CEZ A.S.

Quarterly Report • May 14, 2024

CEZ GROUP

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

PREPARED IN ACCORDANCE WITH IFRS ACCOUNTING STANDARDS AS ADOPTED BY EUROPEAN UNION AS OF MARCH 31, 2024

CEZ GROUP CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2024

	Note	March 31, 2024	December 31, 2023
ASSETS:
Plant in service Less accumulated depreciation and impairment		951,955 (546,478)	947,745 (538,500)
Net plant in service		405,477	409,245
Nuclear fuel Construction work in progress		15,370 29,842	16,228 26,659
Total property, plant and equipment		450,689	452,132
Investments in associates and joint-ventures Restricted financial assets Other non-current financial assets Intangible assets Deferred tax assets	4	3,874 25,005 36,065 27,946 1,067	3,737 25,229 30,379 27,801 1,380
Total other non-current assets		93,957	88,526
Total non-current assets		544,646	540,658
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	5 4	44,451 64,407 4,166 20,591 2,246 25,857 99,340 19,087	10,892 84,759 942 20,255 2,857 30,819 111,714 22,869
Total current assets		280,145	285,107
Total assets		824,791	825,765

CEZ GROUP CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2024

continued

	Note	March 31, 2024	December 31, 2023
EQUITY AND LIABILITIES:
Stated capital Treasury shares Retained earnings and other reserves		53,799 (1,334) 209,070	53,799 (1,334) 191,587
Total equity attributable to equity holders of the parent		261,535	244,052
Non-controlling interests		1,600	1,549
Total equity		263,135	245,601
Long-term debt, net of current portion Provisions Other long-term financial liabilities	6 7	133,473 167,054 4,908	131,042 165,440 6,104
Deferred tax liability Other long-term liabilities		50,085 32	43,888 31
Total non-current liabilities		355,552	346,505
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	8 6 7	11,905 31,823 44,382 1,766 34,899 64,551 16,778	7,314 30,554 59,869 2,268 31,113 82,540 20,001
Total current liabilities		206,104	233,659
Total equity and liabilities		824,791	825,765

CEZ GROUP CONSOLIDATED STATEMENT OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2024

	Note	1-3/2024	1-3/2023
Sales of electricity, heat, gas and coal Sales of services and other revenues Other operating income		63,672 23,170 553	73,172 19,605 603
Total revenues and other operating income	9	87,395	93,380
Gains and losses from commodity derivative trading Purchase of electricity, gas and other energies Fuel and emission rights Services Salaries and wages Material and supplies Capitalization of expenses to the cost of assets and change	10	1,308 (15,266) (11,103) (8,653) (9,473) (4,058)	737 (20,652) (11,630) (7,437) (7,947) (3,943)
in own inventories Depreciation and amortization Impairment of property, plant and equipment and intangible assets		906 (8,742) (2)	1,416 (8,357) 14
Impairment of trade and other receivables Other operating expenses	11	143 (807)	141 (11,424)
Income before other income (expenses) and income taxes		31,648	24,298
Interest on debt Interest on provisions Interest income Share of profit (loss) from associates and joint-ventures Impairment of financial assets Other financial expenses Other financial income		(1,394) (2,018) 845 3 (5) (1,074) 989	(1,991) (1,824) 1,651 385 (235) (555) 2,664
Total other income (expenses)		(2,654)	95
Income before income taxes		28,994	24,393
Income taxes		(15,440)	(13,572)
Net income		13,554	10,821
Net income attributable to:
Equity holders of the parent Non-controlling interests		13,534 20	10,772 49
Net income per share attributable to equity holders of the parent (CZK per share):
Basic Diluted		25.2 25.2	20.1 20.1

CEZ GROUP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2024

	Note	1-3/2024	1-3/2023
Net income		13,554	10,821
Change in fair value of cash flow hedges Cash flow hedges reclassified to statement of income Change in fair value of debt instruments Disposal of debt instruments Translation differences – subsidiaries Translation differences – associates and joint-ventures Disposal of translation differences Share on other equity movements of associates and joint ventures Deferred tax related to other comprehensive income	12	13,470 (5,618) (176) 4 535 72 (9) 16 (4,331)	47,524 10,689 500 23 (377) (125) - (61) (41,962)
Net other comprehensive income that may be reclassified to statement of income or to assets in subsequent periods		3,963	16,211
Total comprehensive income, net of tax		17,517	27,032
Total comprehensive income attributable to:
Equity holders of the parent Non-controlling interests		17,468 49	27,011 21

CEZ GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2024

	Note	Attributable to equity holders of the parent
		Stated capital	Treasury shares	Transla tion difference	Cash flow hedge reserve	Debt instru ments	Equity instruments and other reserves	Retained earnings	Total	Non controlling interests	Total equity
Balance as at January 1, 2023		53,799	(1,334)	(5,177)	(22,258)	(1,675)	(2,020)	237,551	258,886	1,375	260,261
Net income Other comprehensive income		- -	- -	- (473)	- 16,347	- 426	- -	10,772 (61)	10,772 16,239	49 (28)	10,821 16,211
Total comprehensive income		-	-	(473)	16,347	426	-	10,711	27,011	21	27,032
Dividends		-	-	-	-	-	-	-	-	(4)	(4)
Sale of non-controlling interests Put options held by non		-	-	-	-	-	-	(7)	(7)	7	-
controlling interests		-	-	(5)	-	-	-	20	15	(15)	-
Balance as at March 31, 2023		53,799	(1,334)	(5,655)	(5,911)	(1,249)	(2,020)	248,275	285,905	1,384	287,289
Balance as at January 1, 2024		53,799	(1,334)	(3,468)	8,382	284	(2,324)	188,713	244,052	1,549	245,601
Net income Other comprehensive income		- -	- -	- 568	- 3,526	- (176)	- -	13,534 16	13,534 3,934	20 29	13,554 3,963
Total comprehensive income		-	-	568	3,526	(176)	-	13,550	17,468	49	17,517
Contribution from owners of non-controlling interests Acquisition of subsidiaries Put options held by non controlling interests		- - -	- - -	- - 8	- - -	- - -	- - -	- - 7	- - 15	8 9 (15)	8 9 -
Balance as at March 31, 2024		53,799	(1,334)	(2,892)	11,908	108	(2,324)	202,270	261,535	1,600	263,135

CEZ GROUP CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2024

	Note	1-3/2024	1-3/2023
OPERATING ACTIVITIES:
Income before income taxes		28,994	24,393
Adjustments of income before income taxes to cash generated from operations:
Depreciation and amortization		8,742	8,357
Amortization of nuclear fuel		937	1,037
(Gains) and losses on non-current asset retirements		(42)	(29)
Foreign exchange rate loss (gain)		(699)	362
Interest expense, interest income and dividend income		547	337
Provisions		5,102	5,156
Impairment of property, plant and equipment and
intangible assets		2	(14)
Other non-cash expenses and income		(4,432)	6,827
Share of (profit) loss from associates and joint-ventures		(3)	(385)
Changes in assets and liabilities:
Receivables and contract assets		25,984	46,081
Materials, supplies and fossil fuel stocks		431	4,203
Receivables and payables from derivatives		4,224	(6,980)
Other assets		4,008	5,098
Trade payables		(12,981)	(23,019)
Other liabilities		(3,308)	9,071
Cash from operations		57,506	80,495
Income taxes paid		(17,011)	(1,302)
Interest paid, net of capitalized interest		(653)	(1,733)
Interest received		847	1,637
Dividends received		-	-
Net cash flow from operating activities		40,689	79,097
INVESTING ACTIVITIES:
Acquisition of subsidiaries, associates and joint-ventures,
net of cash acquired		(60)	(166)
Disposal of subsidiaries, associates and joint-ventures,
net of cash disposed of		31	7
Additions to non-current assets, including capitalized
interest		(10,240)	(9,501)
Proceeds from sale of non-current assets		128	146
Loans made		(18)	(51)
Repayment of loans		11	10
Change in restricted financial assets		41	55
Net cash flow from investing activities		(10,107)	(9,500)

CEZ GROUP CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2024

continued

	Note	1-3/2024	1-3/2023
FINANCING ACTIVITIES:
Proceeds from borrowings Payments of borrowings Payments of lease liabilities Proceeds from other long-term liabilities Payments of other long-term liabilities Dividends paid to Company's shareholders (Dividends paid) contributions received – owners of non controlling interests, net		31,932 (28,483) (241) 11 (160) (135) 8	45,337 (61,014) (201) 8 (17) (105) (4)
Net cash flow from financing activities		2,932	(15,996)
Net effect of currency translation and allowances in cash		45	(729)
Net increase in cash and cash equivalents		33,559	52,872
Cash and cash equivalents at beginning of period		10,892	36,609
Cash and cash equivalents at end of period		44,451	89,481
Supplementary cash flow information:
Total cash paid for interest		738	1,837

CEZ GROUP NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2024

1. The Company

ČEZ, a. s. ("ČEZ" or "the Company") is a Czech joint-stock company, owned 69.8% (69.9% of voting rights) at March 31, 2024, by the Czech Republic represented by the Ministry of Finance. The remaining shares of the Company are held by legal persons and individuals and they are traded on stock exchange markets in Prague and Warsaw. The address of the Company's registered office is Duhová 2/1444, Praha 4, 140 53, Czech Republic.

The Company is a parent company of the CEZ Group ("the Group"). CEZ Group is a vertically integrated energy group that is among the largest economic entities in the Czech Republic and Central Europe. The main business of the Group is the generation, distribution, trade and sale in the field of electricity and heat, coal mining, trading in commodities and providing of complex energy services, distribution, trade and sale in the field of natural gas and providing of electronic communications.

The "VISION 2030 – Clean Energy of Tomorrow" strategy is focused on dynamic transformation of the generation portfolio to low-emission one and achievement of full climate neutrality already by 2040. The strategy includes a commitment to end the production of heat from coal and fundamentally limit the production of electricity from coal by 2030. In areas of distribution and sales, the basic goal is to provide the most advantageous energy solutions and the best customer experience on the market.

2. Summary of Significant Accounting Policies

2.1. Financial Statements

The interim consolidated financial statements for the three months ended March 31, 2024, have been prepared in accordance with IAS 34 and have not been audited by an independent auditor. The interim consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statement as of December 31, 2023.

2.2. Changes in Accounting Policies

The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statement as of December 31, 2023.

As of January 1, 2024, the Group did not adopt any new or revised accounting standard IFRS that would have a significant impact on Group's interim consolidated financial statements.

3. Seasonality of Operations

The seasonality within the segments Generation, Distribution and Sales usually takes effect in such a way that the revenues and operating profits of these segments for the 1st and 4th quarters of a calendar year are slightly higher than the revenues and operating profits achieved in the remaining period.

4. Derivatives and Other Financial Assets

The overview of derivatives and other financial assets at March 31, 2024, and December 31, 2023, is as follows (in CZK millions):

	March 31, 2024			December 31, 2023
	Non-current assets	Current assets	Total	Non-current assets	Current assets	Total
Term deposits	68	-	68	66	-	66
Other financial receivables	4,656	93	4,749	4,912	128	5,040
Receivables from sale of subsidiaries, associates
and joint-ventures	-	-	-	-	31	31
Investment in finance lease	215	49	264	213	49	262
Total financial assets at amortized cost	4,939	142	5,081	5,191	208	5,399
Equity financial assets – investments in Inven
Capital, SICAV, a.s., ČEZ sub-funds	3,899	-	3,899	3,746	-	3,746
Commodity and other derivatives	-	70,960	70,960	62	82,465	82,527
Total financial assets at fair value through profit
or loss	3,899	70,960	74,859	3,808	82,465	86,273
Veolia Energie ČR, a.s.	403	-	403	403	-	403
Other equity financial assets	270	6	276	271	6	277
Total equity financial assets	673	6	679	674	6	680
Cash flow hedge derivatives	26,554	22,004	48,558	20,706	22,378	43,084
Debt financial assets	-	6,228	6,228	-	6,657	6,657
Total financial assets at fair value through other
comprehensive income	27,227	28,238	55,465	21,380	29,041	50,421
Total	36,065	99,340	135,405	30,379	111,714	142,093

5. Emission rights

The composition of emission rights and green and similar certificates at March 31, 2024, and December 31, 2023 (in CZK millions):

	March 31, 2024			December 31, 2023
	Non current	Current	Total	Non current	Current	Total
Emission rights for own use	5	24,530	24,535	5	25,118	25,123
Emission rights held for trading	-	1,317	1,317	-	5,589	5,589
Green and similar certificates	-	10	10	-	112	112
Total	5	25,857	25,862	5	30,819	30,824

Non-current emission rights for own use are part of intangible assets.

6. Long-term Debt

Long-term debt at March 31, 2024, and December 31, 2023, is as follows (in CZK millions):

	March 31, 2024	December 31, 2023
3.005% Eurobonds, due 2038 (JPY 12,000 million)	1,855	1,910
2.845% Eurobonds, due 2039 (JPY 8,000 million)	1,238	1,274
4.875% Eurobonds, due 2025 (EUR 750 million)	19,855	19,173
4.375% Eurobonds, due 2042 (EUR 50 million)	1,284	1,241
4.500% Eurobonds, due 2047 (EUR 50 million)	1,282	1,238
4.383% Eurobonds, due 2047 (EUR 80 million)	2,075	2,006
3.000% Eurobonds, due 2028 (EUR 725 million)	18,991	18,433
0.875% Eurobonds, due 2026 (EUR 750 million)	18,947	18,464
2,375% Eurobonds, due 2027 (EUR 600 million)	15,467	15,020
5.625% U.S. bonds, due 2042 (USD 300 million)	7,167	6,754
4.500% Registered bonds, due 2030 (EUR 40 million)	1,019	984
4.700% Registered bonds, due 2032 (EUR 40 million)	1,057	1,021
4.270% Registered bonds, due 2047 (EUR 61 million)	1,545	1,493
3.550% Registered bonds, due 2038 (EUR 30 million)	757	760
Total bonds and debentures	92,539	89,771
Less: Current portion	(2,148)	(1,469)
Bonds and debentures, net of current portion	90,391	88,302
Long-term bank and other loans, lease liabilities:	72,757	71,825
Less: Current portion	(29,675)	(29,085)
Long-term bank and other loans, lease payables, net of current
portion	43,082	42,740
Total long-term debt	165,296	161,596
Less: Current portion	(31,823)	(30,554)
Total long-term debt, net of current portion	133,473	131,042

7. Derivatives and Other Financial Liabilities

Derivatives and other financial liabilities at March 31, 2024, and December 31, 2023, are as follows (in CZK millions):

	March 31, 2024
	Long-term liabilities	Short-term liabilities	Total
Payables from non-current assets purchase Other	323 1,715	- 955	323 2,670
Financial liabilities at amortized cost	2,038	955	2,993
Cash flow hedge derivatives Commodity and other derivatives Liabilities from put options held by non-controlling interests Contingent consideration from the acquisition of	1,438 - 948	1,893 61,304 208	3,331 61,304 1,156
subsidiaries	484	191	675
Financial liabilities at fair value	2,870	63,596	66,466
Total	4,908	64,551	69,459

December 31, 2023

	Long-term liabilities	Short-term liabilities	Total
Payables from non-current assets purchase Other	318 1,381	- 2,066	318 3,447
Financial liabilities at amortized cost	1,699	2,066	3,765
Cash flow hedge derivatives Commodity and other derivatives Liabilities from put options held by non-controlling interests Contingent consideration from the acquisition of	2,579 430 933	8,455 71,613 203	11,034 72,043 1,136
subsidiaries	463	203	666
Financial liabilities at fair value	4,405	80,474	84,879
Total	6,104	82,540	88,644

8. Short-term Loans

Short-term loans at March 31, 2024, and December 31, 2023, are as follows (in CZK millions):

	March 31, 2024	December 31, 2023
Bank loans Bank overdrafts	11,338 567	7,214 100
Total	11,905	7,314

9. Revenues and Other Operating Income

The composition of revenues and other operating income for the first three months ended March 31, 2024 and 2023, is as follows (in CZK millions):

	1-3/2024	1-3/2023
Sales of electricity:
Sales of electricity to end customers Sales of electricity through energy exchange and other	21,442	35,458
organized markets	10,015	16,792
Sales of electricity to traders	8,315	11,342
Sales to distribution and transmission companies	116	43
Other sales of electricity	5,566	1,902
Effect of hedging – presales of electricity Effect of hedging – currency risk hedging	4,465 862	(10,036) (260)
Total sales of electricity	50,781	55,241
Sales of gas, coal and heat:
Sales of gas	6,292	11,038
Sales of coal	1,151	2,076
Sales of heat	5,448	4,817
Total sales of gas, coal and heat	12,891	17,931
Total sales of electricity, heat, gas and coal	63,672	73,172
Sales of services and other revenues:
Distribution services	12,031	9,469
Other services	10,573	9,057
Rental income	49	46
Revenues from goods sold	191	281
Other revenues	326	752
Total sales of services and other revenues	23,170	19,605
Other operating income:
Granted green and similar certificates	16	46
Contractual fines and interest fees for delays	55	65
Gain on sale of property, plant and equipment	77	108
Gain on sale of material	35	53
Other	370	331
Total other operating income	553	603
Total revenues and other operating income	87,395	93,380

Revenues from contracts with customers for the three months ended March 31, 2024 and 2023, were CZK 81,466 million and CZK 103,027 million, respectively, and can be linked to the above figures as follows:

	1-3/2024	1-3/2023
Sales of electricity, heat, gas and coal Sales of services and other revenues	63,672 23,170	73,172 19,605
Total revenues	86,842	92,777
Adjustments: Effect of hedging – presales of electricity Effect of hedging – currency risk hedging Rental income	(4,465) (862) (49)	10,036 260 (46)
Revenues from contracts with customers	81,466	103,027

10. Gains and Losses from Commodity Derivative Trading

The composition of gains and losses from commodity derivative trading for the three months ended March 31, 2024 and 2023, is as follows (in CZK millions):

	1-3/2024	1-3/2023
Gain from electricity derivative trading	3,464	1,025
Loss from gas derivative trading	(1,149)	(1,775)
Loss from oil derivative trading	(13)	(4)
Gain from coal derivative trading	6	15
Gain (loss) from emission rights derivative trading	(1,000)	1,476
Total gains and losses from commodity derivative trading	1,308	737

Reported gains and losses from derivative trading consist of trades with commodities for the purpose of speculative trading, but also trades concluded for the purpose of hedging the gross margin from electricity generation, where changes in their fair value do not enter the hedge accounting scheme mainly due to the uncertainty of the hedged deliveries of electricity from generation sources (where the expected deliveries of electricity may not be produced eventually, but trading positions on electricity and related positions for emission allowances and fuels will be closed, e.g. for deliveries from the Počerady CCGT power plant). Given the high volatility of commodity market prices, these trades have a significant impact on reported gains and losses from derivative trading.

11. Other Operating Expenses

Other operating expenses for the three months ended March 31, 2024 and 2023, are as follows (in CZK millions):

	1-3/2024	1-3/2023
Change in provisions	1,102	591
Levy on revenues above price caps	-	(10,144)
Other taxes and fees	(700)	(678)
Insurance	(355)	(265)
Costs related to trading of commodities	(117)	(242)
Cost of goods sold	(95)	(177)
Loss on sale of property, plant and equipment	(2)	(1)
Other	(640)	(508)
Total other operating expenses	(807)	(11,424)

12. Income Taxes

Tax effects relating to each component of other comprehensive income are the following (in CZK millions):

	1-3/2024		1-3/2023
			Net of
	Before tax amount	Tax effect	tax amount	Before tax amount	Tax effect	Net of tax amount
Change in fair value of cash flow
hedges	13,470	(8,368)	5,102	47,524	(34,840)	12,684
Cash flow hedges reclassified to statement of income	(5,618)	4,041	(1,577)	10,689	(7,025)	3,664
Change in fair value of debt
instruments	(176)	(4)	(180)	500	(94)	406
Disposal of debt instruments	4	-	4	23	(3)	20
Translation differences –
subsidiaries	535	-	535	(377)	-	(377)
Translation differences –
associates and joint-ventures	72	-	72	(125)	-	(125)
Disposal of translation
differences	(9)	-	(9)	-	-	-
Share on other equity
movements of associates and
joint-ventures	16	-	16	(61)	-	(61)
Total	8,294	(4,331)	3,963	58,173	(41,962)	16,211

13. Segment Information

The Group reports its result using four reportable operating segments:

• Generation
• Distribution
• Sales
• Mining

The segments are defined across the countries in which CEZ Group operates. Segment is a functionally autonomous part of CEZ Group that serves a single part of the value chain of the Group.

The Group accounts for intersegment revenues and transfers as if the revenues or transfers were to third parties, that is, at current market prices or where the regulation applies at regulated prices.

In segment reporting, IFRS 16 is applied to external leases from the Group's perspective, but it is not applied to leases between individual operating segments, although in some cases the asset is leased to another segment internally.

The Group evaluates the performance of its segments based on earnings before interest, taxes, depreciation and amortization (EBITDA). The definition and reconciliation of EBITDA to income before other income (expenses) and income taxes summarizes the following table (in CZK millions):

	1-3/2024	1-3/2023
Income before other income (expenses) and income
taxes (EBIT)	31,648	24,298
Depreciation and amortization	8,742	8,357
Impairment of property, plant and equipment and
intangible assets	2	(14)
Gains and losses on sale of property, plant and
equipment, net1)	(75)	(107)
EBITDA	40,317	32,534

1) Gains on sale of property, plant and equipment are presented in the statement of income as part of the line item Other operating income (Note 9). Losses on sale of property, plant and equipment are presented in the statement of income as part of the line item Other operating expenses (Note 11).

The Group follows and analyses results of individual segments also based on the ratio of Gross margin, which is defined as follows (in CZK millions):

	1-3/2024	1-3/2023
Operating income	87,395	93,380
Gains and losses from commodity derivative trading	1,308	737
Purchase of electricity, gas and other energies	(15,266)	(20,652)
Fuel and emission rights	(11,103)	(11,630)
Services	(8,653)	(7,437)
Capitalization of expenses to the cost of assets and
change in own inventories	906	1,416
Levy on revenues above price caps1)	-	(10,144)
Other2)	(760)	(1,275)
Gross margin	53,827	44,395

1) Levy on revenues above price caps is part of the statement of income line-item Other operating expenses (Note 11).

2) Other includes relevant part of the material costs (part of the statement of income line-item Material and supplies) and excludes part of the statement of income line-item Services, which refers to repair and maintenance services and other services that have rather overhead nature.

The following tables summarize segment information by operating segments for the three months ended March 31, 2024 and 2023, and at December 31, 2023 (in CZK millions):

March 31, 2024:

	Gene ration		Distribu				Elimina	Consoli
				tion	Sales	Mining	Combined	tion
Revenues and other operating
income – other than intersegment Revenues and other operating	31,942	11,943	42,183	1,327	87,395	-	87,395
income – intersegment	27,401	109	4,595	3,300	35,405	(35,405)	-
Total revenues and other operating income Thereof:	59,343	12,052	46,778	4,627	122,800	(35,405)	87,395
Sales of electricity, heat, gas and coal	55,670	-	36,970	4,192	96,832	(33,160)	63,672
Sales of services and other revenues	3,272	11,994	9,588	391	25,245	(2,075)	23,170
Other operating income	401	58	220	44	723	(170)	553
Revenues and other operating income, including result from
commodity derivative trading	60,740	12,052	46,689	4,627	124,108	(35,405)	88,703
Total sales of electricity, including the result of electricity trading1)	50,122	-	28,655	-	78,777	(24,532)	54,245
Gross margin	35,608	8,268	7,081	4,578	55,535	(1,708)	53,827
EBITDA	29,280	5,575	2,562	2,878	40,295	22	40,317
Depreciation and amortization	(5,807)	(1,936)	(673)	(326)	(8,742)	-	(8,742)
Impairment of property, plant and equipment and intangible assets	-	(2)	-	-	(2)	-	(2)
Income before other income (expenses) and income taxes	23,526	3,647	1,891	2,562	31,626	22	31,648
Interest on debt and provisions	(3,123)	(321)	(77)	(184)	(3,705)	293	(3,412)
Interest income	478	121	347	192	1,138	(293)	845
Share of profit (loss) from associates and joint-ventures	(8)	-	19	(8)	3	-	3
Income taxes	(13,745)	(724)	(480)	(553)	(15,502)	62	(15,440)
Net income	7,177	2,722	1,843	2,070	13,812	(258)	13,554
Identifiable assets	285,713	136,950	15,333	12,983	450,979	(290)	450,689
Identifiable assets Investment in associates and joint-ventures	2,877	-	325	672	3,874	-	3,874
Unallocated assets							370,228
Total assets							824,791
Capital expenditure	2,813	3,418	787	332	7,350	(49)	7,301

1) The item contains the line Total sales of electricity (Note 9) and the line Gain from electricity derivative trading (Note 10).

March 31, 2023:

	Gene ration	Distribu tion	Sales	Mining	Combined	Elimina tion	Consoli dated
Revenues and other operating income – other than intersegment	26,294	9,481	55,351	2,254	93,380	-	93,380
Revenues and other operating income – intersegment	50,226	101	7,712	3,713	61,752	(61,752)	-
Total revenues and other operating income Thereof:	76,520	9,582	63,063	5,967	155,132	(61,752)	93,380
Sales of electricity, heat, gas and coal	72,828	-	54,815	5,561	133,204	(60,032)	73,172
Sales of services and other revenues	3,395	9,490	8,056	399	21,340	(1,735)	19,605
Other operating income	297	92	192	7	588	15	603
Revenues and other operating income, including result from
commodity derivative trading	77,561	9,582	62,960	5,967	156,070	(61,953)	94,117
Total sales of electricity, including the result of electricity trading1)	58,625	-	40,220	-	98,845	(42,579)	56,266
Gross margin	31,320	7,480	2,167	5,781	46,748	(2,353)	44,395
EBITDA	25,768	5,056	(1,605)	3,886	33,105	(571)	32,534
Depreciation and amortization	(5,659)	(1,772)	(514)	(412)	(8,357)	-	(8,357)
Impairment of property, plant and equipment and intangible assets	-	-	-	14	14	-	14
Income before other income (expenses) and income taxes	20,192	3,305	(2,116)	3,488	24,869	(571)	24,298
Interest on debt and provisions	(3,546)	(286)	(88)	(165)	(4,085)	270	(3,815)
Interest income	1,252	154	371	144	1,921	(270)	1,651
Share of profit (loss) from associates and joint-ventures	(10)	375	38	(18)	385	-	385
Income taxes	(12,001)	(598)	(201)	(669)	(13,469)	(103)	(13,572)
Net income	6,946	2,733	(2,071)	2,813	10,421	400	10,821
Capital expenditure	3,048	3,107	316	358	6,829	(60)	6,769
	Gene	Distribu				Elimina	Consoli
December 31, 2023:	ration	tion	Sales	Mining	Combined	tion	dated
Identifiable assets	288,800	135,516	15,104	12,977	452,397	(265)	452,132
Investment in associates and joint-ventures Unallocated assets	2,773	-	284	680	3,737	-	3,737 369,896
Total assets							825,765

1) The item contains the line Total sales of electricity (Note 9) and the line Gain from electricity derivative trading (Note 10).