CEZ to pay over CZK 100bn to state this year in taxes, dividend

Semi-state energy group CEZ will pay more than CZK 100 billion to the state this year in a combination of ordinary and extraordinary taxes and levies and dividend payments from last year's profit, announced CEZ spokesman Ladislav Kriz.

CEZ expects to generate a net profit adjusted for extraordinary effects of CZK 30-40 billon this year. The final amount will depend primarily on market electricity prices, Kriz said.

The company has not yet published its financial results for the whole of last year, but in autumn it expected a full-year profit of CZK 65-75 billon.

In addition to the regular income tax, CEZ's net profit this year will also be affected by two legislative measures adopted by the government last year to counter the energy crisis, which the cabinet wants to use to cover the costs of introducing price caps on electricity and gas. The measures include mainly a levy on excessive income from electricity sales, and a tax on windfall profits.

Source: CEZ and CTK