Sunday 18 May 2014

Cez report Q1 2014


Cez, report, Q1, 2014, front page


Cez came out with their Q1 2014 and the market responded with a -1.5% drop. If you want to study it in detail then please go to Cez report Q1 2014 to check it out.


The amount of sales that Cez has done during this first quarter has simply not been any good as can be seen in the table below. In figures they made almost -12% sales Q1 2014 compared to Q1 2013 and that is a lot! Especially during a time (Q4 and Q1) when the most electricity is being consumed by clients. Even worse is that the expenses for making these sales did not decrease with the same value and instead it increased with half a percentage unit which is not much but it should at least to a certain degree follow the revenue and should have decreased. Per share the earnings were around 18 CZK compared to 33 CZK last year. I hope that things will improve because if this goes on further then most likely there will be decreased dividends paid out and that I do not care much for.



Conclusion: Cez has had a bad quarter and I hope that business will start to pick up once again. I have not been a shareholder in Cez for very long yet but I will remain as shareholder and this report has not managed to change my mind about the future potential of Cez. If you want to take a closer look at Cez then please see the previous analysis of Cez 2014.

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