Unipetrol announced estimates of selected 4Q12 data - expected EBIT negative

Unipetrol (168 CZK, -1,35%) announced its estimates of the selected financial and operating data for 4Q12. Unipetrol’s Management Board estimates that reported EBIT of the Unipetrol Group in the 4Q12 will be negative in the amount of ca CZK 4.5bn. Unipetrol estimates that it will book negative one-off items on EBIT level in the amount of ca CZK 4.5bn related to impairments of fixed assets of the refining segment. The reason is decrease in the value of the assets due to the deteriorated external refining environment and intention to sell certain refining segment subsidiaries. Reported EBIT excluding one-off impairments of fixed assets of the refining segment is estimated to be approximately at zero level. / The impairment was neither indicated nor expected. Therefore, clearly NEGATIVE for UNIP shares. The intention to sell certain refining subsidiary could be linked with the Czech government purpose to merge state owned Mero and Cepro and add also some refining assets to this holding, despite PKN Orlen Group denied a purpose to sell Czech assets couple weeks ago.