FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of May 2005
Commission File Number 333-7182-01
CEZ, a. s.
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(Translation of registrant's name into English)
c/o Duhova 2/1444
140 53 Prague 4
Czech Republic
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
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Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-
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The following information was filed by CEZ, a. s. in Czech language with the
Prague Stock Exchange as required by its rules and regulations:
(A) CEZ Group -- Audited Consolidated Financial Statements in accordance
with IFRS as of December 31, 2004.
(B) CEZ, a. s. -- Unaudited Stand-alone Financial Statements in accordance
with IFRS as of March 31, 2005.
(A) CEZ GROUP -- AUDITED CONSOLIDATED FINANCIAL STATEMENTS IN ACCORDANCE WITH
IFRS AS OF DECEMBER 31, 2004:
GROUP CEZ - CONSOLIDATED INCOME STATEMENT in accordance with IFRS (in CZK
Millions):
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2002 2003 2004
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Revenues 55,578 84,816 100,165
Sales of electricity 52,938 79,548 92,748
Heat sales and other revenues 2,640 5,268 7,417
Operating expenses 44,355 71,812 81,010
Fuel 12,894 14,307 14,370
Purchased power and related services 7,328 21,100 26,511
Repairs and maintenance 3,847 4,226 4,420
Depreciation and amortization 11,721 16,961 18,384
Salaries and wages 3,854 7,994 9,644
Materials and supplies 1,838 3,670 3,769
Other operating expenses 2,873 3,554 3,912
Income before other expense/income and 11,223 13,004 19,155
income taxes
Other expenses/income -573 2,267 1,227
Interest on debt, net of capitalized interest 582 1,714 1,864
Interest on nuclear provisions 1,532 1,680 1,965
Interest income -149 -319 -329
Foreign exchange rate losses/gains, net -3,340 -1,915 -1,766
Gain on sale of subsidiary
Other expenses/income, net 1,299 2,170 227
Income from associates -497 -1,063 -734
Income before income taxes 11,796 10,737 17,928
Income taxes 3,375 1,349 3,845
Income after income taxes 8,421 9,388 14,083
Minority interests 519 1,024
Net income 8,421 8,869 13,059
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Note, February 21, 2005: In accordance with IFRIC, a change to the IAS37
standard has been reflected retroactively in the figures for the year ended
December 31, 2003. The change consists of the impacts of a changed nuclear
reserve estimate being recorded in a different manner, namely as an adjustment
to the acquisition cost of the relevant asset (Plant in service). For this
reason, Other operating expenses decreased by CZK 3,428 million compared to the
originally reported figures. At the same time, the deferred income tax was
restated. Also, the cost of depreciation of the increased acquisition price is
reported in accordance with the final version of IFRIC 1. In order to increase
the informative value of the Income Statement, the creation and the settlement
of the provision for long-term financial assets (Account 579 and Account 679,
respectively) were transferred from Other operating expenses to Other expenses
(income), net.
GROUP CEZ - CONSOLIDATED BALANCE SHEET in accordance with IFRS (in CZK
Millions):
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31.12.02 31.12.03 31.12.04
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Assets 231,465 278,223 280,815
Fixed assets 216,204 258,522 258,082
Plant in service 242,338 366,594 374,731
Less accumulated provision for depreciation 103,355 149,776 165,878
Net plant in service 138,983 216,818 208,853
Nuclear fuel, at amortized cost 7,931 9,574 7,956
Construction work in progress 56,513 10,204 10,626
Investment in associates 5,880 10,999 7,474
Investments and other financial assets, net 5,723 8,642 19,690
Intangible assets, net 1,174 1,997 3,294
Deferred tax assets 288 189
Current assets 15,261 19,701 22,733
Cash and cash equivalents 4,225 4,014 7,545
Receivables, net 4,040 7,064 8,904
Income tax receivable 1,994 103 26
Materials and supplies, net 2,467 3,242 3,184
Fossil fuel stock 618 979 739
Other current assets 1,917 4,299 2,335
Shareholders' equity and liabilities 231,465 278,223 280,815
Shareholders' equity 143,675 152,624 163,689
Stated capital 59,041 59,152 59,218
Retained earnings and other reserves 84,634 93,472 104,471
Minority interests 7,893 5,282
Long-term liabilities 59,595 64,335 72,823
Long-term debt, net of current portion 35,729 30,965 38,190
Accumulated provision for nuclear
decommissioning and fuel storage 23,866 28,164 29,441
Other long-term liabilities 5,206 5,192
Deferred taxes liability 12,541 15,863 16,008
Current liabilities 15,654 37,508 23,013
Short-term loans 2,320 240
Current portion of long-term debt 4,235 5,691 3,439
Trade and other payables 8,934 20,579 12,409
Income tax payable 256 3,203 1,021
Accrued liabilities 2,229 5,715 5,904
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Note, February 21, 2005: In accordance with IFRIC, a change to the IAS37
standard has been reflected retroactively in the figures for the year ended
December 31, 2003. The change consists
of the impacts of a changed nuclear reserve estimate being recorded in a
different manner, namely as an adjustment to the acquisition cost of the
relevant asset (Plant in service - an increase by CZK 3,429 million). Also, the
cost of depreciation of the increased acquisition price (and the consequent
accumulated depreciation) is reported in accordance with the final version of
IFRIC 1. At the same time, the deferred income tax was restated. The adjustment
affected the amount of Retained earnings and other reserves.
Note, April 5, 2005 : Beginning with the figures for the year ended December 31,
2003, the "long-term portion" of the connection allowances (REAS) was
transferred from Accrued liabilities to Other long-term liabilities.
GROUP CEZ - Consolidated CASH FLOW STATEMENT in accordance with IFRS (in CZK
Millions):
1-12/2002 1-12/2003 1-12/2004
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Operating activities:
Income before income taxes 11,796 10,737 17,928
Adjustments to reconcile income before income taxes to
net cash provided by operating activities:
Depreciation and amortization and asset write-offs 11,735 16,969 18,522
Amortization of nuclear fuel 2,071 3,484 3,391
(Gain)/Loss in fixed assets retirements -363 -384 -1,137
Foreign exchange rate loss (gain) -3,340 -1,915 -1,766
Interest expense, interest income and dividends income, 356 1,054 1,308
net
Provision for nuclear decommissioning and fuel storage 641 228 538
Provisions for doubtful accounts, environmental claims -53 1,602 -1,251
and other adjustments
Income from associates -497 -1,063 -734
Changes in assets and liabilities: 125 5,790 3,594
Receivables -282 1,137 2,387
Materials and supplies 44 -152 285
Fossil fuel stocks 39 -343 240
Other current assets 334 1,903 1,997
Trade and other payables 353 2,142 -1,836
Accrued liabilities -363 1,103 521
Cash generated from operations 22,471 36,502 40,393
Income taxes paid -3,395 -44 -6,425
Interest paid, net of interest capitalized -434 -1,601 -1,478
Interest received 149 316 327
Dividends received 210 587 1,322
Net cash provided by operating activities 19,001 35,760 34,139
Investing activities:
Acquisition of subsidiaries, net of cash -28,374 -18,166
Proceeds from disposal of a subsidiary, net of cash
Additions to property, plant and equipment and other -10,419 -23,942 -15,783
non-current assets
Proceeds from sales of fixed assets 1,078 9,585 4,760
Change in decommissioning and other restricted funds
Total cash used in investing activities -9,935 -30,930 -29,632
Financing activities:
Proceeds from borrowings 8,446 31,284 15,004
Payments of borrowings -13,864 -33,736 -10,419
Proceeds from other long-term liabilities 131 96
Payments of other long-term liabilities -66 -373
Dividends paid to Company's shareholders -1,480 -2,640 -4,724
Dividends paid to minority interests -227 -117
Acquisition/sale of treasury shares -4 106 -156
Total cash provided by (used in) financing activities -6,902 -5,148 -689
Net effect of currency translation in cash -219 -59 -287
Net increase/decrease in cash and cash equivalents 1,945 -377 3,531
Cash and cash equivalents at beginning of period 2,280 4,225 4,014
Effect of change in group structure on opening balance
of cash and cash equivalents
Cash and cash equivalents at beginning of period, 2,280 4,391 4,014
as restated
Cash and cash equivalents at end of period 4,225 4,014 7,545
Supplementary cash flow information
Total cash paid for interest 2,562 2,538 2,029
GROUP CEZ - Consolidated STATEMENT OF SHAREHOLDER'S EQUITY in accordance with
IFRS (in CZK Millions):
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Stated Translation Fair Value Retained Total
Capital Differences and Earnings Equity
Other
Reserves
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December 31, 2001 59,050 77,676 136,726
Net Income - 2002 8,421 8,421
Additional paid-in capital 12 12
Acquisition of treasury shares -181 -181
Sale of treasury shares 160 17 177
Dividends declared -1,480 -1, 480
December 31, 2002, as previously reported 59,041 84,634 143,675
Change in accounting policy - effect of 609 609
change in group structure
January 1, 2003, as restated 59,041 85,243 144,284
Net Income - 2003 8,869 8,869
Change in fair value of available-for-sale -101 -101
financial assets recognized in equity
Gain on sale of subsidiary CEPS, net of tax 7,162 7,162
Effect of acquisition of REAS on equity -5 023 -5 023
Sale of treasury shares 111 -5 106
Dividends declared -2,657 -2,657
Returned dividends on treasury shares 4 4
Share options 21 21
Share on equity movements of associates -25 -25
Other movements 1 -1 -16 -16
December 31, 2003 59,152 1 -81 93,552 152,624
Net Income - 2004 13,059 13,059
Change in fair value of available-for-sale 55 55
financial assets recognized in equity
Change in fair value of cash flow hedges -690 -690
recognized in equity
Cash flow hedges removed from equity 621 621
Gain on sale of subsidiary CEPS, net of tax 2,436 2,436
Effect of acquisition of SKODA PRAHA on 331 331
equity
Acquisition of treasury shares -488 -488
Sale of treasury shares 554 -223 331
Dividends declared -4,738 -4,738
Share options 130 130
Share on equity movements of associates 34 34
Other movements -3 -13 -16
December 31, 2004 59,218 -2 35 104,438 163,689
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(B) CEZ, A.S. -- UNAUDITED STAND-ALONE FINANCIAL STATEMENTS IN ACCORDANCE WITH
IFRS AS OF MARCH 31, 2005:
BALANCE SHEET in accordance with IFRS as of March 31, 2005 (in CZK Millions):
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Current year Prior year
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ASSETS 258,879 255,496
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Fixed assets 244,966 245,108
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Property, plant and equipment 175,818 178,935
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Plant in service 280,239 280,092
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Less accumulated provision for depreciation 121,356 118,224
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Net plant in service 158,883 161,868
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Nuclear fuel, at amortized cost 7,905 7,909
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Construction work in progress 9,030 9,158
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Other non-current assets 69,148 66,173
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Investments and other financial assets, net 67,919 64,883
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Intangible assets, net 1,229 1,290
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Current assets 13,913 10,388
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Cash and cash equivalents 4,626 1,141
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Receivables, net 5,027 5,368
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Income tax receivable 533
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Materials and supplies, net 2,549 2,538
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Fossil fuel stock 671 705
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Other current assets 507 636
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EQUITY AND LIABILITIES 258,879 255,496
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Equity 166,589 162,477
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Stated capital 58,870 59,218
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Retained earnings and other reserves 107,719 103,259
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Long-term liabilities 66,750 67,351
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Long-term debt, net of current portion 37,382 38,071
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Accumulated provission for nuclear decommissioning 29,368 29,280
and fuel storage
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Other long-term liabilities
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Deferred tax liability 13,558 11,885
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Current liabilities 11,982 13,783
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Short-term loans
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Current portion of long-term debt 1,844 1,809
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Trade and other payables 6,880 8,703
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Income tax payable 515
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Accrued liabilities 3,258 2,756
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INCOME STATEMENT in accordance with IFRS as of March 31, 2005 (in CZK Millions):
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Current period Prior year period
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Revenues 17,696 17,045
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Sales of electricity 16,906 16,301
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Heat sales and other revenues 790 744
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Operating expenses 10,752 11,864
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Fuel 3,479 3,710
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Purchased power and related services 1,568 2,318
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Repair and maintenance 397 481
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Depreciation and amortization 3,364 3,409
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Salaries and wages 874 902
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Materials and supplies 369 381
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Other operating expenses 701 663
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Income before other expense/income and income taxes 6,944 5,181
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Other expenses/income 708 1,398
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Interest on debt, net of capitalized interest 440 410
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Interest on nuclear provisions 512 490
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Interest income -13 -11
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Foreign exchange rate losses/gains, net -7 599
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Other expenses/income, net -224 -90
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Income before income taxes 6,236 3,783
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Income taxes 1,672 936
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Net income 4,564 2,847
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CASH FLOW STATEMENT in accordance with IFRS for three-month period ended March
31, 2005 (in CZK Millions):
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Current period Prior year period
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Operating activities:
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Income before income taxes 6,236 3,783
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Adjustments to reconcile income before
income taxes to net cash provided by
operating activities:
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Depreciation and amortization and asset write-offs 3,364 3,409
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Amortization of nuclear fuel 906 838
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Gain/Loss on fixed assets retirements, net -11 -12
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Foreign exchange rate loss/gain, net -7 599
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Interest expense, interest income and dividends 427 398
income, net
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Provision for nuclear decommissioning and 38 118
fuel storage
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Provision for doubtful accounts, environmental -472 213
claims and other adjustments
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Changes in assets and liabilities:
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Receivables -394 383
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Materials and supplies -11 -23
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Fossil fuel stocks 34 242
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Other current assets 134 10
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Trade and other payables -1,107 -1,948
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Accrued liabilities 547 916
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Cash generated from operations 9,684 8,926
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Income taxes paid -1,048 -17
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Interest paid, net of interest capitalized -415 -484
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Interest received 14 12
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Dividends received
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Net cash provided by operating activities 8,235 8,437
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Investing activities:
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Acquisition of subsidiaries, net of cash acquired -2,344 -2
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Proceeds from dispoasal of subsidiary, net of cash disposed of
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Additions to property, plant and equipment and other -2,077 -1,340
non-current assets
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Proceeds from sales of fixed assets 867 69
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Change in decommissioning and other restricted funds -85 -52
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Total cash used in investing activities -3,639 -1,325
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Financing activities:
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Proceeds from borrowings 1,575
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Payments of borrowings -711 -4,278
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Proceeds from other long-term liabilities
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Payments of other long-term liabilities
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Dividends paid 31 19
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Acquisitions/sale of treasury shares -426 74
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Total cash provided by (used in) financing activities -1,106 -2,610
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Net effect of currency translation in cash -5 31
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Net increase/decrease in cash and cash equivalents 3,485 4,533
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Cash and cash equivalents at the beginning of period 1,141 888
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Cash and cash equivalents at end of period 4,626 5,421
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Supplementary cash flow information:
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Total cash paid for interest 504 601
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STATEMENT OF CHANGES IN EQUITY in accordance with IFRS (in CZK Millions):
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Stated Capital Fair Value and Retained Total Equity
Other Reserves Earnings
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December 31, 2003 59,152 -30 93,646 152,768
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Net income 2,847 2,847
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Sale of treasury shares 69 5 74
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March 31, 2004 59,221 -30 96,498 155,689
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December 31, 2004 59,218 80 103,179 162,477
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Net income 4,564 4,564
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Acquisition of treasury shares -679 -679
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Sale of treasury shares 331 -79 252
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Change in fair value of CF hedges recognized in -25 -25
equity
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March 31, 2005 58,870 55 107,664 166,589
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CEZ, a. s.
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(Registrant)
Date: May 2, 2005
By: /s/ Libuse Latalova
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Libuse Latalova
Head of Finance Administration