Tomorrow, July 25, Unipetrol’s main subsidiaries will report their H1 2002 figures. Despite expected q-t-q improvement, the companies are likely to post worse results compared to H1 2001. Compared to Q1 2002, we expect the pressure on margins in Ceska rafinerska, Kaucuk and Chemopetrol to ease somewhat, though Chemopetrol’s results will be influenced by a 2-day interruption of production due to a disagreement with Ceska rafinerska over feedstock prices. Provisional feedstock prices, used from the beginning of 2002, should have some positive effect on Chemopetrol, while the opposite holds for Ceska rafinerska, its supplier. The EUR/USD rate development should have a positive affect on the results, too.
In the past few months Unipetrol stock was driven mainly by speculation about its privatization (i.e., the cancellation of its tender sale); therefore, unless they differ significantly from market expectations, the H1 results are likely to have little impact on the stock price.
Ceska rafinerska
(CZK mil.) HI 2002e HI 2001 Change
Sales 17 270 24 027 -28,1%
EBIT -743 1 090 -168,2%
Net Income -592 779 -176,0%
Paramo
(CZK mil.) HI 2002e HI 2001 Change
Sales 2 055 2 575 -20,2%
EBIT 28 102 -72,0%
Net Income 32 44 -26,9%
Benzina
(CZK mil.) HI 2002e HI 2001 Change
Sales 5 574 6 630 -15,9%
EBIT 190 216 -12,0%
Net Income -35 -12 182,7%
Chemopetrol
(CZK mil.) HI 2002e HI 2001 Change
Sales 8 338 12 613 -33,9%
EBIT -197 769 -125,6%
Net Income -207 500 -141,5%
Kaucuk
(CZK mil.) HI 2002e HI 2001 Change
Sales 3 289 4 310 -23,7%
EBIT -94 246 -138,1%
Net Income 81 136 -40,4%
Spolana
(CZK mil.) HI 2002e
Sales 2 660
EBIT -90
Net Income -145
Jiri Soustruznik