Press releases pg. 28
ČEZ Group Raised This Year’s Profit Estimates by CZK 500 Million
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.
15. 8. 2011
CEZ to Acquire Energotrans and to Sell Its Stake in MIBRAG
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.
28. 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.
15. 7. 2011
CEZ Group’s Profit for Q1 2011 at CZK 17.2 Billion
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.