Unipetrol is going to release its 9M2004 consolidated results today. These consolidated figures are of minor importance as the main subsidiaries have already reported their 9M04 results. Overall, they somewhat outperformed our expectations on the operating level, while they were neutral on net level. A number of factors are influencing the y-o-y consolidated performance comparison, including changing market conditions (particularly on the oil market, which has had a knock-on effect on the downstream market segments) and operating efficiency gains in certain companies. But the biggest influencing factor is the new operating model of Ceska rafinerska (51% owned by Unipetrol), for which Unipetrol rafinerie (100% owned by Unipetrol) has been carrying out sales and marketing activities on behalf of Unipetrol since August 2003.
The results are mostly relevant for those investors who do not want to exercise the post-privatization buy-out option. But since exercising the option would be aimed at gaining exposure to operational and ownership restructuring of Unipetrol group under the management of PKN Orlen, the current quarterly results are of limited importance even to them.
Tomáš Gatěk, Patria Finance