CEZ released its unconsolidated CAS figures yesterday. These figures reflect the results of CEZ’s electricity-generation assets. Consolidated IAS figures, reflecting also the performance of the majority-held distributors, should be reported on September 3.
Although the unconsolidated bottom line was worse than expected, this was largely due to accounting measures taken with respect to the sale of a 66% stake in CEPS, the previously 100%-owned transmission-grid operator, and in accounting for certain financial costs. CEZ’s operating performance, however, was better than expected, particularly due to stronger volume exports and a lower-than-expected decline of average yield per kWh due to higher export prices. Overall, we see the results as rather positive.
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