CEZ A.S.

Annual / Quarterly Financial Statement • Nov 9, 2023

ČEZ, a. s.

SEPARATE FINANCIAL STATEMENTS

PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF SEPTEMBER 30, 2023

ČEZ, a. s. BALANCE SHEET AS OF SEPTEMBER 30, 2023

	September 30, 2023	December 31, 2022
ASSETS:
Plant in service Less accumulated depreciation and impairment	528,248 (307,686)	514,654 (287,171)
Net plant in service	220,562	227,483
Nuclear fuel, at amortized cost Construction work in progress, net	13,400 14,814	11,873 13,473
Total property, plant and equipment	248,776	252,829
Restricted financial assets, net Other non-current financial assets, net Intangible assets, net Investment properties, net Deferred tax assets	16,733 175,887 1,449 381 -	15,215 157,686 1,143 437 47,885
Total other non-current assets	194,450	222,366
Total non-current assets	443,226	475,195
Cash and cash equivalents, net Trade receivables, net Income tax receivable Materials and supplies, net Fossil fuel stocks Emission rights Other current financial assets, net Other current assets, net	5,362 64,075 24,665 11,493 2,036 5,651 131,684 13,960	33,012 169,773 - 16,028 300 21,216 304,894 8,582
Total current assets	258,926	553,805
Total assets	702,152	1,029,000

ČEZ, a. s. BALANCE SHEET AS OF SEPTEMBER 30, 2023

continued

	September 30, 2023	December 31, 2022
EQUITY AND LIABILITIES:
Stated capital Treasury shares Retained earnings and other reserves	53,799 (1,334) 116,565	53,799 (1,334) 145,975
Total equity	169,030	198,440
Long-term debt, net of current portion Provisions Other long-term financial liabilities Deferred tax liability	115,470 127,002 8,198 40,053	132,739 122,067 38,659 -
Total non-current liabilities	290,723	293,465
Short-term loans Current portion of long-term debt Trade payables Income tax payable Provisions Other short-term financial liabilities Other short-term liabilities	2,245 28,433 33,151 - 17,785 151,242 9,543	52,933 8,034 76,525 15,117 21,515 358,311 4,660
Total current liabilities	242,399	537,095
Total equity and liabilities	702,152	1,029,000

ČEZ, a. s. STATEMENT OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023

	1-9/2023	1-9/2022	7-9/2023	7-9/2022
Sales of electricity, heat and gas Sales of services and other revenues Other operating income	148,107 7,986 875	134,734 8,652 5,266	41,036 2,760 472	53,963 2,896 465
Total revenues and other operating income	156,968	148,652	44,268	57,324
Gains and losses from commodity derivative trading Purchase of electricity, gas and other	12,914	17,998	5,529	2,158
energies	(54,166)	(61,314)	(15,934)	(25,335)
Fuel and emission rights	(26,946)	(28,299)	(9,781)	(10,509)
Services	(8,923)	(6,613)	(4,181)	(2,472)
Salaries and wages	(7,336)	(6,576)	(2,706)	(2,443)
Materials and supplies Capitalization of expenses to the cost of	(1,871)	(1,602)	(639)	(481)
assets and change in own inventories	134	112	45	35
Depreciation and amortization Impairment of property, plant and equipment	(14,539)	(13,312)	(4,916)	(4,790)
and intangible assets	(1)	22	-	24
Impairment of trade and other receivables	69	(138)	12	(124)
Other operating expenses	(8,909)	(1,066)	3,251	(233)
Income before other income (expenses) and
income taxes	47,394	47,864	14,948	13,154
Interest on debt, net of capitalized interest	(7,434)	(4,276)	(2,104)	(1,931)
Interest on provisions	(4,724)	(1,668)	(1,574)	(556)
Interest income	6,652	3,007	1,805	1,511
Impairment of financial assets	212	(60)	(29)	(105)
Other financial expenses	(1,330)	(2,928)	(944)	(1,210)
Other financial income	13,583	10,418	495	2,058
Total other income (expenses)	6,959	4,493	(2,351)	(233)
Income before income taxes	54,353	52,357	12,597	12,921
Income taxes	(29,514)	(8,502)	(10,594)	(2,468)
Net income	24,839	43,855	2,003	10,453

ČEZ, a. s. STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023

	1-9/2023	1-9/2022	7-9/2023	7-9/2022
Net income	24,839	43,855	2,003	10,453
Change in fair value of cash flow hedges Cash flow hedges reclassified to statement	62,332	(185,678)	8,257	(75,776)
of income	18,570	64,499	3,247	33,239
Change in fair value of debt financial instruments	475	(1,203)	(410)	(31)
Deferred tax related to other comprehensive income	(58,363)	23,253	(8,816)	8,088
Net other comprehensive income that may be reclassified to statement of income or
to assets in subsequent periods	23,014	(99,129)	2,278	(34,480)
Total comprehensive income, net of tax	47,853	(55,274)	4,281	(24,027)

ČEZ, a. s. STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023

	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, 2022	53,799	(1,423)	(67,248)	(652)	(1,687)	133,639	116,428
Net income Other comprehensive income	- -	- -	- (98,155)	- (974)	- -	43,855 -	43,855 (99,129)
Total comprehensive income	-	-	(98,155)	(974)	-	43,855	(55,274)
Dividends Sale of treasury shares Exercised and forfeited share options	- - -	- 89 -	- - -	- - -	- - (4)	(25,727) (48) 4	(25,727) 41 -
Balance as at June 30, 2022	53,799	(1,334)	(165,403)	(1,626)	(1,691)	151,723	35,468
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 June 30, 2023	53,799	(1,334)	234	(949)	(1,892)	119,172	169,030

ČEZ, a. s. STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023

	1-9/2023	1-9/2022
OPERATING ACTIVITIES:
Income before income taxes	54,353	52,357
Adjustments of income before income taxes to cash generated from operations:
Depreciation and amortization	14,539	13,312
Amortization of nuclear fuel	2,775	2,881
(Gains) and losses on non-current asset retirements	92	(21)
Foreign exchange rate loss (gain)	(555)	2,765
Interest expense, interest income and dividend income	(11,366)	(6,177)
Provisions	(3,318)	5,217
Impairment of property, plant and equipment and intangible
assets	1	(22)
Other non-cash expenses and income	19,733	68,080
Changes in assets and liabilities:
Receivables and contract assets	98,284	(77,289)
Materials, supplies and fossil fuel stocks	3,666	(19,421)
Receivables and payables from derivatives	(12,810)	(45,840)
Other assets	20,499	4,308
Trade payables	(41,280)	(16,098)
Other liabilities	4,891	903
Cash from operations	149,504	(15,045)
Income taxes paid	(40,204)	(2,229)
Interest paid, net of capitalized interest	(7,789)	(4,123)
Interest received	6,113	2,453
Dividends received	6,226	7,446
Net cash flow from operating activities	113,850	(11,498)
INVESTING ACTIVITIES:
Acquisition of subsidiaries, associates and joint-ventures Proceeds from disposal of subsidiaries, associates and joint	(9,919)	(3,081)
ventures and original investments repayments	235	909
Additions to non-current assets, including capitalized interest	(12,983)	(11,026)
Proceeds from sale of non-current assets	847	901
Loans made	(5,147)	(5,000)
Repayments of loans	7,844	1,272
Change in restricted financial assets	(1,317)	(1,164)
Net cash flow from investing activities	(20,440)	(17,189)

ČEZ, a. s. STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023

continued

	1-9/2023	1-9/2022
FINANCING ACTIVITIES:
Proceeds from borrowings Payments of borrowings Payments of lease liabilities Proceeds from other long-term liabilities Payments of other long-term liabilities Change in payables/receivables from Group cashpooling Dividends paid Sale of treasury shares	79,984 (127,138) (186) 5 (1,816) 5,586 (77,082) -	271,709 (201,239) (131) 16 (2) 15,040 (86) 42
Net cash flow from financing activities	(120,647)	85,349
Net effect of currency translation and allowances in cash	(413)	(507)
Net increase (decrease) in cash and cash equivalents	(27,650)	56,155
Cash and cash equivalents at beginning of period	33,012	20,804
Cash and cash equivalents at end of period	5,362	76,959
Supplementary cash flow information:
Total cash paid for interest	8,143	4,334