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Czech utility CEZ records YOY drop in 2018 net income, EBITDA

CEZ a.s. on March 19 reported full-year 2018 net income attributable to equity holders of the parent of 10.33 billion Czech koruny, or 19.3 koruny per share, compared with 18.77 billion koruny, or 35.1 koruny per share, in the previous year.

EBITDA was 49.54 billion koruny, a drop from 53.92 billion koruny in 2017. Revenues and other operating income totaled 184.49 billion koruny, compared with 205.09 billion koruny in the prior year.

Electricity generation by conventional facilities increased 1% year over year to 61.3 TWh, the Czech utility said. Generation from the company's new energy segment, consisting of wind turbines, photovoltaic and small hydroelectric power plants, was down 11% to 1.8 TWh.

"After years of year-on-year decreases in the realization prices of generated electricity, a rise in electricity prices in wholesale energy markets will have a significant effect on CEZ Group's financial performance in 2019," said CEZ Chairman and CEO Daniel Beneš.

Looking ahead, the utility is targeting full-year 2019 EBITDA in the range of 57 billion koruny to 59 billion koruny and net income in the range of 17 billion koruny to 19 billion koruny.

As of March 18, US$1 was equivalent to 22.59 Czech koruny.