CEZ would negotiate with the Ministry of Finance about sale of CEPS

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Investiční bankovnictví KB

      CEZ announced a tender for sale of its 34% stake in CEPS did not attract any investors and therefore it would begin negotiations with the Ministry of Finance. The government approved purchase of CEZ’s stake in CEPS on its meeting on 28 July. Price should be set by independent appraisal and according to Finance Minister Sobotka preliminary estimates are around CZK 6.5bn. CEZ has to sell its stake in CEPS in order to comply with Antimonopoly Office’s decision.

       Given the fact CEZ values its stake in CEPS at CZK 1.4bn in its books, this transaction would be another one-off boost to its financial results for 2004. Pre-tax profit should be around CZK 5.1bn based on selling price of CZK 6.5bn according to CAS. It should be already booked in financial results for 3Q04. Nevertheless, the sale of CEPS and its impact on financial results of CEZ has been discussed several times and therefore the news should have little impact on CEZ’s share price.

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