The consolidated net profit of CEZ increased by 47 per cent and reached 13.1 billion CZK last year. Revenues surpassed the level of 100 billion CZK for the first time.

The development of share quotations, whose rise last year increased the company value for the CEZ share-holders by nearly 120 billion CZK, also reflects these results.

Both today presented economic results show a very good condition of the company, especially on the operating level. Our anticipation of the future is equally optimistic, because the consolidation of the CEZ Group firms will become more evident then. The previous period brought a lot of positive news for our share-holders. Above all, I would mention the fact that the Antimonopoly Commission decided to keep the North Bohemian Power Company within the CEZ Group. Due to the purchase of the Romanian distribution company Oltenia, CEZ moved up to the eight place among European power companies by the number of customers, said by way of introduction Martin Roman, Chairman of the Board of Directors and CEO of CEZ, and continued: At the moment CEZ distributes electricity to customers in the area which is by 70 per cent larger than the area of the Czech Republic by itself. The area which is controlled by our company in the Czech Republic, Bulgaria and Romania is 133,000 square kilometres.

The electricity production in CEZ power plants reached 15,961 GWh in the first quarter of this year. The production in coal-fired plants fell by 1,305 GWh, whereas in nuclear power plants it increased by 710 GWh and in hydro power plants by 137 GWh. The coal-fired plants accounted for 49.5 %, nuclear plants for 46.9 %, and 3.6 % were supplied by hydro power plants and other renewable resources.

CEZ spent 847 million CZK on investments (without financial investments) in the first three months of this year. The most important investment project is under way in the Dukovany Nuclear Power Plant, where the works on the change of security systems, monitoring and control of the nuclear parts of the units, which enable to stretch out their life span at least by 2025, continue.

Table: Economic results of CEZ (non-consolidated) for the 1st quarter of 2005

(million CZK)	year-on-year	change
Operating revenues - electricity incomes	17 696 16 906	+ 3,8 % + 3,7%
Operating costs	10 752	- 9,4 %
Operating profit	6 944	+ 34,0 %
Pre-tax profit	6 236	+ 64,8 %
After-tax profit	4 564	+ 60,3 %

Note: according to the international accounting standards

Table: Economic results of the CEZ Group (consolidated) for 2004

(million CZK)	year-on-year	change
Operating revenues	100 165	+ 18,1 %
Operating costs	81 010	+ 12,8 %
Operating profit	19 155	+ 47,3 %
Pre-tax profit	17 928	+ 67,0 %
After-tax profit	13 059	+ 47,2 %

Note: according to the international accounting standards

Ladislav Kriz, Press Officer, CEZ, a.s.

2. 5. 2005

The consolidated net profit of CEZ increased by 47 per cent and reached 13.1 billion CZK last year. Revenues surpassed the level of 100 billion CZK for the first time.

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