conference call on cez group financial results in q1 … · financial highlights of q1 2014 2...

CONFERENCE CALL ON CEZ GROUP FINANCIAL RESULTSIN Q1 2014

Non-audited consolidated resultsprepared in accordance withthe International Financial Reporting Standards (IFRS)(Quarterly report pursuant to Section 119a(4) of the Capital Markets Act)

Prague, May 13, 2014

Financial highlights and key events in CEZ Group in Q1 2014Martin Novák, Chief Financial Officer

Financial resultsMartin Novák, Chief Financial Officer

Trading position of CEZ GroupPavel Cyrani, Chief Sales and Strategy Officer

AGENDA

1

FINANCIAL HIGHLIGHTS OF Q1 2014

2

EBITDA CZK 21.2 bn

EBIT CZK 14.4 bn

Net income CZK 9.9 bn

Operating cash flow CZK 15.6 bn

Rating agencies confirmed their previous ratings:

Mar 27 Moody’s: A2, negative outlook

Apr 16 Standard & Poor’s: A-, stable outlook

The share price of ČEZ, a. s. has risen by 14% since the beginning of the year, being CZK 599 on May 9, 2014

81.970.5

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2013 2014 E

WE EXPECT EBITDA OF CZK 70.5 BNNET INCOME OF CZK 27.5 BN*

3

35.227.5

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40

2013 2014 E

EBITDA

NET INCOME

CZK bnSelected year-on-year negative effects: Trend of declining electricity prices Extraordinary income from trading in

emission allowances in 2013 (CER Gate) Worsened national regulatory conditions in

Southeastern Europe Extraordinary revenues in 2013 (proceeds

from the sale of the Chvaletice Power Plant, exclusion of CEZ Shpërndarje from consolidation)

Selected year-on-year positive effects: savings of fixed operating expenses

Selected prediction risks: Developments in regulatory and legislative

conditions for the energy sector in SoutheasternEurope

Delayed completion of coal-fired plant renewals and constructions in the Czech Republic

CZK bn

*The value does not include impairments of fixed assets whose impact on yearly results cannot be quantified at the moment. The impact will reflect development of European regulation and of energy market as well as internal measures of CEZ Group in 2014.

*

72.264.1

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20

40

60

80

2013 2014 E

OPERATING CASH FLOW

CZK bn

Financial values for 2013 reflect the current recalculation of previous periods in accordance with the IFRS (especially reclassification of CEZ Energo from subsidiary to joint venture).

UNCERTAINTY IN THE ENERGY SECTOR CONTINUES

4 RES – Renewable energy sources EU ETS – European Union Emissions Trading System

Reform of EU ETS and setting of rules of European energy market remain in the center of the attention of CEZ Group.

In March, the European Council postponed its decision on mandatory targets for 2030 until the end of 2014. European parliament elections, limited mandate of outgoing European Commission and priority of setting EU’s stance on development in Ukraine are the reasons. The Commission's climate package legislation proposal can be expected in H1 2015 at the earliest.

For European energy companies, this means prolonging a situation in which it is virtually impossible to make or plan any major investments.

Representatives of Europe’s leading energy companies met up with Czech Prime Minister on April 8. The Czech government and the energy companies take similar positions on major issues:

A mandatory, complementary RES share target may pose a threat to the security of electricity supplies A technology-neutral approach and free competition are preferred

Renewables should no longer be supported artificially but must compete on the free market; support should belimited to research in the area of new technologies only

Preparations for the authorization and licensing process continue (Ministry of the Environment, State Office for Nuclear Safety)

Decision on the project execution date has been postponed until these two conditions are met: Accordance with the Czech Republic’s final approved national energy strategy is confirmed Elementary requirements for achieving a positive return on invested funds are satisfied

The requirements for the project‘s feasibility are not fulfilled at the moment. On Apr 9, the Czech government adopted a resolution saying it is not

planning to provide any guarantee or stabilization mechanism for the construction of low-carbon facilities at the moment. It also declared interest in further development of nuclear energy in the

Czech Rep., promising to prepare a comprehensive plan for this areaby the end of 2014. On Apr 10, 2014, CEZ cancelled the RFP proceedings for new units

construction (EPC contractor selection) and, at the same time,confirmed that preparation of the project as such is going forward.

REQUEST FOR PROPOSAL PROCEEDINGS TO CHOOSETHE EPC SUPPLIER, WITHIN THE PROJECT OF CONSTRUCTION OF TEMELIN NUCLEAR POWER PLANT‘S NEW UNITS, WERE CANCELED

5 EPC – Engineering Procurement Construction

WE GRADUALLY IMPLEMENT OUR ADOPTED STRATEGY THROUGH SEVEN STRATEGIC PROGRAMS:

6

Program Program goals

Ensure conditions for financial feasibility and financing ability of the TemelínUnits 3 & 4 project and possibly other nuclear projects

Extend operations of the Dukovany Nuclear Power Plant beyond 2025 while ensuring the required rate of return.

Optimize the capital structure of each company Reduce exposure on unpromising markets and increase focus on countries

with better political and economic stability

Enhance entrepreneurship and financial management while achieving sufficient savings

Define a staff development program to improve the Group’s performance and value

Optimize the existing portfolio by divesting selected projects or shares Develop, build, and operate a RES portfolio with an attractive IRR

Improve customer experience across CEZ Group Use new products to capitalize on the existing customer base Improve brand perception

Develop new business activities mainly in distributed and "small" energy while focusing on the end customer

RES – Renewable Energy Sources IRR – Internal Rate of Return

Long-termoperation of Dukovany NPP

New nuclear sources

Stabilizationabroad

Renewable sources

Customer orientation

New Energy

Performance and Entrepreneurship

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CZECH REPUBLIC:SELECTED EVENTS IN THE PAST QUARTER

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Conventional Power Plants Work on the ecologization of generating units at the Počerady,

Dětmarovice and Mělník I power plants was started (reduction of nitrogen oxides emissions up to 60%)

Successful pressure test of Unit 23 at the Prunéřov II Power Plant (3 x 250 MW) under the comprehensive refurbishment project

First boiler ignition at the Ledvice new plant (660 MW) on Mar 28

Second part of comprehensive testing, including work on gas turbine commissioning, is under way at the Počerady CCGT plant

Generators in the Kamýk hydro plant’s turbine building

Nuclear Power Plants – Dukovany As part of LTO six partial projects were finished. Their aim was to

strengthen supporting structures, to increase seismic resistance and strengthen cooling systems

Mar 13, the first “Station Blackout” drill ever at all 4 units confirmed the power plant’s readiness

Mar 24–27, labor inspection audit, the power plant confirmed its Safe Enterprise status

Hydro power plants – Kamýk Overhaul continues by fitting the stator of

generator TG1; the innovations increase efficiency by 5.5%

Heating – ČEZ Teplárenská The central heating system for Ledvice Town became Project of the Year 2013 – reducing the volume of

dust by 7.5 t/year

End-user prices of heat decreased by up to 6% after takeover of Teplo Klášterec

LTO – Long Term Operation

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WE CONTINUE IN IMPLEMENTATION OF INTERNAL SAVINGS AND EXPANDING SHARED SERVICES CENTERS WITH ENGINEERING CAPACITIES

8

Consolidation of Engineering Capacities– major cost and staff cuts

CEZ Customer Services Serving external customers Benefit of over CZK 190 million per

year

CEZ Distribution Services Providing grid services Benefit of over CZK 230 million per

year

CEZ Corporate Services Facility Management, Accounting,

and HR Benefit of over CZK 250 million per

year

The annual cost savings of these companies have already exceeded CZK 670 m.

Shared Services Centre– realized benefits are further increasing

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The project goal is reduction of capacity of engineering functions and their adjustment to internal customers’ requirements and to market situation

Over the next 4 years, we expect cumulative cost savings of more than CZK 1 bn.

THE CUSTOMER COMES FIRST

9

The Customer Orientation strategic program aims to improve customer satisfaction and experience when handling all customer requirements.

Based on customer feedback, we are preparing 28 new innovations in products and services.

The goal is to let customers have their requests attended to in a more comfortable, easier and faster manner.

New, customer-friendly products

New functionalities of the ČEZ ON-LINE self-care application

Better ways of informing about planned outages

Free consulting on energy-related legislation

Simpler handling of all customer requests in distribution, faster

connection of new customers

More comfort when waiting at Customer Centers

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We will introduce most steps as early as in the fall of 2014, for example:

ABROAD: ROMANIAN STATE BODIES PAID DEBTS AMOUNTING TO CZK 0.7 BN. WE’VE GOT THE EU’S SUPPORT IN BULGARIA

10

ROMANIA All the debts of the Romanian Railways (CFR) amounting to over CZK 0.5 bn have been repaid. In

addition in April national post office’s debts of CZK 0.2 bn was paid. In March, law which modifies support for renewable energy sources (including the method of green

certificate assignment) came into force, affecting the Fântânele and Cogealac wind farms came into force.

BULGARIA proceedings on revocation of the licenses of sale companies CEZ Electro, Energo-Pro and EVN are

ongoing. CEZ Group is convinced there is no reason for license revocation. European Commission, acting through Energy Commissioner G. Oettinger, expressed concern over the

initiated proceedings and called on Bulgaria again to respect the energy regulatory office’s independence and EU rules in the energy sector.1.

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ABROAD:EGEMER CCGT PLANT STARTS PILOT OPERATION

11

TURKEY Launch of testing of Egemer CCGT plant with capacity of 872 MW in south-eastern coast of

Turkey We expect the plant to be put into full operation in the summer of 2014, as originally intended. On April 12, a permit to sell electricity during the testing phase was obtained thanks to successful

tests on turbine 1

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WE FURTHER STREAMLINED AND SLIMMED DOWN CEZHEADQUARTERS ORGANIZATIONAL STRUCTURE

12

CEO & Chairman of the Board of Directors

Daniel Beneš

Production

Ladislav Štěpánek

Sales and Strategy

Pavel Cyrani

External Relationsand Regulation

Ivo Hlaváč

MartinNovák

Finance Administration

Michaela Chaloupková

ForeignAssets

Tomáš Pleskač

The organizational changes aim to distribute responsibilities for divisions and management areas evenly among all seven members of the BoD, preventing management overlaps and promoting the development of new activities.

Selected changes in responsibilities of members of the Board of Directors of ČEZ, a. s.

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Martin Novák – in addition to responsibility for financial management and management of supporting services, he is now in charge of mergers and acquisitions, which are now managed in synergy with equity holdings (Jan 1, 2014)Pavel Cyrani – in charge of the newly combined Sales and Strategy division since May 1, 2014, newly assuming additional responsibility for the management of ČEZ Prodej & ČEZ Zákaznické služby. He will be responsible for operations management and development support at ŠKODA PRAHA from Jul 1, 2014Ladislav Štěpánek – in addition to responsibility for generation, he became responsible for operations management of the newly established subsidiary ČEZ Inženýring on Apr 1, 2014, will take over most of the agenda of the dissolved Investments division on Jul 1, 2014 and will be responsible for operations management during the transformation and optimization of ŠKODA PRAHA InvestTomáš Pleskač – will fully focus on business activities abroad from May 1, 2014; the Distribution and Foreign Assets division turns into Foreign AssetsMichaela Chaloupková – in addition to procurement activities of CEZ Group, she is now in charge of Human Resources (Jan 1, 2014)Ivo Hlaváč – in charge of the newly formed External Relations and Regulation division (May 1, 2014); responsible for operations management of ČEZDistribuce and ČEZ Distribuční služby (May 1, 2014)




AGENDA

13

CEZ GROUP FINANCIAL RESULTS

14 * as of the last date of the period

Q1 2013 Q1 2014 Change % Installed capacity * GW 15.8 15.2 -0.6 -4%Generation of electricity TWh 18.5 17.5 -1.0 -6%Electricity distribution to end customers TWh 13.5 13.0 -0.5 -4%Electricity sales to end customers TWh 10.4 9.6 -0.8 -7%Sales of natural gas to end customers TWh 2.5 2.2 -0.3 -13%Sales of heat 000´TJ 11.0 8.7 -2.3 -21%Number of employees * 000´s 27.1 26.6 -0.5 -2%

(CZK bn) Q1 2013 Q1 2014 Change % Revenues 59.9 53.2 -6.7 -11%EBITDA 28.3 21.2 -7.1 -25%Net income 17.8 9.9 -7.9 -44%Operating CF 16.4 15.6 -0.8 -5%CAPEX 8.7 5.4 -3.3 -38%Net debt * 152.9 143.5 -9.4 -6%

Financial values for 2013 in the whole presentation reflect the current recalculation of previous periods in accordance with the IFRS (especially reclassification of CEZ Energo from subsidiary to joint venture).

DRIVERS OF YEAR-ON-YEAR CHANGE IN NET INCOME

15

17.8

9.9

7.1

0.2

2.2

1.2

0

2

4

6

8

10

12

14

16

18

20

Net incomeQ1 2013

EBITDA Depreciation,amortization and

impairments*

Financial and otherincome (expenses)

Income taxes Net incomeQ1 2014

CZK bn

CZK -7.9 bn -44%

* Including profit/loss from sale of tangible and intangible fixed assets

Power Production & Trading Czech Rep. (CZK -4.8 bn)

Lower achieved prices of electricity (CZK -2.2 bn) Lower production volume (CZK -1.1 bn), especially at hydro

plants due to lower rates of flow in 2014 Extraordinary income from derivative operations with

emission allowances (CER Gate) in 2013 (CZK -0.7 bn)

Power Production Romania (CZK -1.2 bn) Effect of lower market price, postponement of allocation and

suspension of assignment of green certificates

KEY DRIVERS OF YEAR-ON-YEAR CHANGE OF EBITDA

16

Sales Central Europe (CZK -0.4 bn) Effect of above-average temperatures in the quarter

Distribution CZ (CZK -0.3 bn) Effect of correction factors from RESs and from

reserved capacity

Mining (CZK -0.3 bn) Volumetric effect of above-average temperatures in

the quarter

28.323.5

22.321.9

21.6 21.3 21.2 21.2

4.8 1.2 0.4 0.3 0.3 0.1

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10

15

20

25

30

EBITDA1 - 3/2013

PowerProduction &

Trading CzechRepublic

PowerProductionRomania

Sale CE DistributionCzech

Republic

Mining Other EBITDA1 - 3/2014

bn CZK

CZK -7.1 bn -25%

YEAR-ON-YEAR CHANGE OF EBITDA BY SEGMENT

17 CE – Central Europe SEE – Southeastern Europe

28.323.8

22.4

21.7 21.7 21.521.2 21.2

4.5 1.4 0.7

0.1

0.3 0.3

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EBITDAQ1 2013

PowerProduction &Trading CE

PowerProduction &Trading SEE

Distribution &Sale CE

Distribution &Sale SEE

Mining CE Other CE EBITDAQ1 2014

CZK -7.1 bn -25%

CZK bn

EBITDA BY SEGMENT: POWER PRODUCTION AND TRADING CENTRAL EUROPE

18

Czech Republic (CZK -4.8 bn) Year-on-year drop in achieved electricity prices (CZK -2.2 bn) Lower production volume (CZK -1.1 bn), especially at hydro plants due to lower rates of flow in 2014 Extraordinary income from derivative operations with emission allowances (CER Gate) in 2013 (CZK -0.7 bn) Lower revenue from heat due to milder winter (CZK -0.4 bn) Consolidation adjustments (CZK -0.4 bn) - especially in relation to allowance trading in 2013

Poland (CZK +0.3 bn) Higher revenue from color certificates due their increased market prices

CZK bn Q1 2013 Q1 2014 Change %Czech Republic 17.2 12.4 -4.8 -28%Poland 0.3 0.6 0.3 +88%Total EBITDA 17.5 13.0 -4.5 -26%

Bulgaria (CZK -0.2 bn) Decrease of regulated purchase price of quota production and less cold reserve availability sold

Romania (CZK -1.2 bn) Postponement of assignment of second certificate for both wind farms since July 2013, suspension of

assignment of first certificate for Fântânele Vest since November 2013 due to notification delay on the part of the European Commission (CZK -0.7 bn)

Lower market price of green certificates (CZK -0.3 bn) Lower volume of production (CZK -0.2 bn)

EBITDA BY SEGMENT: POWER PRODUCTION AND TRADING SOUTHEASTERN EUROPE

19

CZK bn Q1 2013 Q1 2014 Change %Bulgaria 0.1 -0.1 -0.2 -Romania 1.4 0.2 -1.2 -84%Total EBITDA 1.5 0.1 -1.4 -91%

Distribution CZ (CZK -0.3 bn)

Effect of correction factors from RESs and from reserved capacity (CZK -0.4 bn) Effect of y-o-y reduction in allowed revenues by ERO (CZK -0.1 bn) Reduction in fixed operating costs thanks mostly to successful execution of the SSC project – efficient

provision of shared services in CEZ Group (CZK +0.2 bn)

Sales (CZK -0.4 bn)

Lower volumes of gas and electricity supplied due to above-average temperatures in Q1 2014 (CZK -0.2 bn)

Gas list price reduced by 10% since May 1, 2013 (CZK -0.1 bn)

Selling price of electricity to cover losses in the distribution grid lowered by ERO decision (CZK -0.1 bn)

EBITDA BY SEGMENT:DISTRIBUTION AND SALE CENTRAL EUROPE

20 ERO – Energy Regulatory Office

CZK bn Q1 2013 Q1 2014 Change %Distribution 4.2 3.9 -0.3 -7%Sale 1.3 0.9 -0.4 -35%Total EBITDA 5.5 4.8 -0.7 -14%

EBITDA BY SEGMENT: DISTRIBUTION AND SALE SOUTHEASTERN EUROPE

21

Bulgaria (CZK -0.1 bn) Lower margin on distributed electricity due to a negative price decision from Dec 30, 2013 (CZK -0.1 bn)

Romania (CZK +0.2 bn) Extraordinary earnings in 2014 related to payment of debts by Romanian state railways (CZK +0.3 bn) Additional costs associated with newly introduced construction tax (CZK -0.1 bn)

CZK bn Q1 2013 Q1 2014 Change %Bulgaria 0.3 0.2 -0.1 -41%Romania 0.4 0.6 +0.2 +75%Total EBITDA 0.7 0.8 +0.1 +29%

Mining Central Europe (CZK -0.3 bn) Lower revenue related to worse sales of coal due to above-average temperatures in Q1 2014

Other CE (CZK -0.3 bn) Especially CEZ Distribuční služby (CZK -0.2 bn) and ŠKODA PRAHA Invest (CZK -0.1 bn)

EBITDA BY SEGMENT: MINING CENTRAL EUROPE,OTHER CENTRAL EUROPE ANDOTHER SOUTHEASTERN EUROPE

22 CE – Central Europe SEE – Southeast Europe

EBITDA (CZK bn) Q1 2013 Q1 2014 Change %Mining CE 1.5 1.2 -0.3 -18%Other CE 1.5 1.2 -0.3 -23%Other SEE 0.1 0.1 0.0 +49%

OTHER INCOME (EXPENSES)

23

Depreciation, amortization and impairments* (CZK +0.2 bn) Reduced depreciation and amortization due to sale of Chvaletice Power Plant in 2013 (CZK +0.1 bn) Reduced depreciation and amortization in 2014 due to partial impairment of assets in Bulgaria in 2013 (CZK +0.1 bn)

Interest income (expenses) (CZK -0.1 bn) Decrease in interest income related to expiration of MOL share option and issue of convertible bond (CZK -0.2 bn) Decrease in interest expense, especially in relation to newly issued bonds with a lower coupon (CZK +0.1 bn)

Income (expenses) from investments (CZK -2.2 bn) Extraordinary one-off impact of excluding CEZ Shpërndarje from the consolidated CEZ Group in January 2013 (CZK -1.8 bn) Reduced income of Turkish associates mostly due to lower power generation at hydro plants and weakened Turkish lira (CZK -0.4 bn)

Other income (expenses) (CZK +0.1 bn) Y-o-y difference in revaluation of MOL options (CZK +0.5 bn), impact of consumption of emission allowances in 2013 burdened by gift tax

(CZK +0.3 bn) Other (CZK -0.7 bn) – in particular financial derivatives and other exchange rate gains/losses

Income tax (CZK +1.2 bn) Lower tax reflects decreased income and effect of sale of Chvaletice Power Plant in 2013

* Including profit/loss from sale of tangible and intangible fixed assets

(CZK bn) Q1 2013 Q1 2014 Change %EBITDA 28.3 21.2 -7.1 -25%Depreciation, amortization and impairments -7.0 -6.8 +0.2 +2%Financial and other income (expenses) 0.2 -2.0 -2.2 - Interest income (expenses) -0.8 -0.9 -0.1 -8% Interest on nuclear and other provisions -0.5 -0.5 0.0 -2% Income (expenses) from investments 2.1 -0.1 -2.2 - Other income (expenses) -0.6 -0.5 +0.1 +17%Income taxes -3.7 -2.5 +1.2 +33%Net income 17.8 9.9 -7.9 -44%

CASH FLOW

24

Cash flows provided by operating activities (CZK +15.6 bn) Income after adjustments (CZK +18.5 bn): Earnings before tax (CZK +12.4 bn), depreciation and amortization of nuclear fuel (CZK

+7.7 bn), net interest balance excl. capitalization (CZK +0.8 bn), income tax paid (CZK -2.0 bn), other (CZK -0.4 bn) Changes in working capital (CZK -2.9 bn): Growth of liquid securities (CZK -3.0 bn), drop in balance of payables and receivables from

derivatives incl. options (CZK +1.6 bn), drop in emission allowances and inventories of fossil fuels incl. materials (CZK +1.5 bn), other (CZK -3.0 bn) – in particular growth in balance of trade payables and receivables incl. advances and accruals

Cash flows used in investing activities (CZK -5.4 bn) Investments in property, plant and equipment – CAPEX– see details in Annex

Cash flows provided by financing activities incl. exchange rate differences (CZK +0.7 bn) Balance of loans and repayments (CZK +0.8 bn) Other (CZK -0.1 bn)

*) CAPEX **) Including the balance of loans granted, divestments and change of restricted funds

25.0 25.0

40.7

35.3 35.3 35.336.0

35.9

18.5

2.95.4

0.0 0.8

0.1

0

10

20

30

40

50

Cash and cashequivalents

as of 12/31/2013

Income afteradjustments, income

taxes included

Changes in workingcapital

Investments inproperty, plant and

equipment *

Financialinvestments and

other investing cashflow items **

Loans andrepayments

Other Cash and cashequivalents

as of 3/31/2014

operating investing financingbn CZK

CZK +10.9 bn+44%

nečerpáno komitované

čerpáno komitované

čerpáno nekomitované

CEZ GROUP MAINTAINS A STRONG LIQUIDITY POSITION

25

Utilisation of short-term lines (as of March 31, 2014)

Available credit facilities

CZK 28.8 bn

CZK 0.5 bnCZK 0.1 bn The CEZ Group has access to CZK

28.9 bn in committed credit facilities, using just CZK 0.1 bn as of Mar 31, 2014

Non-committed credit facilities are used primarily. Committed facilities are kept as a reserve for covering unexpected needs.

On April 10, 2014, an early buyback of bonds worth face value EUR 300 m in total was conducted (buying back EUR 139.8 m worth of the 2015 issue and EUR 160.2 m worth of the 2016 issue).

0

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30

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2028

2030

2032

2038

2039

2042

2047

EURCZK JPY USD

CZK bn

Bond maturity profile (as of Mar 31, 2014)

A 3.5-year issue of bonds convertible into MOL shares was issued on February 4, 2014(0%, EUR 470.2 m)

Committed, not drawn

Committed, drawn

Uncommitted, drawn

2 2,5 4,58 9

1520

40

5053

5045

40 40

16% 16%

32%

49%

40% 41% 43%

50%

56%55% 57%

59%54%

0%

10%

20%

30%

40%

50%

60%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Dividend per share (CZK) Payout ratio

THE PROPOSED ČEZ, A. S. DIVIDEND OF CZK 40 PER SHARE WILL BE VOTED ON BY THE GENERAL MEETING TO BE HELD ON JUNE 27, 2014

26

61%

The pay-out ratio specifies the ratio of dividends to CEZ Group’s consolidated net income in a given year

2.54.5




AGENDA

27

28

ELECTRICITY CONSUMPTION Based on preliminary data (ČEPS data, ČEZ & EGÚ Brno estimates), electricity consumption

decreased by approx. 4% y-o-y in Czech Rep. in Q1 2014; the most important effect was weather with above-average temperatures. Temperature-adjusted electricity consumption indicates stagnation.

WHOLESALE MARKET Wholesale electricity prices on the European market continue to decrease slightly; at the moment,

electricity price at EEX is around EUR 34/MWh (CAL 15 – 2015 baseload) On Mar 12, 2014, the process of backloading (temporary removal of a portion of allowances from the

emission trading system) was started; a total of 400 million tons of emission allowances should be removed from the system during 2014; the EUA price on the market stagnates at around EUR 5/t

CEZ GROUP GENERATION For the whole of 2014, we expect nuclear plant production to be over 30 TWh again and the

production of Czech coal-fired plants to be at the same level as in 2013 in spite of the divestment of Chvaletice Power Plant Abroad we expect a slight increase in production due to higher demand for supplies from our coal-

fired plant in Varna, Bulgaria In Romania, there was a sharp drop in green certificate prices from around RON 200/pc in December

2013 (EUR 44/pc) to around RON 131/pc (EUR 29/pc) in March 2014, which is the statutory minimum permissible price of green certificates; at the same time, the quota for electricity generation from RESs in 2014 dropped to 11.1% (from the previous statutory quota of 15%)

ELECTRICITY GENERATION AND WHOLESALE MARKETREFLECT THE DEVELOPMENT OF ENERGY REGULATION IN EUROPE

0%

25%

50%

75%

100%

2015 2016 2017 2018 2019 2020 2021

CEZ CONTINUES HEDGING ITS REVENUES FROM SALES OF ELECTRICITY IN THE MEDIUM TERM

29

Share of hedged production from CEZ* facilities as of May 1, 2014 (100% corresponds to 57–59 TWh)

Hedged volume as of Feb 15, 2014

Hedged volume from Feb 15, 2014 to May 1, 2014

Transaction currency hedging

Natural currency hedging – debts in EUR, investment and other expenses and costs in EUR

Total hedged(of production) ~ 77% ~ 44% ~ 16% ~ 10% ~ 8% ~ 7% ~ 1%

~3%~37%

~73%

~4%

~7%

~13%~1%~0%

~7%~0%

~8%

~0%~10%

~0%

40.5 38.0 40.0 43.5 45.5 47.0 40.0 At price

(EUR/MWh, BL equivalent)

Source: CEZ CEZ* = ČEZ, a. s., including spun-off coal-fired power plants in Počerady and Dětmarovice

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WE DEVELOP GROWTH OPPORTUNITIES FOCUSING ON END CUSTOMERS

ČEZ Prodej Electricity as the basic offer for all types of customers. New products and selling methods stabilize the market share

despite pressure from new players Natural gas – CEZ has become the largest alternative supplier Mobile from CEZ – newly offered service with 60,000 customers after six months from its launch

ČEZ Energo Services in highly efficient combined heat and power production Construction and operation of small CHP units (up to 5 MWe) – market leader in the Czech Rep.

ČEZ Energetické služby Energy savings services (EPC contracts) Operation of power generating units Operation and reconstruction of public lighting Energy control center services; servicing power facilities

We improve our services and behavior towards customers across all sectors important for them: handling customer requests quickly, providing communication channels, resolving technical issues

30

We offer products, services and comprehensive energy solutionsto our customers:

Program Program goals

Improve customer experience across CEZ Group Use new products to capitalise on the existing customer base Improve brand perception Develop new business activities mainly in distributed and "small" energy

while focusing on the end customer

Customer Orientation

New Energy

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ČEZ PRODEJ STABILIZES THE PORTFOLIO OF CUSTOMERS IT DELIVERS ELECTRICITY TO

In 2013, the number of connection points at which customers changed their electricity supplier dropped by 21%. The trend proved to keep on in Q1.

Thanks to a successful retention policy, the share of ČEZ Prodej customers in the total number of customers that changed their supplier dropped y-o-y. The share of lost ČEZ Prodej customers (households) dropped by 17%

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ČEZ PRODEJ STABILIZES ITS CUSTOMER PORTFOLIO IN THE HOUSEHOLDS SEGMENT

ČEZ PRODEJ RETAINS A STABLE 28% MARKET SHARE IN THE CORPORATE CUSTOMERS SEGMENT

Despite continued fierce competition, the market share has been stabilized thanks to, in particular:

Transition to consultative selling

Ongoing expansion of the offer of non-energy products and complementary services:

Electronic billing, ČEZ Online, SMS Info, SMS Order, …

Innovative offer of energy products responding to our customers’ current needs with a combination of options:

Progressive purchasing (customers spread their demand over multiple periods)

SPOT daily/hourly evaluation (customers are allowed to respond to momentary market swings)

Purchase with a price GUARANTEE option (allowed fixation of the upper price limit)

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0.3%

2.9%

7.0%

10.2%

11.0%

0.0% 0.3%2.5%

4.6%5.6% 6.1%

0.0%

2.5%

5.0%

7.5%

10.0%

12.5%

15.0%

2009 2010 2011 2012 2013 2014 E

households retail

ČEZ PRODEJ – THE LARGEST ALTERNATIVE SUPPLIER OF NATURAL GAS IN THE CZECH REPUBLIC –INCREASES ITS MARKET SHARE

For five years ČEZ Prodej has been increasing its market shares in the households and retail customers segments of the natural gas market.

32

ČEZ Prodej’s market share in the households and retail customers segmentsČEZ Prodej is the largest

alternative supplier of natural gas in terms of the number of connection points.

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0

20,000

40,000

60,000

,

ČEZ PRODEJ: MOBILE FROM CEZ CELEBRATES SUCCESSFUL SIX MONTHS WITH MORE THAN60,000 CUSTOMERS

33

Number of customers62,000 customers

For most customers, Mobile from CEZ is their primary SIM card (77%).

The most popular plan is Pay As You Call. Customers gradually extend it with additional call and data packages.

Customers’ satisfaction is above average and they willingly recommend the service to people around them (Net Promoter Score*=72).

The current promo campaign is Call for CZK 1 with the Calling Sometimes package (when activating the package from April through June 2014).

* % indicator measuring customer loyalty/satisfaction (the percentage of promoters minus the percentage of detractors)

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ČEZ ENERGO: A SUCCESSFUL EXAMPLE OFCUSTOMER-ORIENTED DISTRIBUTED ENERGY COMPANY

12.0

22.3

34.3

54.7

2011 2012 2013 2014 E

34

ČEZ Energocustomers

Municipal central heat supply systems

Industrial enterprises

Department stores, shopping malls

Schools, hotels, guesthouses

Swimming pools, spas, sports centres

Hospitals, long-term care and aftercare facilities

Retirement homes

Local municipal heating plants

ČEZ Energo’s objective is to operate a centrally managed portfolio of small CHP units up to 5 MWe with a total capacity of 200 MWe.

MWe

More than 50% increase in installed capacity in 2013 meant almost 40% increase in EBITDA for ČEZ Energo.

Installed capacity

Světlá nad SázavouBoiler Unit Bradlo, Na Bradle St.

Capacity: 2,036 kWe, 8,454 kWt

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ČEZ ENERGETICKÉ SLUŽBY: A SUCCESSFUL EXAMPLE OF ACHIEVING ENERGY SAVINGS

FulnekRenovation and subsequent

operation of the town’s public lighting

143 144

233

285

2011 2012 2013 2014 E

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Main activities of ČEZ Energetické

služby Energy savings projects

(EPC & EC contracts)

Operation and maintenance of powergenerating units

Operation and renovation of lighting

Small energy constructions

Customers Industrial enterprises

Regions, towns and municipalities

Energy companies

Public administration

ČEZ Energetické služby’sgoal is to double its current EBITDA by 2019 and becoming the market leader in energy saving projects.

More than 60% increase in new contracts for energy services in 2013 meant almost 20% increase in EBITDA.

Revenue from energy constructions and projects

CZK millions

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Velké Popovice BreweryReconstruction of pressure air

generation and distribution

EPC - Energy Performance Contracting, EC - Energy Contracting

CUSTOMER ORIENTATION:WE PLEDGE TO PROVIDE HIGH-LEVEL SERVICES

We published our Customer Code, which guarantees specific, measurable service standards to our customers.

36

ČEZ ON-LINE application Comfortable and quick processing of requests – getting an immediate overview of payments,

adjusting advances, changing the product line, activating new services, all of that easily from the comfort of one’s home

346,010 registered users

Availability of Customer and Emergency lines We are available 24/7, an operator welcomes the customer within 30 seconds (for at least 80% of

all calls, emergencies excluded) after end of the menu. Q1 2014 – more than 82% of the 485,000 calls received was put through within 30 seconds

Speed of resolving technical issues Our emergency teams repair most LV faults within 3 hours after reporting. Although the law

specifies up to 18 hours, we handle 100% of requests within 12 hours. Q1 2014 – 6,667 interventions, 86% of them resolved within 3 hours

Help in emergencies During the last year’s floods, CEZ Group contributed CZK 33 million to households and small

businesses affected by the floods to help (similarly to previous years). We are also cooperative when customers deal with unexpected personal troubles.

www.cez.cz/kodex

LV – low voltage

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ANNEXES

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Electricity consumption in the Czech Republic

Production in the Czech Republic

Production abroad

Coal mining

Market developments

Investments in fixed assets

Balance sheet overview

Balance of electricity

‐5%

‐3%

0%

3%

5%

Consumption in CZ

TWh

ELECTRICITY CONSUMPTION IN THE CZECH REPUBLIC DROPPED Y-O-Y DUE TO AN EXCEPTIONALLY WARM WINTER IN 2014

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Consumption in CZ (temperature adjusted)** TWh

*Q1 2013 acc. to ERO **Adjusted acc. to ČEZ‚s model (+ EGÚ Brno, ČEPS)

16.10 16.1416.36* 15.73**

+0.2%

Monthly year-on-year absolute consumption indices for the Czech Republic (temperature and calendar adjusted)**

Q1 2014

-3.9%

Q1 2013 Q1 2014Q1 2013

Consumption development (-3.9%) by segment:**

-0.1% wholesale customers -8.8% households -8.3% small businesses

2011 2012 2013 2014

CZECH REPUBLIC – Y-O-Y DROP IN PRODUCTION REFLECTS THE SALE OF CHVALETICE POWER PLANT

39

Nuclear power plants (0%)+ Shorter outages and increased capacity of Dukovany NPP− Longer outages of Temelín NPP

Coal-fired power plants (-9%)− Sale of Chvaletice Power Plant in September 2013

Renewable sources (-69%) – Lower flow rates at hydro plants due to hydrometeorologic conditions

Nuclear power plants (0%) + Shorter outages of Dukovany NPP and increased capacity of Temelín NPP− Longer planned outages of Temelín NPPCoal-fired power plants (0%)+ Commissioning of Ledvice 4 Power Plant (new facility)– Decommissioning of 2 units of Ledvice 2 Power Plant and sale of

Chvaletice Power Plant– Planned outages at Počerady Power Plant due to ecologizationRenewable sources (-40%) – Lower flow rates at hydro power plants (due to hydrometeorologicconditions)Natural gas (-86%) – Lower production at Počerady CCGT

CCGT – Combined cycle gas turbine

8.17.4

0.20.3

8.2 8.2

0.80.2

0

5

10

15

20

Q1 2013 Q1 2014

Natural gas

Renewables

Nuclear

Hydro-pump storage

Coal

16.1

-9%

17.3 -7%

+39%

-69%

TWh

0%

28.0 27.9

0.9 0.9

30.7 30.7

2.2 1.3

0.5 0.1

0

10

20

30

40

50

60

70

2013 2014 E

62.3 60.9-2%

0%

+4%

0%

TWh

-40%

60.9

-86%

ABROAD – WE EXPECT SLIGHT GROWTH IN PRODUCTION

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Bulgaria – coal-fired Varna plant (+101%)+ Higher demand for deliveries to the regulated market, higher quota

production

Romania RES (-16%)– Lower wind farm production due to worse weather conditions, especially in

January and February 2014

Poland (+5%)+ Increase in electricity generation at the Skawina Power Plant

Bulgaria – coal-fired Varna plant (+38%)+ Higher demand for deliveries to the regulated market, higher quota

production

Poland (-3%)– Lower production at ELCHO Power Plant due to planned overhaul

in 2014

0.7 0.7

0.4 0.3

0.1 0.3

0

0.5

1

1.5

Q1 2013 Q1 2014

Bulgaria (Varna coalpower plant)

Romania (Renewablesources)

Poland

1.21.3+7%

-16%

+5%

+101%

TWh

2.6 2.5

1.2 1.2

0.6 0.8

0

1

2

3

4

5

2013 2014 E

4.44.5

+3%

0%

-3%

+38%

TWh

17.5 17.7

6.2 5.7

0

5

10

15

20

25

4.1 4.3

2.1 1.4

0

2

4

6

8

SEVEROČESKÉ DOLY: LOWER COAL EXTRACTION REFLECTS DECREASE IN DEMAND

41

Coal mining (m tons)

6.25.7-8%

Q1 2014Q1 2013 2014 E2013

-33%

+6%

23.7 23.4-1%

-8%

+1%

Drop in demand due to an extremely warm winter

ČEZ*Other customers

Year-on-year effect of above-average temperatures in Q1 2014

An additional decrease of the 2014 outlook in comparison with the outlook published on Feb 28 is caused by CEZ’s decreased demand

ČEZ* = ČEZ, a. s. incl. Počerady power plant, Energotrans & Heating Plant Trmice. Chvaletice Power Plant in Q1 2013 only.

MARKET DEVELOPMENTS

42

400

500

600

700CZK Development of ČEZ share price

0

5

10EUR / t CO2 allowances / emission rights

forward 2015

30

35

40

45

50EUR / MWh Electricity

forward 2015

15

35

55

60

85

110EUR/MWhUSD / t Coal and gas

coal front month coal forward 2015 gas front month gas forward 2015

INVESTMENTS IN FIXED ASSETS (CAPEX)

43

Investments in fixed assets Q1 2014:Conventional facilities

Nuclear facilities

Electricity distribution

Mining

Other

CZK 5.4 bnCZK 1.4 bnPočerady CCGT plant: The second part of comprehensive testing is under way, including work on steam turbine commissioning. Tests of equipment performed. Preparatory work is under way to include the investment in company´s assets. Ledvice new unit: The first stage of brickwork drying and boiler evaporator material heat treatment conducted using provisional burners. Hot tests under way since Mar 13 – testing all gas burners and checking the chemical regimen. Bypass operation initiated to create a protective magnetite layer in the evaporator.Prunéřov II comprehensive renewal: Coaling line A assembly finished, commissioning is under way. Turbine generator installation and equipment assembly in progress in the boiler room. Substations are fitted with equipment and device cables are installed. Smoke stack end piece installed in cooling tower 22, installing an absorber and FGD.CZK 1.8 bnTemelín NPP: In Q1, further steps were taken to fulfil the requirements of the National Action Plan for Safety Enhancement related to NPP stress tests after the Fukushima accident. In addition, investments were made in plant upgrade and production efficiency improvement. Dukovany NPP: As with the Temelín NPPs, further steps were taken to enhance safety. Measures are taken to provide alternative power supply, strengthen the reactor buildings and install additional post-accident radiation monitoring systems. Investments are also made in production upgrades, stabilization, safety and efficiency in connection with the planned extension of operation after 2015.Temelín NNPP: The authorization and licensing process was prepared. Decision on the project execution date was postponed because of development in the energy market. On Apr 10, 2014, a decision was made to cancel the EPC contractor tender procedure.Dukovany NNPP: In Q1, preparation of supporting documents for the initiation of the environmental impact assessment process, preliminary landscape character studies and on-site biological surveys were under way.

CZK 0.2 bn

CZK 1.7 bnCzech Republic: CZK 1.1 bnRomania: CZK 0.4 bnBulgaria: CZK 0.2 bn

CZK 0.3 bnContinued implementation of requirements arising from mining procedures at Tušimice and Bílina sites (deliveries, reconstruction and modernization of mining, finishing, and crushing equipment).

BALANCE SHEET OVERVIEW

44

Fixed assets Decrease in tangible fixed assets of CZK -1.1 bn due to depreciation and

amortization, partially compensated by investment in unit renewal and construction

Nuclear fuel depreciation of CZK -0.8 bn Increase in other fixed assets of CZK +7.9 bn, mainly from reclassifying

share in MOL from current to fixed assets (CZK +8.6 bn)

Current assets Increase in cash and cash equivalents of CZK +10.9 bn and highly liquid

securities of CZK +3.0 bn Increase in receivables from derivatives of CZK +8.2 bn Decrease in net receivables of CZK -20.6 bn, mainly from reclassifying share

in MOL from current to fixed assets and decreased trade receivables; other CZK -0.2 bn

Equity and long-term liabilities Increase in equity of CZK +10.6 bn: Growth of net income of CZK +9.9 bn; other

comprehensive income of CZK +0.7 bn – esp. change in fair value of hedging derivatives Increase in long-term liabilities at CZK +11.4 bn: Bonds issued CZK +12.5 bn (incl. CZK

+12.3 bn in convertible bonds – can be converted into MOL shares on maturity); decrease in other long-term payables of CZK -0.7 bn, especially from derivatives, and long-term bank loans of CZK -0.4 bn

Current liabilities Decrease in current portion of long-term debt (bonds issued) and short-term bank loans

of CZK -11.6 bn Decrease in trade payables incl. advances of CZK -7.9 bn – in particular due to decrease

in liabilities of ČEZ, a. s. (CZK -5.4 bn) Increase in liabilities from derivatives incl. options of CZK +3.1 bn Other CZK -0.8 bn

262.8 273.4

195.0 206.4

43.843.919.2 21.7

119.6 102.4

0

100

200

300

400

500

600

700

As of 12/31/2013 As of 3/31/2014

Short-term liabilities

Deferred tax liability

Accumulated provisionfor nucleardecomissionning andfuel storage

Long term liabilitiesexcluding "nuclear"provisions

Equity

EQUITY AND LIABILITIES(in CZK bn)

640.4 647.8

425.6 423.8

60.3 68.2

154.5 155.8

0

100

200

300

400

500

600

700

As of 12/31/2013 As of 3/31/2014

Current assets

Other non-currentassets

Fixed tangible assets,nuclear fuel andinvestments

ASSETS(in CZK bn)

640.4 647.8

Electricity balance (GWh)

Q1 2013 Q1 2014 +/-

Electricity procured 16,759 15,651 -7%Generated in-house (gross) 18,542 17,456 -6%

In-house and other consumption, including pumping in pumped-storage plants -1,783 -1,805 +1%

Sold to end customers -10,383 -9,632 -7%Sold in the wholesale market (net) -4,790 -4,558 -5%

Sold in the wholesale market -46,727 -43,653 -7%Purchased in the wholesale market 41,937 39,095 -7%

Grid losses -1,587 -1,461 -8%

Electricity generation by source (GWh)

Q1 2013 Q1 2014 +/-

Nuclear 8,148 8,149 +0%Coal and lignite 8,859 8,257 -7%Water 903 525 -42%Biomass 176 130 -26%Solar 16 24 +50%Wind 411 325 -21%Natural gas 28 46 +64%Bio gas 1 0 -

Total 18,542 17,456 -6%

Sales of electricity to end customers (GWh)

Q1 2013 Q1 2014 +/-

Households -4,237 -3,822 -10%Commercial (low voltage) -1,947 -1,727 -11%Commercial and industrial (medium and high voltage) -4,199 -4,083 -3%

Sold to end customers -10,383 -9,632 -7%

Distribution of electricity to end customers -13,496 -12,969 -4%


Q1 2014

GWh +/- GWh +/- GWh +/- GWh +/- GWh +/- GWh +/-

Electricity procured 15,085 -7% 0 - 565 +8% 0 - 0 - 15,651 -7%Generated in-house (gross) 16,868 -6% 0 - 588 +11% 0 - 0 - 17,456 -6%In-house and other consumption, including pumping in pumped-storage plants -1,783 +0% 0 - -23 >200% 0 - 0 - -1,805 +1%

Sold to end customers -18 -91% -6,065 -6% 0 - -3,550 -5% 0 - -9,632 -7%Sold in the wholesale market (net) -15,068 -6% 6,743 -6% -565 +8% 4,333 -6% 0 - -4,558 -5%

Sold in the wholesale market -50,030 -7% -903 +48% -565 +8% -390 -5% 8,236 -4% -43,653 -7%Purchased in the wholesale market 34,962 -7% 7,646 -2% 0 - 4,723 -6% -8,236 -4% 39,095 -7%

Grid losses 0 - -678 -4% 0 - -783 -11% 0 - -1,461 -8%


Q1 2014


Nuclear 8,149 +0% 0 - 0 - 0 - 0 - 8,149 +0%Coal and lignite 8,013 -8% 0 - 245 +102% 0 - 0 - 8,257 -7%Water 505 -44% 0 - 20 - 0 - 0 - 525 -42%Biomass 130 -26% 0 - 0 - 0 - 0 - 130 -26%Solar 23 +53% 0 - 1 +0% 0 - 0 - 24 +50%Wind 3 +0% 0 - 322 -21% 0 - 0 - 325 -21%Natural gas 45 +61% 0 - 0 - 0 - 0 - 46 +64%Bio gas 0 - 0 - 0 - 0 - 0 - 0 -

Total 16,868 -6% 0 - 588 +11% 0 - 0 - 17,456 -6%


Q1 2014


Households 0 - -2,150 -14% 0 - -1,672 -4% 0 - -3,822 -10%Commercial (low voltage) 0 - -748 -15% 0 - -979 -9% 0 - -1,727 -11%Commercial and industrial (medium and high voltage) -17 -92% -3,166 +3% 0 - -899 -1% 0 - -4,083 -3%

Sold to end customers -17 -92% -6,064 -6% 0 - -3,550 -5% 0 - -9,632 -7%

Distribution of electricity to end customers 0 - -8,746 -4% 0 - -4,223 -3% 0 - -12,969 -4%

CEZ GroupEliminationsPower Production

& Trading CEDistribution& Sale CE

Power Production& Trading SEE

Distribution& Sale SEE

CEZ Group

Power Production& Trading CE

Distribution& Sale CE


Distribution& Sale SEE Eliminations CEZ Group

EliminationsPower Production

& Trading CEDistribution& Sale CE


Distribution& Sale SEE


Q1 2014

GWh +/- GWh +/- GWh +/- GWh +/- GWh +/- GWh +/- GWh +/-

Electricity procured 14,448 -8% 638 +6% 0 - 226 +100% 338 -17% 0 - 15,651 -7%Generated in-house (gross) 16,143 -7% 726 +5% 0 - 245 +101% 342 -16% 0 - 17,456 -6%In-house and other consumption, including pumping in pumped-storage plants -1,695 +1% -88 -1% 0 - -19 +111% -4 - 0 - -1,805 +1%

Sold to end customers -5,311 -11% -101 +1% -670 +12% -2,684 -8% -865 +6% 0 - -9,632 -7%Sold in the wholesale market (net) -8,459 -6% -536 +6% 669 +12% 2,870 -11% 898 +6% 0 - -4,558 -5%

Sold in the wholesale market -43,224 -8% -654 +5% -26 -30% -286 +59% -533 -29% 1,069 -34% -43,653 -7%Purchased in the wholesale market 34,765 -8% 118 +2% 695 +9% 3,156 -8% 1,431 -11% -1,069 -34% 39,095 -7%

Grid losses -678 -4% 0 - 0 - -412 -7% -371 -15% 0 - -1,461 -8%


Q1 2014


Nuclear 8,149 +0% 0 - 0 - 0 - 0 - 0 - 8,149 +0%Coal and lignite 7,387 -9% 627 +6% 0 - 245 +102% 0 - 0 - 8,257 -7%Water 503 -44% 2 +100% 0 - 0 - 20 - 0 - 525 -42%Biomass 32 -59% 97 -2% 0 - 0 - 0 - 0 - 130 -26%Solar 23 +53% 0 - 0 - 1 +0% 0 - 0 - 24 +50%Wind 3 +0% 0 - 0 - 0 - 322 -21% 0 - 325 -21%Natural gas 46 +64% 0 - 0 - 0 - 0 - 0 - 46 +64%Bio gas 0 - 0 - 0 - 0 - 0 - 0 - 0 -

Total 16,143 -7% 726 +5% 0 - 246 +102% 342 -16% 0 - 17,456 -6%


Q1 2014


Households -2,111 -14% 0 - -39 +3% -1,278 -2% -393 -8% 0 - -3,822 -10%Commercial (low voltage) -732 -15% 0 - -17 -6% -696 -14% -283 +8% 0 - -1,727 -11%Commercial and industrial (medium and high voltage) -2,468 -7% -101 +1% -614 +13% -710 -10% -189 +49% 0 - -4,083 -3%

Sold to end customers -5,311 -11% -101 +1% -670 +12% -2,684 -8% -865 +6% 0 - -9,632 -7%

Distribution of electricity to end customers -8,746 -4% 0 - 0 - -2,580 -4% -1,643 -3% 0 - -12,969 -4%

Czech Republic Poland Other Central Europe Bulgaria Romania Eliminations CEZ Group

Czech Republic Poland Other Central Europe Bulgaria Romania Eliminations CEZ Group

Czech Republic Poland Other Central Europe Bulgaria CEZ GroupRomania Eliminations

conference call on cez group financial results in q1 … · financial highlights of q1 2014 2...

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