ČEZ, a. s.

SEPARATE FINANCIAL STATEMENTS

PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF MARCH 31, 2022

ČEZ, a. s. BALANCE SHEET AS OF MARCH 31, 2022

	March 31, 2022	December 31, 2021
ASSETS:
Plant in service Less accumulated depreciation and impairment	489,376 (277,829)	489,211 (275,015)
Net plant in service	210,310	214,196
Nuclear fuel, at amortized cost Construction work in progress, net	12,078 12,178	13,021 11,478
Total property, plant and equipment	234,566	238,695
Restricted financial assets, net Other non-current financial assets, net Intangible assets, net Investment properties, net Deferred tax assets	14,584 149,511 912, 398 6,750	15,040 147,580 1,047 406 6,843
Total other non-current assets	172,155	170,916
Total non-current assets	406,721	409,611
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	47,082 133,641 10,903 245 12,331 617,932 3,326	20,804 136,039 10,415 200 14,192 515,488 4,141
Total current assets	879,460	701,279
Total assets	1,286,181	1,110,890

	March 31, 2022	December 31, 2021
EQUITY AND LIABILITIES:
Stated capital Treasury shares Retained earnings and other reserves	53,799 (1,406) 64,414	53,799 (1,423) 64,052
Total equity	116,807	116,428
Long-term debt, net of current portion Provisions Other long-term financial liabilities	93,595 97,607 49,540	89,189 97,707 34,173
Total non-current liabilities	240,742	221,069
Short-term loans Current portion of long-term debt Trade payables Income tax payable Provisions Other short-term financial liabilities Other short-term liabilities	13,540 18,967 69,188 1,688 14,811 807,252 3,186	25,115 14,999 76,950 1,696 11,095 641,849 1,689
Total current liabilities	928,632	773,393
Total equity and liabilities	1,286,181	1,110,890

	1-3/2022	1-3/2021
Sales of electricity, heat and gas Sales of services and other revenues Other operating income	50,365 2,700 4,414	24,751 1,289 355
Total revenues and other operating income	57,479	26,395
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 property, plant and equipment and intangible assets Impairment of trade and other receivables Other operating expenses	13,038 (21,143) (9,490) (1,784) (1,905) (490) 38 (4,257) - (2) (379)	(1,103) (8,680) (5,313) (1,574) (1,729) (452) 31 (3,201) (25) (8) (325)
Income before other income (expenses) and income taxes	31,105	4,016
Interest on debt, net of capitalized interest Interest on provisions Interest income Impairment of financial assets Other financial expenses Other financial income	(1,098) (556) 546 (5) (2,375) 428	(1,096) (442) 349 6 (6) 726
Total other income (expenses)	(3,060)	(463)
Income before income taxes	28,045	3,553
Income taxes	(5,333)	(674)
Net income	22,712	2,879

	1-3/2022	1-3/2021
Net income	22,712	2,879
Change in fair value of cash flow hedges Cash flow hedges reclassified to statement of income	(41,713) 14,669	(5,707) (518)
Change in fair value of debt financial instruments Deferred tax related to other comprehensive income	(536) 5,240	(704) 1,316
Net other comprehensive income that may be reclassified to statement of income or to assets in subsequent periods	(22,340)	(5,613)
Total comprehensive income, net of tax	372	(2,734)

	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, 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
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

	1-3/2022	1-3/2021
OPERATING ACTIVITIES:
Income before income taxes	28,045	3,553
Adjustments of income before income taxes to cash generated from operations:
Depreciation and amortization	4,257	3,201
Amortization of nuclear fuel	1,036	1,031
(Gains) and losses on non-current asset retirements	(31)	(125)
Foreign exchange rate loss (gain)	2,348	(524)
Interest expense, interest income and dividend income	552	747
Provisions	3,524	1,343
Impairment of property, plant and equipment and intangible
assets Other impairment and other non-cash expenses and income	- 15,531	25 (7,488)
Changes in assets and liabilities:
Receivables and contract assets	(2,396)	2,388
Materials, supplies and fossil fuel stocks	(564)	701
Receivables and payables from derivatives	(17,666)	5,310
Other assets	1,909	(11,249)
Trade payables	(6,123)	1,197
Other liabilities	1,505	143
Cash generated from operations	31,927	253
Income taxes paid	- (8)	(164)
Interest paid, net of capitalized interest	(529)	(552)
Interest received	326	163
Net cash flow from operating activities	31,716	(300)
INVESTING ACTIVITIES:
Acquisition of subsidiaries, associates and joint-ventures Proceeds from disposal of subsidiaries, associates and joint	(679)	(342)
ventures and original investments repayments	501	25,071
Additions to non-current assets, including capitalized interest	(2,805)	(2,099)
Proceeds from sale of non-current assets	35	4
Loans made	-	(338)
Repayments of loans	289	984
Change in restricted financial assets	(79)	(53)
Net cash flow from investing activities	(2,738)	23,227

continued

	1-3/2022	1-3/2021
FINANCING ACTIVITIES:
Proceeds from borrowings Payments of borrowings Payments of lease liabilities Change in payables/receivables from Group cashpooling Dividends paid	70,482 (71,200) (43) (1,783) (26)	26,914 (27,705) (45) (2,650) (29)
Sale of treasury shares	8	44
Net cash flow from financing activities	(2,562)	(3,471)
Net effect of currency translation and allowances in cash	(138)	29
Net increase in cash and cash equivalents	26,278	19,485
Cash and cash equivalents at beginning of period	20,804	1,009
Cash and cash equivalents at end of period	47,082	20,494

Supplementary cash flow information:

Total cash paid for interest 563 586