Unipetrol is scheduled to report its consolidated Q1 2004 CAS results today. Since the main subsidiaries reported their figures a week ago, the consolidated results should have little impact on the stock price. The y-o-y comparison of consolidated figures is to a large extent influenced by Ceska rafinerska’s (51% owned by Unipetrol) new operating model, in which Unipetrol rafinerie (100% owned by Unipetrol) has performed sales and marketing on behalf of Unipetrol from August 2003. Note that despite positive developments in Spolana and Chemopetrol, we saw the Q1 results of the main subsidiaries as marginally negative due to developments in the refining/retail segment.
Jan Hájek, Patria Finance