Sokolovská uhelná

Matt Atlas

Sokolovská Uhelná Lost CZK 331M In 2019

Sokolovská uhelná (SUAS) ended 2019 with a loss of CZK 331 million, although its revenues rose slightly to almost CZK 6.6 billion.

Sokolovská uhelná reported a before-tax loss of CZK 419 million last year. The negative financial result was caused by a write-off of CZK 655 million for the value of equipment that will cease to be operated in 2020. According to the annual report, the company would have a pre-tax profit of CZK 236 million if not for the write-offs.

SUAS had revenues of CZK 7.7 billion in 2019, with expenses of CZK 8.1 billion. In 2016, the company achieved a profit of more than a billion. In 2018 its profit was only 252 million crowns.

Fifty-six percent of the company’s revenue came from the sale of electricity in 2019. Revenues from solid fuels accounted for 26.6 percent of revenues.

Last year, power consumption accounted for the largest share of expenses (34.5 percent), followed by the cost of emission allowances, which accounted for 23.7 percent of the company’s expenses.

Sokolovská uhelná invested CZK 700 million in its mining business in 2019.

In 2018 the Sokolovská uhelná plant in Vřesová was the largest emitter of greenhouse gases in the Karlovy Vary region. In second place is the Tisová power plant, which also belongs to Sokolovská uhelná.

Sokolovská uhelná announced the termination of its gas operations at its plant in Vřesová this year.