FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of November 2005
Commission File Number 333-7182-01
CEZ, a. s.
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(Translation of registrant's name into English)
c/o Duhova 2/1444
140 53 Prague 4
Czech Republic
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
--- ---
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ____
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
--- ---
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________
The following information was filed by CEZ, a. s. in Czech language with the
Prague Stock Exchange as required by its rules and regulations:
Report A - Consolidated Financial Statements in accordance with IFRS as of
September 30, 2005:
Report B - CEZ GROUP Quarterly Report on Operational, Economic and Financial
Results for 1st Through 3rd Quarters 2005
REPORT A:
CONSOLIDATED FINANCIAL STATEMENTS IN ACCORDANCE WITH IFRS AS OF
SEPTEMBER 30, 2005:
GROUP CEZ
Consolidated Income Statement in accordance with IFRS:
(in CZK Millions)
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1-9/2004 7-9/2004 1-9/2005 7-9/2005
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Revenues 73 061 22 551 87 842 27 100
Sales of electricity 67 763 21 149 83 323 25 821
Heat sales and other revenues 5 298 1 402 4 519 1 279
Operating expenses 58 352 19 051 66 977 22 335
Fuel 10 688 3 307 10 538 3 309
Purchased power and related services 19 356 5 635 26 171 7 956
Repairs and maintenance 2 766 1 180 2 226 954
Depreciation and amortization 13 534 4 513 14 396 4 924
Salaries and wages 6 534 2 156 7 691 2 856
Materials and supplies 2 610 932 2 305 838
Other operating expenses 2 864 1 328 3 650 1 498
Income before other expense/income and 14 709 3 500 20 865 4 765
income taxes
Other expenses/income 468 -595 2 845 572
Interest on debt, net of capitalized interest 1 282 510 1 277 478
Interest on nuclear provisions 1 478 493 1 541 514
Interest income -221 -90 -266 -94
Foreign exchange rate losses/gains, net -111 -277 351 -300
Gain(-)/Loss on sale of subsidiary/associate 193 0
Other expenses/income, net -1 028 -1 030 262 204
Income from associates -932 -201 -513 -230
Income before income taxes 14 241 4 095 18 020 4 193
Income taxes 3 135 900 3 934 1 081
Net income 11 106 3 195 14 086 3 112
Net income attributable to:
Equity holders of the parent 10 204 2 916 13 520 3 023
Minority interests 902 279 566 89
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GROUP CEZ
Consolidated Balance Sheet in accordance with IFRS:
(in CZK Millions)
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k 31.12.2004 k 30.9.2005
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Assets 280 815 294 856
Fixed assets 258 082 257 403
Plant in service 374 731 391 612
Less accumulated provision for depreciation 165 878 177 749
Net plant in service 208 853 213 863
Nuclear fuel, at amortized cost 7 956 8 064
Construction work in progress 10 626 11 239
Investment in associates 7 474 6 457
Investments and other financial assets, net 19 690 12 326
Intangible assets, net 3 294 5 281
Deferred tax assets 189 173
Current assets 22 733 37 453
Cash and cash equivalents 7 545 15 631
Receivables, net 8 904 11 237
Income tax receivable 26 3 692
Materials and supplies, net 3 184 3 762
Fossil fuel stock 739 622
Other current assets 2 335 2 509
Equity and liabilities 280 815 294 856
Equity 168 971 178 492
Equity attributable to equity holders of the parent 163 689 170 962
Stated capital 59 218 58 303
Retained earnings and other reserves 104 471 112 659
Minority interests 5 282 7 530
Long-term liabilities 72 823 73 033
Long-term debt, net of current portion 38 190 37 170
Accumulated provision for nuclear
decommissioning and fuel storage 29 441 30 079
Other long-term liabilities 5 192 5 784
Deferred taxes liability 16 008 21 414
Current liabilities 23 013 21 917
Short-term loans 240 388
Current portion of long-term debt 3 439 2 072
Trade and other payables 12 409 12 672
Income tax payable 1 021 2
Accrued liabilities 5 904 6 783
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GROUP CEZ
Consolidated Cash Flow Statement in accordance with IFRS:
(in CZK Millions)
1-9/2004 1-9/2005
-----------------------
Operating activities:
Income before income taxes 14 241 18 020
Adjustments to reconcile income before income taxes to
net cash provided by operating activities:
Depreciation and amortization and asset write-offs 13 549 14 410
Amortization of nuclear fuel 2 409 2 201
(Gain)/Loss in fixed assets retirements -806 81
Foreign exchange rate loss (gain) -111 351
Interest expense, interest income and dividends income, 837 950
net
Provision for nuclear decommissioning and fuel storage 500 486
Provisions for doubtful accounts, environmental claims
and other adjustments -1 179 -102
Income from associates -932 -513
Changes in assets and liabilities: -1 054 -1 449
Receivables 2 460 -531
Materials and supplies -295 -262
Fossil fuel stocks 143 117
Other current assets -1 067 -140
Trade and other payables -2 696 -923
Accrued liabilities 401 290
Cash generated from operations 27 454 34 435
Income taxes paid -5 440 -4 525
Interest paid, net of interest capitalized -1 007 -1 135
Interest received 226 266
Dividends received 1 315 858
Net cash provided by operating activities 22 548 29 899
Investing activities:
Acquisition of subsidiaries and associates, net of cash -4 966 -5 834
Proceeds from disposal of subsidiaries and associates, net of cash 2 036
Additions to property, plant and equipment and other -11 632 -9 744
non-current assets
Proceeds from sales of fixed assets 5 129 1 578
Change in decommissioning nad other restricted funds 67 179
Total cash used in investing activities -11 402 -11 785
Financing activities:
Proceeds from borrowings 15 252 481
Payments of borrowings -10 312 -3 755
Proceeds from other long-term liabilities 81 10
Payments of other long-term liabilities -95 -74
Dividends paid to Company's shareholders -4 722 -5 290
Dividends paid to minority interests -4 -370
Acquisition/sale of treasury shares -135 -993
Total cash provided by (used in) financing activities 65 -9 991
Net effect of currency translation in cash 83 -37
Net increase/decrease in cash and cash equivalents 11 294 8 086
Cash and cash equivalents at beginning of period 4 014 7 545
Effect of change in group structure on opening balance of cash and cash
equivalents
Cash and cash equivalents at beginning of period, 4 014 7 545
as restated
Cash and cash equivalents at end of period 15 308 15 631
Supplementary cash flow information
Total cash paid for interest 1 474 1 542
GROUP CEZ
Consolidated Statement of Changes in Equity in accordance with IFRS:
(in CZK Millions)
- ---------------------------------------------------------------------------------------------------------------
Attributable to Equity Holders of the
Parent
Minority Total
--------------------------------------------------- Interests Equity
Stated Translation Fair Value Retained Total
Capital Differences and Earnings
Other
Reserves
- ---------------------------------------------------------------------------------------------------------------
December 31, 2003 59 152 1 -81 93 552 152 624 7 893 160 517
Net Income for period 1-9/2004 10 204 10 204 902 11 106
Dividends declared -4 738 -4 738 -106 -4 844
Gain on sale of subsidiary CEPS, net 2 218 2 218 2 218
of tax
Effect of acquisition of SKODA PRAHA 404 404 404
on equity
Available-for-sale financial assets 50 50 50
removed from equity to P&L
Acquisition of treasury shares -442 -442 -442
Sale of treasury shares 509 -202 307 307
Share on equity movements of 23 23 23
associates
Change in minority due to 222 222
acquisitions
Other movements -1 -12 -13 -13
September 30, 2004 59 219 -31 101 449 160 637 8 911 169 548
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December 31, 2004 59 218 -2 35 104 438 163 689 5 282 168 971
Net Income for period 1-9/2005 13 520 13 520 566 14 086
Dividends declared -5 309 -5 309 -387 -5 696
Acquisition of treasury shares -1 246 -1 246 -1 246
Sale of treasury shares 331 -78 253 253
Change in fair value of 21 21 1 22
available-for-sale financial
assets recognized in equity
Change in fair value of cash flow 73 73 73
hedges recognized in equity
Cash flow hedges removed from equity -157 -157 -157
Effect of acquisition of SKODA PRAHA 111 111 111
on equity
Share on equity movements of 19 19 19
associates
Change in minority due to 2 181 2 181
acquisitions
Share options 268 268 268
Other movements -268 -12 -280 -113 -393
September 30, 2005 58 303 -270 240 112 689 170 962 7 530 178 492
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Structure of the Consolidated Group
As of September 30, 2005
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Entity Identification Place of residence
Number
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Mother company:
1 CEZ, a. s. 45274649 Prague 4
Subsidiaries
2 CEZ Finance B.V. - The Netherlands, Amsterdam
3 CEZ Distribuce, a. s. 27232425 Prague 2
4 CEZ Logistika, s.r.o. 26840065 Ostrava-Moravska Ostrava
5 CEZ Mereni, s.r.o. 25938878 Hradec Kralove
6 VCE CEZ Obnovitelne zdroje, s.r.o. 25938924 Hradec Kralove
7 CEZ Prodej, s.r.o. 27232433 Prague 2
8 CEZ Sprava majetku, s.r.o. 26206803 Prague 4
9 CEZ Zakaznicke sluzby, s.r.o. 26376547 Plzen
10 CEZData, s.r.o. 27151417 Plzen
11 CEZnet, a.s. 26470411 Prague 2
12 Elektrorazpredelenie Pleven EAD - Bulgaria, Pleven
13 Elektrorazpredelenie Sofia Oblast EAD - Bulgaria, Sofia
14 Elektrorazpredelenie Stolichno EAD - Bulgaria, Sofia
15 Energeticke opravny, a.s. 25040707 Kadan
16 SME Energetika Vitkovice, a.s. 25854712 Ostrava-Vitkovice
17 SME ePRIM, a.s. 25889567 Ostrava-Moravska Ostrava
18 HYDROCEZ, a.s. 63079852 Prague 1
19 I & C Energo a.s. 49433431 Trebic
20 SME MSEM, a.s. 64610080 Frydek-Mistek
21 rpg Energiehandel GmbH - Germany, Munich
22 Severoceska energetika, a.s. 49903179 Decin
23 Severomoravska energetika, a. s. 47675691 Ostrava
24 STE STE - obchodni sluzby spol s r.o. 49826182 Prague 2
25 Stredoceska energeticka a.s. 60193140 Prague 2
26 SKODA PRAHA a.s. 00128201 Prague 6
27 SME Union Leasing, a.s. 60792710 Ostrava
28 Ustav jaderneho vyzkumu Rez a.s. 46356088 Husinec-Rez
29 VCE VCE - montaze, a.s. 25938746 Pardubice
30 Vychodoceska energetika, a.s. 60108720 Hradec Kralove
31 Zapadoceska energetika, a.s. 49790463 Plzen
Associates
32 Coal Energy, a.s. 26485079 Prague 1
33 KNAUF POCERADY, spol. s r.o. 47780690 Pocerady
34 KOTOUC STRAMBERK, spol. s r.o. 47972165 Stramberk
35 LOMY MORINA spol. s r.o. 61465569 Morina
36 ZCE Plzenska energetika a.s. 25240668 Plzen
37 Severoceske doly a.s. 49901982 Chomutov
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Consolidation method
Mother company and subsidiaries Full consolidation
Associates Equity consolidation
REPORT B:
CEZ GROUP QUARTERLY REPORT ON OPERATIONAL, ECONOMIC
AND FINANCIAL RESULTS FOR 1ST THROUGH 3RD QUARTERS 2005
NON-AUDITED CONSOLIDATED RESULTS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL
REPORTING STANDARDS
Main features
o EBIT up 41.9% (by CZK 6.2 bn) year-on-year to CZK 20.9 bn.
o Net income grew 26.8% to CZK 14.1 bn (up CZK 3.0 bn) and the full-year
forecast also improved to CZK 17.2 bn.
o A transaction making CEZ, a. s. the 51% owner of the Romanian distribution
company Electrica Oltenia settled on October 4.
o Over the period from January to the end of September, the price of CEZ,
a. s. shares on the Prague Stock Exchange increased by 117.0% (from CZK 341
to CZK 739). The share price took a hit in an across-the-board stock market
correction in October, but recovered in November to close at CZK 681.5 on
November 28.
o In September Moody's credit rating agency upped the company's rating from
A3 to A2, leaving the outlook at stable.
Prague, 29 November 2005
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Jan-Sep 2005 Jan-Sep 2004 Index
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CZK m GWh CZK m CZK m 05/04 05/04
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(CZK) (GWh)
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Revenues 87,842 73,061 120.2%
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Sales of electricity 83,323 53,942 67,763 49,961 123.0% 108.0%
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End-user sales 29,647 28,277 19,622 23,125 151.1% 122.3%
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Sales to distribution companies 12,219 11,735 9,957 10,984 122.7% 106.8%
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Domestic traders, market operator, other 10,280 8,004 7,214 5,791 142.5% 138.2%
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Export 5,902 5,926 8,064 10,062 73.2% 58.9%
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Ancillary and distribution services 25,275 22,906 110.3%
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Heat sales and other revenues 4,519 5,298 85.3%
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Operating expenses 66,977 58,352 114.8%
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Fuel 10,538 10,688 98.6%
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Purchased power and related services 26,171 19,356 135.2%
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of which, e.g.: Purchased electricity 17,176 14,886 10,487 11,465 129.7% 129.8%
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Depreciation and amortization 14,396 13,534 106.4%
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Operating income (EBIT) 20,865 14,709 141.9%
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EBITDA 35,261 28,243 124.8%
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Other expenses (+) and revenues (-) 2,845 468 607.9%
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Income before income taxes (EBIT) 18,020 14,241 126.5%
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Income taxes 3,934 3,135 125.5%
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Net income 14,086 11,106 126.8%
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Net income attributable to equity holders of the 13,520 10,204 132.5%
parent
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Net income attributable to minority interests 566 902 62.7%
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Unit Jan-Sep 2005 Jan-Sep 2005 Index
05/04
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Price earnings ration (P/E)** 1 26.3 1 11.9 222.0%
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Return on equity (ROE) net* % 8.1 % 6.5 124.0%
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Return on invested capital (ROIC)* % 6.5 % 4.5 143.9%
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EBITDA margin* % 40.1 % 38.7 103.8%
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EBIT margin* 23.8 20.1 118.0%
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Total indebtedness (provisions excluded) % 27.0 % 26.2 102.9%
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Long-term indebtedness % 14.6 % 14.8 98.4%
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* for the last 12 months
Revenues, Expenses, Income
At the end of September 2005, CEZ Group consisted of 31 fully consolidated
companies and 6 companies consolidated by the equity method. The consolidated
group increased mainly by the inclusion of three Bulgarian electricity
distribution companies at the beginning of the year. The Romanian electricity
distribution company Electrica Oltenia, CEZ's last acquisition, hasn't been
consolidated yet.
Electricity sales increased by 23.0 % to CZK 83.3 bn, driven mainly by end user
sales (which were up by CZK 10.0 bn;
of this, Bulgarian distribution companies contributed CZK 8.4 bn).
Favorable earnings development over the three quarters reflects excellent
performance in operations. Operating profit grew year-on-year (by 41.9%), driven
by higher sales of electricity (up 23%), while operating expenses rose by 14.8%.
Sales of electricity were up, despite reduced volumes, thanks to higher prices.
The average selling price in the Czech Republic grew 11.9% in year-on-year
terms, and the export price (excluding crossing-border profiles) was up 23.3%.
Sales of directly exported electricity fell, as the volume decline had a greater
impact than did the higher prices, but part of export volume shifted to sales to
domestic traders. The greatest increases in sales were seen in the electricity
sold by distribution Group member companies (by CZK 10.0 bn, 51.1%) and
electricity sold to Group non-member distribution companies (by CZK 2.3 bn,
22.7%). Sales outside of the Czech Republic fell substantially, affecting both
sales revenues and electricity purchasing expenses. Sales of ancillary and
distribution services were up 10.3%.
Operating expenses rose by CZK 8.6 bn (14.8%) in year-on-year terms. Purchased
power was up CZK 6.8 bn due mainly to purchases by the Bulgarian distribution
companies amounting CZK 5.6 bn. There were also higher purchases from producers
outside the Group (by CZK 2.0 bn), on the other hand, purchases abroad were cut
(by CZK 0.8 bn). Personnel expenses were up CZK 1.2 bn (17.7%), of which
Bulgarian distribution companies accounted for CZK 0.6 bn. Depreciation &
amortization increased by CZK 0.9 bn (6.4%), other operating expenses rose by
CZK 0.8 bn (27.5%), while maintenance expenses decreased by CZK 0.5 bn (19.5%)
due in part to fewer overhauls, and material expenses sank by CZK 0.3 bn
(11.7%).
The most important factors contributing to the CZK 2.4 bn year-on-year decline
in financial performance were lower gains on sales of securities by CZK 0.8 bn,
a CZK 0.5 bn increase in exchange rate losses, and lower settlement of
allowances to financial expenses by CZK 0.4 bn. Losses on derivatives decreased
by CZK 0.2 bn. Income from associates and dividends received were down CZK 0.4
bn and CZK 0.2 bn, respectively.
THE NUMBER OF EMPLOYEES reached 22,611 persons which represents increase by
4,756 persons (by 26.6%) in comparison with December 31, 2004. This huge growth
is mainly effected by acquisition of the Bulgarian distribution companies (4,901
additional employees) while Czech companies reported a small decrease (by 145
employees).
Sales of Electricity
CZECH REPUBLIC
CZECH REPUBLIC ELECTRICITY DEMAND in the first three quarters of 2005 was 42.0
TWh, which corresponds to yearon- year growth of 1.0 TWh (2.4%). CEZ GROUP SHARE
IN FINAL CONSUMPTION fell by 3.2% to 55.0% due to a change in classification of
our customers.
Total electricity sales (not including ancillary and distribution services)
increased by 10.5% to CZK 49.8 bn primarily due to increased electricity prices.
The total volume of electricity sold in January - September was lower by 1.7 TWh
(3.5%). Domestic sales increased by 2.4 TWh (by 6.0%), while export decreased by
2.9 TWh (by 34.6%) and trading outside the Czech Republic decreased by 1.2 TWh
(by 77.6%) as more export from the Czech Republic was organized by traders.
In conjunction with the ongoing transformation of CEZ Group, the final customers
of ZCE, VCE, SCE, STE, SME and CEZ are being transferred to the newly created
company CEZ Prodej, s.r.o. This portfolio represents a volume of more than 30
TWh for the next year.
Within its distribution area, CEZ Group introduced a new "Green Electricity"
environmental program, i.e. support of generation and supply of electricity from
renewable sources of energy. Funds raised from the token charge over usual rates
will go to support projects in the area of renewable energy sources.
Electricity generation in the first three quarters totalled 44,626 GWh for a
year-on-year decline of 1.2 TWh (by 2.7%). Generation in fossil power plants was
down by 668 GWh (by 2.6%), while nuclear power plants generated 886 GWh (by
4.7%) less than in the same period of last year. Generation in hydro power
plants grew by 317 GWh (by 22.3%). Fossil power plants accounted for 55.7% of
generation volume (24,871 GWh), nuclear power plants generated 40.4% (18,019
GWh) and 3.9% (1,736 GWh) was generated in hydro power plants and from other
renewable sources of energy.
BULGARIA
In January - September 2005, the three Bulgarian distribution companies
belonging to CEZ Group sold an aggregate total of 5,728 GWh of electricity,
corresponding to CZK 8.4 bn in revenues.
Investment Program
Additions to property, plant and equipment and other non-current assets in the
first through third quarters totalled CZK 9.7 bn compared to CZK 11.6 bn in
January - September 2004.
At the Dukovany Nuclear Power Plant, units 2 and 3 were shut down for partial
fuel replacement and the outage was utilized to carry out an upgrade of
instrumentation and control (I&C) and protection systems on these units.
Preparations continue for a replacement of I&C and protection systems on the
nuclear portion of unit 4, which will allow the unit's useful lifetime to be
extended to at least 2025. The construction of a spent fuel repository in the
power plant premises was completed. At the Temelin Nuclear Power Station, unit 2
was shut down from April to July to replace a portion of the
fuel. After that, unit 1 was overhauled from July to October. Unit 2 will run at
a reduced output level until mid-December, when it will be shut down again to
correct detected glitches. Preparations have commenced for a retrofit of the
Tusimice II Power Station, to take place in 2007-2009 at a total budgeted cost
of approximately CZK 15 bn.
Financing
NET CASH PROVIDED BY OPERATING ACTIVITIES (CZK 29.9 bn) increased by CZK 7.4 bn
(32.6%) compared to the same period of 2004. Growth components included, in
particular, income before income taxes (up CZK 3.8 bn), depreciation and
amortization (up CZK 0.9 bn) and provision for doubtful accounts and
environmental claims (up CZK 1.1 bn). Another positive factor was income tax
paid, which fell by CZK 0.9 bn, or 16.8%.
Total cash used in INVESTING ACTIVITIES rose in year-on-year terms by CZK 0.4 bn
(3.4%) to CZK 11.8 bn, primarily due to a CZK 0.9 bn increase in expenditures to
acquire subsidiaries and associates (Electrica Oltenia - CZK 4.5 bn, SME - CZK
1.3 bn), while a CZK 3.6 bn (69.2%) decline in sales of fixed assets had a
similar impact on this indicator. On the other hand, a CZK 1.9 bn (16.2%) fall
in additions to property, plant and equipment and other non-current assets and
increased proceeds from disposal of subsidiaries, e.g. the first instalment (CZK
1.4 bn) from the sale of the CEPS stake reduced the overall cash used in
investing activities.
Net cash flow from FINANCING ACTIVITIES was an outflow of CZK 10.0 bn, while in
the same period of last year the result was a CZK 0.07 bn increase in cash
(year-on-year change: CZK -10.1 bn). The primary reason is the fact that there
is no loan drawdown to offset CZK 3.8 bn of instalments paid on loans and
credits in 2005, whereas in the previous year the 3rd Eurobond issue was brought
to the market. Dividend payouts (CZK 5.7 bn) increased year-on-year (by CZK 0.9
bn), as did the balance of purchase and sale of treasury shares (by CZK 0.9 bn).
CEZ, a. s. Ratings:
Standard & Poor's: "BBB+" with positive outlook (increase from stable outlook as
of May 2005) Moody's: "A2" with stable outlook (up from "A3" as of September
2005)
Other Information
o CEZ, a. s. is carrying out a squeeze-out of minority shareholders from four
CEZ Group electricity distribution companies. These companies held General
Meetings to approve their contributions of parts of their businesses as
their investment in kind to CEZ Distribuce, a. s. In accordance with the
objectives of the Group's strategic development program, VIZE 2008, CEZ
Distribuce, a. s. is becoming the license holder for the entire CEZ Group
distribution area. As of today, that company holds the licenses for the
former distribution service areas of SCE, ZCE and VCE, and by year end it
will obtain the distribution licenses for the remaining distribution areas.
o CEZ Prodej, s. r. o. is gradually taking over sales to final customers in
the Czech Republic, replacing 5 regional distribution companies.
o On September 29, the Government of the Czech Republic decided to sell a
55.8% stake in the brown coal mining company Severoceske doly a.s. The
purchase agreement between CEZ, a. s. and the National Property Fund of the
Czech Republic was signed on October 20, and the acquisition price is CZK
9.05 bn. The transaction was approved by the Antitrust Office on November
25.
o On October 4, a stake in the distribution company Electrica Oltenia was
transferred to CEZ, a. s. CEZ, a.s. is now a 51% shareholder in the
Romanian power distribution company.
o CEZ, a. s. is participating in tenders for the privatization of two Polish
State-owned power companies. On August 19, we placed a bid for a stake in
Zespol Elektrowni Dolna Odra SA and this was followed on September 9 by a
bid for a stake in Elektrownia Kozienice SA, which made the short list.
o At the present time, CEZ, a. s. has qualified as one of 10 bidders in a
tender for the privatization of the Romanian distribution company Electrica
Muntenia Sud. The deadline for submission of binding bids has been newly
set for January 31, 2006.
o On October 27, CEZ, a. s. submitted a preliminary bid for a minimum 10%
stake in the second largest Polish hard coal mining company Katowicki
Holding Weglowy S.A.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CEZ, a. s.
------------------------------
(Registrant)
Date: November 30, 2005
By: /s/ Libuse Latalova
---------------------------
Libuse Latalova
Head of Finance Administration