 6.5 | 174 | -96.30% | -98.10% | 378.041 | -96.40 % |
| EBIT | -1074.9 | -854.5 | 25.80% | – | -1,393.008 | -936.14% |
| LIFO EBIT | -211.6 | 21 | – | – | -430 9 | – |
| Net | -1276.4 | – 1001.4 | 27.50% | -5646.19% | -1,466.372 | -3820.34% |
| EBITDA | -13.00% | -10.00% | -3.01 | -16.78 | 2.05% | -14.39 |
| EBIT margin | -16.30% | -13.20% | -3.2 | -17.4 | -4.89% | -15.44 |
| net margin | -19.40% | -15.50% | -3.91 | -18.95 | -5.14% | -19.09 |
Source: Money. en on the basis of Lotus.
The factors mentioned above have two months previously included in the company’s share price Gdansk and forecasts of its results. Therefore, trading companies do not fall like crazy today, and even after two hours of trade to grow by 0.8 percent.
In the first half of January the valuation of Lotos shares declined drastically office DI Investors (valuation adjustment of 18 percent.) DM mBank (about 31 per cent.), DM PKO BP (about 35 per cent.) and DM BOS (about 25 per cent.), and recommends holding the shares of the company. As a result, the first two weeks of 2015 years shares fell by almost five percent. The current stock prices are close to the valuations brokerage houses.
| Date recommendation | Institution | recommendation | price of recommendation zł | zł target price | target price change (%) | difference to the price of the current (%) |
|---|---|---|---|---|---|---|
| 2015-02-24 | DM BZ WBK | Sell | 25.1 | 23.9 | – | -10.15% |
| 2015-02-23 | Wood & amp; Company | keep | 25 | 27 6 | – | 3.76% |
| 2015-01-14 | DI Investors | neutral | 26.28 | 27 | -18.18% | 1 50% |
| 2015-01-14 | DM PKO BP | keep | 24.9 | 27.62 | -34.55% | 3.83% |
| 2015-01-13 | DM BOS SA | keep | 26:39 | 27.3 | -25.00% | 2.63% |
| 2015-01-08 | DM mBank | keep | 27 | 26.8 | -30.57% | 0.75% |
The structure of the sale of 62 per cent. is the sale in the country and 38 abroad. Lotos mainly sells diesel – 45 percent. sales, gasoline gives only 15 percent. revenues, and heavy fuel oil 14 percent.
retail area group recorded zł 11.5 million operating loss to 7.3 million zł loss the year before. The company explains that making a copy of the for impairment of assets related to the amount of fuel stations in 15.8 million zł .
In January and February very Lotus high refining margins.
In the upstream company reported revenues by 55 percent. higher than in 2013., but the loss of 280 million zł EBITDA was worse about 590 ml of n zł result of this segment, than it did a year earlier. Production costs for the so-called. equivalent barrel slightly increased by 7% to US $ 19.58 / boe. Production from the Norwegian and Baltic deposits reached 235 thousand. tons.
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