RPT-EARNINGS POLL-Power firm CEZ's Q1 net seen up 21 pct

...

* CEZ Q1 results

* Due May 17, before 0730 GMT

* Net profit seen up 21 percent

PRAGUE (Reuters) - Net profit at Czech power firm CEZ is expected to jump 21.1 percent in the first quarter on higher electricity prices and despite a mild winter that limited demand for heating, a Reuters poll showed on Monday.

The average forecast in a Reuters survey of 11 analysts was net profit of 12.09 billion crowns for the first quarter, traditionally the strongest part of the year.

Sales were seen on average at 46.61 billion crowns, up 12.2 percent year-on-year.

"Sales growth will be driven by higher power prices (16.9 percent wholesale price rise) year on year, consolidation of acquisitions, as well as CEZ's higher exports and regional power trading," said Lukas Dufek, an analyst at Komercni Banka.

The average forecast for earnings before interest, tax, depreciation and amortisation (EBITDA) was 22.61 billion crowns, up 10.9 percent year-on-year.

Sal.Oppenheim analysts said they expected the mild winter, some 0.6 billion crowns in increased operating costs and an outage of Temelin nuclear power station weighing on EBITDA.

The company has been on an acquisition trail to expand in central and south-eastern Europe. Unlike a year ago, the first-quarter results will include Polish plants Elcho and Skawina, and a Bulgarian plant in Varna.

This year's results will not include any significant gain from the sale of carbon dioxide emission allowances, said BH Securities analyst Petr Hlinomaz, adding that in the first quarter of 2006, CEZ made a net profit of 615 million crowns on the permits.

CEZ stock reached an all-time high last week on the outlook for further electricity price growth and a an up to 10 percent share buyback which begun last month.

The company, with a market capitalisation of $30.5 billion, is 68 percent state owned, but the government has agreed to sell a 7 percent stake in the capital markets to fund road building.

Sal. Oppenheim said management may raise its full-year EBITDA guidance, from the current forecast of a 10 percent rise to 70.9 billion crowns.

Consolidated figures in billions of crowns: Q1/07 Average Median Range Q1 2006 Sales 46.61 46.10 43.84-49.72 41.55 Core profit (EBITDA) 22.61 22.43 21.36-23.98 20.40 Oper profit (EBIT) 16.87 16.74 15.70-18.39 14.82 Net profit 12.09 12.20 11.28-12.78 9.99

NOTE - The following equity houses took part in the poll: Atlantik FT, BH Securities, CA IB Securities, Cyrrus, Deutsche Bank, Erste Bank/Ceska Sporitelna, KBC/Patria Finance, Komercni Banka, Raiffeisenbank, Sal.Oppenheim, Wood&Company.