CEZ Group Energy Transformation and Financial Results
MAIN CAUSES OF YEAR-ON-YEAR CHANGE IN EBITDA
CZK bn
50
+28.0
+0.4
-0.1
-2.4
43.7
45
40
35
30
25
19.9
Divested
assets*
43.7
20
2.1
15
10
17.9
EXISTING CZK 25.8 bn
ASSETS
+144%
Existing
assets
5
Q1 2021
GENERATION
MINING
DISTRIBUTION
SALES
Q1 2022
Existing assets (CZK +25.8 bn):
GENERATION Segment (CZK +28.0 bn):
Π
• The impact of extreme increase in market prices of commodities on the wholesale market (CZK +13.8 bn)
• Profit from commodity trading (CZK +4.9 bn)
• Specific temporary effect (CZK +4.3 bn) from the sale of emission allowances for generation according to the Risk Committee's decision to strengthen
liquidity to cover margining risks on exchanges. This income will be eliminated in the remaining months of 2022 as part of a higher provision for generating
emissions (due to the higher purchase value of emission allowances). Other specific effects mainly due to the revaluation of generation hedging contracts
(CZK +3.5 bn)
SALES Segment (CZK -2.4 bn):
*
Retail segment―ČEZ Prodej (CZK -1.6 bn)-significant increase in commodity prices and market volatility, which amplified the seasonality of the result**
• B2B segment-Sales of commodities in Czechia (CZK -0.8 bn)—mainly significant increase in commodity purchase prices and market volatility, which
amplified the seasonality of the result**
In Q1 2021 divested assets generated EBITDA (CZK +2.1 bn): of which Romania (CZK +1.2 bn) and Bulgaria (CZK +0.8 bn)
** Prices for end-use customers are generally set the same for winter and summer, while the purchase price of electricity and gas is generally higher in winter
than at other times of the year. This seasonal effect was significantly higher in Q1 2022, given the extreme increase in gas and thus electricity prices.
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