Operating profit brought positive surprise

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Investiční bankovnictví KB

      CEZ announced financial results for 1-3Q2003 according to CAS. The figures confirmed our expectations. Higher sales of electricity on domestic market together with soaring exports for higher prices thanks to extraordinarily warm summer lifted revenues to CZK 39.4bn. On the contrary, the operating and net profits exceeded our expectations due to lower increase of depreciation than we had estimated. Operating profit rose to CZK 6.3bn and net profit reached CZK 13.7bn. Nevertheless, the net profit was significantly inflated by gain from sale of the stake in CEPS. After adjustment, the net profit would stagnate on y/y comparison. CEZ also raised its expectation of full-year profit to CZK 13.3bn from CZK 12bn.

       The results confirmed our expectations, development of the operation profit is positive. However, we expect that an impact on CEZ would be limited as the market will become focused on the consolidated financial results including the distribution companies, which should be announced by the end of November.

      

       CAS unconsolidated, CZK m

       .......................1-3Q03..............1-3Q02.........%ch

       Revenues..........39,386...............35,875..........10

       EBITDA..............14,807...............12,889..........15

       EBIT...................6,326................5,807............9

       Net profit...........13,679...............5,409...........153

      

       Source: company data

      

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