CEE company ranking 2007: CEZ leads the way for CEE corporates
Czech power provider CEZ has been voted central and Eastern Europe’s best-managed company for the second year running. Rising energy prices are helping the firm to record strong profits, but why are analysts so impressed by the firm’s management? Lawrence White reports.
"The reliable operation of the Temelin nuclear power plant makes us raise the anticipated amount of net profit for this year by Kc1.1 billion to Kc35.1 billion compared with the forecast from last December" Petr Voboril, CEZ
STORIES RECENTLY EMERGED in the Prague media suggesting that the coalition government was preparing a reshuffle at state-run power producer CEZ. The government, it was reported, would appoint new members of the supervisory board and then look to make changes at the senior management level. Were they to look at the results of this year’s Euromoney poll of the best-managed companies in central and eastern Europe, they might have reason to pause before making any sweeping changes. CEZ has topped the poll for the second year running, rewarded for the impressive performance of its share price but praised also by analysts for the openness and accessibility of its management, their success at integrating acquisitions and their willingness to innovate.