CHEMOPETROL, a.s.

In the first quarter of 2005 Chemopetrol, a.s. reached a pretax profit of CZK 1 065 million which is an improvement of CZK 800 million compared to the profit of CZK 265 million in the same period of the last year. As far as operating profit/loss is concerned, a significant increase in performance was registered. The operating profit rose from CZK 597 million (the first quarter 2004) to CZK 1 198 million, i.e. by CZK 601 million. The revenues from the sale of own products and services rose by 19.4% to CZK 6 739 as against the first quarter of 2004. The results of the first quarter were positively influenced by favourable petrochemical margins due to relatively high quotations of main products and high volumes of production and sales.

KAUČUK, a.s.

As at March 31, 2005 Kaučuk, a.s. generated a pretax profit of CZK 58 million, while registering the operating profit of CZK 97 million and financial loss of CZK 39 million. The pretax profit in the first quarter of 2004 amounted to CZK 56 million. The revenues from the sale of own products and services reached a total of CZK 2 919 million and are by CZK 553 million, i.e. 23%, higher than in the same period of the previous year. Input prices continued growing in both major spheres of activities – polystyrene and SBR markets. In SBR sector, this increase was partly applied to product prices due to a high demand for rubber mixtures, polystyrene margins, nevertheless, stagnated. The total gross margin reached CZK 763 million, which is by CZK 122 million more than in the first quarter of the previous year.

SPOLANA a.s.

In the first quarter of 2005 Spolana recorded a pretax profit in the amount CZK 168,6 million (compared to the profit of CZK 23,3 million in the same period of 2004). Even despite certain decline in the demand for caustic soda and PVC on foreign markets (due to long winter postponing the start of construction production in Europe) revenues from chemical production in the first three months reached CZK 1,6 billion, which is by CZK 455 million more than in the first quarter of 2004. The decline in the demand for PVC in Western Europe was due to high stocks of plastic users and higher attractiveness of PVC imports to Europe due to the existing USD/EUR exchange rate. As far as the second company´s major commodity – caprolactam – an increased demand of customers continues and the company successfully introduces caprolactam also in new markets, including China.

As compared with the first quarter of the last year, the gross margin and operating profit were higher by a half. It can be assumed from these results that not only financial but also overall economic stabilization of Spolana is in progress.

BENZINA, a.s.

The company reached a pretax profit of CZK113 million in the first quarter of 2005 and the revenues volume totalled CZK 2,4 billion. The revenues were thus15% over the plan for the first quarter. The sales of diesel oil in the network of petrol stations continued growing and they were higher by 5% compared to the same period of 2004. The sales of high-octane gasoline increased by 19% as against the same period of 2004. A decreasing trend continues in the sales of low-octane „ Special“ gasoline in line with gradual renewal of the fleet. Considering climatic conditions of winter period, no increase was registered in BA 95 Natural. Highly competitive environment in the petrol station market negatively impacts on the development of unit margin of practically all kinds of fuels. In the first quarter of 2005 the trend continued of cost-saving. The overall assessment of the performance in the said period was positively impacted on also by another revenue part, separation of wholesale activities.

PARAMO, a.s.

Due to one-month shutdown of the entire Pardubice plant, traditionally low demand for products in winter time (bitumens) and lasting high oil price the company recorded a loss of CZK 52 million in the first quarter. In the comparable period of the last year the company reached a profit of CZK 2,7 million. The company´s revenues from the sale of its own products and services totalled CZK 1 065 million and revenues from the sales of goods CZK 600 million. Both figures are actually higher than planned.

UNIPETROL RAFINÉRIE a.s.

In the first quarter of 2005 the company marked a loss of CZK 240 million. It thus failed to meet its business plan by CZK 299 million. The main reason was the development of refinery margin (NRU). The actual average margin in the first quarter was by 30 % lower than planned for the first three months in the business plan. The processing rate of crude oil was lower only by 2% than planned.

ČESKÁ RAFINÉRSKÁ, a.s.

In terms of financial results, Česká rafinérská achieved a pretax profit of CZK 89 million in the first quarter of 2005. The turnover in this period totalled CZK 2 153 million. In the same period of 2004 the company registered a profit of CZK 67 million and turnover CZK 2 067 million.

In the first quarter of 2005 Česká rafinérská processed almost 1.6 million tons of crude oil. It was by 14% more than in the first three months of the last year. The production of final products was by almost one quarter higher. As compared with the first quarter of the last year, the production increased of diesel oil, automotive gasolines, heating oils and bitumens. The production of aviation fuels, on the other hand, partly dropped.

The company´s results were positively impacted on by the stabilisation of processing mode to which Česká rafinérská switched in August 2003. Since this date it operates as purely processing refinery, which means that its trading activities have been transferred to trading companies of its shareholders who sell finished products of Česká rafinérská at their own accounts.

UNIPETROL, a.s.

The parent company of the Unipetrol Group generated a pretax profit of CZK 7.8 million in the period under consideration. Considering achieved revenues of CZK 40 million, the recorded profit is approximaly comparable to the figure registered in the same period of the last year.​