The Supervisory Board of ČEZ has today discussed a proposal for a change in the corporate organizational structure that would ensure that each of the Members of the Board of Directors will once again be responsible for a corresponding division. The newly defined divisions also respond to the current developments in the European energy sector where the impacts of regulation and legislation on business have become ever more evident. At the same time, the responsibility for management areas in the CEZ Group will be evenly distributed across all members of the Board of Directors, thus ensuring a greater management effectiveness. All changes will take effect as of 1 May 2014.
The CEZ Group has exceeded the originally estimated results for 2013. Operating Profit Before Tax (EBITDA) decreased by 4.4% year on year to CZK 82.1 bn, exceeding the expected value by CZK 1.1 bn. Its Net Profit declined by 12.3% year on year to CZK 35.2 bn (CZK 0.2 bn above the expectations). The main factor behind the year-on-year decline is a major drop of the wholesale prices of electricity due to massive subsidies going into renewable energy sources, combined with a stagnating European economy and ongoing uncertainty concerning the regulatory environment in the energy sector. In 2014, the CEZ Group expects its EBITDA to reach CZK 70.5 bn and its Net Profit approximately at CZK 27.5 bn.
Just one month was enough for 30,000 people to virtually tour the Temelín Nuclear Power Plant. The English version of the virtual tour makes the inside of the largest Czech power plant accessible to foreigners, too, among them being mostly German, Austrian and Slovak nationals. Not even the power plant staff expected to see such high numbers of visitors.
Since the 12th of February, ČEZ has been reporting its commodity exchange transactions and OTC commodity, interest rate and currency derivative transactions to a trade repository.
ČEZ has priced its offering of €470.2 million Guaranteed Exchangeable Bonds due 2017 exchangeable for ordinary shares of MOL Hungarian Oil and Gas PLC
ČEZ, a. s. has successfully priced its offering of €470.2 million guaranteed exchangeable bonds due 2017 exchangeable for existing ordinary shares of MOL Hungarian Oil and Gas PLC.
Prague, 13 January 2014 – Enjoy a view of the most interesting or commonly inaccessible parts of power plants by means of power plant virtual tours recently launched by the CEZ Group. Between January 13 and the end of February, a total of 7 power plants with 105 stops will gradually be open to virtual visitors. In the case of Temelín, it is globally the first presentation of such a tour solution among more than 430 reactors in the nuclear power plants operated all over the world.
The Supervisory Board today elected two members to the Board of Directors – Tomáš Pleskač and Ivo Hlaváč.
After nearly two years of extensively upgrading the Resita water power plant system on the Barzava Superioara river, the project has come to a successful end. Due to the investment of EUR 30 million, the four hydropower plants now generate electricity with 20% higher efficiency, thus producing one fifth more electricity from the same amount of water.
CEZ offered the City of Prague partnership in the future administration of Pražská plynárenská yesterday
CEZ offered the City of Prague to make a shareholders’ agreement in connection with purchasing the shares of Pražská plynárenská Holding a.s. and Pražská plynárenská, a.s. from E.ON Czech Holding AG and then buying the natural gas trading and sales segment of Pražská plynárenská, a.s.
EBITDA reached CZK 64.3 bn and remained almost unchanged year on year (down by CZK 0.2 bn). The CEZ Group has not changed its expected operating results for the entire year, with EBITDA expected to reach CZK 81 bn. Net Income declined by CZK 1.6 bn to CZK 31.7 bn in a y-o-y comparison. The main factor behind this decline were adjustments to assets created due to regulatory and legislative interventions in the European energy sector and also due to the ongoing trend of declining wholesale prices of electricity. For the same reasons, the CEZ Group has adjusted its all-year Net Income outlook to CZK 35 bn.