Saturday 30 May 2015

Cez annual report 2014

Cez, annual, 2014, report, front page

Here comes the big ball dropper! I have missed to report the annual report from Cez that were out already with figures in beginning of March and the final report was out in the end of April. Since I stepped over to using the RSS Feeds I am relying on that I get a poke each time something like this appears and for Cez I did not get that which is the reason for the ball dropper.

To read the report in full then please go here and for the previous summary regarding Cez report Q3 2014 or why not find out more about Cez on the analysis of Cez 2014 page!

Hmmm... this was a bad report for the Cez group as can be seen below. The revenue was down by around -8% compared to 2013 and even though the costs were down a little also they were far less down than what the sales were so in the end we the poor shareholders ended up with -36% earnings and only 41.9 CZK per share! Last year they paid out 40 CZK per share in dividend and the same was proposed for this year but that correspond to almost 100% of the earnings and that I do not like. I do not like that at all!

Cez, annual, 2014, income statement

Conclusion: The Cez group had a challenging year with a significant decrease in sales and obviously they did not manage to benefit from the decreased coal as well as oil and gas prices from last autumn. I must say that I am a bit disturbed by this. Energy still seems to be a difficult field to be in not only as a company but also shareholder so we will have to endure and carry on. I will remain as shareholder and would have hoped them NOT to pay out the dividend but with my co-shareholders I guess that will not happen.

No comments: