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2020/03/30 / Erste Group Research

CEZ: First EBITDA increase in a decade, as expected

In the FY 2019, CEZ reported consolidated group revenues of CZK 260.2bn (+11.8% y/y). This increase was primarily attributable to higher realized electricity sales prices, a positive balance from commodity trading, and higher electricity generation. EBITDA increased by 21.5% y/y to CZK 60.2bn, marking the first increase in a decade. Profitability remained at a high level and was above both, the industry average and the peer median.

Net debt has increased by 6.6% y/y to CZK 161.3bn. Credit metrics, however, have improved or remained at least at the level of the previous year due to good operating results. In autumn 2019, Moody’s and S&P affirmed their ratings.

As the largest electricity utility in the Czech Republic, CEZ is part of the critical public infrastructure. For this reason, thanks to its good liquidity profile and the high hedge share, the group is only likely to suffer from the corona crisis to a limited extent.

For the financial year 2020, CEZ's management expects EBITDA at CZK 63-65bn (2018: CZK 60.2bn) and adjusted net income of CZK 21-23bn (2019: CZK 18.9bn).

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General information

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusCzech Republic
Currency in focusCzech Koruna
Sector in focus-


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