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CEZ

CEZ's net profit fell 82.1% yoy to CZK 632 mil in 2Q2020

By Helgi Analytics - August 26, 2020

CEZ made a net profit of CZK 632 mil in 2Q2020, down 82.1% compared to the previous year. Total sales reached CZK 48,189 mil, wh...

CEZ's ROCE fell 82.5% yoy to 0.490% in 2Q2020

By Helgi Analytics - August 26, 2020

CEZ made a net profit of CZK 632 mil in 2Q2020, down 82.1% compared to the previous year. Historically, between 1Q1993 and 2...

CEZ's Net Margin fell 82.5% yoy to 1.31% in 2Q2020

By Helgi Analytics - August 26, 2020

CEZ made a net profit of CZK 632 mil with revenues of CZK 48,189 mil in 2Q2020, down by 82.1% and up by 2.50%, respectively,...

Annual Quarterly
Profit Statement 2017 2018 2019
Sales CZK mil 199,000 181,318 201,781
Gross Profit CZK mil 99,425 81,742 102,204
EBITDA CZK mil 58,880 51,925 59,541
EBIT CZK mil 25,620 19,759 26,429
Financing Cost CZK mil 5,379 6,977 7,366
Pre-Tax Profit CZK mil 22,753 13,517 18,411
Net Profit CZK mil 18,765 10,327 14,373
Dividends CZK mil 17,635 13,372 12,851
Balance Sheet 2017 2018 2019
Total Assets CZK mil 623,906 707,443 704,574
Non-Current Assets CZK mil 487,953 480,447 501,936
Current Assets CZK mil 135,953 226,996 202,638
Working Capital CZK mil 11,818 18,944 9,439
Shareholders' Equity CZK mil 254,322 239,281 255,364
Liabilities CZK mil 369,584 468,162 449,210
Total Debt CZK mil 154,307 160,966 171,893
Net Debt CZK mil 138,331 60,511 102,088
Ratios 2017 2018 2019
ROE % 7.28 4.18 5.81
ROCE % 3.71 2.07 2.84
Gross Margin % 50.0 45.1 50.7
EBITDA Margin % 29.6 28.6 29.5
EBIT Margin % 12.9 10.9 13.1
Net Margin % 9.43 5.70 7.12
Net Debt/EBITDA 2.35 1.17 1.71
Net Debt/Equity % 54.4 25.3 40.0
Cost of Financing % 3.34 4.43 4.43
Valuation 2017 2018 2019
Market Capitalisation USD mil 12,490 12,734 12,048
Enterprise Value (EV) USD mil 18,987 15,428 16,561
Number Of Shares mil 534 535 535
Share Price CZK 497 477 475
EV/EBITDA 7.57 6.50 6.27
EV/Sales 2.24 1.86 1.85
Price/Earnings (P/E) 14.1 24.7 17.7
Price/Book Value (P/BV) 1.04 1.07 0.996
Dividend Yield % 6.65 6.92 5.05

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overview 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 2018 2019
income statement                                                      
Sales CZK mil                                         216,988 195,445 206,134 201,641 199,000    
Gross Profit CZK mil                                         124,150 106,754 102,176 100,197 99,425    
EBIT CZK mil                                         45,690 34,085 28,961 26,114 25,620    
Net Profit CZK mil                                         35,886 22,403 20,739 14,281 18,765    
                                                         
ROE % ...                                       13.9 8.48 7.71 5.35 7.28    
EBIT Margin %                                         21.1 17.4 14.0 13.0 12.9    
Net Margin %                                         16.5 11.5 10.1 7.08 9.43    
Employees                                         26,746 26,248 25,826 26,300 29,837    
balance sheet                                                      
Total Assets CZK mil                                         640,394 627,870 602,686 630,841 623,906    
Non-Current Assets CZK mil                                         485,932 497,516 493,055 489,254 487,953    
Current Assets CZK mil                                         154,462 130,354 109,631 141,587 135,953    
                                                         
Shareholders' Equity CZK mil                                         262,766 265,851 272,155 261,360 254,322    
Liabilities CZK mil                                         377,628 362,019 330,531 369,481 369,584    
Non-Current Liabilities CZK mil                                         258,064 252,189 236,832 240,041 241,603    
Current Liabilities CZK mil                                         119,564 109,830 93,699 129,440 127,981    
                                                         
Net Debt/EBITDA                                         2.04 2.26 1.92 2.25 2.35    
Net Debt/Equity %                                         59.8 55.4 48.5 52.7 54.4    
Cost of Financing % ...                                       2.33 0.948 0.686 0.780 3.34    
cash flow                                                      
Total Cash From Operations CZK mil                                         72,202 70,675 72,579 48,953 45,812    
Total Cash From Investing CZK mil                                         -39,832 -34,647 -31,570 -34,571 -20,212    
Total Cash From Financing CZK mil                                         -25,741 -40,893 -47,374 -16,540 -24,107    
Net Change In Cash CZK mil                                         7,048 -4,908 -6,613 -2,152 1,293    
valuation                                                      
Market Capitalisation USD mil ... ...                                     14,028 13,876 9,545 8,966 12,490    
Enterprise Value (EV) USD mil ... ...                                     21,924 20,316 14,848 14,328 18,987    
Number Of Shares mil                                         534 534 534 534 534    
Share Price CZK ... ...                                     517 591 444 430 497    
Price/Earnings (P/E) ... ...                                     7.69 14.1 11.5 16.1 14.1    
Price/Cash Earnings (P/CE) ... ...   ... ... ... ... ... ...                       4.44 6.52 4.96 5.49 5.69    
EV/EBITDA ... ...                                     5.56 6.67 5.16 5.89 7.57    
Price/Book Value (P/BV) ... ...                                     1.05 1.19 0.872 0.879 1.04    
Dividend Yield % ... ...                                     7.74 6.77 9.00 9.30 6.65    
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 2018 2019
income statement                                                      
Sales CZK mil                                         216,988 195,445 206,134 201,641 199,000    
Cost of Goods & Services CZK mil                                         92,838 88,691 103,958 101,444 99,575    
Gross Profit CZK mil                                         124,150 106,754 102,176 100,197 99,425    
Selling, General & Admin CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ... ... ... ... ... ...
Research & Development CZK mil       ... ... ... ... ... ... ... ... ... ... ...   ...         1,057 531 351 369 1,041    
Other Operating Expense CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         142,339 139,430 151,696 147,915 149,126    
Staff Cost CZK mil                                         18,665 18,826 17,727 19,136 22,058    
Other Operating Cost (Income) CZK mil ... ... ...   ... ... ... ... ... ... ... ... ... ... ... ...         0 6,306 3,493 1,735 6,092    
EBITDA CZK mil                                         77,155 65,146 68,681 61,364 58,880    
Depreciation CZK mil       ... ... ... ... ... ...                       26,297 26,038 27,146 27,569 27,873    
EBIT CZK mil                                         45,690 34,085 28,961 26,114 25,620    
Net Financing Cost CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           3,127 1,208 784 965 5,144    
Financing Cost CZK mil                                         4,565 1,816 1,172 1,268 5,379    
Financing Income CZK mil ... ... ... ... ... ... ... ... ...                       1,438 608 388 303 235    
FX (Gain) Loss CZK mil                                         -1,070 297 811 339 -959    
(Income) / Loss from Affiliates CZK mil     ... ... ...                               953 1,223 1,655 2,733 2,387    
Extraordinary Cost CZK mil                                         0 0 0 0 0    
Pre-Tax Profit CZK mil                                         44,406 28,656 26,895 19,328 22,753    
Tax CZK mil                                         9,199 6,224 6,348 4,753 3,794    
Minorities CZK mil                                         -679 29.0 -192 294 194    
Net Profit CZK mil                                         35,886 22,403 20,739 14,281 18,765    
Net Profit Avail. to Common CZK mil                                         35,886 22,403 20,739 14,281 18,765    
Dividends CZK mil                                         21,520 21,520 21,369 17,630 17,635    
growth rates                                                      
Total Revenue Growth % ...                                       0.880 -9.93 5.47 -2.18 -1.31    
Operating Cost Growth % ...                                       8.41 -2.12 7.75 -1.88 1.25    
Staff Cost Growth % ...                                       0.177 0.863 -5.84 7.95 15.3    
EBITDA Growth % ...                                       -12.8 -15.6 5.43 -10.7 -4.05    
EBIT Growth % ...                                       -20.0 -25.4 -15.0 -9.83 -1.89    
Pre-Tax Profit Growth % ...                                       -12.9 -35.5 -6.15 -28.1 17.7    
Net Profit Growth % ...                                       -13.4 -37.6 -7.43 -31.1 31.4    
ratios                                                      
ROE % ...                                       13.9 8.48 7.71 5.35 7.28    
ROA % ...                                       5.62 3.53 3.37 2.32 2.99    
ROCE % ...                                       6.97 4.36 4.01 2.78 3.71    
Gross Margin %                                         57.2 54.6 49.6 49.7 50.0    
EBITDA Margin %                                         35.6 33.3 33.3 30.4 29.6    
EBIT Margin %                                         21.1 17.4 14.0 13.0 12.9    
Net Margin %                                         16.5 11.5 10.1 7.08 9.43    
Payout Ratio %                                         60.0 96.1 103 123 94.0    
Cost of Financing % ...                                       2.33 0.948 0.686 0.780 3.34    
Net Debt/EBITDA                                         2.04 2.26 1.92 2.25 2.35    
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 2018 2019
balance sheet                                                      
Cash & Cash Equivalents CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         41,957 36,885 25,601 30,033 15,976    
Receivables CZK mil                                         48,086 44,819 44,329 50,234 50,559    
Inventories CZK mil                                         10,606 9,943 10,131 8,516 9,346    
Other ST Assets CZK mil                                         53,813 38,707 29,570 52,804 60,072    
Current Assets CZK mil                                         154,462 130,354 109,631 141,587 135,953    
Property, Plant & Equipment CZK mil                                         425,662 426,542 421,364 426,895 428,019    
LT Investments & Receivables CZK mil                                         4,605 11,579 13,655 9,503 7,062    
Intangible Assets CZK mil ... ... ... ... ... ...                             20,701 20,611 20,164 21,983 26,804    
Goodwill CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...         0 9,412 9,275 9,558 12,940    
Non-Current Assets CZK mil                                         485,932 497,516 493,055 489,254 487,953    
Total Assets CZK mil                                         640,394 627,870 602,686 630,841 623,906    
                                                         
Trade Payables CZK mil                                         36,041 33,518 32,329 36,941 48,087    
Short-Term Debt CZK mil                                         30,820 23,282 11,919 25,551 21,832    
Other ST Liabilities CZK mil                                         23,128 30,894 30,722 51,167 55,127    
Current Liabilities CZK mil                                         119,564 109,830 93,699 129,440 127,981    
Long-Term Debt CZK mil                                         168,196 160,852 145,575 142,265 132,475    
Other LT Liabilities CZK mil                                         89,868 91,337 91,257 97,776 109,128    
Non-Current Liabilities CZK mil                                         258,064 252,189 236,832 240,041 241,603    
Liabilities CZK mil                                         377,628 362,019 330,531 369,481 369,584    
Preferred Equity and Hybrid Capital CZK mil                                         0 0 0 0 0    
Share Capital CZK mil                                         53,799 53,799 53,799 53,799 53,799    
Treasury Stock CZK mil     ... ... ... ... ...                           4,382 4,382 4,246 4,246 4,077    
Equity Before Minority Interest CZK mil                                         258,076 261,308 267,893 256,812 250,018    
Minority Interest CZK mil                                         4,690 4,543 4,262 4,548 4,304    
Equity CZK mil                                         262,766 265,851 272,155 261,360 254,322    
growth rates                                                      
Total Asset Growth % ...                                       0.680 -1.96 -4.01 4.67 -1.10    
Shareholders' Equity Growth % ...                                       3.36 1.17 2.37 -3.97 -2.69    
Net Debt Growth % ...                                       -3.50 -6.25 -10.4 4.47 0.398    
Total Debt Growth % ...                                       3.17 -7.48 -14.5 6.55 -8.05    
ratios                                                      
Total Debt CZK mil                                         199,016 184,134 157,494 167,816 154,307    
Net Debt CZK mil                                         157,059 147,249 131,893 137,783 138,331    
Working Capital CZK mil                                         22,651 21,244 22,131 21,809 11,818    
Capital Employed CZK mil                                         508,583 518,760 515,186 511,063 499,771    
Net Debt/Equity %                                         59.8 55.4 48.5 52.7 54.4    
Current Ratio                                         1.29 1.19 1.17 1.09 1.06    
Quick Ratio ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         0.753 0.744 0.746 0.620 0.520    
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 2018 2019
cash flow                                                      
Net Profit CZK mil                                         35,886 22,403 20,739 14,281 18,765    
Depreciation CZK mil       ... ... ... ... ... ...                       26,297 26,038 27,146 27,569 27,873    
Non-Cash Items CZK mil                                         -504 6,631 1,397 843 -689    
Change in Working Capital CZK mil                                         5,355 10,580 10,723 -1,421 -5,524    
Total Cash From Operations CZK mil                                         72,202 70,675 72,579 48,953 45,812    
                                                         
Capital Expenditures CZK mil                                         -42,170 -34,417 -31,474 -34,475 -16,775    
Net Change in LT Investment CZK mil                   ... ... ... ... ...             -98.0 329 94.0 223 350    
Net Cash From Acquisitions CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         3,164 66.0 310 532 -3,033    
Other Investing Activities CZK mil                                         -728 -625 -500 -851 -754    
Total Cash From Investing CZK mil                                         -39,832 -34,647 -31,570 -34,571 -20,212    
                                                         
Dividends Paid CZK mil                                         -21,336 -21,320 -21,309 -21,325 -17,618    
Issuance Of Shares CZK mil                                         0 0 68.0 0 68.0    
Issuance Of Debt CZK mil                                         -4,401 -19,311 -26,129 4,825 -6,156    
Other Financing Activities CZK mil                                         -4.00 -262 -4.00 -40.0 -401    
Total Cash From Financing CZK mil                                         -25,741 -40,893 -47,374 -16,540 -24,107    
                                                         
Effect of FX Rates CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         419 -43.0 -248 6.00 -200    
Net Change In Cash CZK mil                                         7,048 -4,908 -6,613 -2,152 1,293    
ratios                                                      
Days Sales Outstanding days                                         80.9 83.7 78.5 90.9 92.7    
Days Sales Of Inventory days                                         41.7 40.9 35.6 30.6 34.3    
Days Payable Outstanding days                                         142 138 114 133 176    
Cash Conversion Cycle days                                         -19.1 -13.3 0.555 -11.3 -49.3    
Cash Earnings CZK mil       ... ... ... ... ... ...                       62,183 48,441 47,885 41,850 46,638    
Free Cash Flow CZK mil                                         32,370 36,028 41,009 14,382 25,600    
Capital Expenditures (As % of Sales) %                                         19.4 17.6 15.3 17.1 8.43    
other ratios 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 2018 2019
                                                       
Employees                                         26,746 26,248 25,826 26,300 29,837    
Cost Per Employee USD per month                                         2,972 2,797 2,396 2,403 2,625    
Cost Per Employee (Local Currency) CZK per month                                         58,155 59,770 57,200 60,634 61,607    
Operating Cost (As % of Sales) %                                         78.9 85.8 87.6 87.9 90.2    
Research & Development (As % of Sales) %       ... ... ... ... ... ... ... ... ... ... ...   ...         0.487 0.272 0.170 0.183 0.523    
Staff Cost (As % of Sales) %                                         8.60 9.63 8.60 9.49 11.1    
Effective Tax Rate %                                         20.7 21.7 23.6 24.6 16.7    
Total Revenue Growth (5-year average) % ... ... ... ... ...                               3.36 -0.093 0.722 -0.786 -1.54    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...                     9.85 6.65 5.12 2.37 1.32    
valuation 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 2018 2019
                                                       
Market Capitalisation USD mil ... ...                                     14,028 13,876 9,545 8,966 12,490    
Enterprise Value (EV) USD mil ... ...                                     21,924 20,316 14,848 14,328 18,987    
Number Of Shares mil                                         534 534 534 534 534    
Share Price CZK ... ...                                     517 591 444 430 497    
EV/EBITDA ... ...                                     5.56 6.67 5.16 5.89 7.57    
Price/Earnings (P/E) ... ...                                     7.69 14.1 11.5 16.1 14.1    
Price/Cash Earnings (P/CE) ... ...   ... ... ... ... ... ...                       4.44 6.52 4.96 5.49 5.69    
P/FCF ... ...                                     8.53 8.76 5.79 16.0 10.4    
Price/Book Value (P/BV) ... ...                                     1.05 1.19 0.872 0.879 1.04    
Dividend Yield % ... ...                                     7.74 6.77 9.00 9.30 6.65    
Free Cash Flow Yield % ... ...                                     11.8 12.1 18.0 6.36 8.73    
Earnings Per Share (EPS) CZK                                         67.2 41.9 38.8 26.7 35.1    
Cash Earnings Per Share CZK       ... ... ... ... ... ...                       116 90.7 89.6 78.3 87.3    
Free Cash Flow Per Share CZK                                         60.6 67.4 76.8 26.9 47.9    
Book Value Per Share CZK                                         492 498 509 489 476    
Dividend Per Share CZK                                         40.0 40.0 40.0 40.0 33.0    
EV/Sales ... ...                                     1.98 2.22 1.72 1.79 2.24    
EV/EBIT ... ...                                     9.39 12.7 12.2 13.8 17.4    
EV/Free Cash Flow ... ...                                     13.3 12.1 8.64 25.1 17.4    
EV/Capital Employed ... ...                                     0.857 0.895 0.717 0.720 0.809    
Earnings Per Share Growth % ...                                       -13.4 -37.6 -7.48 -31.1 31.3    
Cash Earnings Per Share Growth % ...     ... ... ... ... ... ... ...                     -7.88 -22.1 -1.17 -12.6 11.4    
Book Value Per Share Growth % ...                                       3.36 1.16 2.35 -3.96 -2.72    
generation capacity 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 2018 2019
                                                       
Total Electricity Generation Capacity MW                                         15,199 18,007 17,302 16,843 16,079    
Hydro Electricity Generation Capacity MW ... ... ... ... ... ... ... ... ... ... ... ...                 1,960 3,145 2,355 2,183 2,183   ...
Nuclear Electricity Generation Capacity MW ... ... ... ... ... ... ... ... ... ... ... ...                 4,290 4,290 4,290 4,290 4,290   ...
Thermal Electricity Generation Capacity MW ... ... ... ... ... ... ... ... ... ... ... ...                 8,205 9,818 9,811 9,511 8,747   ...
Coal Electricity Generation Capacity MW ... ... ... ... ... ... ... ... ... ... ... ...                 8,171 8,069 8,062 7,762 7,057   ...
Gas Electricity Generation Capacity MW ... ... ... ... ... ... ... ... ... ... ... ... ...   ... ...         34.0 1,749 1,749 1,749 1,690   ...
CHP Electricity Generation Capacity MW ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 989 877 877 693   ...
Multi Electricity Generation Capacity MW ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       ... ... ... ... ... ... ... ...
Renewables Electricity Generation Capacity MW ... ... ... ... ... ... ... ... ... ... ... ...                 745 754 846 860 859   ...
Wind Electricity Generation Capacity MW ... ... ... ... ... ... ... ... ... ... ... ...                 608 623 623 636 636   ...
Solar Electricity Generation Capacity MW ... ... ... ... ... ... ... ... ... ... ... ...                 130 130 130 130 130   ...
Biomass Electricity Generation Capacity MW ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         5.60 ... 1.70 1.70 ... ... ...
Other Electricity Generation Capacity MW ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     0.500 0.500 91.3 91.3 92.3   ...
                                                         
Hydro (As % of Electricity Generation Capacity) % ... ... ... ... ... ... ... ... ... ... ... ...                 12.9 17.5 13.6 13.0 13.6   ...
Nuclear (As % of Electricity Generation Capacity) % ... ... ... ... ... ... ... ... ... ... ... ...                 28.2 23.8 24.8 25.5 26.7   ...
Thermal (As % of Electricity Generation Capacity) % ... ... ... ... ... ... ... ... ... ... ... ...                 54.0 54.5 56.7 56.5 54.4   ...
Coal (As % of Electricity Generation Capacity) % ... ... ... ... ... ... ... ... ... ... ... ...                 53.8 44.8 46.6 46.1 43.9   ...
Gas (As % of Electricity Generation Capacity) % ... ... ... ... ... ... ... ... ... ... ... ... ...   ... ...         0.224 9.71 10.1 10.4 10.5   ...
CHP (As % of Electricity Generation Capacity) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 5.49 5.07 5.21 4.31   ...
Multi (As % of Electricity Generation Capacity) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       ... ... ... ... ... ... ... ...
Renewables (As % of Electricity Generation Capacity) % ... ... ... ... ... ... ... ... ... ... ... ...                 4.90 4.19 4.89 5.10 5.34   ...
Wind (As % of Electricity Generation Capacity) % ... ... ... ... ... ... ... ... ... ... ... ...                 4.00 3.46 3.60 3.78 3.96   ...
Solar (As % of Electricity Generation Capacity) % ... ... ... ... ... ... ... ... ... ... ... ...                 0.857 0.723 0.753 0.773 0.810   ...
Biomass (As % of Electricity Generation Capacity) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         0.037 ... 0.010 0.010 ... ... ...
Other (As % of Electricity Generation Capacity) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     0.003 0.003 0.528 0.542 0.574   ...
electricity production 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 2018 2019
                                                       
Total Electricity Production GWh ... ... ... ...                                 66,709 63,124 60,917 61,132 62,888    
Hydro Electricity Production GWh ... ... ... ... ... ... ... ... ... ... ... ...                 2,673 2,152 2,214 2,347 2,156    
Nuclear Electricity Production GWh ... ... ... ... ... ... ... ... ... ... ... ...                 30,745 30,324 26,840 24,104 28,339    
Thermal Electricity Production GWh ... ... ... ... ... ... ... ... ... ... ... ...                 31,305 28,694 29,632 32,502 29,872    
Coal Electricity Production GWh ... ... ... ... ... ... ... ... ... ... ... ...                 30,812 28,534 29,090 30,689 28,176    
Gas Electricity Production GWh ... ... ... ... ... ... ... ... ... ... ... ...                 493 160 542 1,813 1,696    
Renewables Electricity Production GWh ... ... ... ... ... ... ... ... ... ... ... ...                 1,986 1,955 2,230 2,179 2,521    
Wind Electricity Production GWh ... ... ... ... ... ... ... ... ... ... ... ...                 1,259 1,176 1,295 1,166 1,571    
Solar Electricity Production GWh ... ... ... ... ... ... ... ... ... ... ... ...                 127 131 141 132 138    
Biomass Electricity Production GWh ... ... ... ... ... ... ... ... ... ... ... ...                 598 646 791 879 808    
Other Electricity Production GWh ... ... ... ... ... ... ... ... ... ... ... ...                 2.00 2.00 3.00 2.00 4.00    
Purchased Electricity GWh ... ... ... ... ... ... ... ... ... ... ... ...                 169,225 167,869 194,857 185,848 248,732    
Total Electricity Sales GWh ... ... ... ...                                 55,149 51,883 49,490 50,336 52,444    
                                                         
Hydro Electricity Production (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ...                 4.01 3.41 3.63 3.84 3.43    
Nuclear Electricity Production (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ...                 46.1 48.0 44.1 39.4 45.1    
Thermal Electricity Production (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ...                 46.9 45.5 48.6 53.2 47.5    
Coal Electricity Production (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ...                 46.2 45.2 47.8 50.2 44.8    
Gas Electricity Production (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ...                 0.739 0.253 0.890 2.97 2.70    
Renewables Electricity Production (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ...                 2.98 3.10 3.66 3.56 4.01    
Wind Electricity Production (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ...                 1.89 1.86 2.13 1.91 2.50    
Solar Electricity Production (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ...                 0.190 0.208 0.231 0.216 0.219    
Biomass Electricity Production (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ...                 0.896 1.02 1.30 1.44 1.28    
Other Electricity Production (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ...                 0.003 0.003 0.005 0.003 0.006    
electricity sales 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 2018 2019
                                                       
Electricity Sales to End Customers GWh ... ... ... ... ... ... ... ... ... ... ... ...                 36,593 35,139 37,933 37,475 37,036    
Electricity Sales to Retail Customers GWh ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       13,512 13,058 13,153 13,723 13,418    
Electricity Sales to Commercial Customers GWh ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       6,417 5,941 5,525 5,133 4,892    
Electricity Sales to Industrial Customers GWh ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       16,664 16,140 19,255 18,619 18,726    
Electricity Sales to Wholesale Customers (Net) GWh ... ... ... ... ... ... ... ... ... ... ... ...                 18,556 16,744 11,557 12,861 15,408    
Electricity Sales to Wholesale Customers (Gross) GWh ... ... ... ... ... ... ... ... ... ... ... ...                 187,781 184,613 206,414 198,709 264,140    
                                                         
Electricity Sales to Retail Customers (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       36.9 37.2 34.7 36.6 36.2    
Electricity Sales to Commercial Customers (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       17.5 16.9 14.6 13.7 13.2    
Electricity Sales to Industrial Customers (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       45.5 45.9 50.8 49.7 50.6    

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CEZ's Cash & Cash Equivalents remain unchanged yoy at CZK mil in 2Q2020

By Helgi Analytics - October 12, 2020

CEZ's total assets reached CZK 699,881 mil at the end of 2Q2020, up 3.11% compared to the previous year. Current assets amounted to CZK 204,320 mil, or 29.2% of total assets while cash stood at CZK 72,149 mil at the end of 2Q2020. ...

CEZ's Share Price fell 1.94% yoy to CZK 472 in 2Q2020

By Helgi Analytics - August 26, 2020

CEZ stock traded at CZK 472 per share at the end 2Q2020 implying a market capitalization of USD 11,484 mil. Since the end of 2Q2015, stock has appreciated by -16.9% implying an annual average growth of -3.64% In absolute terms, the value of the company f...

CEZ's Sales rose 2.50% yoy to CZK 48,189 mil in 2Q2020

By Helgi Analytics - August 26, 2020

CEZ generated sales of CZK 48,189 mil in 2Q2020, up 2.5% compared to the previous year. Historically, between 1Q1993 and 2Q2020, the company’s sales reached a high of CZK 60,793 mil in 1Q2012 and a low of CZK 11,661 mil in 1Q1994. Over the last th...

CEZ's P/FCF fell 21.1% yoy to 18.6 in 2Q2020

By Helgi Analytics - August 26, 2020

CEZ stock traded at CZK 472 per share at the end 2Q2020 translating into a market capitalization of USD 11,484 mil. Since the end of 2Q2015, the stock has depreciated by 16.9% representing an annual average growth of -3.64%. At the end of 2Q2020, the fir...

CEZ's Capital Expenditures fell 36.7% yoy to CZK 6,377 mil in 2Q2020

By Helgi Analytics - August 26, 2020

CEZ invested a total of CZK 6,377 mil in 2Q2020, up 36.7% compared to the previous year. Historically, between 1Q2009 - 2Q2020, the company's investments stood at a high of CZK 32,853 mil in 4Q2009 and a low of CZK -5,082 mil in 2Q2017. ...

CEZ's Net Debt/EBITDA rose 2.33% yoy to 1.45 in 2Q2020

By Helgi Analytics - August 26, 2020

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 -...

CEZ's Total Cash From Operations rose 118% yoy to CZK 17,952 mil in 2Q2020

By Helgi Analytics - August 26, 2020

CEZ's operating cash flow stood at CZK 17,952 mil in 2Q2020, up 118% when compared to the previous year. Historically, between 1Q1993 - 2Q2020, the firm’s operating cash flow reached a high of CZK 28,446 mil in 2Q2009 and a low of CZK -1,177 mil in...

CEZ's employees rose 2.22% yoy to 32,200 in 1Q2020

By Helgi Analytics - August 26, 2020

CEZ employed 32,200 employees in 1Q2020, up 2.22% compared to the previous year. Historically, between 4Q1993 and 1Q2020, the firm's workforce hit a high of 32,937 employees in 4Q2010 and a low of 7,138 employees in 1Q2003. Average personnel cost sto...

CEZ's price/earnings (P/E) fell 43.8% yoy to 11.1 in 1Q2020

By Helgi Analytics - August 26, 2020

CEZ stock traded at CZK 380 per share at the end 1Q2020 translating into a market capitalization of USD 8,803 mil. Since the end of 1Q2015, stock has depreciated by 39.4% representing an annual average growth of -9.53%. In absolute terms, the value of t...

CEZ's price/earnings (P/E) fell 28.2% yoy to 17.7 in 2019

By Helgi Analytics - August 26, 2020

CEZ stock traded at CZK 475 per share at the end 2019 translating into a market capitalization of USD 12,048 mil. Since the end of 2014, stock has depreciated by 19.6% representing an annual average growth of -4.27%. In absolute terms, the value of the ...

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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.

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Finance

CEZ has been growing its sales by 0.640% a year on average in the last 5 years. EBITDA has fallen on average by 1.78% a year during that time to total of CZK 59,541 mil in 2019, or 29.5% of sales. That’s compared to 30.3% average margin seen in last five years.

The company netted CZK 14,373 mil in 2019 implying ROE of 5.81% and ROCE of 2.84%. Again, the average figures were 6.07% and 3.08%, respectively when looking at the previous 5 years.

CEZ’s net debt amounted to CZK 102,088 mil at the end of 2019, or 40.0% of equity. When compared to EBITDA, net debt was 1.71x, down when compared to average of 1.88x seen in the last 5 years.

Valuation

CEZ stock traded at CZK 475 per share at the end of 2019 resulting in a market capitalization of USD 12,048 mil. Over the previous five years, stock price fell by 19.6% or -4.27% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 6.27x and price to earnings (PE) of 17.7x as of 2019.

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