CEZ AS

Ticker Sector Primary Exchange Employees Address

CEZ CK EQUITY Utilities Prague SE 26,746 Duhova 2 / 1444
Praha 4, 140 53
Telephone 420-2-7113-1111 Czech Republic
Website www.cez.cz
Overview
Overview Rating & Outlook
CEZ Group is an integrated electricity conglomerate with operations in a number of countries in Central and Southeastern Europe and S&P Moody's Fitch
Turkey, headquartered in the Czech Republic. Its principal businesses encompass generation, distribution, trading, and sale of power and
A- A2 A-
heat, trading and sales of natural gas, and coal mining.
STABLE NEG STABLE

Key Market Stats* Stock Price Performance

Last Price 611
700 1.8
52 Wk High/52 Wk low 671.8 / 464.2 CZK

Millions
1.6
Volume 909,884 650
Market Cap (CZK mn) 328,712 1.4
Shares Out (mn) 538 600 1.2
Free Float (%) -- 1.0
550
Dividend Yield (%) 6.5 0.8
Beta 0.97 500 0.6
EPS (Trailing 12M) 46.01 0.4
450
P/E (Trailing 12M) 13.3x 0.2
P/B 1.3x 400 0.0
Dec-12 Apr-13 Aug-13 Dec-13 Apr-14
Enterprise Value CZK mn
Market Cap 328,712 Financial Summary
Total Debt 191,271 CZK millions except Per Share data FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 Last 12M
Minority Interest 4,441 (USD:CZK=21.8) 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 30-Jun-14
Less: Cash (37,681) Net Revenue 189,458 198,848 209,761 215,095 217,273 205,874
TEV 486,743 Cost of Revenue - - - - - -
Gross Profit 189,458 198,848 209,761 215,095 217,273 205,874
Valuation Operating Expenses 128,102 142,924 159,505 166,275 170,384 167,098
P/E (trailing 12M Average) Interest Expense 3,303 5,498 6,956 6,369 6,371 6,126
31-Dec-09 9.7x Forex Losses (Gains) 1,189 2,943 566 (763) (1,070) (1,278)
31-Dec-10 8.9x Other (8,082) (2,239) (28) (1,239) 3,025 8,417
31-Dec-11 9.3x Pre Tax Income 64,946 49,722 42,762 44,453 38,563 25,511
31-Dec-12 9.7x Income Tax 13,091 11,739 11,199 10,804 9,206 7,514
31-Dec-13 7.0x XO Income & Minority Interest 308 (110) (3) (1,276) (651) (691)
30-Jun-14 11.2x Net Income 51,547 38,093 31,566 34,925 30,008 24,565
P/B (Average) EBITDA 90,305 95,511 88,769 86,682 84,273 77,540
31-Dec-09 2.6x EPS 96.67 88.14 76.32 77.57 67.20 46.01
31-Dec-10 2.3x
31-Dec-11 2.0x Cash & Equivalents 26,727 22,163 22,062 17,957 25,118 37,681
31-Dec-12 1.7x Current Assets 116,504 105,740 131,000 141,173 154,618 143,437
31-Dec-13 1.2x Net Fixed Assets 328,805 362,510 386,837 419,754 426,560 423,432
30-Jun-14 1.2x Total Assets 530,259 544,375 598,301 636,070 641,136 634,651
ST Borrowing 37,889 24,404 24,764 16,789 30,820 32,252
Dividend Yield % (on closing price) LT Borrowing 118,921 140,040 164,685 176,106 168,396 159,019
FY 2009 6.13 Total Liabilities 323,584 317,323 366,111 381,851 378,011 374,945
FY 2010 6.39 Total Equity 206,675 227,052 232,190 254,219 263,125 259,706
FY 2011 5.73
FY 2012 5.88 Cash From Operations 87,354 77,165 61,773 64,612 72,556 80,964
FY 2013 7.74 Cash From Investing (99,022) (65,584) (52,876) (53,135) (40,273) (33,533)
Cash From Financing 21,092 (16,122) (9,021) (15,582) (25,122) (40,739)
Key Officers Net Changes in Cash 9,424 (4,541) (124) (4,105) 7,161 6,692
Daniel Benes Chairman-Mgmt Board/CEO
Martin Novak Vice Chairman-Mgmt Board/CFO Gross Margin - - - - - -
EBITDA Margin 47.7% 48.0% 42.3% 40.3% 38.8% 37.7%
Ladislav Stepanek Pavel Cyrani Net Income Margin 27.2% 19.2% 15.0% 16.2% 13.8% 11.9%
Chief Production Officer Chief Strategy Officer ROE 26.3% 17.6% 13.7% 14.4% 11.6% 9.4%
ROA 10.3% 7.1% 5.5% 5.7% 4.7% 3.9%
Michaela Chaloupkova Alan Svoboda Net Debt/EBITDA 1.4x 1.5x 1.9x 2.0x 2.1x 2.1x
Chief Purchasing Officer Chief Sales Officer EBITDA/Int Exp. 27.3x 17.4x 12.8x 13.6x 13.2x 12.7x
Total Debt/Equity 75.9% 72.4% 81.6% 75.9% 75.7% 73.6%
Total Debt/Asset 29.6% 30.2% 31.7% 30.3% 31.1% 30.1%