(Repeats story published on Feb 27)
* CEZ <>, Q4/08 earnings
* Due on March 3 at 09:15 local time (0815 GMT)
* Q4 average attributable net profit seen at 7.52 billion
crowns ($335.3 million)
PRAGUE (Reuters) - Czech power firm CEZ <> is
expected to post a 40 percent drop in fourth quarter net profit
due to a shutdown at its nuclear plant and previous one-off
gains in the same period a year ago, a Reuters poll showed on
Friday.
The poll of 13 analysts gave an average estimate for net
profit at the biggest central-European listed firm at 7.5
billion crowns, down from 12.6 billion in the last three months
of 2007.
The drop was attributed mainly to a high comparison from the
fourth quarter last year, when CEZ booked 3.5 billion crown
accounting gains from unbilled electricity and deferred tax.
Analysts said a prolonged shutdown in the Temelin nuclear
plant and revaluation of CEZ's stake in Hungarian oil group MOL
<MOLB.BU> would also take its toll on CEZ's performance in the
past quarter.
For the full year, analysts estimated a 17 percent increase
in attributable net profit at 48.5 billion, as the firm
benefited from 16 percent higher wholesale electricity prices.
Including minority interests in fully consolidated
subsidiaries, net profit was seen up 15 percent at 49.4 billion,
a touch above the CEZ's own guidance of 48.6 billion.
But analysts said the outlook will overshadow results, as
markets look to how the firm has coped with falling power prices
and demand for electricity amid a deepening economic downturn in
central Europe.
"The last year has gone, the important issue is the firm's
outlook for this year," said Jakub Zidon, analysts from Ceska
Sporitelna, a unit of Erste Bank.
Analysts will also watch for news on a possible share
buyback of up to 10 percent, which is expected to kick off in
the coming months, though the pace of buying will likely be
slower than a previous buyback that was finished last year.
CEZ shares have dropped by 46 percent over the past year,
outperforming Prague bourse's PX index <>, which has lost 59
percent over the same period.
The stock traded at 7.7 percent of expected 2009 earnings,
according to Reuters Knowledge, while its German peer RWE
<RWEG.DE> stood at 8.4 percent and Italy's Enel <ENEI.MI> at 8.7
projected earnings.
Consolidated figures in billions of crowns:
Q4/08 Average Median Range Q4/07
Revenues 51.91 48.93 45.63-65.25 51.07
EBITDA 18.84 18.57 17.95-21.51 20.19
Operating profit 12.66 12.57 11.02-14.55 14.26
Net profit incl minorities 7.88 7.37 5.49-10.34 13.08
Net attributable profit 7.52 7.58 5.02-10.16 12.64
2008 Average Median Range 2008
Revenues 183.76 180.75 177.45-197.07 174.56
EBITDA 87.73 87.60 86.77-90.32 75.33
Operating profit 65.86 65.77 64.22-67.75 53.20
Net profit incl minorities 49.35 48.83 46.95-51.81 42.76
Net attributable profit 48.45 48.46 45.90-51.04 41.56
NOTE - The following banks and equity houses took part in
the poll: Atlantik FT, BH Securities, Citigroup, Credit Suisse,
Cyrrus, Erste Bank/Ceska Sporitelna, KBC/Patria Finance,
Komercni Banka, Sal.Oppenheim, Raiffeisenbank, UBS Investment
Research, UniCredit Global Research, Wood & Company.
Estimates for revenue and profit before minorities were
provided by 11 analysts.
(Reporting by Jan Korselt)
