Research (Česká spořitelna)
Czech markets  |  March 25, 2013 09:35:20

CEZ does not intend to retire from Bulgaria

Regional Manager of CEZ said the company does not plan to retire from Bulgaria, where it is currently struggling to maintain the electricity distribution license. CEZ Bulgaria dceřinky correct discrepancies before the regulator will decide on the withdrawal of the license to distribute electricity. CEZ regulator gave them time to correct errors to 16 April, when the nexthearing. The regulator has reduced the retail tariffs by an average of 7%, according to Regional Manager of CEZ profit drops 9% to about 4% (Bloomberg).

The estimated impact of 7% price reduction sounds a little better than they were our initial estimates (we expected margin decline to 2%). The negative impact of lower prices on profit of CEZ would be around
800 miles . CZK (1% of EBITDA) from our original estimate of 1.3 billion CZK.

Petr Bartek

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