Archiv - Press releases
The CEZ Group has today announced its financial results for the first three quarters of 2011 and its expected all-year figures. As expected, CEZ’ Operating Profit Before Tax declined by 6.9% year on year to CZK 62.4 billion. This is due to lower effective prices of electricity resulting from the economic crisis, which reduced the forward contract prices in 2008 – 2010 when the CEZ Group sold its power to be generated in 2011. Another negative factor was a lower hedging CZK/EUR exchange rate due to the ongoing appreciation of the crown toward the euro but also a lower amount of power generated by hydro power stations due to deteriorated hydrological conditions. These negative factors were countered by measures aimed to optimize the use of production sources and a greater gross margin as well as the generation of power from renewable sources, primarily in foreign countries.15. 8. 2011
The Net Profit of CZK 23.9 billion recorded by the ČEZ Group for the first six months of this year have already exceeded the profit generated by its much bigger rival, the German-based group of E.On (EUR 948 million, equivalent to some CZK 22.8 billion). Although the energy sector is still affected by the global crisis aftermath connected with low electricity prices, ČEZ has raised its expected 2011 profit level to CZK 40.6 billion.28. 7. 2011
The CEZ Group is going to acquire Energotrans, a company supplying heat from Melnik to Prague, and to sell its 50% equity stake in MIBRAG, a mining corporation, to the other shareholder, holding contractual right, Energeticky a prumyslovy holding. This transaction has been approved by all competent CEZ Group’s bodies.15. 7. 2011
European Commission Cleared CEZ of Accusations of Price Manipulation and Alleged Cartel Practices. Only the bilateral dispute with Czech Coal for coal supply remains to be resolved.
According to the European Commission’s announcement of today, CEZ has been fully cleared of several serious accusations. Clear evidence has been discovered that CEZ has not and could not have manipulated with electricity prices, has not engaged in a cartel with anyone, nor has it been involved in limiting the trade with brown coal, which contrasts with accusations of the same malpractice recently raised against Czech Coal by numerous customers of the company.10. 5. 2011
The CEZ Group’s Net Profit for the first quarter of this year remained at last year’s levels, declining by only 2 percent (CZK 300 million). CEZ still foresees to meet the profit target for 2011 (expected to reach CZK 40.1 billion), which is still considerably affected by the subsiding crisis connected with low power prices.24. 2. 2011
The CEZ Group’s Net Profit exceeded expectations by half a billion, reaching CZK 47.2 billion. The CEZ Group also improved its last year’s results in terms of Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA), which exceeded CZK 89.1 billion. Although the results of 2010 are, in line with expectations, lower than in 2009, CEZ eventually delivered a profit higher than planned to its shareholders.27. 1. 2011
The CEZ energy group has detected two unauthorized emission permit transfers in connection with the recent attack on the Czech carbon emission permit registry. Last week, OTE, the Czech carbon registry operator, temporarily closed its carbon registry, allegedly due to a software attack on the core parts of its information system.