According to unaudited results Èeská rafinérská, a.s. achieved a pretax profit of CZK 523m in the nine months of 2003. The turnover in this period equaled CZK 29.5bn. In the same period of 2002 the company recorded a loss of CZK 1049m, the turnover was CZK 30bn.

However, the results of the two years cannot be fully compared as Èeská refinérská has undergone a transformation from a production-trading unit to so called re-processing refinery as of August 1, this year.

Economic results in the first nine months of 2003 were significantly better compared to the last year, mainly thanks to a higher international refining margin which impacted the company´s results in major part of this period. Èeská rafinérská, a.s. produced and supplied almost 3.2m tons of finished products in the three quarters of 2003, which is an increase of more than 4.8 per cent compared to the same period of the last year.

This year, there was an increase in the production of diesel oil, fuel oils and liquid gases compared to the nine months of 2002. In terms of the place of destination, there was an increase in supplies of automotive gasolines, diesel oil, fuel oils and other products to the domestic market. The export supplies, on the other hand, have partly decreased. The production increase has been achieved even despite of this year´s planned shutdown connected with periodical maintenance in the two company´s refineries - Litvínov and Kralupy.

Chemopetrol, a.s.

In the first three quarters of 2003 Chemopetrol showed a loss after tax of CZK 179.1m, which presents a decline of CZK 119.3m compared to the same period of the last year. The loss was mainly due to a long-term, planned shutdown of petrochemical production units from August to October, which takes place in three-year cycles.

Before the shutdown, Chemopetrol was in the black. Revenues from its own products and services amounted to CZK 13 930m, which is an increase of 12.1 per cent compared to the same period of the last year. The increase in revenues was mainly thanks to higher sales of polypropylene and polyethylene from new units.

The company continued the application of cost-saving measures and restructuring throughout the whole period with the aim to achieve the maximum effectiveness.

Kauèuk, a.s.

Kauèuk generated a profit before tax of CZK 18.4m by September 30, 2003, the operating results were CZK 114.6m and financial results CZK - 96m.

Total profit was lower by CZK 127.9m compared to the same period of the last year. Whilst generating a profit in the first seven months of the year, the company marked a decline in economic results in August and September due to the planned complete production shutdown, which is - like in Chemopetrol - a part of the three-year production facility maintenance cycle.

The revenues from its own products and services amounted to CZK 5 877m and they are 10 per cent higher than in the same period of the last year.

Spolana a.s.

The company Spolana showed a loss of CZK 458.5m in the first three quarters of 2003 and the revenues of CZK 3.67bn. The loss was mainly due to an overall drop in revenues by more than CZK 1bn as opposed to the plan.

Continuing stagnation in demand, mainly for linear alphaolefines (LAO) and deteriorated caprolactam market were in the third quarter partly compensated by increasing demand for another company´s key product - PVC.

The company further continues energetic cost-saving measures, including decreasing the number of employees. The decision on the suspension of repeatedly unprofitable production of LAO from the beginning of August this year on, made an important step towards a gradual improvement of the company´s financial situation.

Benzina a.s.

The loss of the joint stock company Benzina in the three quarters of this year amounted to CZK 174m and total revenues of CZK 12.2bn (the loss in the same period of 2002 was CZK 32m, total revenues equaled CZK 9.6bn). The company succeeded in meeting the planned volume of fuel sales in the third quarter, a strong competition environment, nevertheless, significantly pushed down unit margins at petrol stations.

Paramo, a.s.

In the first three quarters of 2003, the joint stock company Paramo showed a pretax profit of CZK 34.2m (compared to CZK 100.7m in the same period of 2002).

Revenues from the sales of its own products and services amounted to CZK 3.5bn and hence they are comparable to the turnover in the first nine months of 2002. There was an increase in the revenues from the sales of goods (CZK 345.3m) thanks to the trade with the Unipetrol Refinery (UNIRAF).

The company´s assets as of September 30, equaled CZK 3.3bn (CZK 3.1bn in 2002). The main changes consist in decreasing the amount of stock by CZK 159m and increasing current receivables by CZK 200m. It must be added that none of the receivables are overdue.The increase was due to the trading with UNIRAF.

The economic results of Paramo, a.s. in the period in view were favourably impacted by factors like the strengthening crown against American dollar, trading of fractions with the Unipetrol Refinery and continuously low discount rates. The amount of profit was negatively influenced mainly by a high price of oil, shortage of Russian oil and finishing fusion with the company Koramo.

Unipetrol, a.s.

The parent company of the Unipetrol Group made a profit in the said period which amounted to CZK 37.2m before tax. The total company´s assets equaled CZK 33.75bn by September 30, 2003.​