(Repeats story published on Aug 11)
* CEZ <> Q2 2008 earnings
* Due on Aug 14 before 09:30 a.m. (0730 GMT)
* Q2 net profit average estimate at 10.53 billion crowns
($651.2 million)
PRAGUE (Reuters) - Czech power group CEZ <> is
expected to post a 35 percent increase in second-quarter net
profit on rising electricity prices and better utilisation of
its nuclear plants, a Reuters poll showed on Monday.
Twelve analysts gave an average estimate of net profit at
10.53 billion crowns, up from 7.82 billion in the same quarter
last year.
Revenue at the biggest listed central-European company, with
market capitalisation of $44.8 billion, was seen up 10 percent
at 42.82 billion crowns.
Apart from an estimated 17.7 percent year-on-year jump in
prices that CEZ charged, the company benefited from higher
nuclear power generation which allowed it to cut back on less
efficient coal plants, analysts said.
Core earnings before interest, tax, depreciation and
amortisation (EBITDA) were seen at 20.04 billion crowns, up 22
percent year-on-year.
That would push the first-half EBITDA to 52.7 billion
crowns, representing almost 62 percent of the firm's own
full-year forecast of 85.5 billion crowns.
"We believe that earnings (outlook) upgrades should come
after the quarterly result, especially in light of an improved
market environment in the second half of 2008," said Robert
Keller, an analyst at Patria Finance, a unit of KBC.
CEZ shares have risen 14.9 percent over the past year,
helped by a 10 percent share buyback, completed in May. The
stock outperformed the Czech bourse's PX index <>, which
dropped 16.6 percent over the period.
The 65 percent state-owned, low-indebted firm plans another
share buyback of up to 10 percent in the autumn due to lack of
acquisition opportunities in central and eastern Europe.
On Monday, CEZ traded at 14.2 times expected earnings in
2008, while its German peers RWE <RWEG.DE> and E.ON <EONGn.DE>
stood at 12.1 and 13.5 times projected earnings, respectively.
Consolidated figures in billions of crowns: Q2/08
Average Median Range Q2/07
Revenues* 42.82 42.90 40.33-44.87 39.04
Core profit (EBITDA) 20.04 19.97 18.67-21.17 16.41
Oper profit (EBIT)* 14.56 14.52 12.98-15.69 11.01
Net profit 10.53 10.49 8.29-12.47 7.82
NOTE - The following banks and equity houses took part in
the poll: Atlantik FT, BH Securities, Credit Suisse, Cyrrus,
Erste Bank/Ceska Sporitelna, JP Morgan, KBC/Patria Finance,
Komercni Banka, Raiffeisenbank, Sal.Oppenheim, UniCredit Global
Research, Wood & Company.
* Estimates for operating profit were provided by 11 analysts,
for revenue by 10 analysts.
(Reporting by Jan Korselt; editing by Tony Austin)
