Research (J&T BANKA)
Czech markets  |  November 07, 2012 09:59:03

ČEZ Thursday morning to present their results - we expect net profit of 9.4 billion

CEZ will announce its quarterly results for 3Q12 tomorrow morning. We expect that the results will affect the higher electricity prices, higher production of electricity, wiring Romanian wind farm. The results were adversely affected by the Albanian authorities to fine (about CZK 700 million). Positively this quarter reflected a reassessment of equity share held by CEZ in MOL (7.3%, +592 million CZK). Our estimates and consensus in the table.

Gap at č.zisku against 3Q11, thanks to items booked in the quarter. (Among the most notable CZK -2.7 billion relating to mines and Mibrag CZK -1.8 billion related to the revaluation of MOL shares.) We expect that the management of CEZ confirms full year guidance (EBITDA CZK 87.9 billion and No. profit of CZK 41 billion). EBITDA for 9M12 (actual 1H + our estimates for 3Q12) should reach CZK 67.5 billion and this corresponds to 76.8% of the annual target.The figures clearly show that CEZ had his goals. If the revision value, this could probably be done at no profit.

The actual numbers probably will not be a substantial price-fixing information. Investors should focus mainly on the outlook for the near term, přeprodeje electricity to other years (2013, 2014, 2015) and outlook for electricity prices. Current will also be information on solving problems of Albanian. Furthermore, the status of planned divestments, Chvaletice, Počerady, Dětmarovice or another.

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ČEZ ve čtvrtek ráno představí své výsledky - čekáme čistý zisk na úrovni 9,4 mld.Kč

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