Unipetrol holds EGM today with statutes changes, strategic and business plans on agenda. We don’t expect any significant changes to be approved and thus should be neutral for today’s trading with Unipetrol.
Separately, the damages from recent floods in Czech Republic should lead to Spolana’s direct loss of CZK 15m 20m (cEUR 525k-700k). In addition, Spolana has been loosing CZK 3.5m (cEUR 120k) a day due to closed production and gradual production revival has also brought some financial loss. We reiterate our Sell recommendation for Unipetrol.