Latest news with #CEZAS
Hindustan Times
2 days ago
- Business
- Hindustan Times
Minister of this country resigned over $45 million ‘Bitcoin gift from drug dealer'
Czech Republic's justice minister Pavel Blazek on Friday stepped down amid growing public and political pressure over his ministry's handling of a controversial Bitcoin donation linked to a convicted criminal. The scandal erupted after local media reported that the ministry had accepted a 'cryptocurrency gift' from a convicted drug dealer, later selling the Bitcoin for around 1 billion koruna (approximately $45 million), according to a Bloomberg report. State prosecutors then launched an investigation into the matter. Although Blazek denied any wrongdoing, he announced his resignation on social media platform X, stating that he was unaware of any illegal activity but did not want to tarnish the government's image. "I don't want to damage the reputation of the government, nor the governing coalition," he wrote. Earlier, Czech Republic's justice minister Pavel Blazek defended the transaction, arguing there was no evidence that the cryptocurrency had criminal origins. Nonetheless, the revelation sparked a political storm, especially with national elections looming in October. Prime Minister Petr Fiala, whose coalition is currently lagging behind in the polls, acknowledged Pavel Blazek's intentions and described the resignation as a 'responsible' act. 'I'm convinced Minister Blazek acted in good faith,' Fiala said, while noting the move was necessary to protect the integrity of the government. Elections are due in October in Czech Republic, where its most popular political party has pledged to seek full state ownership in power producer CEZ AS to boost energy security if it returns to government. The ANO group, led by billionaire former Prime Minister Andrej Babis, is weighing three different paths to raise the government's ownership to 100 per cent from 70 per cent, the party's deputy leader Karel Havlicek said in an interview, according to Bloomberg. The buyout of minority stakes in the biggest traded generator in eastern Europe, with a market value of about $29 billion, would be funded by CEZ itself, he said.
Bloomberg
4 days ago
- Business
- Bloomberg
Czech Election Frontrunners Prepare State Buyout of CEZ Utility
The Czech Republic's most popular political party pledged to seek full state ownership in power producer CEZ AS to boost energy security if it returns to government after elections due in October. The ANO group, headed by billionaire former Prime Minister Andrej Babis, is weighing three different paths to raise the government's ownership to 100% from 70%, the party's deputy leader Karel Havlicek said in an interview.
Yahoo
16-05-2025
- Business
- Yahoo
CEZ AS (XPRA:CEZ) Q1 2025 Earnings Call Highlights: Revenue and EBITDA Growth Amidst Net Income ...
Operating Revenue: 93.4 billion CZK, a 7% increase year-on-year. EBITDA: 43 billion CZK, a 7% increase. Net Income: 12.8 billion CZK, a 6% decline. CapEx: Nearly 7 billion CZK, a 6% decline. Dividend Proposal: 47 CZK per share, 80% of adjusted net income. EBITDA Guidance for 2025: Increased to 127-132 billion CZK. Net Income Guidance for 2025: Maintained at 25-29 billion CZK. Distribution Growth: Over 50% year-on-year, driven by inclusion of GasNet and increased investments. Sales Segment Growth: Almost 90% year-on-year, influenced by lower cost deviations and colder winter. Gas Volume Growth: 12% increase due to colder winter. Electricity Volume Growth: 0.7% increase, indicating economic recovery. Renewable Generation Decline: 39% decrease due to dry winter. Coal Generation Increase: 24% increase due to colder winter. Hedging Update: 2/3 sold for 2026, with average achieved price of 94. Warning! GuruFocus has detected 10 Warning Sign with XPRA:CEZ. Release Date: May 15, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. CEZ AS (XPRA:CEZ) reported a 7% year-on-year increase in operating revenue, reaching 93.4 billion Czech crowns. The company's EBITDA also improved by 7%, reaching 43 billion Czech crowns. CEZ AS (XPRA:CEZ) successfully disposed of its Polish power plants, achieving a profit of 1 billion Czech crowns. The company signed a contract with the Czech government to transfer 80% of shares in a new nuclear project, which will not impact its balance sheet with future debt. CEZ AS (XPRA:CEZ) proposed a dividend of 47 Czech crowns per share, representing 80% of adjusted net income, indicating strong financial health. Net income declined by 6% compared to the first quarter of 2024, reaching 12.8 billion Czech crowns. CapEx saw a slight decline of 6%, reaching almost 7 billion Czech crowns. The company faced a negative impact of 5.5 billion Czech crowns due to declining power prices. Depreciation and amortization increased by 66%, driven by accelerated depreciation of coal assets and inclusion of gasnet. The generation segment experienced a decline of 5.5 billion Czech crowns, mainly due to price effects and lower output from renewables. Q: Can you explain the increase in depreciation and amortization guidance and its impact on net income? A: Martin Novak, CFO, explained that the increase is due to higher depreciation on gas net assets and nuclear assets, which was underestimated. Despite the increase in EBITDA, the windfall tax impacts net income, particularly for power generators like CEZ, which is why the net income guidance remains unchanged. Q: Are there any tangible plans for nationalizing CEZ under a different government? A: Pavel Cyrani, Vice Chairman, stated that discussions about increasing government ownership are part of the election campaign, and it's difficult to comment on the rationale. The future strategy will depend on the election results and the new government's plans. Q: With the sale of the new nuclear project, where do you see the best opportunities to reinvest freed-up CapEx? A: Martin Novak noted that the sale preserves funds for planned investments rather than freeing up new funds. CEZ plans to invest heavily in distribution, renewables, and prolonging the life of current nuclear assets, with a focus on maintaining a balanced debt capacity. Q: What is the current average power price and volume for this year? A: Martin Novak stated that the current estimate is between 120 and 125 per megawatt hour, as included in their financial guidance. Q: What are the implications of the nuclear project disposal on liabilities and operational roles? A: Martin Novak clarified that the contingent equity liability of 1.7 billion is now removed. CEZ retains a 20% stake with a contract ensuring a 10% return on equity, with no significant risk involved. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
22-04-2025
- Business
- Bloomberg
CEZ Nears Sale of Nuclear Power Project to Czech State
CEZ AS, the biggest traded electricity producer in eastern Europe, is close to selling a nuclear project to the Czech government, people with knowledge of the matter said. The utility is preparing to divest a majority stake in EDU II, a special-purpose unit set up to commission two Korean reactors at its aging Dukovany complex, the people said. The deal may be announced in the coming weeks, they said, asking not to be identified discussing private talks. Terms weren't disclosed.
