Vladimír Urbánek (Kurzy.cz)
Czech markets  |  November 08, 2012 08:34:00

CEZ Group, the net profit for 9M12 down by 27% and amounted to 33.4 billion crowns


CEZ Group revenues grew by almost CZK 12 billion (8%) and amounted to CZK 162.5 billion. Operating profit before depreciation (EBITDA) increased by CZK 2.3 billion (4%) and reached CZK 64.7 billion. Net profit grew by 7 billion CZK (about 27%) to 33.4 billion. The main reason for profit growth was higher in nuclear power production, production growth in the Romanian wind power and exceptional finance costs in 2011. Conversely negatively affect development in Albania, where there was no meeting of the gradual settlement of regulatory compliance on the part of the Albanian Regulatory Authority and state.

Current forecasts full-year results reflect the developments in Albania, we expect EBITDA of CZK 85 billion and a net profit of CZK 40 billion. Other activities of CEZ Group is developing despite the economic and debt problems of the European economy, on the contrary better than plan, and therefore we expect only a slight decline compared to full-year results in 2011.

EBITDA I. - III. quarter of 2012 rose by CZK 2.3 billion mainly due to growth in the volume of production in Romania, reimbursement claims Romanian State Railways and the influencerevaluation of hedging contracts production in the Czech Republic IV. quarter of 2012. Negatively affected by regulatory decisions primarily in Albania on fares and conditions of business distribution companies in the country. Influence "Albania" on the creation of funds of the CEZ Group, however, was significantly lower than the financial impact. CEZ Group generated for I. - III. quarter of 2012 a total of CZK 53.6 billion of cash generated by operating activities, ie by CZK 5.2 billion more.

"CEZ Group has maintained a strong liquidity position, enjoys good financial health. Cash generated from our operating activities increased by 11 percent. Not to be unexpected decision of the Albanian regulator, and then the accounts recorded higher growth. 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 our electricity to more years ahead, we managed to delay this effect, but in later years this trend has hit us as well. Therefore, we are working hard to find other internal savings, "said Daniel Benes, Chairman and CEO of ČEZ, as

CEZ Group is preparing further centralization of shared services in a small number of companies, which will lead to annual cost savings of more than 0.5 billion crowns.

CEZ Group will continue the implementation of five strategic initiatives, of which the priority is the construction of two new units at Temelin Nuclear Power Plant. On 2 July 2012, ČEZ, as offers from three qualified candidates. Of 5 October ČEZ, as, in accordance with the laws, knocked offer French company Areva for non-fulfillment of not only business, but also the legal requirements of public procurement."Despite the narrowing of tender participants still true that we would like to choose the winners in September next year and at the end of 2013 to sign a contract with him," said Daniel Benes, Chairman and CEO of ČEZ, as

Ladislav Kriz, CEZ spokesman

Table: Financial Results for the CEZ Group I. - III. quarter of 2012

(BillionCZK) YoY change%

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Profit after tax

Operating income

162.5

+ 8%

EBITDA (operating profit before depreciation)

64.7

+ 4%

33.4

+ 27%

 

 

 

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Skupině ČEZ vzrostl čistý zisk za 9M12 meziročně o 27 % a dosáhl hodnoty 33,4 miliardy korun

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