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ČEZ Group reports net profit of CZK 14.7bn for 9M 2016

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CEZ Group reported net profit of CZK 14.7bn for 9M 2016, down 11% y/y. EBITDA dropped 10% to CZK 43.8bn. Operating revenues totalled CZK 145.1bn (down 5%). Total electricity production decreased by 1% to 45.1 TWh. Lower nuclear production was almost fully compensated by higher production from coal and gas power plants. ÈEZ Group predicts net profit of CZK 18bn and EBITDA totalling CZK 56bn for the full year of 2016. Board of directors’ deputy chairman and CFO Martin Novák has stated that the relatively low net profit outlook for Q4 2016 may be attributed e.g. to higher writeoffs and lower capitalized interests due to the inclusion of fully upgraded Prunéøov power plant into assets. The EBITDA outlook was precised (down CZK 2bn) primarily due to prolonged outage of nuclear resources.


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