CEZ's net debt stood at CZK 90,112 mil and accounted for 35.8% of equity at the end of 2Q2020. The ratio is up 1.94 pp compared to the previous year.
Historically, the firm’s net debt to equity reached a high of 68.2% in 4Q2011 and a low of -1.12% in 3Q2018 between 4Q1993 and 2Q2020. The average for the last five years was 36.2%.
Net debt to EBITDA was calculated at 1.45x at the end of the quarter. That is up from 2.08x seen in 2015-06-30. The ratio reached a high of 2.75x in 4Q1999 and a low of -0.049x in 3Q2018.
The company’s cost of funding amounted to 3.32% in 2Q2020, down which is above the 5-year of 3.36%. Funding costs have “eaten” some 45.6% of the operating profit generated in 2019.