CEZ has just released its 2Q13 results. Numbers are just slightly below consensus expectations. EBITDA is 5% lower y/y due to lower achieved price of electricity including the effects of CZK/EUR rate fluctuations (-1,7 bln. CZK) as well as lower production volume (-0.8 bln. CZK) as expected. Higher gross margin on distribution y/y helped to diminish negative effects in power production.
CEZ - 2Q13 results
| Revenues | 52 231 | 53 126 | 51 273 | 51 200 | 1,7% | 3,8% |
| EBITDA | 22 116 | 20 955 | 21 711 | 21 100 | -5,2% | -0,7% |
| EBIT | 15 608 | 13 847 | 14 711 | 14 000 | -11,3% | -1,1% |
| Net income | 12 758 | 10 751 | 11 511 | 11 000 | -15,7% | -2,3% |
CEZ - 6M13 results
| 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.