Atypically, on January 1, the EZ company convened a general meeting this summer. With that, she equaled her deadline record from 2011, when the shareholders meet otherwise and in the last decade of the month. After the unusual move of the shareholder meeting to the O2 universum Congress Center, this year it returns to the company’s traditional Prague Congress Center in Prague 4. In addition to the usual points, the shareholders will also closely monitor the company’s proposed division, which in the context of the future represents an abnormal flow of cash. Due to the government’s promises, therefore, cash for the displaced minority, thanks to which many shareholders of EZ promise to collect a ton of profit.
Materials for the EZ 2026 AGM, source: Kurzy.cz Although the government has promised many times to carry out the necessary expropriation for the pensions of companies that EZ does not own, today, as a majority shareholder, the Ministry of Finance will decide on their outflow. That is, the payment of dividends. That’s what I’m anxiously waiting for during the discussion of agenda item 3. Decided on the distribution of EZ profit, i.e. the proposed payment of 22.6 billion K, resp. dividend K42/share. There is also a counter-proposal of a minority share on the table for a payment of K50/share, which the board of directors does not recommend. Kurzy.cz will traditionally bring it under the current program from the general meeting starting at 9 o’clock. The following points will be discussed this year: 1. First corporate body 2. Approval of the individual financial statements of EZ, as, and consolidated financial statements of the EZ Group for the year 2025 3. Decision on the distribution of the profit of EZ, as 4. Updating the business concept of the EZ Group and the company EZ, as 5. Optimizing the ownership structure and governance of the EZ Group 6. Decision on change in the articles of association of the company 7. Decided on the appointment of an independent auditor 8. Decided on the amount of financial resources for the donation 9. Approved First of all the total income of the EZ, as organization, for the year 2025 10. Dismissal and election of the supervisory board only 11. Dismissal and election of the audit committee only. If EZ holds 70% of the voting rights as the majority share of the company, voting at the general meeting of traditions can be considered a formality. At his arrest, according to descendants, the total vote only slightly exceeded the 75% mark. Thus, no more than 90% of the descendants’ votes are available at the general meeting. 6:42 p.m. He issued a statement to the management: In connection with the year of investment, the expected number of assets and debt of the EZ company will be published again in line with the quarterly results. Cl EBITDA for the year 2030 (based on current forward prices) was last estimated by EZ in the April presentation at K 90-100 billion (see no). Production assets should be reduced by approximately 40%.
One of the shareholders filed a protest, when according to him, the shareholders will not have the opportunity to decide on the method of sale in the case of the sale of the established subsidiary company. That is, for example, the shareholders will not have the opportunity to comply with the transaction, when the board of directors will have free hands for any way to comply with the DSZS. 6:23 p.m. The General Assembly resumed shortly before 6 p.m. In the sale, there are about 150 shares. The answerable question continues, the board of directors stated, among other things, regarding item 5 to be discussed: The transfer of the debt to the new company must be in the context of the appropriateness of its cash flow. The board of directors will work with the rating agencies, they will also want the ratings to be evaluated by the DSZS. If the transaction is approved, it will be discussed with the advisers of the selected investment bank. According to Cyrany, he stated that the company does not have any valuable assets. If the transaction is approved today, according to the law, the investment will take place according to the market valuation. 4:50 p.m. Scheduled hours, when the reason may be to prepare answers to the questions asked. The meeting will resume at 5:50 p.m. 4:10 p.m. The General Assembly approved the proposed updated concept of business activity by more than 90% of the votes cast. Proceeding to discussion point 5. Optimization of the ownership structure and governance of the EZ Group. The Deputy Chairman of the Board of Directors, Pavel Cyrany, presents a draft resolution, which will result in the division of the company, or transfer of some segments to DSZS (child company for the loss segment) 3:43 p.m. The General Meeting proceeds to agenda item 4. Update of the business concept of the EZ Group and the EZ Company, as at 3:42 p.m. The General Meeting approved the payment of dividends in a total of approximately 22.6 billion K, i.e. 42 K/share, by no more than 90% of the votes cast. The decisive date for applying the first dividend is June 5, 2026. The dividend payment will be made through esk spoitelna from August 3. In connection with the approval, there will be no vote on the counter-proposal for the K50 dividend. 3:37 p.m. After the question has been answered, the General Meeting proceeds to vote on dividends. The first vote is on the board’s proposal of 42 K/share. The board of directors did not answer the question regarding the policy’s current payment of dividends (60-80% of profit). I have a career in energy. The company has confirmed a major investment program of approximately K 400 billion in the years 2026-2030. 3:00 p.m. No more than 90% of the voting shares voted again to approve item 2. The general meeting will discuss point 3. Decide on the distribution of the profit of EZ, as, i.e. the dividend. 2:52 p.m. The General Meeting goes to the polls for item 2. The individual annual summary of EZ, as, and the consolidated annual summary of the EZ Group for the year 2025 were approved. There are approximately 200 shares in stock. 2:31 p.m. The Board of Directors responded to Michal Nobro’s request regarding the initial windfall tax, actually consistent with its two issues. First, it is currently believed that the charge would not be rushed when there is another similar court decision from abroad. Daniel Bene fidgeted. 2:25 p.m. After a quick breakfast, the general meeting will be held in the afternoon. Only the board of directors, Daniel Bene, is present. 1:34 p.m. Michal Nobr called on the company’s management to submit a complaint to the state regarding the windfall tax. Then at 1:22 p.m., a 10-minute break was announced for the preparation of some answers to questions, and was subsequently extended until 2:15 p.m. 1:09 p.m. Even after 4 hours of work, no seed was found. Compared to the day’s maximum, only about half of the shares, or approximately 100. After answering the questions, the general meeting proceeds to item 2. The individual financial statements of EZ, as, and the consolidated financial statements of the EZ Group for the year 2025 were approved. The proposal is presented by financial editor Martin Novk. 12:25 p.m. Only the members of the board of directors, including Daniel Benee, are not up to date due to illness. The answer question continues. The costs of holding the general meeting are increasing, according to the data published by the company today, not significantly, e.g. inflation. EZ said that the expected investment for the year of the general meeting will reach 18.8 million kroner. Last year it was supposed to be 14.1 million kroner, and in 2024 it will reach 12.2 million kroner. Related to VH’s investments: How is the (in)economy in EZ or the pointless spending of investments Where are the pensions from EZ going? On the other hand, payments for the services of the first law firms last year fell year-on-year in total to 12 law firms, EZ paid 56 million K. The hourly rate for the services averaged around EUR 160 (approx. 3,900 K). 12:03 p.m. This is the progress of discussion item 1. At the same time, often detailed questions are replaced by the topic of ecology. Nkte shareholders left sl. The answers can be changed, for example: Mining at the Blina quarry should continue according to the valid permits in 2033 at the latest. Recultivation/rehabilitation, which is already gradually taking place, should take 5-10 years after completion. Combustion angle, or EZ wanted to end the operation of the thermal power plants after finding a replacement source. Currently, their operation is scheduled to end after the 2030/2031 heating season. The European Union confirms its carbon neutrality in 2040. There is no mention of the revision of the system of emission allowances by the EU, which should be presented in the agreement. There are a number of steam engines under construction/condition, likely to be fully operational in 2030. Some will be operational this year and in 2028. 11:15 a.m. The answers to the first questions can be changed, for example: The number of so-called non-commissioned shares of EZ and CDCP is 80,000. In total, there are 6.05 million EZ shares, i.e. 1.1%. In CDCP, there is a total of 28 ts, not 0.1% of EZ shares. In the case of tby lithium on Cnovec, construction is still permitted for the day. From the point of view of being able to join Geomet and find another partner for you, EZ offers several options. According to the latest study, USD 1.7 billion will be needed for the entire project with investments. A 20% cover is required from public sources/subsidies. 10:37 a.m. After the first meeting of the Audit Committee, the first questions of the shareholders will be discussed in the context of item 1. First of all, stn podvan. 10:05 a.m. Daniel Jirout presents At first the supervisory board. 9:53 a.m. Financial editor Martin Novk presents a comprehensive report on business on the capital market. and the following First about relationships. 9:34 a.m. Actions, including more than 90% of subsequent actions, were approved by the bodies of the general meeting. This leads to discussion point 1. First, the company body. Daniel Bene spoke to the Board of Directors about business activity. 9:26 a.m. Voting on the organs of the general meeting. 9:20 a.m. Minority shareholder Michal nobr, under his own authority, protested against the executive order. According to him, the long-term demonstrably limits minority actions to a limited time when communicating with EZ management. 9:04 a.m. Action at VH pivtal f company D.Bene. Among other things, he introduced the members of the board of directors and the supervisory board. According to Benee, 480 shares with a total of 75.22% of shares authorized to vote were registered as of 9:00 a.m. However, there are only approximately 200 shares in the market, so a large number of shares are obviously representative and are in advance.
Ji Zendulka
In the field of finance, he has been active since the purchase of privatization, i.e. 30 years. He worked in various positions at a trading company with valuable peppers, in order to subsequently establish himself as an analyst. He presents the long-term vision of the world in social media. It professes the traditional values of capitalism, or on the contrary, he is a critic of non-standard interventions in the economy by governments and central banks.