CEZ will release its consolidated 9M 2003 IFRS figures this morning. The figures reflect the performance of the regional power distributors, acquired this year, together with the performance of CEZ’s electricity-generation assets, all of which have already reported unconsolidated 9M CAS figures; the consolidated results should be, therefore, of lower importance.
CEZ´s unconsolidated figures showed y-o-y improvement at all levels; the results reflected increased domestic volume sales (reflecting a higher market share) and rising exports, which more than offset a y-o-y decrease of domestic wholesale prices on the back of continuing energy-sector liberalization. The 9M CAS performance of the regional distributors represented a y-o-y worsening, partly due lower regulated end-user prices.
Overall, the y-o-y comparison of the 9M consolidated results is biased by the acquisition of the regional distributors in April 2003, and the financial result and the bottom line is significantly influenced by the profit realized on CEZ’s divestiture of a 66% stake in CEPS, the national transmission-grid operator.
Jitka Oppitzová