CEZ announced yesterday that it would cut its staff this year by 4%, i.e. by 250 employees, to 6,700, which is in line with its medium-term plan and our expectations. Neutral.
Separately, CEZ said that the hot and dry summer has raised both its exports to western Europe (due to the lower output of some power plants in France, Italy, and Germany) and domestic sales, Reuters reported yesterday.
We also assume that besides the increased export volume, the situation in western Europe should positively affect CEZ’s export prices.
Jiří Soustružník