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August 1, 2018 12:00 am | FILED UNDER: business

State Receives Kc12.4 Billion Dividend From CEZ Energy

By ČTK

Prague, Aug 1 (CTK) – The Finance Ministry received Kc12.4bn worth of dividend from CEZ energy group on its account today, as August 1 is a day when the group starts paying out dividends to shareholders, CEZ spokesman Ladislav Kriz told CTK.

 

June’s general meeting of CEZ decided to pay a dividend of Kc33 per share before tax.

 

“The state will also get about Kc2.6bn in withholding tax on dividend,” Kriz said.

 

“The dividend payout has reached Kc170.8bn in total, plus Kc42.5bn that was paid to the state in withholding tax,” Kriz said.

 

The size of the dividend is the same as last year.

 

Shareholders will receive Kc17.8bn in dividends, which is about 86 percent of last year’s consolidated after-tax profit, adjusted for extraordinary effects, Kriz said.

 

CEZ, the largest Czech energy group, is 70 percent owned by the state via the Finance Ministry.

 

CEZ’s net profit was 30 percent higher at Kc19bn last year, its sales going down by 1 percent to Kc201.9bn. Net profit adjusted for extraordinary items, which serves as a basis for dividend calculation, amounted to Kc20.7bn last year, growing by 5 percent in annual terms.

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