Unipetrol’s main subsidiaries reported their Q1 2003 figures yesterday: Chemopetrol and Benzina were in line with our expectations, Kaucuk’s were somewhat better, and Paramo and Spolana underperformed. Nevertheless, these subsidiaries results were outweighed by the excellent results of Ceska rafinerska, which reported a net income of CZK 878 mil. vs. an expected CZK 95 mil.; we had clearly underestimated the degree of improved refinery margins at the beginning of 2003.
Chemopetrol CZK mil. Kaucuk CZK mil.
QI 03 QI 02 change QI 03 QI 02 change
Revenues 5,495 4,099 34% Revenues 2,349 1,625 45%
EBITDA 462 102 355% EBITDA 286 78 268%
EBIT 85 -142 -160% EBIT 121 -69 -276%
Pre-tax Inc. -77 -158 -51% Pre-tax Inc. 87 14 529%
Net Income -86 -147 -41% Net Income 87 14 529%
Benzina CZK mil. Ceska raf. CZK mil.
QI 03 QI 02 change QI 03 QI 02 change
Revenues 3,290 2,797 18% Revenues 12,937 9,067 43%
EBITDA 116 196 -41% EBITDA 1,238 -395 -413%
EBIT 1 86 -99% EBIT 951 -679 -240%
Pre-tax Inc. -115 -28 319% Pre-tax Inc. 878 -677 -230%
Net Income -115 -28 319% Net Income 878 -537 -264%
Paramo CZK mil. Spolana CZK mil.
QI 03 QI 02 change QI 03 QI 02 change
Revenues 913 1,025 -11% Revenues 1,228 1,317 -7%
EBITDA -37 43 -184% EBITDA 77 88 -13%
EBIT -72 6 -1251% EBIT -69 -50 37%
Pre-tax Inc. -77 8 -1062% Pre-tax Inc. -124 -56 121%
Net Income -77 8 -1062% Net Income -124 -56 121%
Jiri Soustruznik