CEZ will report its 9M05 consolidated IFRS figures today. The company already reported its 9M05 unconsolidated numbers, at the end of October, which also mentioned the performance of distribution companies in the Czech Republic and Bulgaria. Q3 is traditionally characterised by the lowest sales; nevertheless, we expect the company to benefit from rising electricity prices. Continued restructuring should also support operating efficiency.
IFRS consolidated (CZK m) 9m05E 9m04 % change Consensus
Sales 87,314 73,061 19.5% 87,300
EBITDA 35,301 28,664 23.2% 35,100
EBIT 20,792 15,130 37.4% 21,000
Pre-tax income 18,515 14,241 30.0% -
Net income 14,248 10,204 39.6% 14,000
EPS (CZK, annualised) 32.1 23.0 39.6% 32.1