Selected Historical Financials of CEZ Group
We can execute our growth strategy while keeping the leverage
within our 3.0x net debt to EBITDA target
Expected cumulative investments 2021-2030* Net debt to EBITDA ratio
CZK billion
600-700
Investments
Maintenance
Organic growth Acquitions
3.0x
ப
1.8x
1.5x
1.5x
0.7x
2021
2025
2030
Electricity prices as of
March-Aug 2022**
Current
assumptions***
We will continue to generate positive free cash flow and we expect our leverage
would stay below 3.0x of EBITDA
www.cez.cz/en
Excluding new nuclear CAPEX in 2025-2030 due to assumed 100% state financing, no CAPEX subsidies on RES nor distribution due to their
uncertain amount
** Using assumptions of VISION 2030 strategy and electricity prices 2025: 165 EUR/MWh, 2030: 105 EUR/MWh
***
Assuming current electricity prices and higher inflation assumptions vs a year ago
Note: Organic growth = new renewables and gas capacities, expansion of distribution network, Acquisitions = mainly ESCOS abroad
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