Comments on financial results of the Unipetrol Group in the first half of 2005The net consolidated profit of the Unipetrol Group in the first half 2005 totalled CZK 1 759,6 million, which is an increase by 46,3 % as against the profit achieved in the first half 2004. The following factors contributed significantly to achieving these very good results: flourishing Czech economy, favourable prices and margins in refinery and petrochemical products representing the portfolio of the Group.
Revenues from sales reached the level of CZK 49 291 million. The growth in sales (of 44,5 %) was not only due to high prices of products stemming from high prices of crude oil, but also thanks to higher volume of sold refinery products. The volume of processed crude oil in the Unipetrol Group (Paramo refineries plus 51% of the Èeská refinérská volume) totalled 1 896 thousand tons and this volume was by 13,6 % higher as compared with the same period of the last year. High petrochemical product margins lasting from 2004 and relatively high sales of polyethylene, polypropylene and PVC favourably impacted on the Group´s results. The most important unfavourable influences include: industrial accident in FCC unit which deteriorated the structure of refining products together with the results of this segment, and further a drop in fuel sales and margins in the retail market.
Operating results amounted to CZK 2 824 million (a 28,8 % growth) and they were achieved, besides other, also thanks to reducing fixed operating costs of the Group. The growth in pretax profit (CZK 2 225 million) and net profit (by 50,3 % or 46,3 %) was more noticeable due to a drop in financial charges connected with loans and obligations which finance the operation of the Group´s companies. The level of indebtedness itself as compared with the equity total dropped from 33,3 % to 24,7 %. The return of equity total in the first half (based on annual recalculation) was 9,4 %. The above stated financial indicators and results achieved in the first half indicate that thanks to favourable economic development the Group strengthened its financial stability.