Orano signs a contract with the Czech electric utility ČEZ for the supply of uranium enrichment services pg. 2

On February 8, 2023, ČEZ formally initiated arbitration against Gazprom export LLC by filing a Request for Arbitration under the arbitration rules of the International Chamber of Commerce (ICC).

Today, the sale of CEZ Group’s 50% stake in AKCEZ Enerji A.Ş. (AKCEZ), owned in a joint venture together with the Turkish partner AKKÖK Holding A.Ş. (AKKÖK), to Torunlar Enerji Sanayi ve Ticaret A.Ş. and Başkent Doğalgaz Dağıtım Gayrimenkul Yatırım Ortaklığı A.Ş. (Torunlar Group) was completed. The sales agreement was signed in July 2022, the transaction was subject to approval by the Turkish antitrust authority and the local energy regulator. AKCEZ comprises of three subsidiaries that deal with electricity distribution, energy sales and energy services.

EBITDA in Q1-Q3 reached CZK 95 bn, up by 6% year on year. The year-on-year comparison is affected by the extreme rise in commodity market prices following Russia’s military invasion of Ukraine last year and the subsequent introduction of a levy on excess revenues from generation. Net Income for Q1-Q3 reached CZK 29.8 bn, down by CZK 22.5 billion year-on-year. The decrease was caused by the newly introduced windfall tax of 60 percent, which increased this year’s costs by CZK 21 bn. CEZ Group raises its full-year 2023 EBITDA outlook to CZK 115 to 120 billion and confirms its net adjusted profit outlook of CZK 33 to 37 billion. This year, CEZ Group will pay CZK 118 to 125 bn to the Czech state in dividends, income taxes and a levy on excess revenues, which is over CZK 5 bn more than the company’s guidance of August 11.

Operating income before depreciation and amortization (EBITDA) reached CZK 62.4bn in the first half of the year, up 5% year on year. The year-on-year comparison is affected by extreme fluctuations in commodity prices, especially last year following Russia’s military invasion of Ukraine and the subsequently introduced levies on excess generation sales of CZK 11 billion. These costs almost eliminated the year-on-year increase in selling prices of electricity generated. Net income for H1 2023 reached CZK 22.3bn, down CZK 11.3bn year on year. The decrease was caused by the newly introduced windfall tax of 60 percent, which resulted in more than CZK 13bn charged to costs. CEZ Group confirms its 2023 full-year outlook: EBITDA of CZK 105 to 115bn and adjusted net income of CZK 33 to 37bn. CEZ Group will have paid CZK 110 to 120bn to the Czech state this year in dividends, income taxes and levies on excess generation sales.