ČEZ, a. s.

SEPARATE FINANCIAL STATEMENTS

PREPARED IN ACCORDANCE WITH IFRS ACCOUNTING STANDARDS AS ADOPTED BY EUROPEAN UNION AS OF MARCH 31, 2024

ČEZ, a. s. BALANCE SHEET AS OF MARCH 31, 2024

	March 31, 2024	December 31, 2023
ASSETS:
Plant in service Less accumulated depreciation and impairment	546,392 (316,641)	545,946 (311,853)
Net plant in service	229,751	234,093
Nuclear fuel Construction work in progress	15,155 14,955	16,002 13,457
Total property, plant and equipment	259,861	263,552
Restricted financial assets Other non-current financial assets Intangible assets Investment properties	18,257 188,711 1,694 381	18,224 182,991 1,705 382
Total other non-current assets	209,043	203,302
Total non-current assets	468,904	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	37,984 46,816 2,613 10,501 1,604 18,900 114,122 12,862	5,680 86,885 2 10,488 2,056 23,196 126,010 4,795
Total current assets	245,402	259,112
Total assets	714,306	725,966

	March 31, 2024	December 31, 2023
EQUITY AND LIABILITIES:
Stated capital Treasury shares Retained earnings and other reserves	53,799 (1,334) 138,032	53,799 (1,334) 129,117
Total equity	190,497	181,582
Long-term debt, net of current portion Provisions Other long-term financial liabilities Deferred tax liability	124,712 144,322 2,867 32,636	122,644 143,009 4,363 28,116
Total non-current liabilities	304,537	298,132
Short-term loans Current portion of long-term debt Trade payables Income tax payable Provisions Derivatives and other short-term financial liabilities Other short-term liabilities	11,203 30,872 24,812 - 26,281 122,852 3,252	7,240 29,456 45,654 356 20,677 139,881 2,988
Total current liabilities	219,272	246,252
Total equity and liabilities	714,306	725,966

	1-3/2024	1-3/2023
Sales of electricity, heat and gas Sales of services and other revenues Other operating income	51,271 2,035 238	66,561 2,661 121
Total revenues and other operating income	53,544	69,343
Gains and losses from commodity derivative trading Purchase of electricity, gas and other energies Fuel and emission rights Services Salaries and wages Materials and supplies Capitalization of expenses to the cost of assets and change in own inventories Depreciation and amortization Impairment of trade and other receivables Other operating expenses	1,449 (11,981) (10,475) (2,587) (2,523) (617) 56 (4,900) 11 (465)	1,865 (22,349) (9,885) (1,979) (2,044) (570) 44 (4,782) 43 (10,544)
Income before other income (expenses) and income taxes	21,512	19,142
Interest on debt Interest on provisions Interest income Impairment of financial assets Other financial expenses Other financial income	(2,211) (1,758) 1,241 (7) (497) 588	(2,771) (1,575) 2,037 54 (288) 1,436
Total other income (expenses)	(2,644)	(1,107)
Income before income taxes	18,868	18,035
Income taxes	(13,324)	(11,659)
Net income	5,544	6,376

	1-3/2024	1-3/2023
Net income	5,544	6,376
Change in fair value of cash flow hedges	13,495	47,726
Cash flow hedges reclassified to statement of income	(5,657)	10,708
Change in fair value of debt financial instruments	(134)	409
Deferred tax related to other comprehensive income	(4,333)	(41,985)
Net other comprehensive income that may be reclassified to	3,371	16,858
statement of income or to assets in subsequent periods
Total comprehensive income, net of tax	8,915	23,234

	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	- -	- -	- 16,525	- 333	- -	6,376 -	6,376 16,858
Total comprehensive income	-	-	16,525	333	-	6,376	23,234
Effect of business combination	-	-	-	-	95	451	546
Balance as at March 31, 2023	53,799	(1,334)	(5,904)	(967)	(1,892)	178,518	222,220
Balance as at January 1, 2024	53,799	(1,334)	8,478	301	(2,195)	122,533	181,582
Net income Other comprehensive income	- -	- -	- 3,519	- (148)	- -	5,544 -	5,544 3,371
Total comprehensive income	-	-	3,519	(148)	-	5,544	8,915
Balance as at March 31, 2024	53,799	(1,334)	11,997	153	(2,195)	128,077	190,497

	1-3/2024	1-3/2023
OPERATING ACTIVITIES:
Income before income taxes	18,868	18,035
Adjustments of income before income taxes to cash generated from operations:
Depreciation and amortization	4,900	4,782
Amortization of nuclear fuel	947	1,051
(Gains) and losses on non-current asset retirements	1	4
Foreign exchange rate loss (gain)	(502)	163
Interest expense, interest income and dividend income	970	734
Provisions	6,775	5,140
Other non-cash expenses and income	(4,458)	7,655
Changes in assets and liabilities:
Receivables and contract assets	32,952	63,179
Materials, supplies and fossil fuel stocks	445	5,897
Receivables and payables from derivatives	4,846	(7,877)
Other assets	3,531	2,438
Trade payables	(19,444)	(25,721)
Other liabilities	289	3,440
Cash from operations	50,120	78,920
Income taxes paid	(16,105)	(511)
Interest paid, net of capitalized interest	(1,558)	(2,541)
Interest received	979	1,837
Net cash flow from operating activities	33,436	77,705
INVESTING ACTIVITIES:
Acquisition of subsidiaries, associates and joint-ventures Proceeds from disposal of subsidiaries, associates and joint	(500)	(6,863)
ventures and original investments repayments	31	1
Additions to non-current assets, including capitalized interest	(3,542)	(3,738)
Proceeds from sale of non-current assets	59	115
Loans made	(35)	(5,146)
Repayments of loans	305	6,586
Change in restricted financial assets	(179)	(168)
Net cash flow from investing activities	(3,861)	(9,213)

continued

	1-3/2024	1-3/2023
FINANCING ACTIVITIES:
Proceeds from borrowings Payments of borrowings Payments of lease liabilities Payment of other long-term liabilities Change in payables/receivables from Group cashpooling Dividends paid	31,609 (28,478) (69) (72) (74) (135)	45,182 (60,861) (56) (3) 154 (105)
Net cash flow from financing activities	2,781	(15,689)
Net effect of currency translation and allowances in cash	(52)	(642)
Net increase in cash and cash equivalents	32,304	52,161
Cash and cash equivalents at beginning of period	5,680	33,012
Cash and cash equivalents at end of period	37,984	85,173
Supplementary cash flow information: Total cash paid for interest	1,630	2,637