Q3 2024 CEZ as Earnings Call Transcript
Key Points
- CEZ AS (CZAVF) reported a 5% increase in EBITDA, reaching CZK 100 billion, despite a 1% decrease in operating revenue.
- The company has significantly increased its full-year EBITDA guidance to CZK 126 billion to CZK 130 billion.
- CEZ AS (CZAVF) successfully acquired a 55.21% stake in GasNet, the largest Czech gas distributor, which is expected to contribute CZK 4 billion to EBITDA annually.
- The company became a strategic shareholder in Rolls-Royce SMR, aiming to integrate its nuclear expertise and benefit from future modular reactor developments.
- CEZ AS (CZAVF) finalized the sale of its Polish coal assets, aligning with its decarbonization efforts and expected to close in the first quarter of next year.
- Net income and adjusted net income decreased by 21% compared to 2023, reaching CZK 24.8 billion.
- Operating cash flow was lower due to reduced inflow of funds from margining compared to the previous year.
- The trading segment experienced a negative variance of CZK 4.1 billion due to lower income from trading activities.
- Mining activities saw a CZK 2.5 billion decrease, attributed to lower sales and reduced demand for coal.
- The company faces challenges with accelerated depreciation and higher deferred taxes impacting net income.
Portions of this transcript marked (audio in progress) indicate audio problems. The missing text will be supplied if a replay becomes available.
(audio in progress) presentation of results for nine months of 2024. It is my pleasure to welcome Martin Novak, Chief Financial Officer; and Pavel Cyrani, Chief Sales and Strategy Officer, who will walk you through the presentation, and then we will follow with a Q&A session.
I'm handing over to Martin.
Good afternoon. Good morning, everybody. So let's start with slide number 3 with financial highlights of first nine months of this year compared to last year. You can see that our operating revenue is 1% lower. EBITDA, which is an important number, is actually CZK 5 billion or 5% higher, and we reached the level of CZK100 billion.
Operating income slightly higher 6%, basically copying EBITDA. Our net income and adjusted net income
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