Due to the dropped ball Cez are of course also out with their Q1 report for 2015 and this is the short summary of what was in it. Unless there has been any more dropped balls then I am now finished with all the annual and quarter reports for my holdings and I look forward to start digging into some new ones!
For the report in full then please go here and for other useful information regarding Cez then please take a look at the publication made earlier this morning as well as the one made yesterday evening.
The income statement, as can be seen below, first made me very happy but this happiness quickly disappeared again. Be the first look they seem to have changed the trend and they managed to make higher sales for Q1 2015 but then they have completely messed up their trading business with derivatives so one billion was gone there! Leaving us with even less in revenue than what we had in 2014. On top of this the operating expenses also increased and especially the services was a drag on the result which means that the earnings were in the end -25% compared to in 2014. Bad, bad, bad!
Conclusion: As I mentioned in the analysis a change would be needed for Cez and they especially need to improve their earnings. This was a step in the opposite direction and leaves a bitter taste. I will remain as a shareholder and collect the nice, yet heavily taxed dividend in the hope of greener grass somewhere down the road... With this article I will now go back to a more normal level of publications which is one per day.
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