Wood & Co. - v 16,45 by měla být konference PKN k Uni

Conclusion : We expect a rather bullish guidance that will likely impact positively on our current Unipetrol target price (CZK 215). We expect to hear the details on:

- Cost savings from joint crude purchasing (we assume USD 1.0/bbl savings for UNIP from 1H 06)
- Cost savings at corporate level (we assume ~CZK 500mil from 2006)
- Coordination of fuel distribution between UNIP and Southern Poland (potentially extensive)
- Development plans for CZ retail network after failed bid for Aral (what is their Plan B??)
- Restructuring achievement since June (nothing built into our model)

The PKN Orlen and Unipetrol "Partnership for Central Europe" conference call is scheduled for 16:45 CET