Semi-state energy group ČEZ is set to pay over 100 billion Czech crowns to the state in 2023, including levies from taxes and a dividend from last year’s profit. The company predicts a net profit adjusted for extraordinary effects of 30 to 40 billion crowns this year, which will largely depend on market prices of electricity.

In addition to regular income tax, ČEZ’s net profit will be impacted by two legislative measures adopted by the government against the energy crisis to cover costs for price ceilings for electricity and gas. Total levies from sales and income tax are expected to reach 40 to 80 billion crowns. From 1992 to 2021, ČEZ has paid over 771 billion crowns to the state.

The company published its financial plans early this year to provide market participants and investors with an indication of the effects of the state’s emergency measures. The majority shareholder of ČEZ is the state, which holds approximately 70% of the shares. The government is considering restructuring the company, including the possibility of division.

Article by Prague Forum