Redakce (Kurzy.cz)
Czech markets  |  February 28, 2013 08:22:21

CEZ: CEZ Group reached in 2012 net profit of 40.2 billion crowns


CEZ Group despite negative developments could fulfill the announced results. Revenues grew by more than CZK 5 billion and amounted to CZK 215.1 billion. Operating profit before depreciation (EBITDA) decreased by 2.1% (CZK 1.8 bn) to CZK 85.5 billion, but by CZK 0.5 billion exceeded expectations. Net profit fell slightly year on year by 1.5% to 40.2 billion crowns (CZK 0.2 billion above expectations). For 2013, CEZ Group expects EBITDA of around CZK 80 billion and a net profit of 37 billion crowns. The expected decline in profit reflects adverse developments in the European energy markets, a significant decrease in prices of electricity, lower allocation of emission allowances for production and a decline in production in the Czech Republic.

The results for the past year reflect the unprecedented development in Albania. In January 2013 - after the withdrawal of the license and the appointment of the administrator - was working CEZ Albania finally ended. Management of local distribution companies already on the results of CEZ Group has no impact today and CEZ has taken the first step to initiate international arbitration because of damage to their investments. Other activities of the CEZ Group has developed despite the economic and debt problems of the European economy, on the contrary better than plan (particularly the area of ??power and gas to end customers and trading area). CEZ Group even contributed in 2012, the Czech state for more than 1.3 billion in the previous year. Total of taxes and dividends paid to common treasury CZK 44 billion, which is more than 4000 crowns for every citizen of the Czech Republic.

"All great energy in Europe is struggling very hard with an unstable environment, a strong decline in wholesale electricity and hardly predictable future. Implement extensive property sales and significant staff reductions. CEZ Group has been able to adapt to negative trend, remains one of the least indebted power utilities in Europe and enjoys good financial health. Cash generated from our operating activities amounted to almost 65 billion. Energy companies in Western Europe are feeling the effects of the economic crisis and rising energy regulation in its painful results. Our active measures and the successful sale of electricity from our production for multiple years ahead, we managed only to delay this effect.Therefore, we are working on finding other internal savings and adjust sub-strategies our financial capabilities, "said Daniel Benes, Chairman and CEO of ČEZ, as

CEZ Group invested in 2012, a total of 53.1 billion crowns, the vast majority, over 50 billion CZK went to non-current assets, of which CZK 18 billion on reconstruction and construction of conventional power plants, over 11 billion CZK in the development and modernization of distribution networks and almost 8 billion CZK in efficiency and safety of nuclear power plants.

CEZ Group will continue the implementation of five strategic initiatives, of which the priority is to prepare conditions for the construction of two new units at Temelin Nuclear Power Plant."For a few days announce preliminary assessment of candidates and begin to negotiate improvements to their offerings," said Daniel Benes, Chairman and CEO of ČEZ, as

Table: Economic results of CEZ Group in 2012

(CZK bn) YoY change%

Operating income 215.1 + 2.5%
EBITDA (operating profit before depreciation) 85.5 - 2.1%
Profit after tax 40.2 -1.5%

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