In the first half of 2003, Kaučuk made a pre-tax profit amounting to CZK 140m, which represents an improvement of almost CZK 21m as compared with the same period of the last year. The company's revenues went up by CZK 658m to CZK 4.2bn compared with the same period of the last year. The increase in revenues was mainly due to a higher price level of petrochemical commodities. The company also put into operation a new unit for the production of ethylbenzene with a capacity of up to 300 thousand tons per year - the introduction of this new, modern technology with lower energy demands should positively impact on the company's results in the future.

BENZINA a.s.

The company Benzina a.s. recorded a loss of CZK 120m in the first half of this year. The loss was mainly due to a decrease in the company's trade margins in this period. The company's revenues reached CZK 7.0bn (in year-on-year comparison, the index of revenue growth is 115 per cent). This increase can be attributed mainly to a higher proportion of fuel wholesale to different industries.

CHEMOPETROL, a.s.

In the first half of 2003, Chemopetrol achieved a pre-tax profit of CZK 182.9m, which is an improvement of CZK 294m as compared with the loss CZK 111.3m in the same period of the last year. Compared with the first quarter, when the company recorded a loss due to unfavourable petrochemical margins, the situation in the market improved in the second quarter: stabilisation of monomer prices and an increase in the prices of polymers together with a drop in prices in the oil product market resulted in the rise in petrochemical margins and positively reflected in the company's results.

Total revenues amounted to CZK 10.3bn, which is an increase of 22.3 per cent as compared with the same period of the last year. The increase in revenues was impacted mainly by higher sales of polypropylene and polyethylene from new units.

SPOLANA a.s.

Spolana showed a loss of CZK 313.7m in the first half of this year. The company's negative results can be attributed particularly to a drop in sales as against to the plan (e.g. in the production of chemicals and energies the deviation from the forecast amounts to CZK 778m). Spolana sold goods and services of CZK 2.7bn worth (in 2002, the revenues from goods and services totalled also CZK 2.7bn). Measures have been continuously taken in the company to reduce fixed costs and carry out the company restructuring. Restructuring measures to be introduced in the second half of 2003 should bring savings of more than CZK 50m.

PARAMO, a.s.

The joint stock company Paramo showed a pre-tax profit amounting to CZK 26.9m in the first half of this year, whilst the total revenues reached CZK 2.2bn. In the comparable period last year, the company showed a profit of CZK 76m and its revenues amounted to CZK 2.2bn.

The company succeeded in achieving almost the same revenues as compared with the same period of the last year even despite the shutdown in March. The amount of profit was negatively impacted particularly by a high crude oil price in the first quarter and development of refining margins in the given period.

The total company's assets dropped by CZK 114m, particularly due to a decrease in the oil reserve, intermediate and finished product inventories. By completing the purchase of minority shareholders´ shares of Koramo, a.s., the company Paramo increased its long-term financial assets by CZK 83m.

ČESKÁ RAFINÉRSKÁ, a.s.

Česká rafinérská generated a pre-tax profit of CZK 372m in the first half of 2003. The turnover in this period totalled CZK 22.4bn. In the same period of the last year, the company recorded a loss of CZK 754m and turnover CZK 19.2bn. The company produced and sold more than two million tons of finished products in this period (increasing thus its production by almost 4 per cent as compared with the same period of the last year). The growth was accounted for mainly by supplies of heating oils, liquid gas and automotive petrol to the domestic market and supplies of road asphalt and diesel fuels for export.

The significant improvement of economic results was achieved mainly due to a higher international refining margin, whose level positively impacted on the company's results particularly in the first quarter. In the second quarter, the prices of crude oil and oil products declined, which negatively impacted on the company's profit. The results of the second quarter were also affected by planned shutdowns of both company's refineries connected with their regular maintenance. The turnover increase was mainly due to an increase in sales and higher prices of refining products.

UNIPETROL, a.s.

The parent company of the Group showed a pre-tax loss of CZK 2.9m in the first half of this year; its total revenues from the sales of its own products and services amounted to CZK 84m.