Selected Historical Financials of CEZ Group
Decline in Q1-Q3 2023 net income driven by windfall tax
(CZK billions)
EBITDA
Depreciation and amortization
Q1-Q3 2022 Q1-Q3 2023 Difference
%
ப
G
89.3
95.0
+5.7
+6%
-24.3
-26.2
-1.9
-8%
Asset impairments*
0.2
-1.7
-1.9
Other income and expenses
-1.9
-3.7
-1.8
-95%
Interest income and expenses
-1.0
0.4
+1.4
Other
-0.9
-4.1
-3.2
Income taxes
-11.0
-33.6
-22.6
Net income
52.3
29.8
-22.5
Adjusted net income
52.3
31.4
-20.9
>200%
>200%
-43%
-40%
Net income adjustments
The net income in Q1-Q3 2023
adjusted for impairments of fixed
assets, including tax shielding in
Severočeské doly (CZK -1.6 bn).
Depreciation and amortization (CZK -1.9 bn):
60
60
Increase in depreciation and amortization of ČEZ's coal-fired power plants (CZK -0.7 bn) and nuclear power plants (CZK -0.5 bn), mainly due to an update of provisions for
the termination of operation
Higher depreciation and amortization of Severočeské doly (CZK -0.6 bn) and ČEZ Distribuce (CZK -0.5 bn)
Decrease in depreciation and amortization of Energotrans (CZK +0.7 bn) due to the termination of depreciation of the Mělník 3 power plant in 2022
Impairments (CZK -1.9 bn): Impairments of fixed assets in Severočeské doly (CZK -2.0 bn)
Other income and expenses (CZK -1.8 bn):
Effect of higher interest rates and development of net debt on the balance of interest expenses and income (CZK +1.4 bn)
Exchange rate effects and revaluation of financial derivatives (CZK +1.6 bn) due to the revaluation of ČEZ's margin deposits and the revaluation of bonds and loans
Temporary value fluctuations of ownership interests held by Inven Capital (CZK -1.4 bn) due to an increased valuation in 2022 CZK +0.5 bn and the reduction of value in
2022
CZK -0.9 bn
Higher interests on nuclear and other provisions (CZK -3.5 bn) due to a major increase in interest rates** and an increase in provisions in 2022
Income tax (CZK -22.6 bn):
Newly introduced 60% windfall tax in Q1-Q3 2023 (CZK -21 bn) greatly exceeded the increase of the regular 19% income tax.
www.cez.cz
**
Including gain/loss from sales of tangible and intangible fixed assets including goodwill
Long-term nominal risk-free interest rates increased year-on-year from 2.3% to 4.9% and medium-term rates from 1.6% to 4.8%.View entire presentation