The net profit of the ČEZ energy group in the first half of this year fell by 89 percent year on year to 1.6 billion crowns. Operating income rose 2 percent to 108.2 billion and operating profit before depreciation (EBITDA) fell 18 percent to 31.6 billion. This follows from the data that CEZ Group published today on its own the web. According to ČEZ, the decline in net profit was due to the deterioration of market conditions for coal energy in connection with the increase in the European Union’s climate goals and the recommendation of the Czech Coal Commission to stop burning coal by 2038.
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“For these reasons, the market value of Severočeské doly decreased and CEZ Group created a provision for long-term assets of the mining company of CZK 8.7 billion in accordance with accounting standards, reflecting lower expected demand for coal and earlier cessation of coal mining,” said CEZ spokesman Ladislav Cross. Adjusted for extraordinary effects, such as provisions, CEZ’s net profit fell by 31 percent to 11.3 billion.
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