CEZ will release its consolidated H1 IFRS figures tomorrow at 10 a.m. CET
(a conference call for analysts is scheduled for at 4:30 p.m. CET). For the first time, the figures will reflect the performance of CEZ's electricity-generation assets together with the performance of the domestic power distributors that CEZ acquired from the state on April 1.
Our projections assume that the consolidated results will not reflect the sale of CEZ's 66% stake in CEPS, the national grid operator, to the state in Q2 2003 for CZK 15.2 bil. It is our understanding that there is virtually no market consensus regarding the H1 results and that estimates may vary significantly.