Research (J&T BANKA)
World markets  |  February 27, 2013 10:10:48

ČEZ on Thursday published results for 4Q, awaiting earnings fall by 53%, Bulgarian regulator passed its functions


Members of the Bulgarian Energy Regulatory Authority resigned. This office is now reviewing CEZ license to operate a distribution network. It is not clear, and we can not predict when it is in this matter would have been decided. Original date of publication of additional information in mid April. Remains of the opinion that the whole Kaus is rather at the political level and CEZ license comes. The report is neutral.

ČEZ notify 4Q12 results tomorrow morning. We estimate 4Q12 EBITDA of CZK 20.6 billion and no profit of CZK 6.7 billion, which means that the EBITDA for the full year 2012 is expected to reach CZK 85.3 bn and no profit CZK 40.2 billion .CEZ meet its targets for the year 2012 (EBITDA CZK 85 billion and no profit CZK 40 billion). This implies a dividend of CZK 44.8 (No. profit CZK 40.2 billion and 60% payout, ie. Yield 7.3%) after 45 CZK paid from profits 2011th Proposal dividends but I confess, that will be published no later than 30 days before the general meeting (July 26 last year). We expect publication outlook for this year at no profit and EBITDA (exp. J & T Bank CZK 84 billion and CZK 38.5 billion), information on the sale of electricity and their prices, the outlook on the situation on the market for emission allowances and, not range of information about the situation and possible solutions in Bulgaria. Estimates for the numbers themselves 4Q12 compared with the consensus are shown in the table.

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