Research (J&T BANKA)
Czech markets  |  August 09, 2012 09:42:08

CEZ tomorrow publish the results for 2Q - waiting to gain from 7.5 to 9.5 billion


CEZ will announce its 2Q12 quarterly results tomorrow morning. We expect annual growth at all levels. The main reasons are higher production, higher price compared with last year and a higher contribution of the other activities (gas). Our market consensus estimates and the following table. Revenue in 2Q12 CEZ, in our opinion be reported annual growth of 11% to CZK 51.9 billion. EBITDA waiting on the edge of CZK 19.5 billion, an increase of 12.5% ??EBIT increase to almost CZK 13 billion (+15.6% y / y).At the financial level, the traditional items related to debt service and tax items, whether gift tax on the emission allowances (CO2) or income tax. Negative should also review equity share held by CEZ in MOL (7.3%). Net profit is estimated at CZK 9.5 billion (+41,3% y / y) in 2Q12. Cumulative figures for the first semester indicate 52.1% (45.8 billion CZK) year targets for EBITDA. At the level of net income is even 58.3%. We expect that the management of CEZ confirms full year guidance on the occasion of the publication of these results. However, we see room for upgrade / increase.

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Revenues

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1.0 pp

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Č.zisk

million CZK

J & T e2Q12

2Q11

r / r

Cons.

difference

51 871

46 749

11.0%

49 823

4.1%

EBITDA

19 463

17 293

12.5%

18 175

7.1%

margin

37.5%

37.0%

0.5 percentage points

36.5%

EBIT

12 879

11 140

15.6%

11 316

13.8%

margin

24.8%

23.8%

1.0 pp

22.7%

2.1 pp

9499

6724

41.3%

7677

23.7%

Source: CEZ, J & T Bank

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ČEZ zítra zveřejní výsledky za 2Q - čeká se zisk od 7,5 do 9,5 mld.Kč

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