Unipetrol main subsidiaries will release their preliminary CAS 2001 results this afternoon. Ceska rafinerska, historically the main profit maker and cash flow generator in the holding, will probably have a net profit close to zero, reflecting extremely poor margins in Q1, and Q3 2001, and we do not expect there was an improvement in Q4. Nevertheless, Ceska rafinerska and Benzina are to be acquired by Conoco, and the acquisition price, after it is revealed, should have much bigger impact on Unipetrol stock than the 2001 results. Lower margins compared with 2000 results will affect Chemopetrol and Kaucuk. Benzina, and especially Paramo, should report improved results compared with 2000. Our individual projections are:
Ceska rafinerska Benzina
(in CZK mil.) 2001e 2000 Change 2001e 2000 Change
Sales 45,636 52,263 -12.7% 14,431 15,165 -4.8%
Operating Profit 36 4,262 -99.2% 495 601 -17.7%
Pre-tax Income -4 4,068 -100.1% 46 10 354.1%
Net Income -3 2,532 -100.1% 46 10 354.1%
Chemopetrol Kaucuk
(in CZK mil.) 2001e 2000 Change 2001e 2000 Change
Sales 23,090 23,188 -0.4% 7,913 8,361 -5.4%
Operating Profit 711 538 32.2% 352 623 -43.5%
Pre-tax Income 301 254 18.6% 154 334 -53.9%
Net Income 301 370 -18.8% 154 346 -55.4%
Paramo
(in CZK mil.) 2001e 2000 Change
Sales 5,815 6,546 -11.2%
Operating Profit 462 -205 n.m.
Pre-tax Income 166 -430 n.m.
Net Income 166 -326 n.m.
(Jiri Soustruznik)