Philip Morris CR - financial results for 1H04 according to CAS

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Investiční bankovnictví KB

      Philip Morris CR announced financial results for 1H04 according to IFRS. Revenues went down by 14.7% to CZK 5.8bn. The main reasons were increase of excise tax on cigarettes from 1 January 2004 and Czech Republic’s accession to the EU, which led to abolishment of duty on imported cigarettes. Domestic market share went down to 75.5% in 1H04 due to higher demand on cheaper cigarettes. Exports to Slovakia dropped by 22% due to higher excise tax and increase of smuggling. The company is still considering consolidation of its production capacities in the Czech Republic. EBIT and net profit went down accordingly.

      

       CAS unconsolidated, CZK m..........1H04........1H03.........%ch

       Revenues..................................5,794........6,791.......-14.7

       EBITDA......................................2,685........3,292.......-18.5

       EBIT..........................................2,489........3,091.......-19.5

       Net profit....................................1,810.......2,216........-18.3

       Source: company data

      

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