* CEZ Q4 2007 earnings
* Feb. 25, before 9.30 a.m. (0830 GMT)
* Q4 net profit average forecast 13.23 billion crowns
($768.7 million)
PRAGUE, Feb 20 (Reuters) - Czech power group CEZ <>
is expected to double its net profit in the fourth quarter of
2007 on one-off gains and higher demand for electricity, a
Reuters poll showed on Wednesday.
The average estimate of 10 analysts forecast the biggest
listed central European company to show net profit of 13.23
billion crowns, up 101 percent from a year earlier.
The result was distorted by one-off gains of 5.2 billion
crowns from deferred tax and electricity bills.
Adjusted for these items, profit would have jumped by 22
percent.
"Overall, the figures for 2007 seem to be much better in a
year-on-year comparison, as the reason is mainly the 16.9
increase in 2007 electricity prices," Erste Bank unit Ceska
Sporitelna said in a report.
The fourth quarter was also affected by colder weather in
October to December compared with the previous year, which
pushed electricity consumption up by about 6-7 percent, the
report said.
CEZ, with a market capitalisation of $43.4 billion, has been
on an acquisition drive throughout central and eastern Europe,
but it still generates most of its revenue and profit in the
domestic Czech market where it holds a dominant position in both
production and distribution.
Analysts estimated core earnings before interest, tax,
depreciation and amortisation (EBITDA) at 19.77 billion crowns,
up 23 percent from the same quarter last year.
For the whole of 2007, EBITDA is estimated to have increased
by 16 percent to 74.83 billion crowns, above the firm's recent
forecast of 73.4 billion.
CEZ shares have jumped by 38 percent in the past 12 months,
helped by a share buyback, and outperformed the Czech stock
index PX <>, which dropped 6.4 percent over the period.
The 66 percent state-owned, low-debt firm has been buying
its own shares since last April and has so far drained a 8.6
percent stake from the market.
Consolidated figures in billions of crowns:
Q4/07 Average Median Range 2006
Sales 50.79 51.19 46.60-54.16 N/A
Core profit (EBITDA) 19.77 19.78 19.20-21.59 16.05
Oper profit (EBIT) 14.21 14.10 13.85-15.54 10.12
Net profit 13.23 13.13 12.65-13.90 6.57
NOTE - The following equity houses took part in the poll:
Atlantik FT, BH Securities, Credit Suisse, Cyrrus, Erste
Bank/Ceska Sporitelna, KBC/Patria Finance, Komercni Banka,
Raiffeisenbank, UniCredit Global Research, Wood & Company.
(Reporting by Jan Korselt; Editing by Erica Billingham)
