Bulgaria: CEZ subsidiaries skipping last year’s dividends

, SEE Energy News

CEZ Distribution Bulgaria skipped dividend distribution in 2019 as well.

Shareholders of CEZ Distribution Bulgaria, electricity distribution subsidiary of Czech energy company CEZ, approved the management’s proposal to skip dividend distribution for 2020 and fully retain last year’s profit.

At the same time, the shareholders of electricity supplier CEZ Electro Bulgaria also approved the proposal not to distribute dividends for 2020. CEZ Electro did not distribute dividend for 2019.

CEZ Distribution Bulgaria recorded a net profit in the amount of 19.4 million euros in 2020, compared to 9.6 million euros recorded in the previous year. The company’s operating revenues rose to 190.6 million euros in 2020 from 184.8 million euros in 2019. Operating expenditures dropped to 169 million euros from last year’s 174 million euros. CEZ Electro recorded a net profit in the amount of 8.2 million euros in 2020, compared to a profit of 7.8 million euros in the same period last year. The company’s operating revenues rose to 342.2 million euros in 2020 period from 301.5 million euros in the same period in 2019. Operating expenditures also rose to 332.8 million euros from last year’s 292.7 million euros.

Last year, CEZ agreed to sell its Bulgarian subsidiaries to local insurer Eurohold. The acquisition should be completed in 2021.