CEZ - expected results for 2003

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Investiční bankovnictví KB

      ČEZ will announce its preliminary unconsolidated results for 2003 according to CAS on Friday 27 February. Expect the revenues to increase by 7% to CZK 53.2bn preliminary thanks to higher sales on domestic market and thanks to record exports. We expect the operating profit to go down by 2% to CZK 7.8bn mainly due to rising depreciation, as the nuclear power station Temelin was put into operation. We estimate net profit to more than double to CZK 14.2bn due to one-off gain from sale of 66% stake in CEPS.

       Nevertheless, we do not expect that the announced results would have material impact on the company’s share price, as the results are unconsolidated. The market closely follows the consolidated figures together with distribution companies and Severoceske doly.

      

       CAS, CZK m.................2003E........2002E......%ch

       Revenues...................53,178.......49,920.......7

       EBITDA.......................19,995.......18,016......11

       EBIT...........................7,780.........7,935.......-2

       Net profit ...................14,218........6,713........112

       Source: company data, KB estimates

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