International consolidated figures of the economic performance of the CEZ Group in the first three quarters of 2003
The profit of the CEZ Group has more than doubled
The CEZ Group, centred around CEZ power company, generated a net profit of 13.201 billion CZK, up from 6.525 billion CZK in the last year. The figures were calculated according International Financial Reporting Standards. This significant increase is mainly due to the fact that CEZ sold its 66 % equity in CEPS (transmission network operator), when the difference between the acquisition price and the residual value amounted to 10.8 billion CZK. In addition to this, the profit was also generated by the brand new structure of the CEZ Group and by larger volume of sold electricity.Company revenues increased by 18.5 billion CZK (i.e. by 47 per cent), up to 58 billion CZK. Company costs went up to 48.9 billion CZK, compared to last year’s 31.2 billion CZK, chiefly due to the reinforcement of the CEZ Group (with the newly incorporated activities of regional power utilities) and increased depreciation deductions, resulting from the trial launch of the Temelin nuclear power plant.The CEZ Group now consists of 94 companies, of which 33 were included in the consolidated economic performance of the CEZ Group.Ladislav Kriz, CEZ Press Officer
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