Vladimír Urbánek (Kurzy.cz)
Czech markets  |  August 10, 2012 09:30:57

CEZ Group, the net profit for the first half of 2012 up by 14% and amounted to 27.2 billion crowns


CEZ Group revenues rose by CZK 9.4 billion (9%) and reached the amount of CZK 113 billion. Operating profit before depreciation (EBITDA) rose by CZK 4.5 billion (10%) and reached CZK 48.4 billion. Net profit grew by CZK 3.3 billion (14%) to 27.2 billion. The main reason was to increase earnings growth realization electricity prices incl. the impact of depreciation of the koruna and the payment of overdue debts to Romanian state railways. Announced results for the current year remain unchanged - CEZ Group expects higher annual net profit at 41 billion crowns.

Annual revenue growth of the CEZ Group has also been caused by increased production from wind power plants in Romania and the expansion of production in the Czech Republic by 1.4 TWh (4%) to 33.2 TWh. Contributed to the increase in production after the completion of a comprehensive recovery Tušimice power. Positive impact on CEZ Group also had additional payment overdue for Romanian nationals Railways (CFR) in the amount of CZK 965 million.

Evolution EBITDA was negatively affected by the decision of the regulator in Albania fares and conditions of business distribution companies in the country and increase in market prices for electricity imported into Albania to cover losses. We managed to reach a new decision, however, the regulator, which is the entry price of electricity from public power Kesh reduced from 2 830 to 2 200 ALL / MWh, which goes back for deliveries from 1 First 2012, and was also passed providing for a more objective study of the initial distribution of bad debts in accordance with an independent analysis.

"CEZ Group has maintained a strong liquidity position, enjoys good financial health and is therefore an important mainstay of the Czech economy. On 1 August we started to pay dividends to our shareholders from the profit for the year 2011 a total of 24 billion crowns, "said Martin Smith, Vice Chairman and CFO of CEZ, as

In mid-May to complete the project increase the installed capacity Nuclear Power Station (the original 4 x 440 MW to 4 x 510 MW), positive effect on production but was eliminated in the second quarter related outages longer. CEZ has agreed with the European Commission to end the investigation by settlement, in which CEZ, assells coal resource in the CR with an installed capacity of 800 MW. "CEZ thus eliminating the risk of costly proof of the fact that it was not anti-competitive practices, while sales take place in accordance with its strategy of development of coal resources - just run a modern low-emission fuel sources are secured," said Paul Cyrano, director of strategy for CEZ, as.

CEZ Group will continue the implementation of five strategic initiatives, of which priority is the construction of two new units at nuclear power plant. On 2 July 2012 took over the CEZ, as, Bids from three qualified candidates who meet the requirements for opening envelopes required by law on public procurement. "Winner of the tender, we would like to choose to September next year and at the end of 2013 to sign a contract with him." Said Daniel Benes, Chairman and CEO of CEZ, as.

Ladislav Kriz, spokesman for CEZ

Table: The results of CEZ Group for the first half of 2012

(CZK billion) YoY% change

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+ 10%

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+ 14%

Operating income

113.0

+ 9%

EBITDA (operating profit before depreciation)

48.4

Profit after tax

27.2

Ing. Ladislav Kriz
manager of CEZ Group's media department

CEZ

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