Unipetrol released its consolidated H1 2003 CAS figures yesterday, which came in slightly below our forecasts. Recall that the company's main subsidiaries reported their H1 CAS figures two weeks ago; they also stood largely below our expectations, mainly due to worse-than-expected results at Ceska rafinerska.
Nevertheless, a y-o-y comparison of Unipetrol’s consolidated figures shows a significant overall improvement due to Ceska rafinerska, which was the most profitable company in the holding in H1 2003. Ceska rafinerska’s performance is closely tied to refinery margins in Europe, in which the HI 2003 average margin was 4.09 USD/barrel, +493%.
Unipetrol consolidated CAS CZK mil.
HI 2003 HI 2002 % change
Revenues 32,163 35,848
EBITDA 3,304 1,632
EBIT 1,265 -423
Pre-tax Income 686 -138
Minority Interest -54 -301
Net income 727 -10 -7,370%
EPS adjusted 4.01 -0.05
Note: The CAS figures are not directly comparable, except for net income, since Ceska rafinerska’s consolidation was changed from full to proportionate (i.e., to 51%).
Jiří Soustružník