CEZ: posted in-line 2Q13 figures - nevetheless fail to increase NI guidance /slightly NEGATIVE/

CZK mln.	6M12A	6M13A	6M13E Patria	6M13E Cons.*	6M13/6M12	6M13/Cons.
Revenues	113 024	113 105	111 252	111 200	0,1%	1,7%
EBITDA	48 430	49 295	50 051	49 400	1,8%	-0,2%
EBIT	35 440	35 181	36 045	35 300	-0,7%	-0,3%
Net income	27 168	28 601	29 361	28 900	5,3%	-1,0%

* CEZ Cons. (15)
Conference call: 13th August 2013; 16:00 (CET);

Contrary to expectations and previous indications – CEZ did not increased this year net income guidance of about 1.5-2 bln. CZK on Chvaletice power plant sale, despite European Commission approved the sale to Litvinovska uhelna. Impairmets to fixed assets (most probably Pocerady CCGT) due to the trend of decreasing electricity prices has been newly introduced among selected risk for this year guidance by the company which confirms our worrying in this topic.

Overall, slightly NEGATIVE in our first take.