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CEZ reported neutral consolidated H1 IFRS results

26.8.2004 9:42

CEZ reported its consolidated H1 2004 IFRS results yesterday. The y-o-y development of the consolidated figures was significantly influenced by the acquisition of the regional distributors and divestiture of a 66% stake in CEPS (boosting financial income and net income in 2003) in April 2003. Since the H1 unconsolidated figures (electricity generation) and the results of the majority-owned distributors had been already released, the consolidated figures were of limited importance.

Electricity generation, the major component of CEZ total value, showed strong y-o-y improvement in H1 2004 in terms of nominal sales (higher average revenue per MWh sold due to increasing wholesale prices and higher domestic volume sales more than compensated lower export volumes). Increased yield per MWh sold was reflected in higher EBITDA margin, EBITDA (20% increase y-o-y) and EBIT, its rise was muted by depreciation increase as the second block of the Temelin nuclear power plant was put into operation in April 2003.

The increase of the wholesale electricity prices was reflected in an increases of the end-tariffs of the distributors, resulting in rising sales in this segment (CEZ owns five out of eight domestic distributors, these are undergoing a far-reaching restructuring). This was accompanied by rising operating margins, which multiplied the effect of rising sales on EBITDA (29% y-o-y) and EBIT.

CZK m           H1 2004   H1 2003   change    H1 2004e 

Sales           50,510    35,740      41%      50,232 
EBITDA          20,230    13,926      45%      20,319 
EBIT            11,209     6,408      75%      11,165 
Pre-tax income  10,146    16,840     -40%      10,147 
Net income       7,288    11,663     -38%       6,933 
EPS (CZK)       12.31      19.70     -38%       11.71

Separately, Slovenske elektrarne, the dominant Slovak power producer, will not change any disadvantageous contracts before its privatization, Economy Minister P. Rusko said yesterday. All bidders will have to adjust their bids to the original tender conditions, he added. Source: Bloomberg.

This may affect the Italian Enel's bid as it required the canceling of some of SE's unfavorable long-term supply contracts. Note however that it has reportedly submitted the highest bid of EUR 1bn, while CEZ has bid EUR 0.77bn for all SE's assets excluding the A1 and V1 blocks of NPP Bohunice and the Russian UES's bid has reached EUR 0.47bn for all the assets. The deadline for submitting renewed binding bids in the SE tender is September 3.

Jan Hajek

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