In the first six months of 2016, ČEZ reported a 10% year-on-year decline in net profits to CZK 13.8bn. Operating income totalled CZK 98.9bn. EBITDA dropped by CZK 2.4bn to CZK 33.1bn, mainly on top of lower exercise prices of generated power. ČEZ board chairman and CEO Daniel Beneš said the negative impact of increased welding inspections in nuclear power plants on first-half profits had been compensated by higher and more efficient generation in coal power plants and gains from commodity trading. For 2016, the group is expecting a net profit of CZK 18bn. EBITDA estimates have been specified to CZK 58bn.