CEZ yesterday released its consolidated H1 IFRS figures. Besides the performance of CEZ's electricity-generation assets, they reflected the performance of the domestic power distributors CEZ acquired from the state on April 1, 2003.
Higher-than-expected IFRS depreciation of the distributors, full accounting for the profit on the transmission-grid majority sale (CZK 10.8 bil.), and a lower contribution from the distributors (only their Q2 results were consolidated) meant the released figures differed significantly from our projections and from most analysts. Nevertheless, as these are purely accounting differences, and as the respective H1 figures of the major companies in the CEZ group were previously released, we see the IFRS results as neutral.