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Unipetrol main subsidiaries’ Q3 results

25.10.2002 10:05
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Unipetrol’s main subsidiaries reported their Q3 results yesterday. Apart from Spolana, which posted a larger-than-expected loss, the results were marginally better than we had expected.

Ceska rafinerska (51%-owned refinery) remained under pressure due to weak refinery margins, and the negative pressure was compounded by the Czech crown’s strengthening against the US dollar. Lower sales to Chemopetrol (100% owned by Unipetrol) in terms of volume and prices had a negative impact, too, as well as a production interruption due to the summertime flooding. Efforts to increase market share on domestic and foreign markets led to increased volume sales (16% y-o-y), but also result in lower pricing power.

Chemopetrol (100% owned) suffered from rising input prices and weak output prices (demand for petrochemical products lags behind the supply on European markets); lower supplies to flood-damaged Spolana (82% owned by Unipetrol) took a toll as well.

Benzina (94%), a fuel retailer, realized lower average fuel prices, while keeping the volume sales at approx. the same level.

Paramo (73%), a small refinery, reports pretty good results after one year of restructuring despite the negative impact of crude-oil prices.

Spolana (82%) PVC, and special. chem. producer, still has plenty of room for the restructuring of its operations, it was also hit hard by the August floods.

	Chemopetrol					Kaucuk			
		Q3 2002	Q3 2001	change			       Q3 2002	Q3 2001	change
Revenues	 13,039	 17,539	  -26%		Revenues	 5,588	  6,091	   -8%
EBITDA              629	  1,464	  -57%		EBITDA             584	    819	  -29%
EBIT               -110	    666	 -117%		EBIT	           140	    316	  -56%
Pre-tax Income     -109	    367	 -130%		Pre-tax Income	   146	    169	  -13%
Net Income	    -60	    367	 -116%		Net Income	   141	    162	  -13%

 		Benzina					        Ceska rafinerska			
		Q3 2002	Q3 2001	 change				Q3 2002	 Q3 2001 change
Revenues	  9,623	 10,731	   -10%		Revenues	 29,475	  36,136   -18%
EBITDA              657	    736	   -11%		EBITDA               85	   1,257   -93%
EBIT                307	    382	   -20%		EBIT	           -811	     622  -230%
Pre-tax Income      -32	     44	  -172%		Pre-tax Income	 -1,049	     569  -284%
Net Income	    -32	     45	  -171%		Net Income	   -831	     432  -292%

		Paramo					         Spolana			
		Q3 2002	Q3 2001	 change				Q3 2002	Q3 2001	 change
Revenues	  3,480	  4,293	   -19%		Revenues	  3,028	  5,132	   -41%
EBITDA              226	    496	   -55%		EBITDA              292	    460	   -36%
EBIT                115	    363	   -68%		EBIT	           -118	     18	  -748%
Pre-tax Income      101	    142    -29%		Pre-tax Income	   -213	   -149	    43%
Net Income	    101	    142	   -29%		Net Income	   -213	   -149	    43%


We believe that a new Unipetrol tender sale will likely be called by the government soon, following the recent withdrawal of Agrofert, the tender winner, from the late stages of the current tender. Apart from the increasing weight of Unipetrol fundamentals, the prospect of the entry of a credible strategic investor into the holding is likely to drive the stock now. Consequently, we have revised our short- and long-term recommendations for Unipetrol stock from hold to accumulate, with a target price of CZK 93 per share.

Jiri Soustruznik

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