While the company had planned to release its preliminary consolidated IAS figures for 2000 on Wednesday, February 28, only CAS results will likely be available. The IAS results should be released in the third week of March.
CEZ’s CAS numbers have only limited relevance as market expectations and fundamental valuation are based on IAS, and transformation of CAS results into IAS results is an extensive and lengthy process. In order to get at least a crude approximation of the IAS-CAS relationship, we applied a general rule of thumb as regards the historical ratios of CAS and IAS figures. In terms of net profit, we expect IAS result to be CZK 6.6 bil. In applying the rule, we estimate the corresponding CAS result to fall within a range of CZK 2.8 bil.–3.8 bil. Should CEZ indeed release only the CAS results, the stock will unlikely be sensitive to the figures.
(Ondřej Daťka)