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21. 3. 2006

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Preliminary consolidated, non-audited economic results of CEZ Group for 2005: CEZ Group´s net income amounted to 22.3bn CZK and was 56 % up on the previous year

CEZ Group reached net income of 22.3bn CZK according to the International Financial Reporting Standards, which represented a year-on-year increase of 8bn CZK. The net income increase was affected by the enlargement of the Group by 4 distribution companies in South-Eastern Europe together with improved performance in operations. Single influences connected with acquisitions developed as well, for example, a positive influence of including the negative goodwill of Romanian Oltenia, and increased net income by 2.6bn CZK.

„The income increase was importantly influenced by the enlargement of CEZ Group together with very good performance in operations. Economic results of Bulgarian distribution companies were recorded in CEZ Group´s results during the whole year, the Romanian distribution company Electrica Oltenia was included only in the last quarter. This year the results of Oltenia will be a part of the Group´s, and due to the acquisition of two Polish power plants this year we can say that CEZ Group´s performance will continue to rise. Outlooks are good also for other prospective acquisitions, such as a purchase of the Bulgarian power plant in Varna. On the top of that, economies from the integration of CEZ Group in the Czech Republic will continue to develop as well,“ said Martin Roman, Chairman of the Board of Directors and CEO of CEZ. Operating economic results increased by 49% to 29.4bn CZK compared to the previous year, while revenues rose at higher pace than expenses. Operating revenues rose by 21.8% to 125.1bn CZK and operating expenses rose only by 15.4% to 95.7bn CZK. At the end of the year CEZ Group consisted of total 93 companies, out of which 36 were consolidated fully and 5 by equivalence method. Newly, the yearly results included especially economic results of three Bulgarian distribution firms. The results for the last quarter included also performance of the Romanian distribution company Electrica Oltenia.

At the end of 2005 CEZ Group employed 29.905 people, a year-on-year increase of 7,137 represented the employees in the four foreign distribution firms in the region of South-Eastern Europe (7,662). The region of Central Europe recorded a reduction of 525 people.

Chosen CEZ Group consolidated results for 2005

 

2005 (CZK million)

2004 (CZK million)

Index 2005/2004

Operating revenues

125 083

102 670

121,8 %

 - sales of electricity

115 949

92 183

125,8 %

Operating expenses

95 663

82 885

115,4 %

EBIT(operating income)

29 420

19 785

148,7 %

Net income

22 298

14 268

156,3 %

Detailed information on www.cez.cz  (for investors, English version)

 

2001

2002

2003

2004

2005

Operating revenues

56 055

55 578

87 264

102 670

125 083

Net income

9 123

8 421

10 213

14 268

22 298

 

 

Ladislav Kříž, Press Officer, CEZ, a. s.

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