Unipetrol somewhat unexpectedly released audited 1999 consolidated IAS figures on Friday. The figures were very close to the preliminary figures released earlier this year, and the market barely reacted to the figures (as analysts look mainly at CAS figures given that IAS figures are available with considerable delay compared to their CAS equivalents). In brief: IAS sales rose to CZK 51.8 bil, up 3.9% y-to-y; operating profit stood at CZK 4.4 bil., vs. CZK 3.2 in 1998; 1999 CAS EBIT was CZK 3.9 bil.; IAS net profit (without minority interest) stood at CZK 1.7 bil., vs. a 1998 profit of CZK 1.2 bil. and vs. a CAS 1999 net profit of 1.9 bil.
Also, Unipetrol advanced to the next round of a tender for a 71% state stake in Paramo (a small refinery), which is currently being sold by the National Property Fund. Among other bidders are Norex Petroleum of Canada and Cepramo (unknown Czech company). The tender winner should be announced in August. Acquisition of Paramo would be positive news for Unipetrol, though the ultimate judgment can only be made after an acquisition price is known.
(Ladislav Kovář)