(Repeats story published on Feb 23)
* Q4 earnings
* Feb 26 at 0700 GMT
* EBITDA seen up 20 pct at 22.0 bln crowns
PRAGUE (Reuters) - Czech power firm CEZ <> is
expected to post a 20 percent rise in fourth-quarter core
profit, helped by high electricity prices the company had
secured in forward sales, a Reuters poll showed on Tuesday.
The average of estimates from 15 analysts for earnings
before interest, tax, depreciation and amortisation (EBITDA) was
22.0 billion crowns ($1.2 billion) -- giving a full-year result
of 91.5 billion, above the firm's own target of 90.3 billion.
The higher prices achieved in the forward sales helped
compensate for a drop in demand for electricity due to the
economic downturn. The firm also benefited from increased
production at its low-cost nuclear plants, analysts said.
The results for the last three months of 2009 were boosted
by new acquisitions, as CEZ consolidated its stakes in German
lignite mine Mibrag and Turkish energy group Akenerji <AKENR.IS>
which were not part of the group in 2008.
Net profit was estimated up 60 percent, mainly due to
revaluation of CEZ's stake at Hungarian oil group MOL <MOLB.BU>.
In 2008, CEZ booked a 5.5 billion crown non-cash loss from
MOL shares, most of which was attributed to the fourth quarter,
while last year the holding gained value as the stock recovered.
CEZ shares have risen 26 percent over the past 12 months,
underperforming a 77 percent jump in the main Prague stock index
<>.
Analysts said they would watch for the outlook for this and
following years.
"From our point of view, even (guidance for 2010) will be
rather insignificant -- a much bigger question mark is hanging
over the development of the electricity wholesale price, and
therefore the expected profits in 2011 and beyond," said Marek
Hatlapatka, analyst at Czech brokerage Cyrrus.
Following is a summary of estimates for CEZ's results
(figures in billions of crowns):
Q4/09 Average Median Range Q4/08
Revenue 50.34 50.23 35.57- 60.90 49.82
EBITDA 22.04 20.20 19.58- 42.40 18.39
Operating profit 14.29 13.95 12.60- 17.60 11.96
Net profit 9.00 9.20 6.10- 12.30 5.63
2009 Average Median Range 2008
Revenue 188.94 188.84 174.17-199.50 181.64
EBITDA 91.49 91.20 90.10- 94.91 87.21
Operating profit 68.77 68.44 67.10- 72.09 65.16
Net profit 52.76 52.92 49.80- 56.02 46.51
The following banks and equity houses took part in the poll:
Atlantik FT, BH-Securities, Citigroup, Cyrrus, Deutsche Bank,
Erste Bank/Ceska Sporitelna, Fio, KBC Securites/Patria Finance,
Komercni Banka, Morgan Stanley, Raiffeisenbank, Sal.Oppenheim,
UBS Investment Bank, UniCredit Global Research, Wood & Company.
Note - Estimates for operating profit and revenue were
provided by 14 analysts.
(Reporting by Jan Korselt; Editing by David Holmes)
