Vladimír Urbánek (Kurzy.cz)
Czech markets  |  February 20, 2013 08:37:55, updated

CEZ: Bulgarian activities generate about 1.5% of the company's profit

According to available information, the Bulgarian energy regulator in the form of the State Commission for Energy and Water DKEVR started last night negotiations on withdrawal of the license for the distribution company owned by CEZ. The exact reasons for the withdrawal of the license has not yet been clarified, as well as not yet know the outcome of yesterday's meeting.

Bulgarian Prime Minister Borisov in the course of yesterday afternoon stated that CEZ its distribution license arrives. All three major distributors should be fined. Today in the morning it was reported that the Bulgarian Prime Minister offered his resignation today in response to the growing anti-government protests four months before the election. Borisov also said that in any case there is talk about a possible nationalization of distribution companies.

According to the regulator DKEVR in all 3 major distributors run deep financial control. In two distributors already issued a statement on misdemeanors with the fact that the need for further investigation.

Bulgarian Minister of Economy and Energy Dobrev in a statement said that CEZ Bulgaria is blamed for about 80 percent of the award of contracts to companies without proper contracts and procedures. Investigators speaks of "systematic irregularities in the work of CEZ Bulgaria", generally violation of regulatory rules. CEZ also criticized the possible connection of one of the members of the Supervisory Board of the Bulgarian mafia.

ČEZ alone in his defense stated that full fills all the obligations imposed on the regulatory framework and full privatization also fulfills the conditions under which the share of the distribution network acquired. Price of electricity in full sets controller.
CEZ already during yesterday endorsed the Minister of Industry and Trade of Cuba, Prime Minister and Foreign Minister Necas Schwazenberg. Kalousek wants the whole thing to say today after studying the materials needed.

According to the Energy Portal Bulgarians pay an average of one MWh of electricity per approx 2135 CZK, which is one of the lowest within the EU. Salaries in Bulgaria are also among the lowest. People mainly attack that reportedly accounts in the January entries for service and distribution exceeded by about 120 percent of the price of electricity consumed.

CEZ Bulgaria supplies electricity to about 2.1 million Bulgarian households, which corresponds to about 40% of installed capacity. For financial statements, EBITDA profit of Bulgarian operations are about 1 billion with improving trends.The total profit of the group the Bulgarian activities account for 1.5%. Improving outcomes firm explains the increase in profit margins mainly due to volume growth in distributed electricity regulator and the decision of the higher tariffs. The volume of sales for 9M Oroku achieves this level of approximately 840 million euros.

According to analysts, J & T Bank are the Balkan problems in Albania and now in Bulgaria for shares of annoying because they can reduce the overall investors' faith in the quality of management and its ability to manage the company's activities, which might manifest itself negatively in another investor access to this title.

According to analyst firm Brokerjet the price of shares in the event of withdrawal of the license could or rather should fall even further - seeCEZ's share price falls below 600 CZK if the company ...

Shares of CEZ in response to vyhrocující the Balkan problems yesterday and today, dropping below 610 CZK . Moved below the title in October 2008, in mid-2006 and again in August 2005. Details of today's and historical development of CEZ shares can be found HERE .

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CEZ: Protests in Bulgaria is growing, investigation for selling stake in Mibrag ...
Bulgarians protest against electricity prices
ČEZ faces protests in Bulgaria
CEZ Group has started the process of international arbitration against Albania

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