CEZ A.S.

Interim / Quarterly Report • Aug 10, 2023

ČEZ, a. s.

SEPARATE FINANCIAL STATEMENTS

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

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

	June 30, 2023	December 31, 2022
ASSETS:
Plant in service Less accumulated depreciation and impairment	525,272 (303,799)	514,654 (287,171)
Net plant in service	221,473	227,483
Nuclear fuel, at amortized cost Construction work in progress, net	11,816 16,630	11,873 13,473
Total property, plant and equipment	249,919	252,829
Restricted financial assets, net Other non-current financial assets, net Intangible assets, net Investment properties, net Deferred tax assets	16,962 175,029 1,364 441 -	15,215 157,686 1,143 437 47,885
Total other non-current assets	193,796	222,366
Total non-current assets	443,715	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	120,867 56,388 11,481 1,773 5,634 158,614 13,951	33,012 169,773 16,028 300 21,216 304,894 8,582
Total current assets	368,708	553,805
Total assets	812,423	1,029,000

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

continued

	June 30, 2023	December 31, 2022
EQUITY AND LIABILITIES:
Stated capital	53,799	53,799
Treasury shares	(1,334)	(1,334)
Retained earnings and other reserves	112,256	145,975
Total equity	164,721	198,440
Long-term debt, net of current portion	113,330	132,739
Provisions	126,919	122,067
Other long-term financial liabilities	13,353	38,659
Deferred tax liability	20,643	-
Total non-current liabilities	274,245	293,465
Short-term loans	26,700	52,933
Current portion of long-term debt	26,935	8,034
Trade payables	33,183	76,525
Income tax payable	14,508	15,117
Provisions	13,328	21,515
Other short-term financial liabilities	248,672	358,311
Other short-term liabilities	10,131	4,660
Total current liabilities	373,457	537,095
Total equity and liabilities	812,423	1,029,000

ČEZ, a. s. STATEMENT OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2023

	1-6/2023	1-6/2022	4-6/2023	4-6/2022
Sales of electricity, heat and gas Sales of services and other revenues Other operating income	107,071 5,226 403	80,771 5,756 4,801	40,510 2,565 282	30,406 3,056 387
Total revenues and other operating income	112,700	91,328	43,357	33,849
Gains and losses from commodity derivative trading Purchase of electricity, gas and other	7,385	15,840	5,520	2,802
energies	(38,232)	(35,979)	(15,883)	(14,836)
Fuel and emission rights	(17,165)	(17,790)	(7,280)	(8,300)
Services	(4,742)	(4,141)	(2,763)	(2,357)
Salaries and wages	(4,630)	(4,133)	(2,586)	(2,228)
Materials and supplies	(1,232)	(1,121)	(662)	(631)
Capitalization of expenses to the cost of assets and change in own inventories	89	77	45	39
Depreciation and amortization	(9,623)	(8,522)	(4,841)	(4,265)
Impairment of property, plant and equipment
and intangible assets	(1)	(2)	(1)	(2)
Impairment of trade and other receivables Other operating expenses	57 (12,160)	(14) (833)	14 (1,616)	(12) (454)
Income before other income (expenses) and
income taxes	32,446	34,710	13,304	3,605
Interest on debt, net of capitalized interest	(5,330)	(2,345)	(2,559)	(1,247)
Interest on provisions	(3,150)	(1,112)	(1,575)	(556)
Interest income	4,847	1,496	2,810	950
Impairment of financial assets	241	45	187	50
Other financial expenses	(386)	(1,718)	(98)	657
Other financial income	13,088	8,360	11,652	7,932
Total other income (expenses)	9,310	4,726	10,417	7,786
Income before income taxes	41,756	39,436	23,721	11,391
Income taxes	(18,920)	(6,034)	(7,261)	(701)
Net income	22,836	33,402	16,460	10,690

ČEZ, a. s. STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2023

	1-6/2023	1-6/2022	4-6/2023	4-6/2022
Net income	22,836	33,402	16,460	10,690
Change in fair value of cash flow hedges Cash flow hedges reclassified to statement	54,075	(109,902)	6,349	(68,189)
of income	15,323	31,260	4,615	16,591
Change in fair value of debt financial instruments	885	(1,172)	476	(636)
Deferred tax related to other comprehensive income	(49,547)	15,165	(7,562)	9,925
Net other comprehensive income that may
be reclassified to statement of income or to assets in subsequent periods	20,736	(64,649)	3,878	(42,309)
Total comprehensive income, net of tax	43,572	(31,247)	20,338	(31,619)

ČEZ, a. s. STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED JUNE 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	- -	- -	- (63,700)	- (949)	- -	33,402 -	33,402 (64,649)
Total comprehensive income	-	-	(63,700)	(949)	-	33,402	(31,247)
Dividends Sale of treasury shares Exercised and forfeited share options	- - -	- 69 -	- - -	- - -	- - (3)	(25,767) (37) 3	(25,767) 32 -
Balance as at June 30, 2022	53,799	(1,354)	(130,948)	(1,601)	(1,690)	141,240	59,446
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	- -	- -	- 20,008	- 728	- -	22,836 -	22,836 20,736
Total comprehensive income	-	-	20,008	728	-	22,836	43,572
Effect of business combination Dividends	- -	- -	- -	- -	95 -	452 (77,838)	547 (77,838)
Balance as at June 30, 2023	53,799	(1,334)	(2,421)	(572)	(1,892)	117,141	164,721

ČEZ, a. s. STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2023

	1-6/2023	1-6/2022
OPERATING ACTIVITIES:
Income before income taxes	41,756	39,436
Adjustments of income before income taxes to cash generated from operations:
Depreciation and amortization	9,623	8,522
Amortization of nuclear fuel	1,889	1,930
(Gains) and losses on non-current asset retirements	97	(74)
Foreign exchange rate loss (gain)	101	1,665
Interest expense, interest income and dividend income	(11,653)	(6,597)
Provisions	(7,721)	2,044
Impairment of property, plant and equipment and intangible
assets	1	2
Other non-cash expenses and income	14,449	31,991
Changes in assets and liabilities:
Receivables and contract assets	103,649	10,609
Materials, supplies and fossil fuel stocks	3,959	(7,035)
Receivables and payables from derivatives	(11,753)	(32,570)
Other assets	22,414	6,064
Trade payables	(40,555)	(21,550)
Other liabilities	5,464	723
Cash from operations	131,720	35,160
Income taxes paid	(1,032)	(18)
Interest paid, net of capitalized interest	(6,294)	(2,767)
Interest received	4,600	1,204
Net cash flow from operating activities	128,994	33,579
INVESTING ACTIVITIES:
Acquisition of subsidiaries, associates and joint-ventures Proceeds from disposal of subsidiaries, associates and joint	(7,764)	(2,381)
ventures and original investments repayments	235	512
Additions to non-current assets, including capitalized interest	(8,506)	(5,254)
Proceeds from sale of non-current assets	152	414
Loans made	(5,147)	-
Repayments of loans	7,545	981
Change in restricted financial assets	(1,144)	(1,022)
Net cash flow from investing activities	(14,629)	(6,750)

ČEZ, a. s. STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2023

continued

	1-6/2023	1-6/2022
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	65,984 (87,858) (115) 3 (1,811) (1,978) (133) -	101,931 (106,553) (88) 16 (1) (1,498) (71) 32
Net cash flow from financing activities	(25,908)	(6,232)
Net effect of currency translation and allowances in cash	(602)	(64)
Net increase in cash and cash equivalents	87,855	20,533
Cash and cash equivalents at beginning of period	33,012	20,804
Cash and cash equivalents at end of period	120,867	41,337
Supplementary cash flow information:
Total cash paid for interest	6,560	2,934