Unipetrol’s reported consolidated QI 2005 figures were in line with our expectations on EBITDA and the pre-tax income level; the lower reported CIT means net income is 16% above our expectations.
The y-o-y consolidated performance improvement was driven mainly by Chemopetrol, Spolana and Benzina. Only Unipetrol rafinerie posted significantly worse QI results compared to same period in 2004, reflecting its poor trading margins. The performance of Chemopetrol was supported in terms of capacity utilisation and pricing power by a relatively strong demand for olefins and polyolefins, while the same holds for plastics in the case of Spolana. Cost cuts across the holding, largely focused on overhead expenses, further improved the y-o-y profitability comparison.
Separately, according to Euro weekly, Ceska Rafinerska’s refinery in Kralupy has not been working for the last three months due to a technical fault. Euro says that the implied loss should reach hundreds of millions of CZK.
Consol. CAS (CZK mil.)
QI 2005 QI 2004 %chg QI 2005e
Revenues 23,105 18,358 26% 21,040
EBITDA 2,491 1,970 26% 2,581
EBIT 1,529 938 63% 1,808
Pre-tax Income 1,210 363 233% 1,297
Min.Int.&Tax 102 59 73% 346
Net income 1,108 304 264% 950
EPS 6.1 1.7 264% 5.2