Unipetrol’s main subsidiaries will release their preliminary CAS 2001 results on February 20. Ceska rafinerska, historically the main profit and cash flow generator in the holding, will probably have net close to zero, reflecting extremely poor margins in 1Q, and 3Q 2001. We do not expect there was an improvement in 4Q. Nevertheless, Conoco will acquire Ceska rafinerska and Benzina, and the acquisition price, after it is revealed, should have much bigger impact on Unipetrol stock than 2001 results. Lower margins compared with 2000 results will impact Chemopetrol and Kaucuk. Benzina, and, especially Paramo, should report improved results compared with 2000. Our concrete 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)