CEZ released its full-year 2002 IAS consolidated figures yesterday. Higher-than-expected volume sales and average electricity prices in Q4 2002 resulted in nominal sales, EBITDA and EBIT exceeding our expectations on the year.
Nevertheless, a higher-than-expected corporate income tax assessment resulted in net income being CZK 0.36 bil. below our projections (e.g., CEZ unexpectedly booked a capital gain tax of CZK 0.6 bil. in Q4 2002 related to the anticipated CZK 4 bil. tax on the April 2003 sale of a 66% stake in CEPS to the state).
Overall, we see the results as neutral.
IAS, CZK mil. 2002 2001 % change 2002e
Sales 55,578 56,597 -1.8% 53,915
EBITDA 22,975 24,249 -5.3% 21,858
EBIT 11,254 14,913 -24.5% 10,716
Pre-tax income 11,796 13,292 -11.3% 10,862
Net income 8,421 9,123 -7.7% 8,785
EPS (CZK) 14.22 15.41 -7.7% 14.84
Jiří Soustružník