CEZ A.S.

Annual / Quarterly Financial Statement • Nov 12, 2024

ČEZ, a. s.

SEPARATE FINANCIAL STATEMENTS

PREPARED IN ACCORDANCE WITH IFRS ACCOUNTING STANDARDS AS ADOPTED BY EUROPEAN UNION AS OF SEPTEMBER 30, 2024

ČEZ, a. s. BALANCE SHEET AS OF SEPTEMBER 30, 2024

	September 30, 2024	December 31, 2023
ASSETS:
Plant in service Less accumulated depreciation and impairment	546,114 (323,991)	545,946 (311,853)
Net plant in service	222,123	234,093
Nuclear fuel Construction work in progress	15,712 21,725	16,002 13,457
Total property, plant and equipment	259,560	263,552
Restricted financial assets Other non-current financial assets Intangible assets Investment properties	20,434 196,424 1,740 443	18,224 182,991 1,705 382
Total other non-current assets	219,041	203,302
Total non-current assets	478,601	466,854
Cash and cash equivalents Trade and other receivables Income tax receivable Materials and supplies Fossil fuel stocks Emission rights Derivatives and other current financial assets Other current assets	28,939 49,308 4 12,650 1,571 2,723 78,493 10,810	5,680 86,885 2 10,488 2,056 23,196 126,010 4,795
Total current assets	184,498	259,112
Total assets	663,099	725,966

ČEZ, a. s. BALANCE SHEET AS OF SEPTEMBER 30, 2024

continued

	September 30, 2024	December 31, 2023
EQUITY AND LIABILITIES:
Stated capital	53,799	53,799
Treasury shares	(1,334)	(1,334)
Retained earnings and other reserves	115,242	129,117
Total equity	167,707	181,582
Long-term debt, net of current portion	142,013	122,644
Provisions	147,138	143,009
Other long-term financial liabilities	5,088	4,363
Deferred tax liability	12,035	28,116
Total non-current liabilities	306,274	298,132
Short-term loans	2,046	7,240
Current portion of long-term debt	23,514	29,456
Trade payables	22,785	45,654
Income tax payable	12,575	356
Provisions	19,503	20,677
Derivatives and other short-term financial liabilities	103,792	139,881
Other short-term liabilities	4,903	2,988
Total current liabilities	189,118	246,252
Total equity and liabilities	663,099	725,966

ČEZ, a. s. STATEMENT OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

	1-9/2024	1-9/2023	7-9/2024	7-9/2023
Sales of electricity, heat and gas Sales of services and other revenues Other operating income	132,546 6,146 597	148,107 7,986 875	43,081 1,890 163	41,036 2,760 472
Total revenues and other operating income	139,289	156,968	45,134	44,268
Gains and losses from commodity derivative trading Purchase of electricity, gas and other	4,740	12,914	1,278	5,529
energies	(27,985)	(54,166)	(8,811)	(15,934)
Fuel and emission rights	(28,225)	(26,946)	(9,991)	(9,781)
Services	(10,172)	(8,923)	(4,056)	(4,181)
Salaries and wages	(8,282)	(7,336)	(2,934)	(2,706)
Materials and supplies	(1,969)	(1,871)	(617)	(639)
Capitalization of expenses to the cost of
assets and change in own inventories	170	134	46	45
Depreciation and amortization	(14,670)	(14,539)	(4,842)	(4,916)
Impairment of property, plant and equipment
and intangible assets	(4)	(1)	-	-
Impairment of trade and other receivables	11	69	-	12
Other operating expenses	(1,878)	(8,909)	(657)	3,251
Income before other income (expenses) and
income taxes	51,025	47,394	14,550	14,948
Interest on debt	(6,126)	(7,434)	(1,949)	(2,104)
Interest on provisions	(5,275)	(4,724)	(1,759)	(1,574)
Interest income	3,838	6,652	1,294	1,805
Impairment of financial assets	(7)	212	(1)	(29)
Other financial expenses	(635)	(1,330)	(78)	(944)
Other financial income	9,828	13,583	85	495
Total other income (expenses)	1,623	6,959	(2,408)	(2,351)
Income before income taxes	52,648	54,353	12,142	12,597
Income taxes	(35,718)	(29,514)	(13,112)	(10,594)
Net income	16,930	24,839	(970)	2,003

ČEZ, a. s. STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

	1-9/2024	1-9/2023	7-9/2024	7-9/2023
Net income	16,930	24,839	(970)	2,003
Change in fair value of cash flow hedges Cash flow hedges reclassified to statement	5,060	62,332	267	8,257
of income	(13,802)	18,570	(3,913)	3,247
Change in fair value of debt financial instruments	9	475	454	(410)
Deferred tax related to other comprehensive income	5,764	(58,363)	1,939	(8,816)
Net other comprehensive income that may
be reclassified to statement of income or to assets in subsequent periods	(2,969)	23,014	(1,253)	2,278
Total comprehensive income, net of tax	13,961	47,853	(2,223)	4,281

ČEZ, a. s. STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

	Stated capital	Treasury shares	Cash flow hedge reserve	Debt financial instruments	Equity financial instruments and other reserves	Retained earnings	Total equity
Balance as at January 1, 2023	53,799	(1,334)	(22,429)	(1,300)	(1,987)	171,691	198,440
Net income Other comprehensive income	- -	- -	- 22,663	- 351	- -	24,839 -	24,839 23,014
Total comprehensive income	-	-	22,663	351	-	24,839	47,853
Effect of business combinations Dividends	- -	- -	- -	- -	95 -	452 (77,810)	547 (77,810)
Balance as at September 30, 2023	53,799	(1,334)	234	(949)	(1,892)	119,172	169,030
Balance as at January 1, 2024	53,799	(1,334)	8,478	301	(2,195)	122,533	181,582
Net income Other comprehensive income	- -	- -	- (2,862)	- (107)	- -	16,930 -	16,930 (2,969)
Total comprehensive income	-	-	(2,862)	(107)	- -	16,930	13,961
Effect of business combinations Dividends	- -	- -	- -	- -	- -	39 (27,875)	39 (27,875)
Balance as at September 30, 2024	53,799	(1,334)	5,616	194	(2,195)	111,627	167,707

ČEZ, a. s. STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

	1-9/2024	1-9/2023
OPERATING ACTIVITIES:
Income before income taxes	52,648	54,353
Adjustments of income before income taxes to cash generated from operations:
Depreciation and amortization	14,670	14,539
Amortization of nuclear fuel	2,733	2,775
(Gains) and losses on non-current asset retirements	(137)	92
Foreign exchange rate loss (gain)	(958)	(555)
Interest expense, interest income and dividend income	(6,419)	(11,366)
Provisions	2,527	(3,318)
Impairment of property, plant and equipment and intangible
assets	4	1
Other non-cash expenses and income	(11,617)	19,733
Changes in assets and liabilities:
Receivables and contract assets	33,273	98,284
Materials, supplies and fossil fuel stocks	(1,700)	3,666
Receivables and payables from derivatives	24,387	(12,810)
Other assets	20,952	20,499
Trade payables	(21,043)	(41,280)
Other liabilities	1,940	4,891
Cash from operations	111,260	149,504
Income taxes paid	(33,825)	(40,204)
Interest paid, net of capitalized interest	(6,252)	(7,789)
Interest received	3,302	6,113
Dividends received	3,368	6,226
Net cash flow from operating activities	77,853	113,850
INVESTING ACTIVITIES:
Acquisition of subsidiaries, associates and joint-ventures Proceeds from disposal of subsidiaries, associates and joint	(24,078)	(9,919)
ventures and original investments repayments	1,003	235
Additions to non-current assets, including capitalized interest	(14,933)	(12,983)
Proceeds from sale of non-current assets	152	847
Loans made	(80)	(5,147)
Repayments of loans	1,590	7,844
Change in restricted financial assets	(2,072)	(1,317)
Net cash flow from investing activities	(38,418)	(20,440)

ČEZ, a. s. STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

continued

	1-9/2024	1-9/2023
FINANCING ACTIVITIES:
Proceeds from borrowings Payments of borrowings Payments of lease liabilities Proceeds from other long-term liabilities	250,612 (244,983) (231) 5	79,984 (127,138) (186) 5
Payments of other long-term liabilities Change in payables/receivables from Group cashpooling Dividends paid	(901) 7,071 (27,805)	(1,816) 5,586 (77,082)
Net cash flow from financing activities	(16,232)	(120,647)
Net effect of currency translation and allowances in cash	56	(413)
Net increase (decrease) in cash and cash equivalents	23,259	(27,650)
Cash and cash equivalents at beginning of period	5,680	33,012
Cash and cash equivalents at end of period	28,939	5,362
Supplementary cash flow information: Total cash paid for interest	6,634	8,143