CEZ - financial results for 1H04 according to CAS

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Investiční bankovnictví KB

      CEZ announced financial results for 1H04 according to CAS. The results include only the generation part without distributors. Revenues rose by 16.8% to CZK 31.1bn driven by higher domestic sales and exports for higher prices. Operating profit improved by 19.9% to CZK 6.2bn. Revenues and operating profit slightly lagged behind the market expectations, while the net profit beat the estimates. The main reason is change of accounting methodology. The company accounted for received dividends from the distribution companies, when they were approved by the respective AGM and not in time of their payment. Net profit dropped by 68.2% y/y, but direct y/y comparison is not appropriate, as net profit for 1H03 was significantly boosted by income from sale of 66% stake in CEPS.

       Company’s management expects revenues to exceed CZK 60bn and net profit in range of CZK 5.5-6.0bn in 2004. Nevertheless, net profit would be boosted by income from sale of stakes in Prazska Energetika (around CZK 720bn) and CEPS and administrative building in Prague center.

       We consider the results for CEZ neutral. Factors influencing the company’s financial results remain unchanged.

      

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

       Revenues................................31,138.........26,649.........16.8

       EBITDA....................................12,373.........10,319.........19.9

       EBIT.........................................6,154...........4,334.........42.0

       Net profit..................................3,924..........12,329.......-68.2

       Source: company data

      

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