Press releases pg. 51

According to the 2013 agreement that put an end to the many years of disputes concerning coal deliveries from Vršanská uhelná, the Počerady power plant has been sold, effective 2 January 2024.

The Supervisory Board of ČEZ confirmed at its session yesterday that Michaela Chaloupková, Administration Division Director, and Martin Novák, Finance Division Director, will continue their offices as members of the Board of Directors. Martin Novák’s next term of office will commence on 24 May 2020, while that of Michaela Chaloupková will begin on 1 January 2020. This will ensure continuity in key corporate management areas.

The ČEZ Supervisory Board has approved the cancellation of the Stock Option Program for ČEZ management and has replaced it with a new, stricter system of long-term performance bonuses for members of the Board of Directors. This change was initiated by the Supervisory Board itself one year ago after its new members took up their offices. The new program of long-term performance bonuses improves the consistency of the interests of beneficiaries and shareholders and is linked to stock price, dividend distribution and performance of the company. Thus beneficiaries will, in the long run, participate in the growth or decline of shareholder value. The new system starts 1 .1. 2020.

CEZ Group’s net income rose by 49% to CZK 13.6 billion for the first three quarters of 2019, and its EBITDA reached CZK 44.7 billion, recording a 16% year-over-year growth. These increases can be attributed in particular to growing electricity selling prices and higher profits from commodity trading. Net income after extraordinary items reached CZK 14.7 billion.