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CEZ A.S.

Investor Presentation • Mar 15, 2016

1042_rns_2016-03-15_9b8016a1-0036-4f82-8e29-adc9b8ca6e9e.pdf

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PRESS CONFERENCE ON CEZ GROUP FINANCIAL RESULTS IN 2015

PRELIMINARY NON-AUDITED CONSOLIDATED RESULTS PREPARED IN ACCORDANCE WITH THE INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

Prague, March 15, 2016

YEAR 2015BALANCING PRESS CONFERENCE OF CEZ GROUP

CEZ Group in the Context of the European Energy Sector Daniel Beneš, Chief Executive Officer

CEZ Group Financial Results in 2015 Martin Novák, Chief Financial and Operations Officer

Strategic Ambitions of the Operations and Development Teams Daniel Beneš, Chief Executive Officer Martin Novák, Chief Financial and Operations Officer Tomáš Pleskač, Chief Renewables and Development Officer

CEZ Group's Ambitions for 2016 Daniel Beneš, Chief Executive Officer Martin Novák, Chief Financial and Operations Officer

WHOLESALE ELECTRICITY PRICE IN THE CZECH REPUBLIC IS AMONG THE LOWEST IN EUROPE

WHOLESALE ELECTRICITY PRICES DECLINED BY ALMOST ADDITIONAL 11 EUR/MWH IN THE LAST YEAR

Breakdown of factors behind decline of wholesale electricity price in the last year EUR/MWh, base load 2017

DETERMINING FACTORS FOR DEVELOPMENT OF EUROPEAN ENERGY SECTOR

  • Lower demand for commodities worldwide
  • Subsequent decline of commodity prices, mainly of oil and coal, up to their variable production costs
  • Setting 2030 targets for renewables development and energy efficiency
  • Further regulatory intervention, mainly rules of the wholesale market

Technological development

  • Decline in investment costs and improvement of operating parameters of renewables
  • Fast development of technology for energy storage and for more flexible management of networks and consumption
  • New forms of customer communication

MAIN TRENDS OF EUROPEAN ENERGY SECTOR

Traditional energy sector is stagnating but remains an indispensable part

  • Stagnating or declining consumption
  • Surplus of capacities, renewables (RES) are displacing conventional sources
  • Margin pressure: regulators and also new players

RES and decentralized energy are growing

  • RES represent the largest investment opportunity
  • Main technologies are achieving efficiency, which allow curtailing subsidies
  • Development and consolidation of technology companies (i.e. Tesla or GE)
  • Fragmented integrators market

Customers are focusing on complex services related to energy utilization

  • B2C: increasing interest in energy, active management of consumption/own production
  • B2B: outsourcing of energy and facility management as a whole

DEVELOPMENT IN 2015 FULLY CONFIRMED THAT OUR STRATEGY, UPDATED IN 2014, IS THE RIGHT ONE

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WHAT HAS BEEN ACHIEVED ALREADY

  • Be among the best in the operation of conventional electricity generation and proactively respond to the challenges of the 21st century II III
  • 2014 dividend to our shareholders amounting to CZK 21.4 bn
  • We saved CZK 2.9 bn in fixed costs compared to year 2014
  • Mining limits have been extended for Bílina mine (possibility to extract additional 100 – 150 m tones of lignite)
  • We completed checks of welds on Units I., II. and III. of Dukovany nuclear power plant and submitted an application for operating license extension for Unit I.
  • We set up an SPV company for spinoff of projects of new plants in Temelín and Dukovany

Offer a wide range of products and services to customers, which address their energy needs

  • Stabilized portfolio of electricity customers, growing in gas (+36.9 th. connection points)
  • Customer satisfaction grew (mainly with price and with product and service offering) – from 77% to 84 %
  • We are offering roof top PV from CEZ – more than 100 signed contracts, thousands being negotiated
  • We gained majority stake (75%) in ENESA a.s. focused on EPC projects

  • 3 extensive technological "smart grids" projects are prepared in the Czech Rep.

  • Strengthen and consolidate our position in the region of Central Europe

  • We reduced financial exposure of CEZ, a. s. abroad by CZK 9.3 bn
  • We completed two investments into German innovative companies Sonnenbatterie and SunFire (fuel cells)
  • Allocation of green certificates restored for Fântânele Vest and Cogealac in Romania
  • We signed a framework agreement for cooperation with German group Aquila Capital, offering investment opportunities to wind farms in Germany (up to 120 MW)
  • On Feb 26, 2016 Standard & Poor's confirmed CEZ rating on the level of A- with stable outlook

ADJUSTED NET INCOME REACHED CZK 27.7 BN AND EXCEEDED CEZ EXPECTATIONS BY CZK 0.7 BN

CZK bn

ADJUSTED NET INCOME

Selected positive effects:

  • Higher savings of fixed operating costs
  • Partial refund of gift tax on emission allowances from years 2011 and 2012
  • Fulfillment of obligations of SŽDC from year 2010

Selected negative effects :

  • Lower availability of Dukovany nuclear plant
  • Lower availability of Temelín nuclear plant
  • Shift in completion of modernization of lignite power plants in the Czech republic (Ledvice and Prunéřov power plants)
  • Limiting support for wind parks in Romania
  • Lower settlement of volumes of invoiced electricity

IMPACT OF ELECTRICITY PRICE DECLINE ON FINANCIAL RESULTS AND ECONOMIC STABILITY OF CEZ IS MITIGATED AND DELAYED BY ACTIVE MEASURES

….WHICH IS CONFIRMED BY SHARE PRICE DEVELOPMENT

YEAR 2015BALANCING PRESS CONFERENCE OF CEZ GROUP

CEZ Group in the Context of the European Energy Sector Daniel Beneš, Chief Executive Officer

CEZ Group Financial Results in 2015 Martin Novák, Chief Financial and Operations Officer

Strategic Ambitions of the Operations and Development Teams Daniel Beneš, Chief Executive Officer Martin Novák, Chief Financial and Operations Officer Tomáš Pleskač, Chief Renewables and Development Officer

CEZ Group's Ambitions for 2016 Daniel Beneš, Chief Executive Officer Martin Novák, Chief Financial and Operations Officer

CEZ GROUP FINANCIAL RESULTS

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* Adjusted net income = Net income adjusted for extraordinary effects that are generally unrelated to ordinary financial performance in a given year (such as fixed asset impairments and goodwill write-offs or profit/loss from sale of assets or subsidiaries).

** As at the last date of the period

YEAR-ON-YEAR CHANGE IN EBITDA MAIN REASONS BY SEGMENT

Power Production & Trading CE (CZK -8.9bn)

  • Lower realization prices of generated electricity in the Czech Rep., including the effects of hedges (CZK -5.6bn)
  • Extraordinary earnings in 2014: Settlement agreement with Albania (CZK -2.6bn), termination of deal with CA-CIB (CZK -1.6bn)
  • Effect of change in production volume and structure (CZK -2.7bn)
  • Effect of provisions and income from sales of emission allowances (CZK +0.9bn)
  • Lower fixed operating costs in the Czech Rep. due to economy measures (CZK +2.4bn)

Distribution & Sale CE (CZK +2.8bn)

  • Greater settlement of unbilled electricity in the Czech Rep. (CZK +1.4bn)
  • Payment of SŽDC liability from 2010 to CEZ Prodej in 2015 (CZK +1.1bn)

Other CE (CZK -1.5bn)—Lower revenue and margin from intra-group services

EBITDA BY SEGMENT: POWER PRODUCTION AND TRADING CENTRAL EUROPE

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b
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0
1
4		 2
0
1
5		 C
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a
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g
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Czech Republic (CZK -9.4bn)

  • Lower realization prices of generated electricity, including the effects of hedges (CZK -5.6bn)
  • Effect of change in production volume and structure (CZK -2.7bn)
  • Effect of the settlement agreement with Albania in 2014 (CZK -2.6bn)
  • Effect of the termination of a long-term deal with CA-CIB in 2014 (CZK -1.6bn)
  • Lower revenue from ancillary services (CZK -0.7bn)
  • Lower fixed operating costs due to economy measures (CZK +2.4bn)
  • Effect of provisions and income from sales of emission allowances (CZK +0.9bn)
  • Others (CZK +0.5bn)

Poland (CZK +0.5bn)

  • Higher revenue from electricity and heat sales—primarily higher production volume (CZK +0.2bn)
  • Reversal of provisions at Skawina Power Plant (CZK +0.2bn)

EBITDA BY SEGMENT: POWER PRODUCTION AND TRADING SOUTHEAST EUROPE

C
Z
K
b
n		 2
0
1
4		 2
0
1
5		 C
h
a
n
g
e		 %
B
l
i
g
a
r
a
u		 0
8
-		 0
1
-		 0
6
+		 8
3
%
+
R
i
o
m
a
n
a		 1
4		 0
8		 0
6
-		 %
4
5
-
S
t
E
B
I
T
D
A
e
g
m
e
n		 0
6		 0
6		 0
0		 %
4
+

Bulgaria (CZK +0.6bn)

  • Lower operating costs in connection with the suspension of operation of the Varna Power Plant since Jan 1, 2015 (CZK +0.2bn)
  • Negative generation margin in 2014 (CZK +0.2bn)
  • Effect of additions to provision in 2014 related to the shut-down of the Varna Power Plant (CZK +0.2bn)

Romania (CZK -0.6bn)

  • Effect of the suspension of green certificate allocation to the Cogealac wind farm from October 2014 to September 2015 (CZK -0.4bn) and positive effect of green certificate allocation to the Fântânele Vest wind farm since September 2015 (CZK +0.1bn)
  • Additions to the provision for potential additional tax on wind farm real estate (CZK -0.3bn)
  • Lower average price of wholesale electricity and green certificates (CZK -0.1bn)
  • Higher volume of electricity production (CZK +0.1bn)

EBITDA BY SEGMENT: DISTRIBUTION AND SALE CENTRAL EUROPE

C
Z
K
b
n		 2
0
1
4		 2
0
1
5		 C
h
a
n
g
e		 %
D
i
i
b
i
t
t
s
r
o
n
u		 1
8
5		 1
6
5		 0
2
-		 1
%
-
S
l
a
e		 3
5		 6
4		 3
0
+		 %
8
6
+
S
t
E
B
I
T
D
A
e
g
m
e
n		 1
9
3		 2
2
1		 2
8
+		 1
4
%
+

Distribution Czech Rep. (CZK -0.2bn)

  • Effect of using up remaining correction factors from RES in 2014 (CZK -2.1bn)
  • Higher amount of distributed electricity in 2015 and other positive gross margin effects (CZK +1.2bn)
  • Lower fixed operating cost (CZK +0.6bn)

Sale (CZK +3.0bn)

  • Greater settlement of unbilled electricity (CZK +1.2bn)
  • Payment of SŽDC liabilities from 2010 to CEZ Prodej in 2015 based on a court decision (CZK +1.1bn)
  • Growth in gas sales due to higher deliveries to new customers and weather effect (CZK +0.2bn)
  • Other (CZK +0.3bn), primarily due to lower average purchase price of electricity

EBITDA BY SEGMENT: DISTRIBUTION AND SALE SOUTHEAST EUROPE

C
Z
K
b
n		 2
0
1
4		 2
0
1
5		 C
h
a
n
g
e		 %
B
l
i
g
a
r
a
u		 1
5		 1
4		 0
1
-		 %
7
-
R
i
o
m
a
n
a		 2
3		 2
5		 0
2
+		 6
%
+
S
t
E
B
I
T
D
A
e
g
m
e
n		 3
9		 3
9		 0
0		 1
%
+

Bulgaria (CZK -0.1bn)

  • Positive effect of debt offset with the state-owned company NEK in 2014 (CZK -0.5bn)
  • Higher additions to provision in 2014 and cuts in operating costs in 2015 (CZK +0.2bn)
  • Higher margin on distributed electricity due to the price decision from Oct 1, 2014 (CZK +0.1bn)
  • Higher margin on electricity sales due to growing average selling price (CZK +0.1bn)

Romania (CZK +0.2bn)

  • Higher margin on electricity (CZK +0.3bn) due to higher amount and price of distributed electricity and lower expenses on losses in grids
  • Extraordinary income in 2014 arising from repayment agreements with the state postal service and railways (CZK -0.5bn)
  • Impact of provisions and the repayment of other receivables (CZK +0.2bn)
  • Lower fixed operating cost (CZK +0.2bn)

EBITDA BY SEGMENT: MINING CENTRAL EUROPE, OTHER CENTRAL EUROPE, AND OTHER SOUTHEAST EUROPE

(
C
)
E
B
I
T
D
A
Z
K
b
n		 2
0
1
4		 2
0
1
5		 C
h
a
n
g
e		 %
M
i
i
C
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n
n
g		 4
2		 4
3		 0
2
+		 4
%
+
O
h
C
E
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-		 3
1
%
-
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t
h
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r		 0
1		 0
1		 0
0		 4
9
%
+

Mining Central Europe (CZK +0.2bn)

  • Cuts in fixed operating costs (CZK +0.5bn)
  • Lower revenue (CZK -0.5bn) due to lower consumption of power coal (sorted coal sales were stable in spite of a warm winter)
  • Other (CZK +0.2bn), primarily received insurance payments and lower additions to redevelopment and reclamation provisions

Other Central Europe (CZK -1.5bn)

  • Lower revenue and margin from intra-group services primarily due to economy measures adopted by customers; especially CEZ Distribuční služby and CEZ ICT Services were affected (CZK -1.0bn)
  • Other (CZK -0.5bn), primarily lower revenue from projects executed by Škoda Praha Invest

OTHER INCOME (EXPENSES)

(
C
Z
K
b
)
n		 2
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1
4		 2
0
1
5		 C
h
a
n
g
e		 %
E
B
I
T
D
A		 7
2
5		 6
5
1		 7
4
-		 %
1
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-
D
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,		 3
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-		 0
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-		 2
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(
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x		 8
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x		 3
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-		 2
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-		 0
6
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1
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+
I
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x
v		 0
2
-		 0
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-		 0
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-		 %
1
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-
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(
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s		 3
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-		 2
4		 5
6
+		 -
I
t
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c
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s		 6
2
-		 6
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-		 0
1
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%
-
N
i
t
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c
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9
-		 8
%
-
N
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-		 2
9
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7		 1.
8
-		 6
%
-

Depreciation, Amortization, and Impairments* (CZK -0.6bn)

  • Increase in depreciation and amortization (CZK -0.9bn) primarily at ČEZ, a. s.
  • Lower additions to fixed asset impairments (CZK +0.3bn)

Financial and Other Income/Expenses (CZK +6.2bn)

  • Refund of gift tax on emission allowances for 2011 and 2012 (CZK +3.8bn)
  • Negative revaluation of MOL stock in 2014 (CZK +1.8bn)
  • Foreign exchange gains/losses and derivatives (CZK +1.2bn)
  • Effect of decreased debt on interest expenses (CZK +0.8bn)
  • Appreciation of funds deposited in restricted accounts and in short-term securities (CZK +0.3bn)
  • Overall effect of bond buybacks (CZK -1.2bn)
  • Financial results in Turkey (CZK -0.6bn), negative effect of USD/TRY exchange rate on loan revaluation was partially compensated for by a positive change in EBITDA

Net Income Adjustment

  • 2014 net income adjusted for the negative effect of fixed asset impairments (CZK +7.0bn)
  • 2015 net income adjusted for the negative effect of fixed asset impairments (CZK +7.1bn)
  • 19* Including goodwill write-offs, profit/loss on sales of fixed assets and write-off of abandoned investments

EUROPEAN ENERGY COMPANIES ALREADY HAD TO WRITE OFF SUBSTANTIAL ASSETS AND MOST ARE FACING FURTHER

DOWNGRADE OF THEIR CREDIT RATING (I.E. PROBABILITY OF DEBT REPAYMENT)

Cumulative Long-Term Assets Impairments of Selected Companies From 2010 to 2015

C
Z
K
bn		 %
f n
t a
ts
o
on
-c
ur
re
n
ss
e
f
V
t
t
l
l
a
e
n
a		 3
6
0		 %
3
5
6
E
O
N		 6
2
6		 3
1.
5
%
R
W
E		 2
9
6		 2
1.
3
%
V
b
d
e
r
n
u		 4
5		 %
1
5
1
E
l
n
e		 3
1
4		 1
0
0
%
C
E
Z		 2
9		 %
5.
8

As at Q4 2015

Additional significant impairments can be expected in 2016 due to a quick drop in electricity wholesale prices in the past 3 months (of about 30%). Therefore, credit rating agencies undertook an extraordinary massive revision of ratings in the whole sector.

  • Standard & Poor's undertook a massive revision of European energy companies' credit ratings on February 26, 2016 (in connection with a drop in electricity wholesale prices). As part of the revision, companies such as EDF, RWE, EnBW, E.ON, Vattenfall, Verbund, and Engie were placed on "CreditWatch" (for potential rating downgrade).
  • CEZ's existing S&P credit rating was confirmed at A− level with a stable outlook.

RELATIVE STABILITY OF CEZ PROFITS IS EXCEPTIONAL IN COMPARISON WITH SIMILAR EUROPEAN UTILITIES

-3.2-0.91.11.70.8-7.0-2.1-0.2 -0.2 0.8-8-7-6-5-4-3-2-10123E.ON Vattenfall Fortum* RWE Skupina ČEZ 2014 2015 CEZ Group (EUR bn)

Net Profits of Selected Energy Companies in 2014 and 2015

THE STABILITY OF CEZ GROUP'S PROFITS IS CONTRIBUTED TO BY ITS POLICY OF ONGOING MEDIUM-TERM HEDGING OF REVENUES FROM SALES OF ELECTRICITY

22Source: CEZ; * ČEZ, a. s., including Energotrans and spun-off coal-fired power plants

YEAR 2015BALANCING PRESS CONFERENCE OF CEZ GROUP

CEZ Group in the Context of the European Energy Sector Daniel Beneš, Chief Executive Officer

CEZ Group Financial Results in 2015 Martin Novák, Chief Financial and Operations Officer

Strategic Ambitions of the Operations and Development Teams Daniel Beneš, Chief Executive Officer Martin Novák, Chief Financial and Operations Officer Tomáš Pleskač, Chief Renewables and Development Officer

CEZ Group's Ambitions for 2016 Daniel Beneš, Chief Executive Officer Martin Novák, Chief Financial and Operations Officer

IN 2015 STRATEGY FULFILLMENT WAS ACCELERATED AND CAPACITIES AND RESOURCES WERE REALIGNED; ACTIVITIES ARE NEWLY ORGANIZED UNDER THE OPERATIONS AND DEVELOPMENT TEAMS

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pay dividends to our shareholders

  • customers
  • Acquisitions and organic growth in stable countries

…WE BOLSTERED SEGMENTAL MANAGEMENT AT THE EXPENSE OF REGIONAL MANAGEMENT. GROUP COMPANIES DIVIDED INTO REDEFINED BUSINESS SEGMENTS.

Umbrella team for the following main business segments:

  • Generation—Traditional Energy
  • Mining

And for the following ancillary and centralized activities:

Finance and administrative / Headquarters activities in general

Umbrella team for the following main business segments:

  • Generation—New Energy
  • Distribution
  • Sales/Trading

OPERATIONS TEAM SELECTED EVENTS IN 2015

  • The Czech government decided to change mining environmental limits for Doly Bílina (allowing to extract 100–150 million tons of coal with the limit set to 500 m from municipal builtup areas)
  • A contract for a new coal stacker was concluded
  • Fixed operating cost adjusted to lower demand (savings of over CZK +0.5bn)

Mining Generation—Traditional Energy

Nuclear Facilities

  • Measures resulting from stress tests implemented on schedule (e.g. enhancement of structures' resistance to extreme effects, alternative power supplies, heat rejector at Dukovany, upgrade of NPP simulators)
  • Capacity of both Temelín units was increased up to 1,090 MWe
  • Another line for standby power supply built between the Temelín NPP and Hněvkovice hydro power plant
  • SÚJB renewed existing authorization for Dukovany Unit 1 until Mar 31, 2016 and the application for renewal of the Unit 1 operating license is currently under review

Coal-Fired Facilities

  • Počerady power plant and Energotrans heating plant finished environmental upgrades; production of nitrogen oxides reduced to newly applicable limits

  • Start of test operation of the new Ledvice facility and renovated Prunéřov Power Plant units

  • We reduced foreign financial exposure of ČEZ, a. s. by CZK 9.3bn (including CZK 4.6bn in Poland and CZK 4.2bn in Romania)

  • We updated CEZ's dividend policy (payout ratio of 60–80% of consolidated net income adjusted for extraordinary effects)
  • We met our ambitious costcutting plan from 2014. CEZ Group's fixed operating costs decreased by CZK 2.9bn y-o-y

OPERATIONS TEAM STRATEGIC AMBITIONS FOR 2020

  • Ensure reliability and flexibility of supplies to all customers
  • Make the interface between mining and power plants more efficient
  • Achieve maximum cost effectiveness in operations
  • Optimize investments through "Design-to-Cost"
  • Use economically exploitable coal reserves as efficiently as possible

Mining Generation—Traditional Energy Finance and Administrative

Nuclear Facilities

  • Continually improve nuclear safety and the level of maintenance of nuclear facilities
  • Maintain high facility availability and maximum utilization of our nuclear assets' potential
  • Obtain a renewed operating license for Dukovany units and ensure long-term operation for the Dukovany NPP

Other Generating Facilities

  • Continually improve the operational efficiency and flexibility of new and refurbished facilities
  • Optimize the operations of all coal-fired facilities

Heat Sector

  • Strengthen our position in the heat market in the Czech Rep. and maximize the operational efficiency and utilization of existing assets to achieve growth and new revenue
  • Optimize investments through "Design-to-Cost"

Grow in the heat sector through acquisitions, primarily in Poland

Finance

Additional *

EBITDA 2020:

+ CZK 3bn

  • Ensure proactive funding of development activities and maintain the Group's financial stability (Net Debt/EBITDA ratio at 2.5–3.0)
  • Optimize the capital and ownership structure of existing foreign assets

Support and Centralized Activities

  • Continually improve efficiency and outperform the market in all services provided
  • Continually and systematically promote segment initiative and motivation in order to increase the entire Company's value
  • Continually improve the efficiency of purchasing processes and optimize other centralized and support processes to promote growth and increased cost effectiveness

OPERATIONS TEAM KEY OBJECTIVES FOR 2016

  • Maximize the creation of operating cash flow and maintain an optimum level of mining at both mines
  • Efficiently manage investments and maintain the required level of commercial reserves
  • Apply for a mining license for underground mining at the Nástup mines

Mining Generation—Traditional Energy

Ensure the optimum availability of all facilities Nuclear Facilities

  • Obtain an operating license for Dukovany Unit 1 and then an operating license for Unit 2 for after 2016
  • Fulfill operational safety enhancement programs at both nuclear power plants
  • Take systemic measures to improve control over the performance of maintenance and repair

Coal-Fired Facilities

  • Complete the test operation of the new supercritical unit in Ledvice (660 MW) and refurbished Prunéřov Power Plant units (3 x 250 MW)
  • Adjust investments and coal-fired portfolio operations to developments in electricity prices and regulation

Heat Sector

  • Analyze the market and identify growth potential in the Czech Rep. and Poland
  • Identify specific acquisition targets and prepare development projects

Finance

  • Efficiently manage debt capacity of the Group and ensure proactive funding of development activities
  • Optimize the capital and ownership structure of existing foreign assets

Support and Centralized Activities

  • Prepare documentation for the procedure of selecting a fuel supplier for Temelín NPP for after 2020
  • Implement action plans in purchasing and other centralized and support services in order to promote growth and increased cost effectiveness

DEVELOPMENT TEAM SELECTED EVENTS IN 2015

Sales—Retail

  • Gas delivered to around 384,000 connection points (an increase of almost 37,000 in 2015)
  • Electricity delivered to around 2.75 million connection points
  • Launched the Rooftop Photovoltaics product for residential customers and established the CEZ WITHOUT WORRIES product (insurance against loss of employment)

Sales—ESCO

  • Consolidated an offer of six product categories for a wide range of customers among businesses and municipalities: energy consulting, construction and operation of energy facilities, service and maintenance, lighting, energy savings, and smart city 29Renewables
  • Built a sales and implementation team from internal resources and acquisitions of EV Č, ENESA, JUWI

Trading

  • Trading's active contribution to alleviating the impact of decrease in electricity wholesale prices in European markets (over CZK 800m)
  • Started expansion of trading activities to new markets (e.g. Scandinavia) and strengthening of gas trading activities

NewEnergy

  • Temporary accreditation for the Romanian power plants at Fântânele Vest and Cogealac approved on Sep 2
  • In Poland, the effect of a part of the renewables act defining a new auction system for support was postponed by 6 months
  • Building permit for the wind farm at Krasin, Poland (35 MW) issued
  • A framework agreement on cooperation was made with Aquila Capital to offer opportunities for investment in wind farms in Germany (up to 120 MW)

INVEN CAPITAL

  • Reviewed 247 opportunities
  • Made investments in German companies Sonnenbatterie (energy storage) and SunFire (fuel cells)

Czech Republic

Prepared additional investments to promote decentralized energy and smart grids (CZK 6bn in total)

Abroad

  • Distribution tariffs for CEZ Distributie in Romania reduced by 11% with effect from Jan 1, 2016.
  • Bulgaria's regulator issued a new price decision with effect from Nov 1, 2015.
  • On Nov 19, 2015, CEZ Group officially notified the Bulgarian government of its intent to initiate an international arbitration on grounds of failure to protect its investment.
  • Successfully completed physical unbundling of a distribution and sales company in Turkey (first companies to meet statutory requirements)

DEVELOPMENT TEAM STRATEGIC AMBITIONS FOR 2020

Additional *EBITDA 2020:+ CZK 6bn

Sales—Retail

Expand the portfolio of innovative products and services according to customers' needs (in the generation, use, and savings of electricity and other kinds of energy) in all markets that we operate in

Sales—ESCO

Become #1 and a natural choice for businesses, municipalities and the public sector in comprehensive energy services in the Czech Rep. and new markets in Poland and Germany 30 Become a major European

Trading

Develop trading, active dispatching, and wholesale of commodities

player in renewables in terms of installed capacity and profitability

New

Energy

  • Invest in wind and solar capacities in the development stage as well as in existing capacities while maintaining the required rate of return
  • Efficiently use an optimum mix of internal and external funding for acquisitions

Ambition to grow through acquisitions, primarily in Germany and in countries with a stable regulatory environment

Additional investments expected in 2016–2020: CZK 50–60bn

Czech Republic

  • Build a leading position in Smart technologies
  • Integrate decentralized energy in a cost-effective manner
  • Optimize grid renovation and development investments and costs in order to improve the quality of our distribution service without any impact on end-use tariffs
  • Increase customer satisfaction

Abroad

Maximize CF and optimize capital and ownership structure, including divestment of selected assets

Ambition to acquire distribution/transmission assets in countries with a stable regulatory environment

DEVELOPMENT TEAM KEY OBJECTIVES FOR 2016

Sales—Retail

  • Introduce new non-commodity products in financing as well as technical areas, and launch profitable commodity products in electricity and gas
  • Improve the availability and design of the network of our Customer Care Centers and increase the quality of our customer care

Sales—ESCO

  • Finish the transformation of the ESCO group in the Czech Rep.
  • Develop the Smart City concept and the Rooftop Photovoltaics product and start installations
  • Develop EPC projects aimed to reduce operating energy costs, primarily in public administration
  • Enter the energy services market in Poland and Germany

Trading

Develop trading activities

NewEnergy

Renewables

  • Maximize the value of Ecowind
  • Analyze the target markets (Germany, France, United Kingdom, and Poland) and expand relations with local RES market participants
  • Gain additional expert competences for offshore projects and auction systems for RES support
  • Identify acquisition targets and carry out first acquisitions

INVEN CAPITAL

Review hundreds of investment opportunities and carry out 2–4 acquisitions

Czech Republic

  • Optimize expenditure on distribution grid maintenance and care
  • Make investments in the preparation of grids for upcoming decentralized energy and smart grids
  • Set up new communication channels for customers and maintain the upward trend in customer satisfaction

Abroad

  • Protect CEZ Group's investments and rights in Bulgaria and Romania
  • Implement the Consolidation Abroad project (change the structure and further reduce financial exposure)

Actively monitoring opportunities for profitable acquisitions of distribution/transmission assets in countries with a stable regulatory environment

YEAR 2015BALANCING PRESS CONFERENCE OF CEZ GROUP

CEZ Group in the Context of the European Energy Sector Daniel Beneš, Chief Executive Officer

CEZ Group Financial Results in 2015 Martin Novák, Chief Financial and Operations Officer

Strategic Ambitions of the Operations and Development Teams Daniel Beneš, Chief Executive Officer Martin Novák, Chief Financial and Operations Officer Tomáš Pleskač, Chief Renewables and Development Officer

CEZ Group's Ambitions for 2016

Daniel Beneš, Chief Executive Officer Martin Novák, Chief Financial and Operations Officer

WE EXPECT 2016 EBITDA OF CZK 60BN, ADJUSTED NET INCOME AT THE LEVEL OF CZK 18BN

Selected year-on-year negative effects:

  • Trend of declining electricity prices
  • Payment of SŽDC liabilities from 2010
  • Lower settlement of unbilled electricity in the Czech Rep.

Selected year-on-year positive effects:

  • Higher volume of electricity production
  • Resumed allocation of green certificates for Fântânele Vest and Cogealac

Selected prediction risks:

  • Availability of generating facilities in the Czech Rep. (especially new and refurbished coal-fired units)
  • Developments in regulatory and legislative conditions for the energy sector in Europe

EXPECTED YEAR-ON-YEAR CHANGE IN EBITDA MAIN REASONS

E
B
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Level of production and other effects

  • Higher production (+4.6)
  • Other effects (-0.4)

Generation—New Energy

  • Allocation of green certificates for Fântânele Vest and Cogealac for the whole year 2016 (+1.0)
  • Higher production

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Sales

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  • Lower margin abroad (-0.3)

CZK bn

THE TREND OF DECREASING WHOLESALE ELECTRICITY PRICES DETERMINES EBITDA DECREASE AT ALL COMPARABLE EUROPEAN ENERGY COMPANIES

RWE * E.ON * Fortum ° Skupina ČEZ *Expected decrease in EBITDA for 2016 compared to 2015 CEZ Group

* Published estimate of the company shown

EXPECTED YEAR-ON-YEAR CHANGE IN NET INCOME MAIN REASONS

Adjusted net income in 2015 (27.7) of which: net income (20.5), fixed asset impairments (7.1)

Effect of facility renovations on depreciation, amortization, and interest

Increase in depreciation and amortization (-3.3) and decrease in capitalized interest (-2.2) related to the inclusion of the new Ledvice facility and refurbished Prunéřov power plant in CEZ's assets

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Extraordinary 2015 income from the refund of a portion of gift tax on emission allowances for 2011 and 2012

Financial expenses in 2015

  • Bond buyback in 2015 (-1.7)
  • Foreign exchange losses and revaluation of financial derivatives

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PRECONDITION FOR THE FINANCIAL AMBITION FOR 2016: INCREASED PRODUCTION OF BOTH TRADITIONAL AND NEW ENERGY

KEY 2016 OBJECTIVES REFLECTING CEZ GROUP STRATEGY

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ANNEXES

  • Q4 2015 EBITDA (by Segments as in Effect Until the End of 2015)
  • Other Income (Expenses) in Q4 2015
  • Selected Events in 2015
  • Generation in 2015
  • Cash Flows in 2015
  • Investments in Fixed Assets in 2015
  • Credit Facilities and Bonds—at Dec 31, 2015
  • Balance Sheet Overview As at Dec 31, 2015
  • Electricity Consumption in 2015
  • Market Developments in 2014–2015
  • EBITDA in 2014 and 2015 (by Segments as in Effect from Jan 1, 2016)
  • Generation in 2016
  • Mining in 2015 and 2016
  • Electricity Balance (by Countries and Segments as Defined Until the End of 2015 and from Jan 1, 2016)

DEVELOPMENT IN Q4 2015 EBITDA

CEZ Group EBITDA (CZK -1.0bn):

  • Power Production & Trading CE (CZK -2.3bn): Czech Rep.—settlement agreement with Albania in 2014 (CZK -2.6bn), lower volume and changed structure of production (CZK -1.8bn), lower realization prices of generated electricity, including impacts of hedges (CZK -0.3bn), higher revenue from proprietary trading (CZK +0.3bn), effect of provisions and income from sale of emission allowances (CZK +0.5bn) and cuts in fixed operating costs as a result of economy measures (CZK +1.1bn); Poland (CZK +0.3bn) mainly effect of provisions at Skawina Power Plant
  • Power Production & Trading SEE (CZK +0.3 bn): Effect of 2014 additions to provision for the Varna power plant shut-down
  • Distribution & Sale CE (CZK +1.5bn): Greater settlement of unbilled electricity (CZK +1.2bn)
  • Distribution & Sale SEE (CZK -0.2bn): Bulgaria—impact of debt offset with the state-owned company NEK in 2014 (CZK -0.5bn) partially compensated for by the effect of mandatory purchases of customer-owned assets (CZK +0.2bn) and the effect of higher additions to provisions in 2014 (CZK +0.1bn).
  • Mining CE (CZK +0.2bn): Primarily the effect of economy measures
  • Other CE (CZK -0.5bn): Primarily lower revenue from projects executed by Škoda Praha Invest

DEVELOPMENT IN Q4 2015: OTHER INCOME (EXPENSES)

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Depreciation, amortization, and impairments* (CZK -2.7bn):

  • Higher additions to fixed asset impairments (CZK -2.6bn)
  • Increase in depreciation and amortization at CEZ, a. s. (CZK -0.2bn)

Financial and Other Income/Expenses (CZK +5.5bn):

  • Refund of a portion of gift tax on emission allowances for 2011 and 2012 (CZK +3.8bn)
  • Negative revaluation of MOL stock in 2014 (CZK +1.8bn)
  • Positive effect of changes in the USD/TRY exchange rate on the financial results of companies in Turkey (CZK +0.9bn)
  • Foreign exchange gains and losses and revaluation of financial derivatives (CZK +0.4bn)
  • Effect of decreased debt on interest expenses (CZK +0.3bn)
  • Effect of bond buybacks (CZK -1.7bn)

Net income adjustment

  • Q4 2014 net income adjusted for the negative effect of fixed asset impairments (CZK +2.3bn)
  • Q4 2015 net income adjusted for the negative effect of fixed asset impairments (CZK +5.1bn)

SELECTED EVENTS

(BEYOND THE SCOPE OF EVENTS MENTIONED IN THE PRESENTATION ITSELF)

Czech Republic

  • Nuclear power plants successfully defended a prestigious environmental certificate (Nov 2015); an environmental audit focusing on water management was carried out by the international audit firm Det Norske Veritas
  • Test operation of the new Ledvice Power Plant continues (its full capacity of 660 MWe was attained for the first time on Dec 9, 2015). Unit control adjustments, functional performance testing, and facility pre-certification for the provision of services in the electricity system underway
  • In the Prunéřov Power Plant renovation project, installation work was completed and commissioning is underway (complex testing is underway at B23 and B24 units, first synchronization of B25 unit was performed on Dec 19, 2015)

Abroad

  • Sale contract for the Akoçak, Turkey hydro power plant signed (Sep 2015)
  • Bulgaria's regulator issued a new price decision with effect from Nov 1, 2015 (as a result of commercial customers' pressure to decrease the final price of electricity). The tariff decision represents a price reduction of 2.43% for commercial customers. The decision results in a slight increase of 0.21% in the distribution margin and a decrease of 0.95% in the sales margin.
  • Notice of Dispute sent to the government of Bulgaria to officially notify it of the intent to initiate an international investment arbitration on grounds of failure to protect CEZ's investment. This step was taken after a number of interventions of Bulgarian institutions damaging the business of CEZ Group companies in the country and as a result of a long-term not-improving critical situation on the local energy market (Nov 2015).
  • We submitted a non-binding offer to buy the German assets of Vattenfall (Dec 2015)

GENERATION IN 2015: 56.6 TWH GENERATED IN THE CZECH REP., 4.3 TWH ABROAD

GENERATION IN THE CZECH REP.

Nuclear Power Plants (-11%)

  • Extended planned outages and unscheduled outages at Temelín NPP
  • Unscheduled outages for weld inspections at Dukovany NPP

Coal-Fired Power Plants (+5%)

+Increased production at Počerady power plant (agreement on reprocessing with VUAS)

+ Pilot operation of Prunéřov 2 Power Plant after comprehensive renovation

Renewables (-2%)

–Lower flow rates at hydro plants due to hydrometeorologic conditions

Bulgaria

Operation of Varna coal-fired power plant suspended since Jan 1, 2015

Romania (+6%)

  • +Effect of technical optimizations and better weather conditions
  • Lower production of hydro plants at Reṣița (primarily due to drought)

Poland (+12%)

+ Higher amount of coal burned at both power plants and improved efficiency at the Skawina Power Plant due to turbine upgrade (in operation since Jun 2015)

CASH FLOWS IN 2015

Cash Flows From Operating Activities (CZK +72.6bn)

  • Income after adjustments (CZK +61.9bn): earnings before tax (CZK +26.9bn); depreciation and amortization of nuclear fuel (CZK +32.0bn); fixed asset impairments (CZK +7.7bn); loss from associates and joint ventures (CZK +1.7bn); income tax paid (CZK -4.6bn); provisions (CZK -2.4bn)—primarily for emission allowances; other (CZK +0.6bn)
  • Changes in working capital (CZK +10.7bn): change in the balance of payables and receivables from derivatives (CZK +5.8bn); decrease in short-term securities and term deposits (CZK +4.7bn); decrease in inventories of emission allowances (CZK +1.6bn); change in the balance of payables and receivables incl. advances and accruals (CZK -3.1bn); other (CZK +1.7bn)

Cash Flows Used in Investing Activities (CZK -31.6bn)

  • Investments in fixed assets—CAPEX (CZK -31.5bn); see details in Annex
  • Additions to long-term financial assets (CZK -0.6bn), primarily the acquisition of stakes in Sonnenbatterie and SunFire
  • Proceeds from sales of fixed assets (CZK +0.4bn)

Cash Flows From Financing Activities (CZK -47.6bn)

Balance of loans and repayments (CZK -26.1bn); dividends paid (CZK -21.3bn); net effect of currency translation on cash (CZK -0.2bn)

CREDIT FACILITIES AND BONDS—AT DEC 31, 2015 CEZ GROUP MAINTAINS A STRONG LIQUIDITY POSITION

Bond Maturity Profile (as at Dec 31, 2015)

  • CEZ Group has access to CZK 30.5bn in committed credit facilities, using almost none as at Dec 31, 2015.

  • Committed facilities are kept as a reserve for covering unexpected needs.

  • In November 2015, bonds with a total face value of USD 411m maturing in 2022 were bought back and canceled.

  • The average maturity of CEZ Group's financial debts still exceeds 8 years.
  • Net Debt/EBITDA was 2.0 as at Dec 31, 2015.
  • In January 2016, CEZ Distributie took out a loan of RON 600m (approx. CZK 3.6bn) from EBRD and commercial banks.

INVESTMENTS IN FIXED ASSETS—2015

New nuclear power plants at Temelín & Dukovany— Preparation of projects for the construction of two units at both Temelín and Dukovany continues in accordance with the approved National Action Plan for Nuclear Energy. We expect obtaining building permits for both sites in 2026.

Conventional power plants Czech

  • Construction of a new supercritical facility
  • Comprehensive renovation of Prunéřov

Mining—Projects reacting to the progress of extraction in the two mines (deliveries, renovation, and upgrades of mining equipment and dressing and crushing plants, construction of stabilization measures and

BALANCE SHEET OVERVIEW AS AT DEC 31, 2015

Fixed Assets

  • Decrease in tangible fixed assets of -5.2bn due to depreciation and impairments, partially compensated for by investments in the renewal and construction of generating facilities and distribution grids and increase in nuclear fuel inventory

  • Increase in other fixed assets of +0.7bn: Primarily due to MOL stock revaluation of +1.6bn, increase in long-term receivables from derivative trading of +1.5bn, and increase in financial assets with limited availability of +0.6bn, partially compensated for by decrease in the value of investment in associates and joint ventures of -3.0bn

  • Decrease in cash and cash equivalents of -6.6bn

  • Decrease in net receivables of -4.9bn
  • Decrease in liquid securities and short-term deposits of -4.7bn, decrease in receivables from derivatives incl. options of -2.0bn
  • Decrease in inventories of emission allowances of -1.6bn and decrease in income tax receivables of -1.2bn

Equity and Long-Term Liabilities

Increase in equity of +6.3bn: increase in net income of +20.5bn, other comprehensive income of +7.0bn, dividends of -21.3bn, sale of treasury shares of +0.1bn

Decrease in long-term liabilities excl. nuclear provisions and deferred tax liability of -19.6bn: primarily due to change in issued bonds of -19.5bn and decrease in long-term derivative liabilities of -3.9bn, partially compensated for by increase in long-term bank loans of +4.2bn

Short-Term Liabilities

  • Decrease in current portion of long-term debt incl. short-term bank loans of -11.4bn and unbilled goods and services of -1.3bn, decrease in emission allowance provisions of -1.8bn
  • Decrease in trade payables incl. received advances of -3.5bn
  • Increase in income tax payables of +0.8bn, increase in short-term payables from derivative trading incl. options of +0.6bn

ELECTRICITY CONSUMPTION IN 2015 IN CEZ DISTRIBUCE'S DISTRIBUTION AREA

Consumption in the Distribution Area of CEZ Distribuce

Consumption in the Distribution Area of CEZ Distribuce(temperature- and calendar-adjusted)**

  • Analysis based on CEZ Group's internal data.
  • The distribution area of CEZ Group covers around 5/8 of the Czech Republic's territory so the data is a good indicator of nationwide consumption trends.

MARKET DEVELOPMENTS IN 2014–2015

EBITDA BY SEGMENTS AS IN EFFECT FROM JAN 1, 2016 SEGMENT: GENERATION—TRADITIONAL ENERGY

(
C
)
E
B
I
T
D
A
Z
K
b
n		 2
0
1
4		 2
0
1
5		 C
h
a
n
g
e		 %
C
h
R
b
l
i
z
e
c
e
p
u
c		 3
6
7		 2
2
7		 9
5
-		 2
6
%
-
P
l
d
o
a
n		 1.
4		 1.
9		 0
5
+		 %
3
4
+
R
i
o
m
a
n
a		 0
0		 0
0		 0
0		 1
3
1
%
+
B
l
i
u
g
a
r
a		 0
8
-		 0
1
-		 0
6
+		 8
%
5
+
O
t
h
t
i
e
r
c
o
n
r
e
s
u		 0
0		 0
0		 0
0		 -
G
t
i
T
d
i
t
i
l
E
e
n
e
r
a
o
n
r
a
o
n
a
n
e
r
g
y
-		 3
7
4		 2
9
0		 8
4
-		 2
2
%
-

Segment companies:

Č
E
Z,
a
. s		 C
E
Z
C
ho
ów
S.
A.
rz		 C
E
Z
Sr
b
i
j
d.
a
o.
o.
En
tra
er
g
o
ns
a.
s.
,		 C
E
Z
S
ka
ina
S.
A.
w		 C
M
Eu
Po
S
lov
k
ia
*
ro
p
ea
n
we
r
a
s.
r.o
če
E
le
k
tr
ár
Po
dy
na
ra
a.
s.
,		 C
E
Z
To
Do
M
k
le
k
i s
wa
ro
wy
m
a
rs
p.
z
o
.o		 J
E
S
S
Inv
*
t,
es
s.
r.
o.
Č
E
Z
Te
l
ár
k
á,
p
en
s
a
.s		 Ür
A
ke
j
i
E
le
k
i
k
im
A.
S.
*
tr
t
ne
r
e
E
le
k
tr
ár
D
ě
tm
ice
na
ar
ov
a.
s.
,		 C
S.
E
Z
Tr
de
Ro
ia
R.
L.
a
m
an		 Ür
S.
*
Eg
E
le
k
tr
i
k
t
im
A.
em
er
e
E
le
k
tr
ár
T
iso
á,
na
a
.s
v		 *
A
ke
E
l.
En
j
is
i
I
t
ha
la
t
I
hr
t v
T
T
n.
er
ac
a
e
En
ic
k
é
t
tru
er
g
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ce
n
m
s
.r.
o.		 T
E
C
Va
E
A
D
rn
a		 Ür
M
En
j
i
E
l.
Sa
i v
T
ica
t
*
em
er
na
e
re
y
Ús
Te
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ho
d
á
řs
í m
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í n
La
be
tv
ta
t
p
e
sp
o
m		 A
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j
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Do
l
Ga
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t
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I
hr
T
T
A.
S.
*
ne
r
g
a
.ve
z
ře
Ar
á
l
T
bo
d
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e
ra
a.
s.
,		 Ür
A
K-
E
L
Ya
lov
E
le
k
i
k
im
A.
S.
*
tr
t
a
e
E
le
k
tr
ár
Du
ko
I
I,
na
va
ny
a.
s.		 Ür
A
K-
E
L
Ke
h
E
le
k
i
k
im
T
ica
*
tr
t
t
m
a
e
v
e
re
E
le
k
tr
ár
Te
l
ín
I
I,
na
m
e
a.
s.		 C
S
**
E
Z
Tr
de
A
l
ba
ia
h.
P.
K.
a
n
En
tru
V
í
t
ko
ice
er
g
oc
en
m
a.
s
v
,		 Ür
Sa
**
A
k
ku
En
j
i
t
im
T
ica
t v
i
r
er
e
re
e
na
y
E
le
k
ár
M
ě
ln
í
k
I
I
I,
tr
na
a.
s

EBITDA BY SEGMENTS AS IN EFFECT FROM JAN 1, 2016 SEGMENT: GENERATION—NEW ENERGY

E
B
I
T
D
A
(
C
Z
K
b
)
n		 2
0
1
4		 2
0
1
5		 C
h
a
n
g
e		 %
C
h
R
b
l
i
e
c
e
p
c
z
u		 1.
6		 1.
7		 0
0		 %
1
+
P
l
d
o
a
n		 0
0		 0
1
-		 0
1
-		 -
R
i
o
m
a
n
a		 1.
4		 0
8		 0
6
-		 4
%
5
-
B
l
i
g
a
r
a
u		 0
0		 0
0		 0
0		 -
G
t
i
N
E
e
n
e
r
a
o
n
e
w
n
e
r
g
y
-		 3
0		 2
4		 0
6
-		 2
1
%
-

Segment companies:

Č
E
Z
O
Z
ře
ý
inv
i
čn
í
fo
d
t
uz
av
n
es
n
a.
s.		 Ec
W
in
d
Co
io
S.
A.
tru
t
o-
ns
c
n		 To
is
Te
S.
R.
L.
m
am
Č
O
E
Z
bn
i
te
ln
é
dr
j
ov
z
o
e,
s
.r.
o.		 M
En
eg
a
er
g
y
sp
. z
o
.o		 Ov
i
d
iu
De
lo
S.
R.
L.
t
ve
p
m
en
Č
E
Z
Re
k
lac
cy
e,
s
.r.
o.		 Ba
l
ic
G
I
V
t
re
en
sp
. z
o
.o		 M
W
Te
Inv
S.
R.
L.
t
am
es
Č
E
Z
En
*
er
g
o,
s
.r.
o.		 G
Ba
l
t
ic
I s
re
en
p.
z
o
.o		 S.
T
M
K
Hy
dr
Po
R.
L.
oe
ne
rg
y
we
r
śc
Fa
W
ia
tro
Le
rm
a
wa
e
sp
. z
o
.o
Fa
W
ia
tro
W
i
l
ko
laz
-B
ha
rm
a
wa
c
wa
s
p.
o
.o
y
z		 Fr
En
Pr
j
t
O
he
ts
E
A
D
ee
er
g
o
ec
re
s
y
Ba
l
ic
G
V
t
re
en
sp
. z
o
.o		 Ba
G
E
O
O
D
ra
ro
up
Ba
l
ic
G
V
I
I
I s
t
re
en
p.
z
o
.o
Ba
l
ic
G
V
I s
t
re
en
p.
z
o
.o
E
le
k
tro
ie
W
ia
tro
Lu
b
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ho
w
n
we
wo
s
p.
z
o.
o.
Ba
l
t
ic
G
I
I
I s
re
en
p.
z
o
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Ba
l
t
ic
G
I
I s
re
en
p.
o
.o
z
Ba
l
ic
G
V
I
I s
t
re
en
p.
z
o
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Ba
l
ic
G
Co
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t
tru
t
re
en
ns
c
n
sp
. z
o
.o
A.
E.
W
in
d
sp
. z
o
.o

EBITDA BY SEGMENTS AS IN EFFECT FROM JAN 1, 2016 SEGMENT: DISTRIBUTION

E
B
I
T
D
A
(
C
Z
K
b
)
n		 2
0
1
4		 2
0
1
5		 C
h
a
n
g
e		 %
C
h
R
b
l
i
z
e
c
e
p
u
c		 1
0
7		 1
6
5		 0
5
-		 3
%
-
R
i
o
m
a
n
a		 1.
8		 2
4		 0
5
+		 %
2
8
+
B
l
i
u
g
a
r
a		 1.
1		 1.
2		 0
2
+		 1
4
%
+
D
i
i
b
i
t
t
s
r
u
o
n		 1
9
9		 2
0
0		 0
2
+		 1
%
+

Segment companies:

ČEZ Distribuce, a. s. ČEZ Distribuční služby, s.r.o.

CEZ Distributie S.A.

CEZ Razpredelenie Bulgaria AD

Sakarya Elektrik Dagitim A.S. *

EBITDA BY SEGMENTS AS IN EFFECT FROM JAN 1, 2016 SEGMENT: SALES

(
C
)
E
B
I
T
D
A
Z
K
b
n		 2
0
1
4		 2
0
1
5		 C
h
a
n
g
e		 %
C
h
R
b
l
i
z
e
c
e
p
u
c		 3
5		 6
4		 2
9
+		 8
3
%
+
P
l
d
o
a
n		 0
0		 0
1		 0
0		 1
4
8
%
+
R
i
o
m
a
n
a		 0
5		 0
1		 0
4
-		 %
7
5
-
B
l
i
u
g
a
r
a		 0
5		 0
2		 0
3
-		 5
4
%
-
O
h
i
t
t
e
r
c
o
u
n
r
e
s		 0
1		 0
1		 0
0		 8
%
-
S
l
a
e
s		 4
6		 6
9		 2
3
+		 0
%
5
+

Segment companies:

Č
E
Z
Pr
de
j,
o
s.
r.o		 C
Sp
E
Z
Tr
de
Po
ls
ka
a
. z
o.
o.		 C
E
Z
Hu
L
d.
t
ng
ar
y
Č
E
Z
En
t
ic
k
é
lu
ž
by
er
g
e
s
s.
r.o
,		 C
S
E
Z
lov
ko
en
s
s.
r.o
,
Č
E
Z
Z
á
ka
ic
k
é
lu
ž
by
zn
s
s.
r.o
,
Č
E
V
s.
r.o		 C
E
Z
Va
S.
A.
nz
ar
e		 Sa
ka
E
le
k
tr
i
k
Pe
ke
de
Sa
t
is
A.
S.
*
ry
a
ra
n
Č
E
Z
E
S
C
O
a.
s.
,		 C
E
Z
E
le
k
Bu
lg
ia
A
D
tro
ar
C
E
Z
Tr
de
Bu
lg
ia
E
A
D
a
ar

EBITDA BY SEGMENTS AS IN EFFECT FROM JAN 1, 2016 SEGMENT: MINING

EBITDA (CZK bn) 2014 2015 Change %
Czech Republic $+0.2$ $+4\%$
Mining 4.3 $+0.2$ $+4\%$

Segment companies:

Severočeské doly a.s. LOMY MOŘINA spol. s r.o. *

EBITDA BY SEGMENTS AS IN EFFECT FROM JAN 1, 2016 SEGMENT: OTHER

(
C
)
E
B
I
T
D
A
Z
K
b
n		 2
0
1
4		 2
0
1
5		 C
h
a
n
g
e		 %
C
h
R
b
l
i
z
e
c
e
p
u
c		 3
4		 2
3		 1.
1
-		 3
2
%
-
P
l
d
o
a
n		 0
0		 0
0		 0
0		 6
%
+
R
i
o
m
a
n
a		 0
0		 0
0		 0
0		 2
7
%
+
B
l
i
u
g
a
r
a		 0
0		 0
1		 0
0		 6
1
%
+
O
t
h
t
i
e
r
c
o
n
r
e
s
u		 0
1
-		 0
0		 0
0		 8
%
5
+
O
t
h
e
r		 3
5		 2
5		 1.
0
-		 %
2
9
-

Segment companies:

Č
E
Z
I
C
T
Se
ice
rv
s,
a.
s		 C
Sp
E
Z
Po
ls
ka
. z
o.
o.		 C
E
Z
Po
la
d
D
is
tr
i
bu
t
io
B.
V.
n
n
Se
Te
lco
Pr
ice
o
rv
s,
a.
s		 C
E
Z
Pr
du
k
ty
En
ty
Po
ls
ka
o
er
g
e
cz
ne		 C
C
E
Z
U
kr
ine
L
L
a
Č
E
Z
Ko
á
tn
í s
lu
ž
by
rp
or
s.
r.o
,		 C
E
Z
F
ina
Ire
la
d
L
t
d.
nc
e
n
Re
i
tra
ns
a.
s.
v
,		 C
E
Z
Ro
ia
S.
A.
m
an		 Ta
i
da
L
im
i
te
d
na
S
D
Ko
le
j
á
do
ov
p
ra
va
a.
s.
-
,		 C
E
Z
De
h
la
d
G
b
H
ts
u
c
n
m
Ú
Ře
J
V
ž,
a.
s		 C
E
Z
Bu
lg
ia
E
A
D
ar		 C
E
Z
In
io
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F
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Ire
la
d
L
d.
te
t
t
rn
a
na
nc
e
n
Č
E
Z
En
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k
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du
k
t
ty
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g
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p
ro
s.
r.o
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C
E
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I
T
Bu
lg
ia
E
A
D
ar		 C
S
E
Z
i
les
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B.
V.
O
C
O
P
R
D
E
a.
s.
,		 S
Se
S
ha
d
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A
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ba
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h.
A.
re
rv
s
n
Š
K
O
D
A
P
R
A
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a.
s.		 C
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M
H
B.
V.
Š
K
O
D
A
P
R
A
H
A
Inv
t s
es
.r.
o.		 C
E
Z
C
ho
B.
V.
rz
ow
Č
E
Z
E
N
E
R
G
O
S
E
R
V
I
S
l. s
sp
o
r.o		 C
E
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In
io
l
F
ina
B.
V.
te
t
rn
a
na
nc
e
M
A
R
T
I
A
a.
s.		 C
E
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Bu
lg
ia
Inv
B.
V.
tm
ts
ar
n
es
en
E
P
G
Inv
t
es		 á
á
čn
ť
S
*
Ja
dr
t
ic
k
lo
lov
ka
ov
en
er
g
e
sp
o
os
en
s
Č
E
Z
In
že
ý
ing
n
r
s.
r.o
,		 C
*
M
Eu
Po
In
te
t
io
l
B.
V.
ro
p
ea
n
we
r
rn
a
na
Ře
Ce
tru
ý
ku
ž
n
m
v
z
m
u
s.
r.o		 A
kc
En
j
i
A.
S.
*
ez
er
Č
E
Z
Bo
hu
ice
n
a
.s
Č
E
Z
No
á
i
ka
t
en
er
g
e
a.
s.
v
,

GENERATION IN 2016 - WE EXPECT GENERATION TO GROW BY 11% IN TOTAL

Generation—TRADITIONAL Energy Generation—NEW Energy

Nuclear Power Plants (+12%)

+ Standard operation of Dukovany NPP and Temelín NPP

Coal-Fired Power Plants (+14%)

  • +Operation of Ledvice 4 Power Plant (new facility) following construction
  • +Operation of Prunéřov 2 Power Plant after comprehensive renovation
  • + Higher amount of coal burned at power plants in Poland and improved efficiency at Skawina Power Plant due to turbine upgrade in 2015

This generation prediction for 2016 is primarily facing the risk of delay in the full availability of the new unit at Ledvice and the renovated Prunéřov Power Plant and the risk of availability of nuclear power plants.

Czech Republic (+9%)

+Average hydrometeorologic conditions

Romania (+4%)

  • + Generation by hydro plants at Reṣița primarily due to better hydrometeorologic conditions
  • +Technical optimizations at wind farms

MINING IN 2016 WE EXPECT COAL MINING TO GROW BY 13%

  • The decrease in coal consumption of 0.6 million tons between 2015 and 2014 was due to a decrease in demand for power coal both by CEZ Group's power plants and heating plants and by heating plants outside CEZ Group
  • For 2016 we expect a growth in production by 2.6 million tons, primarily of power coal
2014 2015 Index
2015/2014
Electricity procured 56,754 54,300 -4%
Generated in-house (gross) 63,124 60,917 -3%
In-house and other consumption, including pumping in
pumped-storage plants -6,370 -6,617 +4%
Sold to end customers -35,139 -37,933 +8%
Sold in the wholesale market (net) -16,744 -11,557 -31%
Sold in the wholesale market -184,612 -206,414 +12%
Purchased in the wholesale market 167,869 194,857 +16%
Grid losses -4,872 -4,810 -1%

Electricity generation by source (GWh)

2014 2015 Index
2015/2014
Nuclear 30,324 26,840 -11%
Coal and lignite 28,534 29,090 +2%
Water 2,152 2,214 +3%
Biomass 646 791 +23%
Photovoltaic 131 141 +8%
Wind 1,176 1,295 +10%
Natural gas 160 542 >200%
Bio gas 2 3 +29%
Total 63,124 60,917 -3%
2014 2015 Index
2015/2014
Households -13,058 -13,153 +1%
Commercial (low voltage) -5,941 -5,525 -7%
Commercial and industrial (medium and high voltage) -16,140 -19,255 +19%
Sold to end customers -35,139 -37,933 +8%
Distribution of electricity to end customers -48,094 -49,000 +2%
Po
Pr
du
ion
t
we
r
o
c
&
Tr
d
ing
C
E
a		 D
is
i
tr		 bu
ion
t
&
Sa
le
C
E		 Po
Pr
du
ion
t
we
r
o
c
&
Tr
d
ing
S
E
E
a		 bu
ion
t
2
0
1
5		 &
Sa
le
S
E
E		 E
l
im
ina
ion
t
s		 C
E
Z
Gr
ou
p
G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+
ic
i
E
lec
tr
ty
d
p
ro
cu
re		 5
2,
9
7
2		 3
%
-		 0 - 1,
3
2
8		 3
7
%
-		 0 - 0 - 5
4,
3
0
0		 4
%
-
Ge
(
)
d
in-
ho
te
ne
ra
us
e
g
ros
s		 5
9,
5
7
4		 2
%
-		 0 - 1,
3
4
3		 3
9
%
-		 0 - 0 - 6
0,
9
1
7		 3
%
-
In-
ho
d o
he
ion
inc
lu
d
ing
ing
t
t
us
e a
n
r c
on
su
mp
p
um
p
,
in
d-s
lan
tor
ts
p
um
p
e
ag
e p		 6,
6
0
2
-		 %
5
+		 0 - 1
5
-		 8
2
%
-		 0 - 0 - 6,
6
1
7
-		 4
%
+
So
l
d
d c
to
to
en
us
me
rs		 2
5
0
-		 2
0
0
%
>		 2
4,
5
2
8
-		 9
%
+		 0 - 1
3,
1
5
5
-		 5
%
+		 0 - 3
7,
9
3
3
-		 8
%
+
So
l
d
in
he
ho
les
le
ke
(
)
t
t
t
a
ma
r
ne
w		 -5
2,
7
2
2		 3
%
-		 2
7,
0
8
8		 8
%
+		 1,
3
2
8
-		 3
7
%
-		 1
5,
4
0
4		 3
%
+		 0 1
6
%
+		 1
1,
5
5
7
-		 3
1
%
-
So
l
d
in
he
ho
les
le
ke
t
t
a
ma
r
w		 2
3
3,
0
6
0
-		 1
1
%
+		 2,
3
0
7
-		 2
4
%
-		 2,
1
1
8
-		 0
%
-		 6
1
4
-		 3
6
%
-		 3
2,
1
0
8		 2
%
+		 2
0
6,
4
1
4
-		 1
2
%
+
Pu
ha
d
in
he
ho
les
le
ke
t
t
rc
se
w
a
ma
r		 1
8
0,
3
3
8		 1
%
7
+		 2
9,
8
1
8		 4
%
+		 9
0
7		 2
0
0
%
>		 1
6,
0
1
9		 1
%
+		 3
2,
1
0
8
-		 2
%
+		 1
9
4,
8
5
7		 1
6
%
+
Gr
i
d
los
se
s		 0 - 2,
5
6
0
-		 2
%
+		 0 - 2,
2
4
9
-		 5
%
-		 0 - 4,
8
1
0
-		 1
%
-

Electricity generation by source (GWh)

Po
Pr
we
r		 du
ion
t
o
c		 D
is
i
bu
tr
t		 ion Po
Pr
we
r
o		 du
ion
t
c		 D
is
i
bu
tr
t		 ion
2
0
1
5		 &
Tr
d
a		 ing
C
E		 &
Sa
le
C
E		 &
Tr
d
ing
a		 S
E
E		 &
Sa
le
S		 E
E		 E
l
im
ina
t		 ion
s		 C
E
Z
Gr		 ou
p
G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+
Nu
lea
c
r		 2
6,
8
4
0		 1
1
%
-		 0 - 0 - 0 - 0 - 2
6,
8
4
0		 1
1
%
-
Co
l a
d
l
ig
i
te
a
n
n		 2
9,
0
9
0		 5
%
+		 0 - 0 - 0 - 0 - 2
9,
0
9
0		 2
%
+
W
ter
a		 2,
1
6
4		 5
%
+		 0 - 5
0		 4
5
%
-		 0 - 0 - 2,
2
1
4		 3
%
+
B
iom
as
s		 7
9
1		 2
3
%
+		 0 - 0 - 0 - 0 - 7
9
1		 2
3
%
+
P
ho
l
ic
tov
ta
o		 1
3
5		 7
%
+		 0 - 6 1
5
%
+		 0 - 0 - 1
4
1		 8
%
+
W
in
d		 9 6
%
-		 0 - 1,
2
8
6		 1
0
%
+		 0 - 0 - 1,
2
9
5		 1
0
%
+
Na
l g
tur
a
as		 5
4
2		 2
0
0
%
>		 0 - 0 - 0 - 0 - 5
4
2		 2
0
0
%
>
B
io
g
as		 3 2
9
%
+		 0 - 0 - 0 - 0 - 3 2
9
%
+
To
l
ta		 5
5
9,
7
4		 2
%
-		 0 - 1,
3
4
3		 3
9
%
-		 0 - 0 - 6
0,
9
1
7		 3
%
-
Po
Pr
du
ion
t
we
r
o
c
C
&
Tr
d
ing
E
a		 D
is
i
bu
ion
tr
t		 Po
Pr
we
r
o		 du
ion
t
c		 D
is
i
bu
ion
tr
t
2
0
1
5		 Sa
&		 C
le
E		 S
ing
E
E		 Sa
&
le		 S
E
E		 E
l
im
ina
t		 ion
s		 C
Gr
E
Z		 ou
p
G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+
Ho
ho
l
ds
us
e		 0 - 2
2
3
7,
-		 0
%
+		 0 - 9
3
0
5,
-		 1
%
+		 0 - 1
3,
1
3
5
-		 1
%
+
Co
ia
l
(
low
l
)
tag
mm
erc
vo
e		 -1 8
%
+		 2,
4
6
7
-		 %
5
-		 0 - 3,
0
4
7
-		 8
%
-		 0 - 2
5,
5
5
-		 %
7
-
Co
ia
l a
d
in
du
ia
l
(
d
ium
d
h
ig
h v
l
)
tr
tag
mm
erc
n
s
me
an
o
e		 -2
4
8		 2
0
0
%
>		 1
4,
8
2
9
-		 1
%
7
+		 0 - 4,
1
8
7
-		 2
4
%
+		 0 - 1
9,
2
5
5
-		 1
9
%
+
So
l
d
d c
to
to
en
us
me
rs		 2
5
0
-		 2
0
0
%
>		 2
4,
5
2
8
-		 9
%
+		 0 - 1
3,
1
5
5
-		 5
%
+		 0 - 3
7,
9
3
3
-		 8
%
+
D
is
i
bu
ion
f e
lec
ic
i
d c
tr
t
tr
to
to		 0 3
3
1
0		 2
%		 0 1
6
9
0		 2
%		 0 4
0
0
0		 2
%
ty
o
en
us
me
rs		 - 3,
-		 + - 5,
-		 + - 9,
-		 +
Po
Pr
du
ion
t
we
r
o
c
-
d
it
ion
l
tra
a		 Po
Pr
du
ion
t
we
r
o
c
-
ne
w
2
0
1
5		 D
is
i
bu
tr		 ion
t		 Sa
le		 E
l
im
ina
ion
t
s		 Gr
ou
p
G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+
E
lec
ic
i
d
tr
ty
p
ro
cu
re		 5
2,
6
4
0		 5
%
-		 1,
6
6
0		 4
%
+		 0 - 0 - 0 - 5
4,
3
0
0		 4
%
-
Ge
d
in-
ho
(
)
te
ne
ra
us
e
g
ros
s
In-
ho
d o
he
ion
inc
lu
d
ing
ing
in
t
t
us
e a
n
r c
on
su
mp
p
um
p
,		 9,
2
3
6
5		 4
%
-		 1,
6
8
1		 4
%
+		 0 - 0 - 0 - 6
0,
9
1
7		 3
%
-
d-s
lan
tor
ts
p
um
p
e
ag
e p		 6,
5
9
5
-		 4
%
+		 2
2
-		 7
%
+		 0 - 0 - 0 - 6,
6
1
7
-		 4
%
+
So
l
d
d c
to
to
en
us
me
rs		 2
5
0
-		 2
0
0
%
>		 0 - 0 - 3
9,
6
1
4
-		 %
7
+		 1,
9
3
1		 0
%
+		 3
9
3
3
7,
-		 8
%
+
So
l
d
in
he
ho
les
le
ke
(
)
t
t
t
w
a
ma
r
ne		 -5
2,
3
9
0		 5
%
-		 1,
6
6
0
-		 4
%
+		 4,
8
1
0		 1
%
-		 3
9,
6
1
4		 7
%
+		 1,
9
3
1
-		 0
%
+		 1
1,
5
5
7
-		 3
1
%
-
So
l
d
in
he
ho
les
le
ke
t
t
w
a
ma
r		 2
3
3,
0
6
0
-		 1
1
%
+		 2,
4
5
0
-		 5
4
%
+		 0 - 3,
3
4
4
-		 2
7
%
-		 3
2,
4
3
9		 2
%
+		 2
0
6,
4
1
4
-		 1
2
%
+
Pu
ha
d
in
he
ho
les
le
ke
t
t
rc
se
w
a
ma
r		 1
8
0,
6
6
9		 1
7
%
+		 7
9
0		 2
0
0
%
>		 4,
8
1
0		 1
%
-		 4
2,
9
5
8		 3
%
+		 3
4,
3
7
0
-		 2
%
+		 1
9
4,
8
5
7		 1
6
%
+
Gr
i
d
los
se
s		 0 - 0 - 4,
8
1
0
-		 1
%
-		 0 - 0 - 4,
8
1
0
-		 1
%
-

Electricity generation by source (GWh)

Po
Pr
du
ion
t
we
r
o
c
-		 Po
Pr
we
r
o		 du
ion
t
c
-
2
0
1
5		 d
it
tra		 ion
l
a		 ne w D
is
i
bu
ion
tr
t		 E
l
im
ina
t		 ion
s		 C
E
Z
Gr
ou
p
G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+
Nu
lea
c
r		 2
6,
8
4
0		 1
1
%
-		 0 - 0 - 0 - 0 - 2
6,
8
4
0		 1
1
%
-
Co
l a
d
l
ig
ite
a
n
n		 2
9,
0
9
0		 2
%
+		 0 - 0 - 0 - 0 - 2
9,
0
9
0		 2
%
+
W
ter
a		 1,
9
7
1		 7
%
+		 2
4
3		 2
0
%
-		 0 - 0 - 0 - 2,
2
1
4		 3
%
+
B
iom
as
s		 7
9
1		 2
3
%
+		 0 - 0 - 0 - 0 - 7
9
1		 2
3
%
+
P
ho
lta
ic
tov
o		 0 2
%
5
+		 1
4
1		 8
%
+		 0 - 0 - 0 - 1
4
1		 8
%
+
W
in
d		 0 - 1,
2
9
5		 1
0
%
+		 0 - 0 - 0 - 1,
2
9
5		 1
0
%
+
Na
l g
tur
a
as		 5
4
2		 2
0
0
%
>		 0 - 0 - 0 - 0 - 5
4
2		 2
0
0
%
>
B
io
g
as		 0 - 3 2
9
%
+		 0 - 0 - 0 - 3 2
9
%
+
To
l
ta		 5
9,
2
3
6		 4
%
-		 1,
6
8
1		 4
%
+		 0 - 0 - 0 - 6
0,
9
1
7		 3
%
-
Po
Pr
du
ion
t
we
r
o
c
-
d
it
ion
l
tra
a		 Po
Pr
we
r
o		 du
ion
t
c
-
ne
w
2
0
1
5		 ion
t		 Sa
le		 E
l
im
ina
t		 ion
s		 C
Gr
E
Z
ou
p
G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+		 G
W
h		 /-
+
Ho
ho
l
ds
us
e		 0 - 0 - 0 - 1
3,
1
5
3
-		 1
%
+		 0 - 1
3,
1
5
3
-		 1
%
+
Co
ia
l
(
low
lta
)
mm
erc
vo
g
e		 -1 8
%
+		 0 - 0 - 2
3
5,
5
-		 %
7
-		 0 - 2
5,
5
5
-		 %
7
-
Co
ia
l a
d
in
du
ia
l
(
d
ium
d
h
ig
h v
lta
)
tr
mm
erc
n
s
me
an
o
g
e		 -2
4
8		 2
0
0
%
>		 0 - 0 - 2
0,
9
3
7
-		 1
6
%
+		 1,
9
3
1		 0
%
+		 1
9,
2
5
5
-		 1
9
%
+
So
l
d
to
d c
to
en
us
me
rs		 2
5
0
-		 2
0
0
%
>		 0 - 0 - 3
9,
6
1
4
-		 7
%
+		 1,
9
3
1		 0
%
+		 3
7,
9
3
3
-		 8
%
+
D
is
tr
i
bu
t
ion
f e
lec
tr
ic
i
ty
to
d c
to
o
en
us
me
rs		 0 - 0 - 4
9,
0
0
0
-		 2
%
+		 0 - 0 - 4
9,
0
0
0
-		 2
%
+
20
15		 Cz
h R
ub
lic
ec
ep		 Po
lan
d		 Ro nia
ma		 Bu
lg
ari
a		 Ot
he
rs		 Eli
mi
tio
na
ns		 Z G
rou
p
GW
h		 +/- GW
h		 +/- GW
h		 +/- GW
h		 +/- GW
h		 +/- GW
h		 +/- GW
h		 +/
-
Ele
ici
d
ctr
ty
p
roc
ure		 50
35
1
,		 -4% 2,
62
1		 +1
3%		 1,
32
1		 +6
%		 6 -99
%		 0 - 0 - 54
30
0
,		 -4%
Ge
ed
in
-ho
(
)
rat
ne
use
g
ros
s
In-
ho
d o
the
tio
inc
lud
ing
ing
in
use
an
r c
on
su
mp
n,
pu
mp		 56
63
0
,		 -3% 2,
94
4		 +1
2%		 1,
33
6		 +6
%		 6 -99
%		 0 - 0 - 60
91
7
,		 -3%
ed
lan
-st
ts
pu
mp
ora
g
e p		 -6,
27
9		 %
+5		 -32
3		 %
+5		 -15 +1
0%		 0 - 0 - 0 - -6,
61
7		 +4
%
So
ld
d c
to
tom
en
us
ers		 -19
83
3
,		 +2
%		 -1,
61
2		 >2
00
%		 -3,
47
0		 +1
0%		 -9,
68
5		 +3
%		 -3,
33
2		 +2
4%		 0 - -37
93
3
,		 +8
%
So
in
(
t)
ld
the
ho
les
ale
ark
et
w
m
ne		 -27
95
8
,		 -8% -1,
00
9		 -47
%		 3,
17
1		 +3
%		 10
90
6
,		 +1
2%		 3,
33
2		 +2
4%		 0 - -11
55
7
,		 -31
%
So
ld
in t
he
wh
ole
le
rke
t
sa
ma		 -20
9,
39
3		 +1
3%		 -2,
95
7		 +2
2%		 -1,
95
9		 +2
8%		 -39
6		 -38
%		 -31
0		 +5
%		 8,
60
1		 +6
0%		 -20
6,
41
4		 +1
2%
Pu
rch
ed
in
th
ho
les
ale
ark
et
as
e w
m		 18
1,
43
6		 +1
7%		 1,
94
8		 >2
00
%		 13
0
5,		 +1
1%		 11
30
2
,		 +9
%		 3,
64
2		 +2
2%		 -8,
60
1		 +6
0%		 19
4,
85
7		 +1
6%
Gr
id
los
se
s		 -2,
56
0		 +2
%		 0 - -1,
02
2		 -11
%		 -1,
22
7		 +2
%		 0 - 0 - -4,
81
0		 -1%

Electricity generation by source (GWh)

20
15		 Cz
h R
ub
lic
ec
ep		 Po lan
d		 Ro
nia
ma		 Bu
lg
ari
a		 Ot
he
rs		 Eli
mi
tio
na
ns		 Z G
rou
p
GW
h		 +/- GW
h		 +/- GW
h		 +/- GW
h		 +/- GW
h		 +/- GW
h		 +/- GW
h		 +/
-
Nu
cle
ar		 26
84
0
,		 -11
%		 0 - 0 - 0 - 0 - 0 - 26
84
0
,		 -11
%
Co
al
d l
ig
nite
an		 26
57
9
,		 +5
%		 2,
51
1		 +1
2%		 0 - 0 - 0 - 0 - 29
09
0
,		 +2
%
Wa
ter		 2,
153		 +5
%		 11 +6
%		 50 -45
%		 0 - 0 - 0 - 2,
21
4		 +3
%
Bio
ma
ss		 36
9		 +3
3%		 42
2		 +1
5%		 0 - 0 - 0 - 0 - 79
1		 +2
3%
Ph
lta
ic
oto
vo		 13
5		 +7
%		 0 - 0 - 6 +1
5%		 0 - 0 - 14
1		 +8
%
Wi
nd		 9 -6% 0 - 1,
28
6		 +1
0%		 0 - 0 - 0 - 1,
29
5		 +1
0%
Na
al
tur
g
as		 54
2		 >2
00
%		 0 - 0 - 0 - 0 - 0 - 54
2		 >2
00
%
Bio
g
as		 3 +2
9%		 0 - 0 - 0 - 0 - 0 - 3 +2
9%
To
tal		 56
63
0
,		 -3% 2,
94
4		 +1
2%		 1,
33
6		 +6
%		 6 -99
%		 0 - 0 - 60
91
7
,		 -3%
20
15		 Cz
h R
ub
lic
ec
ep		 Po
lan
d		 Ro
nia
ma		 Bu
lg
ari
a		 Ot
he
rs		 Eli
mi
tio
na
ns		 CE
Z G
rou
p
GW
h		 +/- GW
h		 +/- GW
h		 +/- GW
h		 +/- GW
h		 +/- GW
h		 +/- GW
h		 +/
-
Ho
ho
lds
use		 -7,
08
9		 +0
%		 0 - -1,
64
5		 +5
%		 -4,
28
5		 +0
%		 -13
3		 +1
%		 0 - -13
153
,		 +1
%
Co
ial
(
low
ltag
)
mm
erc
vo
e		 -2,
38
4		 -6% 0 - -88
5		 -4% -2,
162		 -10
%		 -93 +3
3%		 0 - -5,
52
5		 -7%
Co
ial
d i
nd
ria
l (
diu
d h
ig
h v
olt
)
ust
mm
erc
an
me
m
an
ag
e		 -10
35
9
,		 +5
%		 -1,
61
2		 >2
00
%		 -94
0		 +4
0%		 -3,
23
8		 +2
0%		 -3,
105		 +2
5%		 0 - -19
25
5
,		 +1
9%
So
ld
to
d c
tom
en
us
ers		 -19
83
3
,		 +2
%		 -1,
61
2		 >2
00
%		 -3,
47
0		 +1
0%		 -9,
68
5		 +3
%		 -3,
33
2		 +2
4%		 0 - -37
93
3
,		 +8
%
Dis
tri
tio
f e
tric
ity
bu
lec
to
d c
tom
n o
en
us
ers		 -33
31
0
,		 +2
%		 0 - -6,
41
9		 +2
%		 -9,
27
2		 +2
%		 0 - 0 - -49
00
0
,		 +2
%

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