ČEZ, a. s.

SEPARATE FINANCIAL STATEMENTS

PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF MARCH 31, 2021

ČEZ, a. s. BALANCE SHEET AS OF MARCH 31, 2021

	March 31, 2021	December 31, 2020
ASSETS:
Plant in service Less accumulated depreciation and impairment	480,143 (261,424)	474,973 (257,008)
Net plant in service	218,719	217,965
Nuclear fuel, at amortized cost Construction work in progress, net	13,340 9,087	13,592 10,052
Total property, plant and equipment	241,146	241,609
Restricted financial assets, net Other non-current financial assets, net Intangible assets, net	14,678 156,064 1,003	15,221 159,180 3,367
Total other non-current assets	171,745	177,768
Total non-current assets	412,891	419,377
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 Assets classified as held for sale, net	20,494 55,479 488 6,978 209 51,425 104,281 3,208 6,540	1,009 58,501 305 7,682 223 34,323 76,976 2,787 31,209
Total current assets	249,102	213,015
Total assets	661,993	632,392

	March 31, 2021	December 31, 2020
EQUITY AND LIABILITIES:
Stated capital Treasury shares Retained earnings and other reserves	53,799 (2,738) 147,321	53,799 (2,845) 150,491
Total equity	198,382	201,445
Long-term debt, net of current portion Provisions Other long-term financial liabilities Deferred tax liability	113,561 91,221 12,588 7,744	113,929 91,125 8,728 8,235
Total non-current liabilities	225,114	222,017
Short-term loans Current portion of long-term debt Trade payables Provisions Other short-term financial liabilities Other short-term liabilities	328 27,798 62,295 10,486 136,586 1,004	800 27,514 63,093 9,096 107,583 844
Total current liabilities	238,497	208,930
Total equity and liabilities	661,993	632,392

	1-3/2021	1-3/2020
Sales of electricity, heat and gas Sales of services and other revenues Other operating income	24,751 1,289 355	24,459 1,246 205
Total revenues and other operating income	26,395	25,910
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	(1,103) (8,680) (5,313) (1,574) (1,729) (452)	5,834 (8,792) (5,055) (1,736) (1,694) (597)
in own inventories Depreciation and amortization Impairment of property, plant and equipment and intangible assets	31 (3,201) (25)	(26) (3,695) -
Impairment of trade and other receivables Other operating expenses	(8) (325)	(2) (273)
Income before other income (expenses) and income taxes	4,016	9,874
Interest on debt, net of capitalized interest Interest on provisions Interest income Impairment of financial assets Other financial expenses Other financial income	(1,096) (442) 349 6 (6) 726	(1,486) (426) 327 (2) (173) 169
Total other income (expenses)	(463)	(1,591)
Income before income taxes	3,553	8,283
Income taxes	(674)	(1,576)
Net income	2,879	6,707

	1-3/2021	1-3/2020
Net income	2,879	6,707
Change in fair value of cash flow hedges	(5,707)	2,098
Cash flow hedges reclassified to statement of income	(518)	(1,346)
Change in fair value of debt financial instruments	(704)	(54)
Deferred tax related to other comprehensive income	1,316	(133)
Net other comprehensive income that may be reclassified to
statement of income or to assets in subsequent periods	(5,613)	565
Total comprehensive income, net of tax	(2,734)	7,272

	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, 2020	53,799	(2,885)	(2,867)	277	(156)	155,311	203,479
Net income Other comprehensive income	- -	- -	- 609	- (44)	- -	6,707 -	6,707 565
Total comprehensive income	-	-	609	(44)	-	6,707	7,272
Effect of business combination Sale of treasury shares Exercised share options	- - -	- 28 -	- - -	- - -	3 - (1)	- (18) 1	3 10 -
Balance as at March 31, 2020	53,799	(2,857)	(2,258)	233	(154)	162,001	210,764
Balance as at January 1, 2021	53,799	(2,845)	(7,146)	441	(1,018)	158,214	201,445
Net income Other comprehensive income	- -	- -	- (5,043)	- (570)	- -	2,879 -	2,879 (5,613)
Total comprehensive income	-	-	(5,043)	(570)	-	2,879	(2,734)
Effect of merger Sale of treasury shares Exercised and forfeited share options	- - -	- 107 -	- - -	- - -	30 - (5)	(403) (63) 5	(373) 44 -
Balance as at March 31, 2021	53,799	(2,738)	(12,189)	(129)	(993)	160,632	198,382

	1-3/2021	1-3/2020
OPERATING ACTIVITIES:
Income before income taxes	3,553	8,283
Adjustments of income before income taxes to cash generated from operations:
Depreciation and amortization	3,201	3,695
Amortization of nuclear fuel	1,031	1,026
(Gains) and losses on non-current asset retirements	(125)	(3)
Foreign exchange rate loss (gain)	(524)	(165)
Interest expense, interest income and dividend income	747	1,159
Provisions	1,343	1,636
Impairment of property, plant and equipment and intangible
assets	25	-
Other impairment and other non-cash expenses and income	(7,488)	3,024
Changes in assets and liabilities:
Receivables and contract assets	2,388	2,252
Materials, supplies and fossil fuel stocks	701	297
Receivables and payables from derivatives	5,310	(8,673)
Other assets	(11,249)	2,338
Trade payables	1,197	(8,319)
Other liabilities	143	276
Cash generated from operations	253	6,826
Income taxes paid	(164)	(4)
Interest paid, net of capitalized interest	(552)	(394)
Interest received	163	203
Net cash provided by operating activities	(300)	6,631
INVESTING ACTIVITIES:
Acquisition of subsidiaries, associates and joint-ventures Proceeds from disposal of subsidiaries, associates and joint	(342)	(45)
ventures and original investments repayments	25,071	66
Additions to non-current assets, including capitalized interest	(2,099)	(2,171)
Proceeds from sale of non-current assets	4	964
Loans made	(338)	(249)
Repayments of loans	984	555
Change in restricted financial assets	(53)	(60)
Total cash used in investing activities	23,227	(940)

continued

	1-3/2021	1-3/2020
FINANCING ACTIVITIES:
Proceeds from borrowings	26,914	30,953
Payments of borrowings Payments of lease liabilities	(27,705) (45)	(32,216) (365)
Change in payables/receivables from Group cashpooling	(2,650)	1,803
Dividends paid	(29)	(22)
Sale of treasury shares	44	10
Net cash used in financing activities	(3,471)	163
Net effect of currency translation and allowances in cash	29	490
Net increase in cash and cash equivalents	19,485	6,344
Cash and cash equivalents at beginning of period	1,009	3,516
Cash and cash equivalents at end of period	20,494	9,860

Supplementary cash flow information:

Total cash paid for interest 586 409