ČEZ, a. s.

SEPARATE FINANCIAL STATEMENTS

PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF MARCH 31, 2023

ČEZ, a. s. BALANCE SHEET AS OF MARCH 31, 2023

	March 31, 2023	December 31, 2022
ASSETS:
Plant in service Less accumulated depreciation and impairment	526,071 (300,560)	514,654 (287,171)
Net plant in service	225,511	227,483
Nuclear fuel, at amortized cost Construction work in progress, net	10,928 14,916	11,873 13,473
Total property, plant and equipment	251,355	252,829
Restricted financial assets, net Other non-current financial assets, net Intangible assets, net Investment properties, net Deferred tax assets	15,707 173,208 1,325 434 -	15,215 157,686 1,143 437 47,885
Total other non-current assets	190,674	222,366
Total non-current assets	442,029	475,195
Cash and cash equivalents, net Trade receivables, net Materials and supplies, net Fossil fuel stocks Emission rights Other current financial assets, net Other current assets, net	85,173 92,855 9,589 1,748 23,060 176,876 20,601	33,012 169,773 16,028 300 21,216 304,894 8,582
Total current assets	409,902	553,805
Total assets	851,931	1,029,000

	March 31, 2023	December 31, 2022
EQUITY AND LIABILITIES:
Stated capital	53,799	53,799
Treasury shares Retained earnings and other reserves	(1,334) 169,755	(1,334) 145,975
Total equity	222,220	198,440
Long-term debt, net of current portion	136,218	132,739
Provisions	125,674	122,067
Other long-term financial liabilities	18,782	38,659
Deferred tax liability	5,877	-
Total non-current liabilities	286,551	293,465
Short-term loans	31,140	52,933
Current portion of long-term debt	5,610	8,034
Trade payables	48,235	76,525
Income tax payable	14,971	15,117
Provisions	27,298	21,515
Other short-term financial liabilities	207,799	358,311
Other short-term liabilities	8,107	4,660
Total current liabilities	343,160	537,095
Total equity and liabilities	851,931	1,029,000

	1-3/2023	1-3/2022
Sales of electricity, heat and gas Sales of services and other revenues Other operating income	66,561 2,661 121	50,365 2,700 4,414
Total revenues and other operating income	69,343	57,479
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	1,865 (22,349) (9,885) (1,979) (2,044) (570) 44 (4,782) 43 (10,544)	13,038 (21,143) (9,490) (1,784) (1,905) (490) 38 (4,257) (2) (379)
Income before other income (expenses) and income taxes	19,142	31,105
Interest on debt, net of capitalized interest Interest on provisions Interest income Impairment of financial assets Other financial expenses Other financial income	(2,771) (1,575) 2,037 54 (288) 1,436	(1,098) (556) 546 (5) (2,375) 428
Total other income (expenses)	(1,107)	(3,060)
Income before income taxes	18,035	28,045
Income taxes	(11,659)	(5,333)
Net income	6,376	22,712

	1-3/2023	1-3/2022
Net income	6,376	22,712
Change in fair value of cash flow hedges	47,726	(41,713)
Cash flow hedges reclassified to statement of income	10,708	14,669
Change in fair value of debt financial instruments	409	(536)
Deferred tax related to other comprehensive income	(41,985)	5,240
Net other comprehensive income that may be reclassified to statement of income or to assets in subsequent periods	16,858	(22,340)
Total comprehensive income, net of tax	23,234	372

	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	- -	- -	- (21,906)	- (434)	- -	22,712 -	22,712 (22,340)
Total comprehensive income	-	-	(21,906)	(434)	-	22,712	372
Sale of treasury shares Exercised and forfeited share options	- -	17 -	- -	- -	- (1)	(10) 1	7 -
Balance as at March 31, 2022	53,799	(1,406)	(89,154)	(1,086)	(1,688)	156,342	116,807
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

	1-3/2023	1-3/2022
OPERATING ACTIVITIES:
Income before income taxes	18,035	28,045
Adjustments of income before income taxes to cash generated from operations:
Depreciation and amortization	4,782	4,257
Amortization of nuclear fuel	1,051	1,036
(Gains) and losses on non-current asset retirements	4	(31)
Foreign exchange rate loss (gain)	163	2,348
Interest expense, interest income and dividend income	734	552
Provisions	5,140	3,524
Other impairment and other non-cash expenses and income	7,655	15,531
Changes in assets and liabilities:
Receivables and contract assets	63,179	(2,396)
Materials, supplies and fossil fuel stocks	5,897	(564)
Receivables and payables from derivatives	(7,877)	(17,666)
Other assets	2,438	1,909
Trade payables	(25,721)	(6,123)
Other liabilities	3,440	1,505
Cash from operations	78,920	31,927
Income taxes paid	(511)	- (8)
Interest paid, net of capitalized interest	(2,541)	(529)
Interest received	1,837	326
Net cash flow from operating activities	77,705	31,716
INVESTING ACTIVITIES:
Acquisition of subsidiaries, associates and joint-ventures Proceeds from disposal of subsidiaries, associates and joint	(6,863)	(679)
ventures and original investments repayments	1	501
Additions to non-current assets, including capitalized interest	(3,738)	(2,805)
Proceeds from sale of non-current assets	115	35
Loans made	(5,146)	-
Repayments of loans	6,586	289
Change in restricted financial assets	(168)	(79)
Net cash flow from investing activities	(9,213)	(2,738)

continued

	1-3/2023	1-3/2022
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 Sale of treasury shares	45,182 (60,861) (56) (3) 154 (105) -	70,482 (71,200) (43) - (1,783) (26) 8
Net cash flow from financing activities	(15,689)	(2,562)
Net effect of currency translation and allowances in cash	(642)	(138)
Net increase in cash and cash equivalents	52,161	26,278
Cash and cash equivalents at beginning of period	33,012	20,804
Cash and cash equivalents at end of period	85,173	47,082
Supplementary cash flow information: Total cash paid for interest	2,637	563