Unipetrol’s main subsidiaries released their preliminary CAS 2001 results yesterday (only sales, pre-tax and net were disclosed). Ceska rafinerska disappointed at the pre-tax level, as did Kaucuk; Benzina was in line with our expectations, and Chemopetrol and Paramo were positive surprises. Spolana’s (Unipetrol holds an 81.3% equity stake) loss, however, came as no surprise. Overall, we see the results as neutral; their impact on Unipetrol’s stock price is marginal compared to issues related to privatization and post-privatization development.
Ceska rafinerska Benzina
(in CZK mil.) 2001 2000 Change 2001 2000 Change
Sales 45,888 52,263 -12.2% n.a. 15,165 n.a.
Pre-tax Income -328 4,068 -108.1% 40 10 298.0%
Net Income -61 2,532 -102.4% 41 10 308.0%
Chemopetrol Kaucuk
(in CZK mil.) 2001 2000 Change 2001 2000 Change
Sales 21,480 23,188 -7.4% 7,446 8,361 -10.9%
Pre-tax Income 515 254 103.1% 66 334 -80.3%
Net Income 515 370 39.1% 62 346 -82.1%
Spolana Paramo
(in CZK mil.) 2001 2000 Change 2001 2000 Change
Sales 6,639 8,125 -18.3% 5,546 6,546 -15.3%
Pre-tax Income -220 -250 -12.0% 256 -430 -159.5%
Net Income -220 -250 -12.0% 271 -326 -183.0%
(Jiri Soustruznik)