Unipetrol to report its consolidated H1 2004 CAS results today

Unipetrol is scheduled to report its consolidated H1 2004 CAS results today. Since the main subsidiaries reported their figures a week ago (they were broadly in line with our expectations), the consolidated results should have little impact on the stock price.

The y-o-y performance comparison of most of the companies in the group and of the consolidated figures is, besides the changed market conditions and increased operating efficiency in some of the companies, influenced by the new operating model of Ceska rafinerska (51% owned by Unipetrol), for which Unipetrol rafinerie (100% owned by Unipetrol) has been carrying out sales and marketing activities on behalf of Unipetrol since August 2003.

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 to gain exposure to operational and ownership restructuring of the Unipetrol group under management of PKN Orlen, current semi-annual results are of limited importance even to them.

Jan Hajek