2/6/2023 5:14 PM
Industrial
production for December ended with a worse result than we and the market
expected. This was due to lower auto production as well as a decline in output
in energy-intensive industries. In contrast, automobiles, along with computer
and electrical and optical equipment production, improved December's foreign trade
result significantly. The Czech construction output data was also better than
expected.
2/3/2023 3:05 PM
CEZ announced its outlook for this year. CEZ management's estimates take into account the impact of the windfall tax. At the EBITDA level, management estimates earnings at CZK105-125bn and adjusted net profit at CZK30-40bn. CEZ estimates the average realised electricity price at EUR120-160/MWh, for 45-47MWh of generated electricity. The levy on generation revenues should be in the range of CZK7-33bn, while the windfall tax should be CZK20-30bn. The standard corporate tax will be CZK13-17bn.