The contribution of foreign activities to the operating profit before depreciation was CZK0.3 billion higher year-on-year and totaled CZK4.3 billion. The positive impact of the electricity demand across Europe resulting from the economic growth was, however, reduced by the warm weather at the beginning of the year. Operating revenues reached CZK123.5 billion, rising by nearly 14%.
Electricity production in CEZ alone was 4.6% up on last year and amounted to 48.2TWh. The electricity generation in CEZ Group’s power plants, including outland power plants, reached 54,185GWh and was 13.4% up on the previous year.
Petr Voboril, CFO of CEZ, said: We are changing our estimate of CEZ Group’s whole-year net profit from the former CZK35.1 billion to CZK41.4 billion. Even if ‘business as usual’ posts net profit in the amount of CZK36.9 billion where the falls in distribution due to warm weather are more than covered by higher production and wholesale margins, maintenance optimization and other operating cost savings.
The total result is significantly increased by extraordinary influences, such as the impact of the tax reform amounting to CZK3 billion influenced by lower tax rates for differed tax calculation and a change in the estimate of non-invoiced electricity.
