3 artikuj te Reuters per CEZ-in ne lidhje me Shqiperine (eng)

UPDATE 2-Albania loss cuts into CEZ first-quarter profits
Czech electricity producer CEZ reported a 14 percent fall in quarterly net profit, towards the low end of market estimates, because of a hike in purchase prices in Albania and tough comparatives with the year-earlier period.
Regulatory tariff decisions in Albania, where CEZ controls the sole distribution company since a 2009 privatisation deal, and other higher costs there made a 1.9 billion crown dent in first-quarter operating earnings before interest, tax and depreciation (EBITDA), CEZ said.
“The year-on-year … was negatively impacted by the tariff decision to increase the purchase price of electricity paid by the CEZ Shperndarje distributor by 90 percent without changing the selling price,” it said.
CEZ, the biggest listed company in central Europe with a market capitalisation of $20 billion, said net profit fell to 14.82 billion crowns ($757 million) from 17.24 billion a year earlier.
Analysts in a Reuters poll had forecast net profit at 15.18 billion, with estimates in a 13.92-16.24 billion range.
The lower profit was also caused by distribution of reserves for carbon emission permits and derivative and exchange rate profits in the 2011 period.
The company has said Albania has raised prices CEZ pays while not allowing it to pass the cost rise to customers, which could cost the company up to 10.2 billion crowns by 2014.
But Chief Financial Officer Martin Novak said he believed a deal could be reached which would narrow the losses to low hundreds of millions for the full year, and see them compensated for in the coming years.
“We see there could be an agreement, as you know our prime minister has travelled there and this was one point on the agenda, and also thanks to this visit this issue is moving ahead,” he told Reuters.
The company has threatened to activate a 60 million euro World Bank guarantee related to the privatisation deal if there is no agreement.
The Albanian losses are the worst illustration of troubles in CEZ’s former expansion strategy in central and south-eastern Europe. The company has refocused on domestic projects, mainly a multi billion dollar expansion of its Temelin nuclear plant.
REVENUE UP
Analysts said the results were in-line to slightly negative, given the Albanian hit.
Revenue rose 7 percent thanks to higher prices and output to 60.8 billion crowns, compared with a forecast for 58.62 billion.
The company maintained its guidance for 2012 net profit before minorities of 41 billion crowns and slightly cut its full-year electricity output goal to a 4 percent rise from the previous 6 percent.
“Overall the results can be evaluated as slightly negative. On the other hand CEZ confirmed its full-year targets, which is often more important than the quarterly results,” said Komercni Banka analyst Josef Nemy in a report.
CEZ has been hurt by a longer-term decline in power prices as a result of slow European economy. Contracts for 2013 have dropped to an all-time low of 47.90 euros per megawatt hour.
However CEZ chief of trading Michal Skalka said the company had been able to presell 56 percent of its output for 2013 for an average price just below 53 euros per megawatthour.
Analysts said this seemed to mean that CEZ believed in a pick-up in prices, as the presold volume is much lower than the 90 percent it had hedged at this time last year.
Its shares were up 0.7 percent to 715 crowns at 1035 GMT, in line with a Prague PX index 0.4 percent firmer. ($1 = 19.5696 Czech crowns)

10.05.2012

CEZ Q1 net drops below estimates on Albania, one-offs last year
Net profit at Czech electricity producer CEZ dropped to 14.82 billion crowns ($757.30 million)in the first quarter from 17.24 billion, a year ago hit by tariff decisions in Albania and one-off factors that raised the comparative basis last year, the company said on Thursday.
Analysts in a Reuters poll had expected net profit of 15.18 billion.
Revenue at the biggest listed central European firm, with market capitalisation of $20 billion, rose to 60.8 billion crowns from 56.8 billion, beating expectations in a Reuters poll of 58.62 billion.
CEZ has been hurt by a longer-term decline in power prices as a result of the slow European economy. Power contracts for 2013 have dropped to an all-time low this week of 47.90 euros per megawatt hour. ($1 = 19.5696 Czech crowns)

10.05.2012

CEZ sees $500 mln hit from Albanian regulation
Electricity producer CEZ may face losses of up to 10.15 billion crowns ($523 million) over the next three years because of a regulatory decision on electricity tariffs in Albania, the company said in its 2011 annual report.
CEZ has been locked in conflicts with the Albanian government over prices its 76 percent-owned subsidiary in the country can charge final customers.
“CEZ Shperndarje Sh.A challenged the decision on tariffs after its publication in an official gazette. CEZ Shperndarje would record a negative impact of up to 10.15 billion crowns in 2012-2014 as the result of the application of the new tariffs,” CEZ said.
It said this included 6.5 billion crowns worth of uncollectible receivables from customers. CEZ said that under a 2009 privatisation deal that brought CEZ into Albania, these should be reflected in regulatory decisions on tariffs.
CEZ has complained that regulatory decisions in Albania force it to sell power under cost, following a rise in prices CEZ has to pay to producers that was not reflected in the tariffs it can charge customers.
It has asked the World Bank to seek action from the Albanian side or face a payment on its 60 million euro guarantee related to the privatisation. ($1 = 19.4001 Czech crowns).

09.05.2012