EZ: comment on the results for 2Q 2020

11.8.2020 08:47, BAACEZ

Financial results for 2Q 2020
billion K 2Q 2020 Market consensus * 2Q 2019

and / and

Revenues 49,2 49,1 48,2 2,1 %
EBITDA 12,8 12,4 13,6 -5,9 %
EBIT 3,2 5,0 6,0 -46,7 %
is zisk
2,5 2,7 3,8 -34,2 %
Earnings per share (K)
4,7 7,2 -34,7 %

* medin according to a survey by EZ

Note: net profit and earnings per share are also due to extraordinary non-cash effects.

The results of EZ for 2Q 2020 were very light. Operating profit EBITDA of 12.8 billion CZK surpassed both the market price (the median estimate was 12.4 billion CZK) and our forecast set at the level of 12.2 billion K. EZu was doing better by the elites due to COVID- 19, which manifested itself mainly in the better than expected operating result of the distribution segment, both in the domestic and relative. A slight year-on-year decrease was also recorded in the segment of you, in particular it showed a decrease of 0.6 billion K, while we assumed a lower operating profitability of 0.8 billion K. A slightly better EBITDA was then reflected in other net profit, only reached 2 .5 billion K and slightly exceeded our equivalence of 2.1 billion K. However, it essentially fulfilled the equivalence of the market, when the thorn consensus according to the medina amounted to 2.7 billion K.

In addition, EZ slightly improved the year’s insight into EBITDA, resp. net profit from 61 K 64 billion to K 62 64 billion, resp. z19 22 to 21 23 bn K. It turns out that the effects of the coronary crisis on the company’s results will not be as significant as originally expected, and so EZ viewed optimism about its outcome with trading commodities (trading). In addition, in the second half of the year, EZ will receive a contribution of 1.5 billion K resulting from legal disputes over the year, delayed in connection with the paid donor of land allowances for 2011 and 2012. This sect is a surprise for us and helped to improve the equal to the profit.

Today, EZ presented the sun on the operational level of management, that the elite is better affected by the impact of the coronavirus crisis, improved the insight of the economy, which provides a favorable indication for the dividend in the last year. Overall, we rate the results of the report as slightly positive.

Jan Raka, analyst, Fio banka, as

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