Unipetrol reported its consolidated H1 2004 CAS results yesterday, which were moderately better than expected at both the operating and net level. Since the main subsidiaries reported their figures a week ago, the consolidated results have virtually no impact on the stock price. The results are relevant mostly for those investors who do not want to excise a post-privatization buy-out option. Still, since this would be done with the intention of gaining exposure to operational and ownership restructuring of Unipetrol group under the management of PKN Orlen, current quarterly results are of limited importance even to them.
Consolidated CAS
CZK m H1 2004 H1 2003 change H1 2004E
Revenues 34,842 32,163 8% 41,086
EBITDA 4,250 3,304 29% 4,031
EBIT 2,206 1,265 74% 1,988
Pre-tax Income 1,310 686 91% 1,118
Minority Interest 78 117 -33% 47
Net income 1,144 727 57% 914
EPS 6.3 4.0 57% 5.0
Jan Hajek