Ceska sporitelna is scheduled to release selected preliminary consolidated IAS results on Thursday, March 22, before the market opens. Detailed IAS results in the usual format will be released at the analyst presentation at 11:30 a.m. CET, and complete audited 2000 IAS consolidated results will be available in April.
Given that Ceska sporitelna’s CAS unconsolidated figures were published on February 28 (net profit of CZK 270 mil.), we do not expect the stock price to be much sensitive to the released results unless they considerably differ from market expectations.
We expect Operating revenues to decline by 8.0% y-to-y, mainly as a result of lower Net interest income in 2000. Restructuring measures should keep Operating expenses basically unchanged. One-off costs associated with the restructuring and other exceptional items will have a net negative impact on “Other operating result”. Further, we forecast provisioning at CZK 2.6 bil., which then yields pre-tax income at CZK 467 mil. and after-tax income at CZK 449 mil.
(Jan Hájek)