CEZ yesterday increased its full-year 2003 unconsolidated CAS net income projection from CZK 1 bil. to CZK 4 bil. (Reuters). These figures do not include the profit realized (CZK 12.5 bil.) from the sale of a 66% stake in CEPS, the national transmission-grid operator, to the state, nor the resulting capital-gains tax of CZK 4.2 bil.
Given the recent publication of good HI results and CEZ’s positive fundamental outlook, we see the new net income target as quite achievable.
Jiří Soustružník