CEZ releases its consolidated IFRS 1Q 2005 results at 9:00am CET. We expect net profit to reach CZK 7.3bn. No market consensus is available. Note that CEZ already released unconsolidated IFRS figures on May 2, which reflect the performance of the generation business, hence the main value of the company. The 1Q2005 consolidated figures should include consolidation of CEZ’s Bulgarian operations.
Separately, CEZ hold a press conference today at 3.00pm CET on a basic strategic concept of coal power plants replacement and long-term coal supply plan.
The Ministry of Trade and Industry may recommend so called ‘B’ scenario for distribution of CO2 emissions credits, which is more favourable towards refineries and chemical industrial and less to energy companies. Note that total number of CO2 credits equals 97.6t per year for the period between 2005 and 2007.