In the first quarter of 2003, Kaučuk achieved revenues in the amount of CZK 2.2bn (last year, revenues in this period totalled CZK 1.56bn) and a pre-tax profit of CZK 86.7m, which is by CZK 73m more than in the first quarter of 2002. The amount of revenues was impacted by a significant increase in the prices of petrochemical commodities, the profit increased mainly due to better margins than in the comparable period of the last year.

BENZINA a.s.

In the first quarter of this year, the joint stock company Benzina recorded a loss of CZK 115.3m, in comparable period of the last year it made a loss of CZK 27.5m. This unfavourable development trend was mainly due to an increase in crude oil price and decline in the company's trade margin.

The company's revenues reached CZK 3,255m, which is by CZK 496m more than in the same period of the last year. The increase in revenues was mainly due to a higher proportion of wholesale supplies in the given period as against the last year. As far as the volume of fuels sold at petrol stations, their year-on-year amount remained the same. The company further continues the monitoring of purposefulness and effectiveness of spent financial means.

The joint stock company Benzina currently operates 317 public petrol stations.

CHEMOPETROL, a.s.

In the first quarter of this year, the company Chemopetrol made a pre-tax loss of CZK 86.2m, which is an improvement of CZK 71.8m as against the same period of the last year. The negative results were impacted mainly by a drop in petrochemical margins. This slump was caused by a rapid increase in the price of crude oil and oil products in the first quarter, which was not compensated for in the prices of the company's products. The slump in margin was partly compensated by internal cost-saving measures.

The company's revenues increased by CZK 991m as compared with the same period of the last year. The increase in revenues was mainly impacted by a higher output from new petrochemical units.

SPOLANA a.s.

In the first quarter of 2003, the company Spolana recorded a loss of CZK 123.7m, which is a deterioration of CZK 68.0m as compared with the same period of the last year.

Revenues from the sales of its own products and services amounted to CZK 1,335m, which is by CZK 45m less than in the first quarter of 2002.

 These results were mainly due to a slower return to the market after last year's disastrous floods, and further due to continuing stagnation in demand for linear alphaolefines (LAO) as well as abnormal development in the PVC market in this period caused by the war in Iraq, stagnation in demand in Asia and recession in construction sector in Germany. The results were also negatively impacted by an unfavourable development of the main raw material prices: the price of ethylene grew by approx. 20 per cent, the price of cyclohexanone by about 30 per cent as compared with the same period of the last year.

PARAMO, a.s.

The joint stock company Paramo showed a pre-tax loss of CZK 76.8m in the first quarter. Total revenues amounted to CZK 877.9m. In the same period of the last year, the company achieved a profit of CZK 7.98m and turnover CZK 1.07bn. Total company's assets equalled CZK 2.83bn at the end of the first quarter.

The results of the first quarter 2003 are weaker as compared with the previous year, mainly due to a high price of crude oil and corporate operation shutdown which lasted all over the month of March. The shutdown of more operating units at a time in the Pardubice refinery takes place in a two-year cycle and always results in the production volume drop.

ČESKÁ RAFINÉRSKÁ, a.s.

In the first quarter of 2003, Česká rafinérská produced and sold almost one million tons of final products. As compared with the last year's first quarter, the company produced by 1.2 per cent more of these products, maintaining thus an important year-on-year production increase similar to the one at the beginning of the last year, when the sales of fuels, for instance, increased by more than 60 per cent.

As compared with the same period of the last year, the supplies of automotive petrol and liquid gases to the domestic market and supplies of diesel fuels for export slightly increased in the first three months of 2003. There was also an overall increase in the supplies of fuel oil. The export of automotive petrol and liquid gases and the supplies of diesel fuels to the domestic market, on the other hand, partially decreased.

According to unaudited results, Česká rafinérská achieved a pre-tax profit of CZK 878m in the first quarter of 2003. The turnover in this period equalled CZK 12.5bn. In the same period of 2002, the company recorded a pre-tax loss of CZK 677m and turnover CZK9.3bn.

The results of the first quarter of 2003 are significantly better as compared with the last year, mainly due to a higher international refining margin, which was in the first three months of the last year at its lowest level over the past ten years and in the beginning of this year this margin was significantly more favourable for refineries. The amount of profit can be attributed also to a positive impact of inventories, as the prices of both crude oil and oil products increased throughout the period between the purchase of crude oil and its processing. The turnover increase in the first quarter of 2003, as compared with the previous period, was mainly due to higher prices of refining products.

UNIPETROL, a.s.

The parent company of the Group achieved a pre-tax profit of CZK 1.4m and total revenues CZK 42.6m in the first quarter. The gross profit in the same period of the last year totalled CZK 1.2m and revenues 43.1m. The total company's assets mounted from CZK 32.7bn last year to CZK 34.5bn.