Unipetrol’s consolidated full-year figures were broadly in line with our expectations; they reflect the strong performance of its subsidiaries during the year and especially in QIV. The significant y/y improvement is a reflection of both the operating restructuring of the subsidiaries (incl. the new operating model for Ceska rafinerska) and more favourable market conditions.
CAS Consolidated (CZK m)
2004 actual 2003 y/y change Patria estimate
Revenues 79,331 68,103 16% 78,000
EBITDA 11,633 4,802 142% 12,571
EBIT 5,961 734 712% 6,012
Pre-tax Income 4,725 -378 -1,349% 4,272
Min.Int.&Tax 1,176 -466 -353% 635
Net income 3,549 87 3,974% 3,637
EPS 19.5 0.5 3,974% 19.98