Wednesday, March 28, 2018

Cez annual report 2017


Front page of Cez annual 2017 report

For the report in full please go here, to see the previous summary please visit Cez annual report 2016 and to find out more regarding Cez then click on analysis of Cez 2017.

Cez are still far from their glory days. They show a flat revenue compared to 2016 but their earnings increased by around 4.5 billion of which, and this should be kept in mind, 4.6 billion comes from the sale of a daughter company. So with that in mind then 2017 was actually a worse year than 2016. On top of this they had an increase in earnings from green energy as well as from gas so their classical source of revenue and earnings took a big hit.


Income statement of Cez 2017


Conclusion: Cez is not doing very well and the only thing that I see that can save them is the strong winter months that we have had in Europe during Q1. They have also sold yet another daughter company, in Bulgaria, which will bring back some cash but that of course also leads to decreased future revenue and earnings. I will remain as a grumpy shareholder biding my time.

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