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ČEPS, a.s. is a Czech Republic-based sole Transmission System Operator, which holds an exclusive licence to that effect granted by the Energy Regulatory Office under the Energy Act. The Company is responsible for the maintenance and upgrading of 41 substations comprising 71 transformers, which allow electricity to be supplied from the transmission system to the distribution network, as well as 400kV lines with a total length of 3508km and 220kV lines with a total length of 1910km. ČEPS is responsible for maintaining the balance of electricity supply and demand within the Czech power system in real time (system services) and for organising cross-border power exchanges including transits.

Finance

CEPS has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 1.75% a year during that time to total of CZK 3,700 mil in 2015, or 21.3% of sales. That’s compared to 24.3% average margin seen in last five years.

The company netted CZK 1,658 mil in 2015 implying ROE of 7.10% and ROCE of 5.84%. Again, the average figures were 9.02% and 7.85%, respectively when looking at the previous 5 years.

CEPS’s net debt amounted to CZK 4,625 mil at the end of 2015, or 0.195 of equity. When compared to EBITDA, net debt was 1.25x, up when compared to average of 0.455x seen in the last 5 years.