CEZ commented on the 2004 financial outlook in its annual report, saying that its sales are expected to slightly increase despite declining export volumes, EBIT should remain flat and financial profit is likely to be boosted by asset sales. Moreover, its capex should increase this year to CZK 6.4bn from CZK 4.3bn in 2003.
Overall, the comments in the report regarding the 2004 outlook are very conservative regarding sales and operating profit - recall that QI unconsolidated sales rose by 22% and EBIT by 48%.
Jan Hajek