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CEZ will become the owner of Skoda JS threatened by anti-Russian sanctions

CEZ will become the owner of Skoda JS threatened by anti-Russian sanctions

Updates: 17.06.2022 14:17

Prague – CEZ Energy Group will become the 100% owner of the Czech nuclear power company Škoda GS. It will also get a larger stake in ÚJV Řež. A few years ago, Škoda JS became part of the Russian engineering group OMZ controlled by Gazprombanka. As a result, the company is currently at risk of sanctions, which could potentially have an impact on securing the existing major supplies of nuclear power plants in the EEZ. CEZ spokesperson Ladislav Krez informed CTK about this today in a press release.

In combination with Škoda JS, ČEZ will acquire another stake in the ÚJV Řež research facility, now owned by Škoda GS. Thus, CEZ’s stake in ÚJV Řež will increase from 52.46 percent to 69.85 percent. Škoda JS is an original Czech company with local employees, with which EZ has been cooperating for a long time, mainly in the field of nuclear fuel and maintenance of the primary circuit of nuclear power plants.

CEZ is executing the deal with Wood & Company, which will hold shares until the deal is approved by antitrust authorities. “This measure will ensure that Škoda JS does not threaten sanctions immediately after the signing of the agreement, and only after the antitrust authorities give CEZ permission to take full control, as is usually the case,” Kitsch said.

Škoda JS is one of the leading European engineering and production companies with experience in the construction and maintenance of nuclear power plants. The history of the Skoda JS today begins in 1956. Since then, it has been continuously working in this field. During its existence, the company has provided investment units, equipment and services for nuclear power plants, research reactors and spent fuel storage facilities in Central and Eastern Europe, Scandinavia, France, Germany, the USA, Austria, Finland, Belgium, the People’s Republic of China, Armenia and other countries.

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Škoda JS has manufactured and delivered 21 complete VVER 440 nuclear reactors and three VVER 1000 reactors. Since the 1990s, it has also focused on Western markets and technologies. It cooperates with the world’s leading companies in this field. At present, engineering, production and service have an equal share in the company’s sales, with nearly half of the company’s sales coming from exports. The company generates annual sales of between 3.5 and 4 billion crowns. It accounts for nearly half of its sales of equipment and services. It employs more than 1000 highly qualified professionals.

ČEZ Energy Group’s net profit in 2021 was CZK 9.9 billion, up 81 percent year on year. On the other hand, after adjusting to the unusual effects, it fell 3 percent year on year to 22.3 billion crowns. The largest shareholder in CEZ is the state, which owns about 70 percent of the shares through the Ministry of Finance.

Plzeňská Škoda JS, formerly known as ŠKODA Nuclear Engineering, reported pre-tax profits of over CZK 122 million in 2020 with revenue of over CZK 3.3 billion. Revenue under IFRS fell 30 percent year-over-year, and profits were halved. The reason was the effects of the coronavirus pandemic, which also means a decrease in cross-border movements. The company reported its twenty-first profit in a row. Last year’s results are not yet available.

European countries and America impose sanctions on Russia for the invasion of Ukraine. Since February, the European Union has imposed six sets of sanctions on Russia. The goal of economic sanctions is to expose Russia to the dire consequences of its actions and prevent it from further aggression.

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Russia fights CEZ energy machine nuclear sanctions Skoda JS