CEZ reported a better than expected consolidated 1H2005 result. The results were positively impacted by increasing electricity prices on the top line and more effective usage of low-cost power plants together with lower repairs & maintenance costs at the bottom line. The figures will include Bulgarian operations. At the same time, CEZ raised its FY2005 net income target to CZK 16.1bn from the previous CZK 15bn, which is 10% above our own estimate.
IFRS, CZKm H12005 H1 2004 % Change Consensus* Patria 2005E
Sales 60,742 50,510 20.3% 59,750 57,327
EBITDA 25,572 20,230 26.4% 25,010 25,194
EBIT 16,100 11,209 43.6% 15,600 15,790
Pre-tax income 13,827 10,146 36.3% n/a 13,804
Net income 10,974 7,911 38.7% 10,050 9,801
* Median