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CEZ, a.s.: CEZ Group Completes Sale of Bulgarian Assets for EUR 335 Million

2021-07-27 16:33
publikacja
2021-07-27 16:33
Spis treści:

1. RAPORT BIEŻĄCY

2. MESSAGE (ENGLISH VERSION)

3. INFORMACJE O PODMIOCIE

4. PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ


Spis załączników:
cez-027-2021_en.pdf  (RAPORT BIEŻĄCY)

KOMISJA NADZORU FINANSOWEGO
Raport bieżący nr 27 / 2021
Data sporządzenia: 2021-07-27
Skrócona nazwa emitenta
CEZ, a.s.
Temat
CEZ Group Completes Sale of Bulgarian Assets for EUR 335 Million
Podstawa prawna
Art. 56 ust. 1 pkt 2 Ustawy o ofercie - informacje bieżące i okresowe
Treść raportu:
CEZ Group Completes Sale of Bulgarian Assets for EUR 335 Million
The sale of Bulgarian assets between CEZ Group and Eurohold was settled today, with the latter paying EUR 335 million to CEZ for seven Bulgarian companies. The sale agreement was signed in June 2019 and had to be approved by the Bulgarian Competition Authority and the Bulgarian Energy and Water Regulatory Commission. The sale is in line with CEZ Group's strategy, which envisages exiting selected markets and segments abroad. The international investment arbitration continues.
Załączniki
Plik Opis
cez-027-2021_en.pdfcez-027-2021_en.pdf CEZ Group Completes Sale of Bulgarian Assets for EUR 335 Million

MESSAGE (ENGLISH VERSION)






CEZ Group Completes Sale of Bulgarian Assets for EUR 335 Million


The sale of Bulgarian assets between CEZ Group and Eurohold was settled
today, with the latter paying EUR 335 million to CEZ for seven Bulgarian
companies. The sale agreement was signed in June 2019 and had to be
approved by the Bulgarian Competition Authority and the Bulgarian Energy
and Water Regulatory Commission. The sale is in line with CEZ Group's
strategy, which envisages exiting selected markets and segments abroad.
The international investment arbitration continues.CEZ Group is
withdrawing from the Bulgarian market after 17 years of operation. The
divestment process started in 2017 with the sale of the decommissioned
Varna coal-fired power plant and has now been completed with the sale of
the distribution and sales companies in the country. CEZ Group's total
income from the sale of its Bulgarian assets exceeded CZK 10 billion.
Overall, CEZ Group leaves Bulgaria with a positive cash balance of over
CZK 1 billion.


The now completed sale includes seven Bulgarian CEZ Group companies: CEZ
Bulgaria, CEZ Elektro Bulgaria, CEZ Razpredelenie Bulgaria, CEZ Trade
Bulgaria, CEZ ICT Bulgaria, Free Energy Project Oreshets and Bara Group.
On 27 7 2021, Eurohold paid EUR 335 million for them. The transaction
was approved by the Bulgarian Competition Protection Commission (KZK)
last autumn and subsequently by the Bulgarian Energy and Water
Regulatory Commission (KEVR) this year in January. Following the
settlement of the transaction, CEZ Group remains active in Bulgaria in
the energy services business (CEZ ESCO Bulgaria) and in the trading
business (through ČEZ, a. s.).


"The divestment process was challenging but ultimately successful.
Compared to the earlier exits of other foreign energy investors from
Bulgaria, we managed the divestment with honor. CEZ Group leaves
Bulgaria with a positive cash balance. The settlement of the sale has no
impact on the international investment arbitration against the Bulgarian
state, which is independently pending. Therefore, the arbitration claim
represents additional potential proceeds for CEZ and its shareholders",
said Tomáš Pleskač, Member of the Board of Directors and Director of the
New Energy Division.


The international investment arbitration, which CEZ has been conducting
against the Bulgarian state since 2016, advanced to the next stage in
March this year, when the arbitration tribunal deciding the dispute
confirmed the legitimacy of the international arbitration within the
relevant jurisdiction, i.e., the jurisdiction to deal with the dispute,
and the arbitration proceeded to the merits phase. In early July, CEZ
subsequently filed a statement of case, which was registered with the
International Centre for Settlement of Investment Disputes (ICSID) in
Washington.The arbitration claim is based on the Bulgarian
state's failure to comply with its obligations under the privatization
agreement and its commitments when it joined the European Union in 2007.
The arbitration claim covers all areas of CEZ Group's operations in
Bulgaria, i.e., the generation, distribution and sale of electricity.


CEZ entered the Bulgarian market in 2004 with the purchase of two-third
stakes in three power distribution companies. In 2007, distribution and
electricity supply were separated ("unbundling") and two new companies
were created from the original three distribution companies – CEZ
Razpredelenie Bulgaria AD for distribution and CEZ Elektro Bulgaria AD
for supply to end customers. CEZ owned 67% of the shares in both
companies, while the rest of the shares, which are publicly traded on
the Sofia Stock Exchange, are held by minority shareholders. Gradually,
other companies were established in Bulgaria. The distribution company,
CEZ Razpredelenie, supplies electricity to about 2,2 million customers.
In 2020, CEZ Elektro Bulgaria and CEZ Trade Bulgaria supplied 10.4 TWh
of electricity to end customers.


The buyer, Eurohold Bulgaria AD, is Bulgaria's largest publicly traded
company and its shares are traded on the Sofia and Warsaw stock
exchanges. Eurohold is headquartered in Sofia and is a major player in
the Central and South-Eastern Europe region. Eurohold's subsidiaries are
active in insurance, leasing, car sales, asset management and investment
services in 12 European countries. Eurohold owns the Euroins Insurance
Group (EIG), which operates in European markets and has subsidiaries in
Bulgaria, Romania, North Macedonia, Ukraine, Georgia and Belarus.


INFORMACJE O PODMIOCIE    >>>

PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ
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