CEZ - consolidated net profit for 2002 according to IAS

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Investiční bankovnictví KB

      CEZ announced its consolidated results for 2002 according to IAS. While revenues were in line with our expectations at CZK 52.9bn, net profit exceeded our estimates mainly due to higher than expected cost savings. Net profit reached CZK 8.4bn compared to our estimate of CZK 7.1bn. In 2001, CEZ showed a net profit of CZK 9.1bn.

       Despite the widely known factors, like electricity market liberalization, was deterioration in profitability caused by accounting for a deferred income tax of CZK 0.6bn related to the planned sale of stake in CEPS. After adjustment, net profit would remain flat on y/y comparison.

      

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