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 February 2004

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-
                                   ----------.

<PAGE>


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 No. 1:

Uncosolidated Results of Operation for year 2003 prepared under Czech accounting
standards (see the attached Exhibit).

Report No. 2:

Profit generated by CEZ rose by more than 107 percent and reached CZK 13.9
billion.

Last year, CEZ energy utility netted CZK 13,931 million, which represents an
increase of CZK 7.2 billion, i.e., 107.5 percent compared to the preceding year
(audited unconsolidated results under Czech accounting standards). This result
was achieved namely due to the one-time income on the sale of 66% share in CEPS
(transmission network operator), with the difference between the sale price and
net book value amounting to CZK 12.5 billion. Operating profit of CEZ rose by
CZK 0.7 billion, i.e., by 8.6%. Such increase was positively influenced, among
others, by a CZK 5.1 billion increase in revenues from the sale of electricity
attained by CEZ despite the 6% decrease in the sale price of electricity in the
Czech Republic.


"We are pleased that despite the decrease in the electricity prices for domestic
off-takers in 2003, we managed to increase the revenues from electricity,
including support services, by 11 percent, namely due to significantly higher
sale volumes. In spite of a CZK 2.2 billion increase in depreciation related to
putting Temelin nuclear power plant in test operation, our operating results
rose by CZK 0.7 billion. The selected business strategy thus proved to be
successful", said CEZ Board Director and Strategy Executive Manager, Petr
Voboril.

CEZ raised the sale of electricity y/y by more than 10%, with the electricity
prices in the Czech Republic decreasing by 6%, and export prices increasing by
15%. CEZ expects a successful electricity sale this year as well. Approximately
96% of the electricity sale volume anticipated to be sold this year in the
domestic market was sold as early as at December 31, 2003, while on the same
date of the preceding year it was 92%.

CEZ power plants generated 60,934 GWh of electricity, thus exceeding the highest
generation reached last year (54,118 GWh) by more than 12.6 percent. CEZ coal
power plants generated 34,044 GWh of electricity (1.5 percent more than in
2002), which represents 55.9% share of the total generation of CEZ. As a result
of the power units of Temelin nuclear power plant being put in test operation,
generation of nuclear power increased by more than 38 percent to 25,872 GWh,
thus representing 42.5% share of the total CEZ output. Due to dry weather and
power plants in Orlik and Stechovice being still damaged by floods, water power
plants generated only 1,018 GWh of electricity, i.e., 45 percent less than in
the preceding year.

CEZ's investment (excluding financial investment) amounted to CZK 4.3 billion,
which is CZK 1.7 billion less than in the preceding year. At present, the major
investment project is the upgrade of Dukovany power plant; and further
investment flows in waste processing and other environmental measures. This
year, CZK 6.4 billion is expected to be invested in the said projects.

<PAGE>



Due to ongoing rationalization measures related to optimization of the utility's
corporate structure, the number of employees decreased y/y by 470 (i.e., 6.5%),
in particular in the nuclear power plant segment. As of December 31, 2003, CEZ
had 6,780 total employees, whereas at the time of its foundation in 1992 it
employed as many as 16,407 employees.


In the beginning of July, the first analytical phase of the "REAS Project"
commenced, in which namely the employees of individual regional energy utilities
in the CEZ Group were involved. As a result of the first phase, potential
savings of CZK 2 billion were identified within the whole CEZ Group. In October,
the second implementation phase began, consisting among other things in
integration of corporate structures of REAS (regional energy utilities in the
CEZ Group) as of January 1, 2004 resulting in savings in terms of work force by
6 percent; the project is expected to be consummated by the end of this year.


"CEZ will aim to continue in the trend of good operating results in the
long-term perspective. However, no longer can CEZ rely on extraordinary one-time
revenues having such an extensive influence as the revenues from the sale of
CEPS last year. On the contrary, we will have to get well prepared for full
liberalization of the electricity market as of 2006 because market opening had a
negative impact on the profitability of the majority of European energy
utilities in the past. Further, we will aim to meet CEZ's aspiration to become a
leader of the Central European electricity market through acquisitions abroad,
and to create a functional and efficient CEZ Group by completing the integration
of the regional energy utilities," concluded Martin Roman, the Chairman of the
Board of Directors and Chief Executive Officer of CEZ.


<TABLE>


                                                            (in millions of           y/y change
                                                                  CZK)
  -------------------------------------------------------------------------------------------------------
<S>                                                          <C>                     <C>
                       Total revenues                            79,998                + 42.9 %
   - revenues from electricity including support services        51,986                + 11.0 %
  -------------------------------------------------------------------------------------------------------
              Total costs excluding income tax                   61,372                + 28.0 %
  -------------------------------------------------------------------------------------------------------
                      Operating profit                           8,616                 + 8.6 %
  -------------------------------------------------------------------------------------------------------
                       Pre-tax profit                            18,626               + 131.9 %
  -------------------------------------------------------------------------------------------------------
                      After tax profit                           13,931               + 107.5 %
  -------------------------------------------------------------------------------------------------------
                      After tax profit                           5,583                 - 16.8 %
                 (without the sale of CEPS)
  -------------------------------------------------------------------------------------------------------
</TABLE>


Note: unconsolidated figures prepared under Czech accounting standards
<PAGE>


                                   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:  February 27, 2004


                                            By:/s/ Libuse Latalova
                                               --------------------------------
                                                       Libuse Latalova
                                                 Head of Finance Administration