Q2 2024 CEZ as Earnings Call Transcript
Key Points
- CEZ AS (CZAVF) reported an 11% increase in EBITDA, reaching CZK69.2 billion.
- Net income grew by 5% to CZK21.1 billion compared to the previous year.
- The company raised its full-year EBITDA guidance to CZK118 billion to CZK122 billion.
- Distribution segment showed a positive impact of CZK1.4 billion, indicating stability.
- CEZ AS (CZAVF) ranks among the top 10% of companies globally in ESG performance.
- Operating cash flow was negative by almost 50%, attributed to margin payments.
- The trading profit decreased by CZK3.2 billion due to lower income from proprietary trading.
- Mining segment EBITDA was CZK1.5 billion below last year, affected by a warm winter.
- Net income faced a negative impact from higher depreciation, amortization, and interest expenses.
- The company is involved in arbitration with Gazprom over gas supply issues, adding legal uncertainty.
Hello, everyone and welcome on First Half 2024 Results Call of CEZ Group. Itâs my pleasure to welcome Martin Novak, Chief Financial Officer, who will go through the presentation. And I also have Ludek Horn, Head of Trading, with me who will be also available for the Q&A part.
Now Iâm handing over to Martin to go through the presentation.
Good afternoon. Good morning, everybody. So, letâs start with the financial highlights and our full year outlook. As you can see on Slide number 3, our EBITDA has grown by CZK6.8 billion to CZK69.2 billion, or 11%. Net income has reached CZK21.1 billion, which is 5% growth last yearâs numbers.
Operating cash flow is negative by almost 50%. This is due to margin -- basically margins that were paid to the market due to higher prices in 2022 and that were actually coming back in 2023. So that is the main effect actually of very high operating cash flow in 2023, where the margins were actually coming
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