CEZ - estimates of financial results for 1H04

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Investiční bankovnictví KB

      CEZ will announce financial results for 1H04 according to CAS on Friday 30 July. The results will be unconsolidated only for the electricity generation part. We expect revenue growth of 23.1% to CZK 32.8bn from CZK 26.6bn in 1H03. The main drivers are higher electricity sales on the domestic market combined with higher electricity prices on both domestic and export markets. The y/y decline of exports in 2Q04 would have negative impact. We expect the operating profit to improve from CZK 4.3bn to CZK 6.7bn thanks to continuing cost control. The expected sharp decline in net profit is due to extraordinary income from sale of 66% stake in CEPS in 1H03.

      

       CAS unconsolidated, CZK m...........1H04E.........1H03.........%ch

       Revenues...................................32,805.......26,649........23.1

       EBITDA.......................................12,951.......10,319........25.5

       EBIT............................................6,652.........4,334........53.5

       Net profit.....................................2,692........12,329......-78.2

       Source: company data, KB estimates

      

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