CEZ, a. s. (CEZYY) Q4 2024 Earnings Call Transcript

2025-03-13 14:57:48 ET

CEZ, a. s. (CEZYY)

Q4 2024 Earnings Conference Call

March 13, 2025, 11:00 AM ET

Company Participants

Martin Novak - Chief Financial Officer

Pavel Cyrani - Chief Sales and Strategy Officer

Barbara Seidlova - Head, Investor Relations

Conference Call Participants

Arthur Sitbon - Morgan Stanley

Piotr Dzieciolowski - Citi

Bram Buring - Wood & Co.

Petr Bartek - Erste Group Bank

Presentation

Barbara Seidlova

Hello, everyone. And welcome to CEZ Group Financial Result 2024 Results Conference Call. It’s my pleasure to welcome Martin Novak, Chief Financial Officer; and Pavel Cyrani, Chief Sales and Strategy Officer, who will walk you through the presentation and then we will have a time for question-and-answers.

I’m now handing over to Martin.

Martin Novak

Thank you. Good afternoon, and good morning, everybody. I will go through first two sections of the presentation. So let me look at Slide 3. You can see actually our EBITDA and net income results for 2024, where compared to our guidance from November 12th, we actually increased real numbers significantly. So we achieved CZK137.5 billion EBITDA and CZK38.1 billion adjusted net income.

The reasons that actually led to higher EBITDA than originally expected in November are coming from two parts. One is actually Generation segment, which is plus CZK5 billion. The main reasons are actually listed on the slide. Revolutionary derivatives, higher prices than originally anticipated, update of provisions and lower cost, and higher operational availability of our nuclear and hydroelectric plants.

In other segments, we had lower purchase cost of commodities and also higher revenues from connection of the customers into Distribution segment. So very simply taking our adjusted net income and applying our payout ratio of 60% to 80% of this adjusted net income, you would come to a potential dividend of CZK19 billion to CZK25 billion or CZK35 per share to CZK47 per share....

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