CEZ - expected results for 1Q04

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Investiční bankovnictví KB

      We expect CEZ to increase its revenues by 4.7% y/y to CZK 14.5bn mainly due to higher demand (+2.4% y/y), higher share on domestic market (62.6%) and higher electricity prices on domestic market (CEZ increased prices on average by 5% for 2004). We expect decline of exported volume of electricity by 2% y/y, which should be however outweigh by higher prices. Company’s restructuring from previous years should positively contribute to increase of EBITDA and EBIT. We expect CEZ to show net profit of CZK 2.3bn (+2.1% y/y). The main reason for slowed y/y increase is different methodology for accounting for income tax. While in 1Q03 CEZ accounted for income tax as prepayments based on the previous year's income tax. Currently, income tax is determined from current period income.

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