CEZ GROUP Consolidated Balance Sheet in accordance with IFRS (in CZK Millions) 31.12.2009
31.3.2010
Assets Property, plant and equipment: Plant in service Less accumulated provision for depreciation Net plant in service Nuclear fuel, at amortized cost Construction work in progress
509 618 (266 377) 243 241 5 439 80 125
510 722 (270 027) 240 695 7 087 85 012
328 805
332 794
17 250 49 423 18 653 824
17 109 48 117 18 351 597
86 150
84 174
414 955
416 968
Cash and cash equivalents Receivables, net Income tax receivable Materials and supplies, net Fossil fuel stocks Emission rights Other financial assets, net Other current assets
26 727 46 350 997 4 959 2 944 1 212 29 706 2 409
28 462 35 107 3 181 5 307 2 020 1 150 35 167 2 715
Total current assets
115 304
113 109
Total assets
530 259
530 077
53 799 (5 151) 151 713
53 799 (4 722) 171 669
200 361
220 746
6 314
6 134
206 675
226 880
118 921
120 842
37 152 21 108
37 236 20 784
177 181
178 862
15 335
19 993
31 257 6 632 76 853 1 359 14 967
14 693 6 622 68 563 136 14 328
Total current liabilities
131 068
104 342
Total equity and liabilities
530 259
530 077
Total property, plant and equipment Other non-current assets: Investment in associates and joint-ventures Investments and other financial assets, net Intangible assets, net Deferred tax assets Total other non-current assets Total non-current assets Current assets:
Equity and liabilities Equity: Equity attributable to equity holders of the parent: Stated capital Treasury shares Retained earnings and other reserves Total equity attributable to equity holders of the pare Non-controlling interests Total equity Long-term liabilities: Long-term debt, net of current portion Accumulated provision for nuclear decommissioning and fuel storage Other long-term liabilities Total long-term liabilities Deferred tax liability Current liabilities: Short-term loans Current portion of long-term debt Trade and other payables Income tax payable Accrued liabilities
CEZ GROUP Consolidated Statement of Income in accordance with IFRS (in CZK Millions) 1-3/2009
1-3/2010
Revenues: Sales of electricity Gains and losses from electricity, coal and gas derivative trading, net Heat sales and other revenues Total revenues
49 377
44 964
554 4 021
4 287 4 635
53 952
53 886
(4 895) (12 307) (817) (5 430) (3 693) (1 044) 950 (1 919)
(4 599) (13 945) (806) (5 640) (4 066) (1 186) 921 (2 874)
(29 155)
(32 195)
24 797
21 691
Operating expenses: Fuel Purchased power and related services Repairs and maintenance Depreciation and amortization Salaries and wages Materials and supplies Emission rights, net Other operating expenses Total expenses Income before other income (expenses) and income taxes Other income (expenses): Interest on debt, net of capitalized interest Interest on nuclear and other provisions Interest income Foreign exchange rate gains (losses), net Other income (expenses), net Income from associates and joint-ventures Total other income (expenses)
(821) (524) 545 (1 070) 1 089 (36)
(907) (510) 703 (481) 916 51
(817)
(228)
Income before income taxes
23 980
21 463
Income taxes
(4 595)
(4 001)
Net income
19 385
17 462
19 091 294
17 455 7
Net income attributable to: Equity holders of the parent Non-controlling interests
CEZ GROUP Consolidated Statement of Comprehensive Income in accordance with IFRS (in CZK Millions) 1-3/2009 Net income
19 385
1-3/2010 17 462
Other comprehensive income: Change in fair value of cash flow hedges recognized in equity Cash flow hedges removed from equity Change in fair value of available-for-sale financial assets recognized in equity Available-for-sale financial assets removed from equity Translation differences Share on equity movements of associates and joint-ventures Deferred tax relating to other comprehensive income Other movements
(2 962) (761)
5 354 (407)
(544) 1 (1 848) (14) 732 16
147 1 (1 458) (4) (944)
Other comprehensive income, net of tax
(5 380)
2 689
Total comprehensive income, net of tax
14 005
20 151
13 906 99
20 331 (180)
Total comprehensive income attributable to: Equity holders of the parent Non-controlling interests
CEZ GROUP Consolidated Statement of Changes in Equity in accordance with IFRS (in CZK Millions)
Stated capital
Treasury shares
Attributable to Equity Holders of the Parent Available-forTranslation Cash flow sale and other difference hedge reserve reserves
Retained earnings
December 31, 2008 Net income Other comprehensive income Total comprehensive income Reduction of the stated capita Share options Change in non-controlling interests due to acquisition March 31, 2009
59 221
(66 910)
(5 422)
61 313
53 799
(5 597)
(6 669)
(8 717)
86
154 287
December 31, 2009, as previously reported Effect of change in accounting policies January 1, 2010, as restated Net income Other comprehensive income Total comprehensive income Sale of treasury shares Share options Transfer of exercised and forfeited share option within equity March 31, 2010
53 799
(5 151)
(6 649)
(2 168)
609
53 799
(5 151)
(6 649)
(2 168)
609
(1 269) (1 269)
4 004 4 004
126 126
(5 025)
(5 631)
503
(1 644) (1 644)
(3 086) (3 086)
(448) (448)
191 094 19 091 (7) 19 084 (55 891)
429
12 158 294 (195) 99
159 921 (244) 159 677 17 455 15 17 470 (159)
200 361 (244) 200 117 17 455 2 876 20 331 270 28
6 314
81 177 069
220 746
28
53 799
(4 722)
(7 918)
1 836
(81) 682
Non-controlling Interests
173 252 19 091 (5 185) 13 906 31 187 189
31
-
Total
(11) 12 246
6 314 7 (187) (180)
6 134
Total equity 185 410 19 385 (5 380) 14 005 31 (11) 199 435 206 675 (244) 206 431 17 462 2 689 20 151 270 28 226 880
CEZ GROUP Consolidated Statement of Cash Flows in accordance with IFRS (in CZK Millions) 1-3/2009
1-3/2010
23 980
21 463
Operating activities: Income before income taxes Adjustments to reconcile income before income taxes to net cash provided by operating activities: Depreciation, amortization and asset write-offs Amortization of nuclear fuel (Gain) loss on fixed assets retirements, net Foreign exchange rate losses (gains), net Interest expense, interest income and dividends income, net Provision for nuclear decommissioning and fuel storage Valuation allowances, other provisions and other adjustments Income from associates and joint-ventures
5 430 662 (10) 1 070 276 33 (291) 36
5 649 983 (21) 481 204 16 (714) (51)
(1 266) (282) (169) (22 842) 11 018 4 722
4 660 (433) 888 (5 315) (4 677) (510)
Cash generated from operations
22 367
22 623
Income taxes paid Interest paid, net of capitalized interest Interest received
(2 919) (50) 386
(3 454) (328) 632
Net cash provided by operating activities
19 784
19 473
Changes in assets and liabilities: Receivables Materials and supplies Fossil fuel stocks Other current assets Trade and other payables Accrued liabilities
Investing activities: Acquisition of subsidiaries, associates and joint-ventures net of cash acquired Additions to property, plant and equipment and other non-current assets, including capitalized interest Proceeds from sales of fixed assets Loans made Repayments of loans Change in decommissioning and other restricted funds Total cash used in investing activities
(3 378)
(115)
(8 481) 56 (4) 131 826
(11 907) 422 (47) 4 830 (326)
(10 850)
(7 143)
77 507 (80 698) 39 (73) (12) -
71 603 (81 769) 3 (61) (20) 271
(3 237)
(9 973)
(453)
(622)
Financing activities: Proceeds from borrowings Payments of borrowings Proceeds from other long-term liabilities Payments of other long-term liabilities Dividends paid to Company´s shareholders (Acquisition) sale of treasury shares, net Total cash provided by (used in) financing activities Net effect of currency translation in cash Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period
5 244 17 303 22 547
1 735 26 727 28 462
437
626
Supplementary cash flow information Total cash paid for interest
Structure of the consolidation unit CEZ Group as of March 31, 2010 Company
Reg. number
Country of incorporation
Parent company: ČEZ, a. s.
45274649
Czech Republic
Subsidiaries: Bohemian Development, a.s. CEZ Albania Sh.A. CEZ Bosna i Hercegovina d.o.o. CEZ Bulgaria EAD CEZ Ciepło Polska sp. z o.o. CEZ Deutschland GmbH CEZ Distributie S.A. CEZ Elektro Bulgaria AD CEZ Elektroproizvodstvo Bulgaria AD CEZ FINANCE B.V. CEZ Finance Ireland Ltd. CEZ Hungary Ltd. CEZ Chorzow B.V. CEZ International Finance B.V. CEZ Laboratories Bulgaria EOOD CEZ MH B.V. CEZ Nowa Skawina S.A. CEZ Poland Distribution B.V. CEZ Polska sp. z o.o. CEZ Produkty Energetyczne Polska sp. z o.o. CEZ Razpredelenie Bulgaria AD CEZ Romania S.R.L. CEZ RUS OOO CEZ Servicii S.A. CEZ Silesia B.V. CEZ Slovensko, s.r.o. CEZ Srbija d.o.o. CEZ Trade Albania Sh.P.K. CEZ Trade Bulgaria EAD CEZ Trade Polska sp. z o.o. CEZ Trade Romania S.R.L. CEZ Ukraine CJSC CEZ Vanzare S.A. CZ INVEST - PLUS, a.s. CZECH HEAT a.s. ČEZ Bohunice a.s. ČEZ Distribuce, a. s. ČEZ Distribuční služby, s.r.o. ČEZ Distribuční zařízení, a.s. ČEZ Energetické produkty, s.r.o. ČEZ Energetické služby, s.r.o. ČEZ ICT Services, a. s. ČEZ Logistika, s.r.o. ČEZ Měření, s.r.o. ČEZ Obnovitelné zdroje, s.r.o. ČEZ Prodej, s.r.o. ČEZ Správa majetku, s.r.o. ČEZ Teplárenská, a.s. ČEZ Zákaznické služby, s.r.o. EDICOLLA a.s. Elektra Žabčice a.s.
28073142 28075951 27587991 28861736 27232425 26871823 28922727 28255933 27804721 26470411 26840065 25938878 25938924 27232433 26206803 27309941 26376547 27756769 28270975
Czech Republic Albania Bosnia and Herzegovina Bulgaria Poland Germany Romania Bulgaria Bulgaria Netherlands Ireland Hungary Netherlands Netherlands Bulgaria Netherlands Poland Netherlands Poland Poland Bulgaria Romania Russia Romania Netherlands Slovakia Serbia Albania Bulgaria Poland Romania Ukraine Romania Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic
Company Elektrárna Chvaletice a.s. Elektrociepłownia Chorzów ELCHO sp. z o.o. Elektrownia Skawina S.A. Energetické centrum s.r.o. GENTLEY a.s. M.W. Team Invest S.R.L. MALLA, a.s. MARTIA a.s. NERS d.o.o. New Kosovo Energy L.L.C. Operatori i Sistemit te Shperndarjes Sh.A. Ovidiu Development S.R.L. PPC Úžín, a.s. PRODECO, a.s. SD - 1.strojírenská, a.s. SD - Autodoprava, a.s. SD - Kolejová doprava, a.s. SD - KOMES, a.s. SD - Rekultivace, a.s. Severočeské doly a.s. STE - obchodní služby spol. s r.o. v likvidaci Š-BET, s.r.o. ŠKODA PRAHA a.s. ŠKODA PRAHA Invest s.r.o. TEC Varna EAD TEPLEX s.r.o. Tomis Team S.R.L. Ústav jaderného výzkumu Řež a.s. Associates and joint-ventures: Akcez Enerji A.S. AK-EL Yalova Elektrik Üretim A.S. Aken B.V. Akenerji Elektrik Enerjisi Ithalat Ihracat ve Toptan Ticaret A.S. Akenerji Elektrik Üretim A.S. Akka Elektrik Üretim A.S. Akkur Enerji Üretim A.S. CM European Power International B.V. CM European Power International s.r.o. CM European Power Slovakia s.r.o. Egemer Elektrik Üretim A.S. Energonuclear S.A. Jadrová energetická spoločnosť Slovenska, a. s. JTSD - Braunkohlebergbau GmbH LOMY MOŘINA spol. s r.o. Mem Enerji Elektrik Üretim Sanayi ve Ticaret A.S. Mitteldeutsche Braunkohlengesellschaft mbH MOL - CEZ European Power Hungary Ltd. Sakarya Elektrik Dagitim A.S.
Reg. number 28786009 26051818 28209117 28263341 25006754 27198367 25020790 25437127 25028197 25438107 28666674 27329011 49901982 49826182 25994522 00128201 27257517 28707800 46356088
61465569 -
Country of incorporation Czech Republic Poland Poland Czech Republic Czech Republic Romania Czech Republic Czech Republic Bosnia and Herzegovina Kosovo Albania Romania Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Bulgaria Czech Republic Romania Czech Republic
Turkey Turkey Netherlands Turkey Turkey Turkey Turkey Netherlands Slovakia Slovakia Turkey Romania Slovakia Germany Czech Republic Turkey Germany Hungary Turkey
Methods of consolidation Parent company and subsidiaries: Associates and joint-ventures:
Full consolidation Equity method
