CEZ Group Energy Transformation and Financial Results
MAIN CAUSES OF YEAR-ON-YEAR CHANGE IN NET INCOME
(CZK bn)
Q1 2021
Q1 2022 Difference
%
EBITDA
19.9
43.7
+23.8 +119%
Depreciation and amortization
-6.7
-7.5
-0.9
-13%
Impairments*
-2.0
0.1
+2.1
Other income (expenses)
-0.8
-2.8
-2.0
>200%
Interest income (expenses)
-1.0
-0.5
+0.5
+47%
Other
0.2
-2.2
-2.4
Income tax
-2.0
-6.7
-4.7
>200%
Net income
8.4
26.7
+18.3 >200%
Adjusted net income
8.4
26.7
+18.3 >200%
Impairments* (CZK +2.1 bn)
• Provisioning in Q1 2021 for fixed assets in Romania (CZK +1.1 bn) and Bulgaria (CZK +0.9 bn)
Depreciation and Amortization (CZK -0.9 bn)
• Acceleration of depreciation and amortization of coal-fired power plants in Czechia as a result of the deterioration of market and regulatory
conditions for the long-term operation of coal-fired power plants in Czechia (CZK -1.1 bn)
• Higher depreciation and amortization of ČEZ Distribuce (CZK -0.1 bn)
• Lower depreciation and amortization of assets at Severočeské doly (CZK +0.3 bn) reflecting provisioning in 2021
Other Income and Expenses (CZK -2.0 bn)
• Exchange rate effects and revaluation of financial derivatives (CZK -2.2 bn), mainly due to the revaluation of ČEZ's margin deposits on
exchanges and with trading counterparties (the total amount of margin deposits exceeded CZK 100 bn as of March 8 and subsequently
decreased below CZK 60 bn as of March 31).
• Lower interest expense (CZK +0.3 bn) due to a decrease in the total amount of debt
*
Including gain/loss from sales of tangible and intangible fixed Assets
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