Commentary to 3Q 2005 consolidated financial results of Unipetrol a.s. Consolidated net profit of Unipetrol a.s. for the whole period of 9 months 2005 reached the level of 2 312,6 m CZK and was higher by 18,4% than 9 months 2004 figure. Main reasons for improvement of the results were: good market situation in Czech Republic, favorable refinery prices and margins, temporal beneficial prices and margins for petrochemicals produced within the Unipetrol Group.

In 3Q 2005 Unipetrol a.s. generated consolidated net result of 552.9 m CZK, which was lower by 20.6% than in 3Q 2004. The lower result was mainly caused by increased crude oil prices and planned installations’ modernization breaks at the end of this period. During 9 months of 2005 the company achieved revenues from sales of 79 292.3 m CZK. The number, which was higher by 26.2% than one reached during the same period of 2004, was the consequence of not only high products prices resulting from crude oil price increase but also of higher quantity of refinery products sold. Crude oil processed in Unipetrol Group (100% Paramo Refinery and 51% Ceska Rafinerska) reached the number of 3 330 ths tons and increased by 12.9% in comparison to 9 months of 2004.

Revenues from sales in 3Q 2005 at the level of 30 000.9 m CZK were better by 4.3% than in 3Q of last year, mainly as an effect of higher quantity of products sold. Crude oil processed in 3Q 2005 in Unipetrol Group ended with 1 134 ths tons and was higher by 19.1% than 3Q 2004 number. There was an increase of yields of white products and fuels.

As far as retail is concerned, there was an improvement in margins observed in 3Q 2005 in comparison to first half of 2005 when the margins level remained very low.

Profit from operations after 9 months 2005 reached 3 850.7 m CZK level (15% increase vs 9 months 2004) and was gained mainly due to higher volume of products sold. Profit before taxation of 3 009,1 m CZK (increase of 26,6%) and net profit of 2 312,6 m CZK (increase of 18,4%) increased even more as a effect of lower cost of loans and bonds to loan swap resulting in lower financial costs. Net debt to equity ratio decreased from 33,3% at the end of 2Q 2005 to 29,2% at the end of 3Q 2005. ROE for 9 months of 2005 presents the level of 8,1% p.a.