CEZ, a. s. (CEZYY) Q1 2024 Earnings Call Transcript


CEZ, a. s. (OTCPK:CEZYY) Q1 2024 Earnings Conference Call May 14, 2024 10:00 AM ET

Company Participants

Martin Novak – Chief Financial Officer
Barbara Seidlova – Investor Relations

Conference Call Participants

Anna Webb – UBS
Arthur Sitbon – Morgan Stanley
Piotr Dzieciolowski – Citi
Robert Maj – Ipopema Securities
Andrzej Rembelski – PKO BP

Operator

Hello, everyone and welcome to CEZ Group Conference Call on First Quarter 2024 Results. Martin Novak, Chief Financial Officer, will go through the presentation and then, we will have room to ask questions for which we also have Mr. Ludak Horn, Head of Trading available for the answers.

Now, I’m handing over to Martin to go through the presentation.

Martin Novak

Thank you. Good afternoon and good morning to everybody. So, I’ll start with a brief presentation. On the first table, you can actually see our financial highlights and the full year outlook. Our EBITDA has grown by 24% to CZK40.3 billion. Our net income and at the same time adjusted net income has reached CZK13.6 billion or 25% improvement year-on-year. We confirm our guidance of CZK115 billion to CZK120 billion for 2024 and on EBITDA and adjusted net income, at a level of CZK25 billion to CZK30 billion. So, there is no change compared to our last presentation that was out on March 21.

On the next slide, you can actually see main variances between Q1 2023 and Q1 2024. As I already said, our EBITDA has grown by 24% and you can see the main factors actually on Slide #4 there, the biggest variances are basically two. The first one is in the segment of generation – on generation segment. Last year in first quarter, we had an additional cost of CZK10 billion related to price caps on various power plants as it was introduced by the government. And actually full year cost at the



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