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CEZ AS (CZAVF) Q2 2025 Earnings Call Highlights: Navigating Challenges with Strategic Growth
CEZ AS (CZAVF) Q2 2025 Earnings Call Highlights: Navigating Challenges with Strategic Growth

Yahoo

time08-08-2025

  • Business
  • Yahoo

CEZ AS (CZAVF) Q2 2025 Earnings Call Highlights: Navigating Challenges with Strategic Growth

EBITDA: CZK74 billion, up 7% year-on-year. Adjusted Net Income: CZK16.7 billion, down 21% year-on-year. Net Income: CZK16.5 billion, down 22% year-on-year. CapEx: CZK22.8 billion, up 11% year-on-year. Power Prices Impact: Negative effect of CZK6.4 billion year-on-year. Trading Profit: CZK1.9 billion, down from CZK3.9 billion in the previous year. Distribution Segment: Up by CZK3 billion due to higher allowed revenues and increased investments. GasNet Contribution: CZK6.4 billion to EBITDA for the first half of 2025. EBITDA Target: Increased by CZK5 billion to a range of CZK132 billion to CZK137 billion. Adjusted Net Income Target: Increased to a range of CZK26 billion to CZK30 billion. Depreciation: CZK55 billion, with CZK9 billion from GasNet. Windfall Tax: CZK29 billion to CZK33 billion. Nuclear Generation: Increased by 6% year-on-year. Renewable Generation: Down 17% year-on-year. Fossil Fuels Generation: Up 12% for the first half, expected to be down 4% for the full year. Distribution Segment Revenue: CZK9.4 billion, with CZK6.4 billion from GasNet. Sales Segment EBITDA: CEZ Prodej at CZK4.5 billion, up CZK3.2 billion year-on-year. ESCO Activities Revenue: 8% decline year-on-year, expected 7% increase for the full year. Warning! GuruFocus has detected 9 Warning Sign with CZAVF. Release Date: August 07, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points CEZ AS (CZAVF) reported a 7% increase in EBITDA, reaching almost CZK74 billion. The acquisition of GasNet significantly boosted EBITDA by CZK6.4 billion in the first half of 2025. The distribution segment saw a CZK3 billion increase due to higher allowed revenues and increased investments. CEZ AS (CZAVF) increased its EBITDA target by CZK5 billion, with a new range of CZK132 billion to CZK137 billion. The company reported a 6% increase in nuclear generation year-on-year, targeting 32 terawatt hours for the full year. Negative Points Adjusted net income decreased by 21% year-on-year, impacted by depreciation and accelerated depreciation on coal assets. The trading segment experienced a decline, with profits down by CZK2.1 billion due to lower market volatility. Renewable energy generation decreased by 17% due to less favorable natural conditions compared to the previous year. The sales segment's profitability is expected to decline in the second half of the year due to one-off payments and settlements. CEZ AS (CZAVF) faces pressure from declining power prices and a narrower spread between power prices and carbon credits. Q & A Highlights Q: Would CEZ be interested in M&A opportunities in the gas grid sector, particularly with potentially selling their gas grid in Czechia? A: Martin Novak, CFO, stated that CEZ does not comment on ongoing transactions or speculations regarding sale. However, he noted that CEZ has room for M&A activities, especially in the ESCO sector, but did not provide specifics on gas grid acquisitions. Q: What is CEZ's outlook on long-term power prices, given the current hedging for 2029 at EUR70 per megawatt hour? A: Martin Novak, CFO, explained that the hedging is straightforward and not speculative. Ludek Horn, Head of Trading, added that long-term power prices are expected to slightly decrease unless extraordinary events occur, as they are linked to natural gas and EUA prices. Q: Can you elaborate on the drivers behind the EBITDA guidance increase and whether these will impact 2026? A: Martin Novak, CFO, clarified that the drivers for the EBITDA guidance increase are specific to the period between May and August 2025. While some factors like higher power prices and cost savings might persist, the windfall tax is expected to only affect 2025, not 2026. Q: What is the expected EBITDA contribution from GasNet for 2025, and how does it compare to previous guidance? A: Martin Novak, CFO, indicated that GasNet's target is around CZK11 billion for 2025, not CZK13 billion. The guidance for GasNet's contribution has been adjusted to CZK7 billion to CZK8 billion, with the main driver for increased guidance in the distribution segment coming from electricity improvements. Q: Could you provide more details on the potential CapEx for the SMR project in the Czech Republic? A: Martin Novak, CFO, mentioned that the first SMR project in the Czech Republic would be at Temelin, but no specific CapEx numbers were disclosed. The financing scheme is expected to be similar to current state-financed projects. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.

This European capital just got a major new train station
This European capital just got a major new train station

Time Out

time06-08-2025

  • Time Out

This European capital just got a major new train station

Europe's rail travel renaissance means most of the spotlight is shed on new routes and services – but new train stations are opening, too, and the latest of these has just begun operations. Prague has just opened a brand-new major train station – its first in the last 40 years. Officially the Praha-Bubny railway station, operations kicked off on Friday August 1, and it features an enclosed arrival hall, elevated platforms with glass shelters and even planted trees (which are supported by a swish automated irrigation system). The new station has had 85 percent of its costs covered by the EU's Connecting Europe Facility (CEF) – around CZK 2.5 billion. The first services were to Výstaviště, with more added to the towns of Kladno and Kralupy nad Vltavou on Monday August 4. By 2030, the aim is to have a city-centre link with Václav Havel Airport, and Expats CZ reports that the Czech Railway Infrastructure Administration have confirmed that the permit for this has been secured. As part of the project is a new Prague-Výstaviště stop, just a little west of Bubny, which will facilitate new pedestrian links between Letná and Stromovka parks. But the historic parts of this area in Prague have not been forgotten about. An estimated 50,000 Czech Jews were deported from the original Bubny station during the Holocaust, so the original station building will be transformed into the Bubny Memorial and Dialogue centre to commemorate them. This should hopefully be open by 2027. It's not only an exciting development for Prague, but also for the surrounding regions, which will see vastly improved connectivity. Plus: It just got a whole lot easier to travel Japan by train.

Skanska builds the bypass I/12 near Prague, Czechia, for CZK 3.8 billion, about SEK 1.7 billion
Skanska builds the bypass I/12 near Prague, Czechia, for CZK 3.8 billion, about SEK 1.7 billion

Yahoo

time22-05-2025

  • Automotive
  • Yahoo

Skanska builds the bypass I/12 near Prague, Czechia, for CZK 3.8 billion, about SEK 1.7 billion

STOCKHOLM, May 22, 2025 /PRNewswire/ -- Skanska has signed a contract with National Highway Authority of the Czech Republic to build the bypass I/12 near Prague, Czechia. The contract is worth CZK 3.8 billion, about SEK 1.7 billion, which will be included in the order bookings for Europe for the second quarter of 2025. The project "I/12 Běchovice-Úvaly" will create a safe and high-capacity 12.6 kilometer, four-lane road, including 23 bridges and six multi-level crossings. This new bypass of the districts in the east of Prague will help the flow and safety by diverting transit traffic away from populated areas. Inside populated areas, this will reduce the burden on the environment and residents. Work will start in July 2025 and the completion is scheduled for end of 2027. For further information please contact:Ondřej Šuch, Head of External Affairs, Skanska Central Europe, tel +420 725 628 760Andreas Joons, Press Officer, Skanska Group, tel +46 (0)10 449 04 94 Direct line for media, tel +46 (0)10 448 88 99 This and previous releases can also be found at This information was brought to you by Cision The following files are available for download: 20250522 CZ bypass Prague Image Bechovice Uvaly View original content: SOURCE Skanska 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

CEZ AS (XPRA:CEZ) Q1 2025 Earnings Call Highlights: Revenue and EBITDA Growth Amidst Net Income ...
CEZ AS (XPRA:CEZ) Q1 2025 Earnings Call Highlights: Revenue and EBITDA Growth Amidst Net Income ...

Yahoo

time16-05-2025

  • 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

Man with Ukrainian flag attacked at populist gathering in Czechia
Man with Ukrainian flag attacked at populist gathering in Czechia

Yahoo

time29-04-2025

  • Politics
  • Yahoo

Man with Ukrainian flag attacked at populist gathering in Czechia

Czech police are investigating an attack on a young man with a Ukrainian flag that took place last week during an event held by the right-wing populist parties SPD, Trikolora, Svobodny and PRO in Brno. Source: European Pravda with reference to Brnensky Denik, a Czech news platform focussing on news from Brno Details: The incident took place on 24 April in the afternoon. As can be seen in the video posted on X (Twitter), several participants of the gathering verbally attacked a group of people, one of whom was holding a Ukrainian flag, urging them to return to Ukraine. They then tried to take the flag away from the young man. During the scuffle, another man knocked the young man with the flag down. After that, several other people joined the incident. The victim reported the incident to the police. Quote from the police spokesman Pavel Schwab: "This person contacted us this morning [Monday 28 April - ed.] to report the incident, we are investigating it and will determine whether it is a criminal offence." SPD leader Tomio Okamura told the iDnes website that the attack took place after a political gathering ended and claimed that the young man attacked first. "On the empty streets of Brno, a Ukrainian activist was the first to elbow a defenceless Czech woman. A man then stood up for the woman. Of course, I condemn any violence," Okamura said. The attack was condemned on X by the human rights ombudsman Klara Šimáčková-Laurenčiková. "The most disgusting manifestation of aggression and prejudiced hatred. I will immediately contact the police. I believe in fair punishment," she said. The news website notes that during the demonstration in front of Brno Town Hall, politicians made harsh statements against the current government, "black migrants", LGBT people and Ukrainians. Okamura, in particular, claimed that Petr Fiala's cabinet had "allocated 232 billion CZK (US$1.4 billion) to Ukrainian refugees at the expense of Czech pensioners". He also promised to deport refugees and "revoke the residence permits of all Ukrainians who receive benefits here and are not working". The leader of the PRO party, Jindřich Rajchl, said that he "agrees with Donald Trump that Ukraine is to blame for the war, that it did not fulfil and did not want to fulfil the Minsk agreements". "I agree with Donald Trump that Volodymyr Zelenskyy is a dictator," Rajchl said. Background: Czechs trust Ukrainian President Volodymyr Zelenskyy more than Kremlin leader Vladimir Putin, while Slovaks trust the Russian ruler more. In early February, Czech President Petr Pavel signed an amended law to extend protection to refugees from Ukraine, criminalise unauthorised activities in favour of a foreign state, and tighten conditions for Russian applicants for Czech citizenship. Support Ukrainska Pravda on Patreon!

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