Thursday, 24 August 2017

ČEZ Group records net profit totalling CZK 16.7bn in H1

CIA News |
9 August 2017

ČEZ Group’s net profit grew 21% y/y to CZK 16.7bn in the first half of 2017. This was caused primarily by the sale of shares in MOL and the sale of properties in Prague. ÈEZ’s EBITDA decreased 5% to CZK 31.3bn, which was in line with a decrease in realization prices of produced electricity. Operating income increased 2% to CZK 100.9bn. The production of electricity from traditional sources was on a similar level as in H1 2016, i.e. 31.8 TWh. The production in the new energy segment (wind power stations, photovoltaic power stations and small hydroelectric power stations) increased 20% primarily thanks to an acquisition of wind power plants in Germany at the end of 2016 and a growth in the production in Romanian wind parks. Sales of natural gas to end customers increased 28% to 5.4 TWh. According to Martin Novák, the deputy chairman of the board and CFO of the company, the group raised the full-year EBITDA outlook to CZK 53bn thanks to a higher gross margin from production and trade in the Czech Republic. The full-year outlook for the adjusted net profit grew to the level of CZK 19bn.