Prague, 23 November 06 – Unipetrol held a press conference immediately after the execution of the agreement on the sale of Spolana (27 October 06). All relevant documents (press release, presentation, expert’s opinion and fairness opinions) were also posted on Unipetrol’s website upon the commencement of the press conference.Spolana’s debt will be paid in full 90 days after the settlement of the transaction – this piece of information was included in the published documents. Spolana’s shares were transferred and the purchase price paid on 13 November 2006.
The price for which Spolana was sold was not contrary to the market’s expectations, as can be seen in the market’s reaction. The price of the shares did not drop; on the contrary, UNIPETROL’s shares have risen 6% since the publication of detailed information on Spolana’s sale. Analyst’s opinions on the sale of Spolana support this statement (see the attachment to this release).
Spolana’s sale is part of a strategy aimed mainly at increasing the value of Unipetrol as a whole for its shareholders. Its success can be seen in the recent increase of the EBITDA parameter (earnings before interests, tax, depreciation and amortisation) by EUR 78 million based on specific measures adopted as part of the restructuring, which begun after the acquisition by PKN ORLEN – as the majority owner – of Unipetrol. Further evidence is the overall economic performance, which has surpassed analysts and economy experts’ expectations this year.
(Reaction to Goldenfrazil´s statement – 23. 11. 06)
Contact:
Michaela Lagronová
Spokesperson
Unipetrol, a.s.
Mobile: + 420 602 304 708
E-mail: michaela.lagronova@unipetrol.cz
Opinion of analysts [33 kB]