CEZ should release its full-year 2002 consolidated IAS figures today. The results were influenced by ongoing domestic market liberalization, which pushed wholesale prices down and which saw CEZ’s market share decline. The latter trend has reversed itself this year, though. Another important factor influencing the figures is represented by increasing depreciation as the company’s Temelin nuclear power plant is gradually put into commercial operation.
Our projections are:
IAS, CZK mil. 2002e 2001 % change
Sales 53,915 56,597 -4.7%
EBITDA 21,858 24,249 -9.9%
EBIT 10,716 14,913 -28.1%
Pre-tax income 10,862 13,292 -18.3%
Net income 8,785 9,123 -3.7%
EPS (CZK) 14.8 15.41
We do not expect the results to influence CEZ stock unless they differ widely from market expectations (management indicated in February that net income should be approximately CZK 9 bil.).
Jiří Soustružník