Czech Počerady power plant posted a profit of CZK 4.66 billion in H1 last year thanks to revaluation

The coal-fired Počerady power plant in the Louny district reported a net profit of CZK 4.66 billion in the first half of last year. The profit was mainly due to the revaluation of receivables, amounting to CZK 4.55 billion, ahead of the company's division. Profit from electricity generation and sales was minimal last year. The company’s revenue for the first half of 2023 reached CZK 7.9 billion, compared with CZK 14.4 billion for the whole of 2022. This is according to the financial statements, which were reported on today by Ekonomický deník.

Documents in the Commercial Register show that Elektrárna Počerady will transfer part of its assets to its direct owner, Vršanská uhelná, which is part of the Sev.en Česká energie group. Elektrárna Počerady will not cease to exist as a result of the division, which was decided on July 1 last year. Following the division, Elektrárna Počerady’s equity fell by CZK 7.53 billion to CZK 1.45 billion. One result of the division is a reduction in Vršanská uhelná’s debt. In the first half of last year, it recorded a profit of CZK 172 million. Its revenue amounted to CZK 1.52 billion, compared with CZK 2.6 billion for the whole of 2022. As of June 30 last year, it had sold 3.84 million tonnes of coal and mined 3.81 million tonnes.

The Sev.en Česká energie group operates the Kladno and Zlín heating plants, the Chvaletice and Počerady power plants, and two brown coal mines in northern Bohemia. According to a report published in March this year by Seznam Zprávy, Sev.en Energy owner Pavel Tykač was considering closing the mines and power plants in spring 2025 because coal-fired facilities were uncompetitive. In May this year, the group announced that it would end mining at the ČSA mine.