CEZ

CEZ's net profit rose 31.4% to CZK 18,765 mil in 2017

By Helgi Analytics - November 05, 2019

CEZ made a net profit of CZK 18,765 mil in 2017, up 31.4% when compared to the last year. Total sales reached CZK 201,906 mil, which...

CEZ's price/earnings (P/E) fell 12.1% to 14.1 in 2017

By Helgi Analytics - November 05, 2019

CEZ stock traded at CZK 497 per share at the end 2017 translating into a market capitalization of USD 12,439 mil. Since the en...

CEZ's employees rose 10.4% to 29,698 in 2017

By Helgi Analytics - November 05, 2019

CEZ employed 29,698 persons in 2017, up 10.4% when compared to the previous year. Historically, the firm's workforce hit an all time...

Profit Statement 2015 2016 2017
Sales CZK mil 210,167 203,744 201,906
Gross Profit CZK mil 106,209 102,300 102,331
EBITDA CZK mil 57,580 55,092 54,925
EBIT CZK mil 28,961 26,114 25,620
Financing Cost CZK mil 2,853 2,762 3,761
Pre-Tax Profit CZK mil 26,895 19,328 22,753
Net Profit CZK mil 20,739 14,281 18,765
Dividends CZK mil 21,325 17,618 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 602,686 630,841 626,207
Non-Current Assets CZK mil 493,055 489,254 487,953
Current Assets CZK mil 109,631 141,587 138,254
Working Capital CZK mil -3,430 -16,665 -19,933
Shareholders' Equity CZK mil 272,155 261,360 254,322
Liabilities CZK mil 330,531 369,481 371,885
Total Debt CZK mil 157,494 167,816 152,169
Net Debt CZK mil 144,012 156,590 139,546
Ratios 2015 2016 2017
ROE % 7.71 5.35 7.28
ROCE % 4.20 2.97 3.99
Gross Margin % 50.5 50.2 50.7
EBITDA Margin % 27.4 27.0 27.2
EBIT Margin % 13.8 12.8 12.7
Net Margin % 9.87 7.01 9.29
Net Debt/EBITDA 2.50 2.84 2.54
Net Debt/Equity % 52.9 59.9 54.9
Cost of Financing % 1.67 1.70 2.35
Valuation 2015 2016 2017
Market Capitalisation USD mil 9,562 8,960 12,439
Enterprise Value (EV) USD mil 15,363 15,067 18,983
Number Of Shares mil 534 534 534
Share Price CZK 444 430 497
EV/EBITDA 6.37 6.90 8.12
EV/Sales 1.74 1.87 2.21
Price/Earnings (P/E) 11.4 16.1 14.1
Price/Book Value (P/BV) 0.872 0.879 1.04
Dividend Yield % 8.98 7.67 ...

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summary Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                                  
Sales CZK mil                                     209,761 215,095 216,988 200,657 210,167    
Gross Profit CZK mil ...                                   126,751 127,598 124,150 111,966 106,209    
EBIT CZK mil ...                                   59,446 58,986 45,690 36,946 28,961    
Net Profit CZK mil                                     40,756 41,429 35,886 22,403 20,739    
ROE % ... ... ...                               17.7 17.0 13.9 8.48 7.71    
EBIT Margin % ... ... ...                               28.3 27.4 21.1 18.4 13.8    
Net Margin % ... ... ...                               19.4 19.3 16.5 11.2 9.87    
Employees                                     31,420 31,308 26,582 26,255 25,862    
balance sheet                                                  
Total Assets CZK mil                                     598,301 636,070 640,394 627,870 602,686    
Non-Current Assets CZK mil                                     467,301 494,897 485,932 497,516 493,055    
Current Assets CZK mil                                     131,000 141,173 154,462 130,354 109,631    
Shareholders' Equity CZK mil                                     232,190 254,219 262,766 265,851 272,155    
Liabilities CZK mil                                     366,111 381,851 377,628 362,019 330,531    
Non-Current Liabilities CZK mil                                     240,700 262,908 238,863 234,071 236,832    
Current Liabilities CZK mil                                     125,411 118,943 119,564 107,339 93,699    
Net Debt/EBITDA ... ... ...                               1.87 2.02 2.36 2.54 2.50    
Net Debt/Equity % ... ... ...                               71.7 68.8 66.2 61.7 52.9    
Cost of Financing % ... ... ... ... ... ...                         3.93 3.33 1.60 1.59 1.67    
cash flow                                                  
Total Cash From Operations CZK mil ... ... ...                               61,773 64,612 72,202 70,920 72,579    
Total Cash From Investing CZK mil ... ... ...                               -52,876 -53,135 -39,832 -34,680 -31,570    
Total Cash From Financing CZK mil ... ... ...                               -9,021 -15,795 -25,741 -41,105 -47,374    
Net Change In Cash CZK mil ... ... ...                               -124 -4,318 6,629 -4,865 -6,365    
valuation                                                  
Market Capitalisation USD mil ... ... ... ... ... ...                         21,262 19,104 13,925 13,776 9,562    
Number Of Shares mil ...                                   534 534 534 534 534    
Share Price CZK ... ... ... ... ... ...                         786 680 517 591 444    
Earnings Per Share (EPS) CZK ... ... ...                               76.3 77.6 67.2 41.9 38.8    
Book Value Per Share CZK ... ... ...                               435 476 492 498 509    
Dividend Per Share CZK ... ... ... ... ... ... ...                       44.9 40.0 40.0 40.0 39.9   ...
Price/Earnings (P/E) ... ... ... ... ... ...                         10.3 8.77 7.69 14.1 11.4    
Price/Book Value (P/BV) ... ... ... ... ... ...                         1.81 1.43 1.05 1.19 0.872    
Dividend Yield % ... ... ... ... ... ... ...                       5.72 5.88 7.74 6.77 8.98   ...
Earnings Per Share Growth % ... ... ... ...                             -13.4 1.64 -13.4 -37.6 -7.45    
Book Value Per Share Growth % ... ... ... ...                             2.22 9.49 3.36 1.17 2.35    
income statement Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                                  
Sales CZK mil                                     209,761 215,095 216,988 200,657 210,167    
Cost of Goods & Services CZK mil ...                                   83,010 87,497 92,838 88,691 103,958    
Gross Profit CZK mil ...                                   126,751 127,598 124,150 111,966 106,209    
Staff Cost CZK mil ...                                   18,105 18,707 18,698 18,852 17,758    
Other Cost CZK mil ... ... ...                               19,877 22,209 31,860 28,463 30,871    
EBITDA CZK mil ... ... ...                               88,769 86,682 73,592 64,651 57,580    
Depreciation CZK mil ... ... ...                               29,323 27,696 27,902 27,705 28,619    
EBIT CZK mil ...                                   59,446 58,986 45,690 36,946 28,961    
Financing Cost CZK mil ...     ... ... ...                         6,956 6,369 3,127 3,042 2,853    
Extraordinary Cost CZK mil ...     ... ... ...                         538 1,660 -1,843 5,248 -787    
Pre-Tax Profit CZK mil                                     51,952 50,957 44,406 28,656 26,895    
Tax CZK mil                                     11,199 10,804 9,199 6,224 6,348    
Minorities CZK mil ... ... ... ... ... ...                         -3.00 -1,276 -679 29.0 192    
Net Profit CZK mil                                     40,756 41,429 35,886 22,403 20,739    
Dividends CZK mil ... ... ... ... ... ... ...                       23,995 21,340 21,365 21,365 21,325   ...
growth rates                                                  
Total Revenue Growth % ...                                   5.49 2.54 0.880 -7.53 4.74    
Operating Cost Growth % ... ... ... ...                             18.6 7.72 23.6 -6.41 2.78    
EBITDA Growth % ... ... ... ...                             -7.06 -2.35 -15.1 -12.1 -10.9    
EBIT Growth % ... ...                                 -8.38 -0.774 -22.5 -19.1 -21.6    
Pre-Tax Profit Growth % ...                                   -11.5 -1.92 -12.9 -35.5 -6.15    
Net Profit Growth % ...                                   -13.4 1.65 -13.4 -37.6 -7.43    
ratios                                                  
ROE % ... ... ...                               17.7 17.0 13.9 8.48 7.71    
ROCE % ... ... ...                               8.68 8.47 7.25 4.49 4.20    
Gross Margin % ... ... ...                               60.4 59.3 57.2 55.8 50.5    
EBITDA Margin % ... ... ...                               42.3 40.3 33.9 32.2 27.4    
EBIT Margin % ... ... ...                               28.3 27.4 21.1 18.4 13.8    
Net Margin % ... ... ...                               19.4 19.3 16.5 11.2 9.87    
Payout Ratio % ... ... ... ... ... ... ...                       58.9 51.5 59.5 95.4 103   ...
Cost of Financing % ... ... ... ... ... ...                         3.93 3.33 1.60 1.59 1.67    
Net Debt/EBITDA ... ... ...                               1.87 2.02 2.36 2.54 2.50    
balance sheet Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                                  
Non-Current Assets CZK mil                                     467,301 494,897 485,932 497,516 493,055    
Property, Plant & Equipment CZK mil                                     386,837 419,754 425,662 426,542 421,364    
Intangible Assets CZK mil                                     16,553 21,604 20,701 20,611 20,164    
Current Assets CZK mil                                     131,000 141,173 154,462 130,354 109,631    
Inventories CZK mil ...                                   9,344 11,703 10,606 9,943 8,577    
Receivables CZK mil ...                                   57,726 56,561 67,485 50,864 46,003    
Cash & Cash Equivalents CZK mil ...                                   23,083 17,957 25,003 20,095 13,482    
Total Assets CZK mil                                     598,301 636,070 640,394 627,870 602,686    
Shareholders' Equity CZK mil                                     232,190 254,219 262,766 265,851 272,155    
Of Which Minority Interest CZK mil ... ... ... ... ... ... ... ... ... ...                 5,365 3,984 4,690 4,543 4,262    
Liabilities CZK mil                                     366,111 381,851 377,628 362,019 330,531    
Non-Current Liabilities CZK mil                                     240,700 262,908 238,863 234,071 236,832    
Long-Term Debt CZK mil ...                                   164,685 176,106 168,196 160,852 145,575    
Deferred Tax Liabilities CZK mil ... ... ...       ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 22,053    
Current Liabilities CZK mil                                     125,411 118,943 119,564 107,339 93,699    
Short-Term Debt CZK mil ...                                   24,764 16,789 30,820 23,282 11,919    
Trade Payables CZK mil ...                                   45,893 73,267 63,297 60,331 58,010    
Provisions CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 68,744    
Equity And Liabilities CZK mil                                     598,301 636,070 640,394 627,870 602,686    
growth rates                                                  
Total Asset Growth % ...                                   9.91 6.31 0.680 -1.96 -4.01    
Shareholders' Equity Growth % ...                                   2.26 9.49 3.36 1.17 2.37    
Net Debt Growth % ... ... ... ...                             25.4 5.15 -0.529 -5.73 -12.2    
Total Debt Growth % ... ... ... ...                             15.2 1.82 3.17 -7.48 -14.5    
ratios                                                  
Total Debt CZK mil ... ... ...                               189,449 192,895 199,016 184,134 157,494    
Net Debt CZK mil ... ... ...                               166,366 174,938 174,013 164,039 144,012    
Working Capital CZK mil ... ... ...                               21,177 -5,003 14,794 476 -3,430    
Capital Employed CZK mil ... ... ...                               488,478 489,894 500,726 497,992 489,625    
Net Debt/Equity % ... ... ...                               71.7 68.8 66.2 61.7 52.9    
Cost of Financing % ... ... ... ... ... ...                         3.93 3.33 1.60 1.59 1.67    
cash flow Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                                  
Net Profit CZK mil                                     40,756 41,429 35,886 22,403 20,739    
Depreciation CZK mil ... ... ...                               29,323 27,696 27,902 27,705 28,619    
Non-Cash Items CZK mil ... ... ...                               418 -30,693 29,491 6,494 19,315    
Change in Working Capital CZK mil ... ... ...                               -8,724 26,180 -20,764 14,318 3,906    
Total Cash From Operations CZK mil ... ... ...                               61,773 64,612 72,202 70,920 72,579    
Capital Expenditures CZK mil ... ... ...                               -53,241 -53,518 -45,626 -35,798 -31,909    
Other Investments CZK mil ... ... ... ... ... ...                         365 383 5,794 1,118 339    
Total Cash From Investing CZK mil ... ... ...                               -52,876 -53,135 -39,832 -34,680 -31,570    
Dividends Paid CZK mil ... ... ... ... ... ... ... ...                     -26,655 -23,995 -21,336 -21,320 -21,309    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ...                     169 0 0 0 0    
Issuance Of Debt CZK mil ... ... ...                               25,005 3,446 6,121 -14,882 -26,640    
Total Cash From Financing CZK mil ... ... ...                               -9,021 -15,795 -25,741 -41,105 -47,374    
Net Change In Cash CZK mil ... ... ...                               -124 -4,318 6,629 -4,865 -6,365    
ratios                                                  
Days Sales Outstanding days ... ... ...                               100 96.0 114 92.5 79.9    
Days Sales Of Inventory days ... ... ...                               41.1 48.8 41.7 40.9 30.1    
Days Payable Outstanding days ... ... ...                               202 306 249 248 204    
Cash Conversion Cycle days ... ... ...                               -60.3 -161 -93.6 -115 -93.7    
Cash Earnings CZK mil ... ... ...                               70,079 69,125 63,788 50,108 49,358    
Cash Earnings Per Share CZK ... ... ...                               131 129 119 93.8 92.4    
Price/Cash Earnings (P/CE) ... ... ... ... ... ...                         5.99 5.25 4.33 6.30 4.81    
Free Cash Flow CZK mil ... ... ...                               8,897 11,477 32,370 36,240 41,009    
Free Cash Flow Yield % ... ... ... ... ... ...                         2.37 3.07 11.9 12.3 18.0    
other data Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                                  
ROA % ... ... ...                               7.13 6.71 5.62 3.53 3.37    
Gross Margin % ... ... ...                               60.4 59.3 57.2 55.8 50.5    
Employees                                     31,420 31,308 26,582 26,255 25,862    
Cost Per Employee USD per month ...                                   2,715 2,546 2,996 2,800 2,397    
Cost Per Employee (Local Currency) EUR per month ... ... ...                               48,019 49,793 58,617 59,836 57,220    
Staff Cost (As % Of Total Cost) % ... ... ...                               12.0 12.0 10.9 11.5 9.80    
Effective Tax Rate % ... ... ...                               21.6 21.2 20.7 21.7 23.6    
Enterprise Value (EV) USD mil ... ... ... ... ... ...                         29,689 28,305 22,700 20,935 15,363    
EV/EBITDA ... ... ... ... ... ...                         5.92 6.39 6.04 6.92 6.37    
EV/Capital Employed ... ... ... ... ... ...                         1.20 1.10 0.899 0.963 0.779    
EV/Sales ... ... ... ... ... ...                         2.50 2.57 2.05 2.23 1.74    
EV/EBIT ... ... ... ... ... ...                         8.83 9.39 9.72 12.1 12.7    
Production of Electricity (GWh) GWh ... ... ... ...                             69,209 68,832 66,625 63,124 60,917    
Sales of Electricity (GWh) GWh ... ... ... ...     ... ...                     42,846 41,867 36,511 35,139 37,933    
Sales of Heat (TJ) TJ             ... ...                     15,249 19,467 24,633 21,276 22,256    
Sales of Natural Gas (GWh) GWh ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3,514 5,895 6,108 5,417 6,840    
Sales Of Electricity CZK mil ... ... ...       ... ... ...                   181,793 186,797 189,356 173,819 182,105    
Gains And Losses From Energy Trading CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...         5,843 4,588 1,579 2,861 ...    
Sales Of Gas, Coal, Heat And Other CZK mil ... ... ... ... ... ... ... ... ...                   22,125 23,710 26,053 23,977 ...    
Electricity (As % Of Sales) % ... ... ... ... ... ... ... ... ...                   86.7 86.8 87.3 86.6 86.6    
Energy Trading (As % Of Sales) % ... ... ... ... ... ... ... ... ... ... ... ... ... ...         2.79 2.13 0.728 1.43 ...    
Gas, Coal, Heat And Other (As % Of Sales) % ... ... ... ... ... ... ... ... ...                   10.5 11.0 12.0 11.9 ...    
Sales Price of Electricity per MWh EUR ... ... ... ...     ... ... ...               ... ... ... ... ... ... ... ... ...
Installed Capacity (MW) MW                                     15,122 15,781 15,166 16,038 15,920    
Installed Capacity (As % Of Total Market) %             ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Electricity Production (As % Of Total Market) % ... ... ... ...     ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Capital Expenditures (As % of Sales) % ... ... ...                               25.4 24.9 21.0 17.8 15.2    

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Nov 2018
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Company Report

CEZ's Net Margin rose 32.6% to 9.29% in 2017

By Helgi Analytics - November 05, 2019

CEZ made a net profit of CZK CZK 18,765 mil under revenues of CZK 201,906 mil in 2017, up 31.4% and -0.902%, respectively, when compared to the last year. This translates into a net margin of 9.29%. Historically, the firm’s net margin reached an all time high of ...

CEZ's Net Debt/EBITDA fell 10.6% to 2.54 in 2017

By Helgi Analytics - November 05, 2019

CEZ's net debt reached CZK 139,546 mil and accounted for 54.9% of equity at the end of 2017. The ratio is down 8.42% when compared to the previous year. Historically, the firm’s net debt to equity reached an all time high of 71.7% in 2011 and an all time low of 5...

CEZ's Capital Expenditures fell 13.7% to CZK 30,688 mil in 2017

By Helgi Analytics - November 05, 2019

CEZ invested total of CZK 30,688 mil in 2017, down 13.7% when compared to the previous year. Historically, company's investments reached an all time high of CZK 70,791 mil in 2009 and an all time low of CZK 10,330 mil in 2002. When compared to total sal...

CEZ's Total Cash From Operations fell 6.42% to CZK 45,812 mil in 2017

By Helgi Analytics - November 05, 2019

CEZ's operating cash flow reached CZK 45,812 mil in 2017, down 6.42% when compared to the previous year. Historically, the firm’s operating cash flow reached an all time high of CZK 87,354 mil in 2009 and an all time low of CZK 18,766 mil in 1996. CEZ's tota...

CEZ's ROCE rose 34.4% to 3.99% in 2017

By Helgi Analytics - November 05, 2019

CEZ made a net profit of CZK 18,765 mil in 2017, up 31.4% when compared to the previous year. Historically, company's net profit reached an all time high of CZK 51,547 mil in 2009 and an all time low of CZK 4,290 mil in 1999. This implies return on equity of 7...

CEZ's Cash & Cash Equivalents rose 12.4% to CZK 12,623 mil in 2017

By Helgi Analytics - November 05, 2019

CEZ's total assets reached CZK 626,207 mil at the end of 2017, up 8.14% when compared to the previous year. Current assets amounted to CZK 138,254 mil, or 22.1% of total assets while cash reached CZK 12,623 mil at the end of 2017. On the other hand, total debt reached CZK ...

CEZ's Share Price fell 3.22% to CZK 430 in 2016

By Helgi Analytics - November 05, 2019

CEZ stock traded at CZK 430 per share at the end 2016 implying a market capitalization of USD 8,960 mil. Since the end of 2011, the stock has depreciated by -45.3% implying an annual average growth of -11.4%. In absolute terms, the value of the company ...

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ČEZ, a.s. is a Czech Republic-based company engaged in the production and distribution of electricity. The Company's core businesses are generation and distribution of electricity, electricity trading, generation and distribution of heat, gas trading, and relate activities. The Company's activities are divided into four segments: Production, Distribution, Mining, and Other Business. It operates various types of power plants: nuclear, coal, hydro, biomass, photovoltaic, wind and natural gas. Apart from its domestic Czech market, ČEZ Group operates also in Albania, Bulgaria, Germany, Hungary, Poland, Romania, Slovakia and Turkey. In 1994, a minor stake in the company was privatized using voucher privatization and further 7% of the company has been sold through a stock market in 2007. Still, the Czech Republic remained the company’s largest shareholder with nearly a 70% stake at the end of 2014.