Wood & Co. - koment k očekávaným výsledkům Uni

Conclusion : - The main drivers of the group result should be narrowing petrochemical margins and the 1Q2005 outage at Ceska Rafinerska.

- Chemicals in general - and Chemopetrol in particular – were the major driver behind excellent results both in last year as well as in the 1Q2005. However we have seen another slump in polymer margins since March, due mainly to de-stocking and a slowdown in demand from China. Unipetrol will feel the full effect of this in the 2Q2005 in the form of lower operating profit (although sales should remain steady).

- Ceska Rafinerska was closed for 70 days in 1Q2005 due to technical problems. In the quarter under review Unipetrol will have had to increased purchases from third parties and rebuild depleted stocks, which would narrow margins.This will have a one-off impact, and on the whole the price difference between motor fuels and crude oil remain at their highest levels for the last decade, clearly a positive environment for Unipetrol.