CEZ A.S. — Interim / Quarterly Report 2024

Aug 8, 2024

ČEZ, a. s.

SEPARATE FINANCIAL STATEMENTS

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

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

	June 30, 2024	December 31, 2023
ASSETS:
Plant in service Less accumulated depreciation and impairment	546,587 (321,023)	545,946 (311,853)
Net plant in service	225,564	234,093
Nuclear fuel Construction work in progress	16,582 18,001	16,002 13,457
Total property, plant and equipment	260,147	263,552
Restricted financial assets Other non-current financial assets Intangible assets Investment properties	19,672 177,356 1,719 378	18,224 182,991 1,705 382
Total other non-current assets	199,125	203,302
Total non-current assets	459,272	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	35,354 43,271 4 12,499 1,520 2,632 96,104 11,925	5,680 86,885 2 10,488 2,056 23,196 126,010 4,795
Total current assets	203,309	259,112
Total assets	662,581	725,966

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

continued

	June 30, 2024	December 31, 2023
EQUITY AND LIABILITIES:
Stated capital Treasury shares Retained earnings and other reserves	53,799 (1,334) 117,387	53,799 (1,334) 129,117
Total equity	169,852	181,582
Long-term debt, net of current portion Provisions Other long-term financial liabilities Deferred tax liability	110,177 145,774 3,825 15,627	122,644 143,009 4,363 28,116
Total non-current liabilities	275,403	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	6,817 31,258 21,999 8,380 13,990 132,358 2,524	7,240 29,456 45,654 356 20,677 139,881 2,988
Total current liabilities	217,326	246,252
Total equity and liabilities	662,581	725,966

ČEZ, a. s. STATEMENT OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2024

	1-6/2024	1-6/2023	4-6/2024	4-6/2023
Sales of electricity, heat and gas Sales of services and other revenues Other operating income	89,465 4,256 434	107,071 5,226 403	38,194 2,221 196	40,510 2,565 282
Total revenues and other operating income	94,155	112,700	40,611	43,357
Gains and losses from commodity derivative trading Purchase of electricity, gas and other	3,462	7,385	2,013	5,520
energies	(19,174)	(38,232)	(7,193)	(15,883)
Fuel and emission rights	(18,234)	(17,165)	(7,759)	(7,280)
Services	(6,116)	(4,742)	(3,529)	(2,763)
Salaries and wages	(5,348)	(4,630)	(2,825)	(2,586)
Materials and supplies	(1,352)	(1,232)	(735)	(662)
Capitalization of expenses to the cost of assets and change in own inventories	124	89	68	45
Depreciation and amortization	(9,828)	(9,623)	(4,928)	(4,841)
Impairment of property, plant and equipment and intangible assets	(4)	(1)	(4)	(1)
Impairment of trade and other receivables	11	57	-	14
Other operating expenses	(1,221)	(12,160)	(756)	(1,616)
Income before other income (expenses) and
income taxes	36,475	32,446	14,963	13,304
Interest on debt	(4,177)	(5,330)	(1,966)	(2,559)
Interest on provisions	(3,516)	(3,150)	(1,758)	(1,575)
Interest income	2,544	4,847	1,303	2,810
Impairment of financial assets	(6)	241	1	187
Other financial expenses	(557)	(386)	(60)	(98)
Other financial income	9,743	13,088	9,155	11,652
Total other income (expenses)	4,031	9,310	6,675	10,417
Income before income taxes	40,506	41,756	21,638	23,721
Income taxes	(22,606)	(18,920)	(9,282)	(7,261)
Net income	17,900	22,836	12,356	16,460

ČEZ, a. s. STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2024

	1-6/2024	1-6/2023	4-6/2024	4-6/2023
Net income	17,900	22,836	12,356	16,460
Change in fair value of cash flow hedges Cash flow hedges reclassified to statement	4,793	54,075	(8,702)	6,349
of income	(9,889)	15,323	(4,232)	4,615
Change in fair value of debt financial instruments	(445)	885	(311)	476
Deferred tax related to other comprehensive income	3,825	(49,547)	8,158	(7,562)
Net other comprehensive income that may
be reclassified to statement of income or to assets in subsequent periods	(1,716)	20,736	(5,087)	3,878
Total comprehensive income, net of tax	16,184	43,572	7,269	20,338

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

Balance as at January 1, 2023 53,799 (1,334) (22,429) (1,300) (1,987) 171,691 Net income - - - - - 22,836 Other comprehensive income - - 20,008 728 - - Total comprehensive income - - 20,008 728 - 22,836 Effect of business combinations - - - - 95 452 - - - - - (77,838) Dividends Balance as at June 30, 2023 53,799 (1,334) (2,421) (572) (1,892) 117,141 Balance as at January 1, 2024 53,799 (1,334) 8,478 301 (2,195) 122,533 Net income - - - - - 17,900 Other comprehensive income - - (1,296) (420) - - - Total comprehensive income - - (1,296) (420) - 17,900 Dividends - - - - - (27,914)	Stated capital	Treasury shares	Cash flow hedge reserve	Debt financial instruments	Equity financial instruments and other reserves	Retained earnings	Total equity
							198,440
							22,836 20,736
							43,572
							547 (77,838)
							164,721
							181,582
							17,900 (1,716)
							16,184
							(27,914)
Balance as at June 30, 2024 53,799 (1,334) 7,182 (119) (2,195) 112,519							169,852

ČEZ, a. s. STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2024

	1-6/2024	1-6/2023
OPERATING ACTIVITIES:
Income before income taxes	40,506	41,756
Adjustments of income before income taxes to cash generated from operations:
Depreciation and amortization	9,828	9,623
Amortization of nuclear fuel	1,763	1,889
(Gains) and losses on non-current asset retirements	7	97
Foreign exchange rate loss (gain)	(967)	101
Interest expense, interest income and dividend income	(7,071)	(11,653)
Provisions	(4,208)	(7,721)
Impairment of property, plant and equipment and intangible
assets	4	1
Other non-cash expenses and income	(7,548)	14,449
Changes in assets and liabilities:
Receivables and contract assets	37,783	103,649
Materials, supplies and fossil fuel stocks	(1,485)	3,959
Receivables and payables from derivatives	14,949	(11,753)
Other assets	18,923	22,414
Trade payables	(22,066)	(40,555)
Other liabilities	(438)	5,464
Cash from operations	79,980	131,720
Income taxes paid	(23,246)	(1,032)
Interest paid, net of capitalized interest	(4,930)	(6,294)
Interest received	2,305	4,600
Dividends received	313	-
Net cash flow from operating activities	54,422	128,994
INVESTING ACTIVITIES:
Acquisition of subsidiaries, associates and joint-ventures Proceeds from disposal of subsidiaries, associates and joint	(543)	(7,764)
ventures and original investments repayments	78	235
Additions to non-current assets, including capitalized interest	(9,595)	(8,506)
Proceeds from sale of non-current assets	102	152
Loans made	(80)	(5,147)
Repayments of loans	1,275	7,545
Change in restricted financial assets	(1,876)	(1,144)
Net cash flow from investing activities	(10,639)	(14,629)

ČEZ, a. s. STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2024

continued

	1-6/2024	1-6/2023
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	163,183 (175,491) (149) 2 (898) (618) (195)	65,984 (87,858) (115) 3 (1,811) (1,978) (133)
Net cash flow from financing activities	(14,166)	(25,908)
Net effect of currency translation and allowances in cash	57	(602)
Net increase in cash and cash equivalents	29,674	87,855
Cash and cash equivalents at beginning of period	5,680	33,012
Cash and cash equivalents at end of period	35,354	120,867
Supplementary cash flow information: Total cash paid for interest	5,196	6,560