CEZ As · PSECZ:CEZ
CEZ As — FY2019 Earnings Presentation
59 slides from CEZ As's earnings presentation, Mar 17, 2020
Slide 1: Press Conference on CEZ Group Financial Results in 2019
PRESS CONFERENCE ON CEZ GROUP FINANCIAL RESULTS IN 2019 AUDITED CONSOLIDATED RESULTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) Prague, March 17, 2020
Slide 2: CEZ is actively working to eliminate coronavirus risks
CEZ IS ACTIVELY WORKING TO ELIMINATE THE RISKS CAUSED BY CORONAVIRUS CEZ, as a subject of critical state infrastructure has developed crisis and emergency preparedness plans, which include risks associated with the spread of the disease. We are in contact with emergency management authorities of the
Slide 3: Press Conference on CEZ Group Financial Results in 2019
PRESS CONFERENCE ON CEZ GROUP FINANCIAL RESULTS IN 2019 CEZ Group – summary of 2019 and financial ambition for 2020 Daniel Beneš, Chief Executive Officer CEZ Group’s Financial Results Martin Novák, Chief Financial Officer Generation from Traditional Resources, Mining and Supporting Activities Martin
Slide 4: Main results and key events in 2019
MAIN RESULTS AND KEY EVENTS IN 2019 FINANCIAL HIGHLIGHTS 2019 Operating revenues increased by 12% year-on-year to CZK 206.2 bn. EBITDA increased by 21% year-on-year to CZK 60.2 bn Net income increased by 38% year-on-year to CZK 14.5 bn Adjusted net income* increased by 44% year-on-year to CZ
Slide 5: EU defined the objective of climate neutrality by 2050
EU DEFINED THE OBJECTIVE OF CLIMATE NEUTRALITY BY 2050 WITH A SUBSTANTIAL IMPACT ON THE ENERGY SECTOR The European Commission formulated the European Green Deal communication in December 2019 with the plan for achievement of climate neutrality by 2050. There is a defined legislative schedule for
Slide 6: The updated ČEZ strategy responded to business environment development
THE UPDATED ČEZ STRATEGY RESPONDED TO THE BUSINESS ENVIRONMENT DEVELOPMENT CEZ Group's Main Opportunity Areas CEZ Group's Strategic Priorities Strengthening of Energy I. Efficient Operation, Optimum Security in Czechia Utilization & Development of Generation Portfolio Modernization in the Czech II.
Slide 7: Gradually fulfilling updated generation and new nuclear strategy
WE ARE GRADUALLY FULFILLING THE UPDATED GENERATION AND NEW NUCLEAR POWER PLANTS STRATEGY Strategic Priorities Nuclear energy and new nuclear unit areas Nuclear generation exceeded 30 TWh in 2019 and measures were realized to fulfill strategic ambition The international mission of WANO confirmed a
Slide 8: Reducing CEZ Group's CO2 footprint
WE ARE WORKING TO REDUCE CEZ GROUP‘S FOOTPRINT REDUCTION AND HAVE ACHIEVED A DECREASE IN CO2 EMISSIONS BY 4 MILLION TONS IN 3 YEARS gCO2 / kWh CO2 Emissions per Generated Electricity in CEZ Group Sources 700 Mean specific emissions of CO2 from marginal power plant currently 600 - 20% amount to ca. 6
Slide 9: Gradually implementing the updated strategy
WE ARE GRADUALLY IMPLEMENTING THE UPDATED STRATEGY Strategic Priorities In August 2019 the Energy Regulatory Office (ERO) published its Price Regulation Principles for Regulation II. Modern Period V applicable to the years 2021 – 2025. In Q4 2019 a public consultation process took place enabling t
Slide 10: Main financial targets for 2020
MAIN FINANCIAL TARGETS FOR 2020 WE ESTIMATE 2020 EBITDA AT CZK 63 TO 65 BN, NET INCOME AT CZK 21 TO 23 BN CZK bn EBITDA Main year-on-year effects (2020 vs 2019): 80 +5% Growth of Traditional Generation segment by CZK 1-2 bn 60.2 to 63 – 65 (Higher realization prices of the generated electricity in
Slide 11: Press Conference on CEZ Group Financial Results in 2019
PRESS CONFERENCE ON CEZ GROUP FINANCIAL RESULTS IN 2019 CEZ Group – summary of 2019 and financial ambition for 2020 Daniel Beneš, Chief Executive Officer CEZ Group’s Financial Results Martin Novák, Chief Financial Officer Generation from Traditional Resources, Mining and Supporting Activities Martin
Slide 12: Results for 2019: EBITDA CZK 60.2 bn, adjusted net income CZK 18.9 bn
RESULTS FOR 2019: EBITDA OF CZK 60.2 BN, ADJUSTED NET INCOME OF CZK 18.9 BN EBITDA 80 CZK bn +21% 60.2 Selected year-on-year positive effects: 60 49.5 Higher realization prices of electricity incl. hedging effects 40 Higher profit on commodity trading Higher electricity production 20 Selected
Slide 13: CEZ Group financial performance
CEZ GROUP FINANCIAL PERFORMANCE (CZK bn) 2018 2019 Change % Revenues 184.5 206.2 +21.7 +12% EBITDA 49.5 60.2 +10.6 +21% EBIT 19.8 26.4 +6.7 +34% Net income 10.5 14.5 +4.0 +38% Net income adjusted * 13.1 18.9 +5.8 +44% Operating CF 35.4 42.9 +7.6 +21% CAPEX 26.4 29.8 +3.4 +13% 2018 2019 Change % Inst
Slide 14: Year-on-year change in EBITDA by segment
YEAR-ON-YEAR CHANGE IN EBITDA BROKEN DOWN BY SEGMENT Main causes of y-o-y change in EBITDA: Generation - traditional energy: impact of the higher realization prices of the generated electricity including impact of hedging transactions and commodity trading (CZK +10.9 bn), higher expenses on emissi
Slide 15: Other income and expenses
OTHER INCOME AND EXPENSES (CZK bn) 2018 2019 Change % EBITDA 49.5 60.2 +10.6 +21% Depreciation, amortization and impairments* -29.8 -33.7 -4.0 -13% Other income (expenses) -6.2 -8.0 -1.8 -28% Interest income (expenses) -4.9 -5.1 -0.2 -4% Interest on nuclear and other provisions -1.8 -1.9 -0.1 -5% In
Slide 16: Press Conference on CEZ Group Financial Results in 2019
PRESS CONFERENCE ON CEZ GROUP FINANCIAL RESULTS IN 2019 CEZ Group – summary of 2019 and financial ambition for 2020 Daniel Beneš, Chief Executive Officer CEZ Group’s Financial Results Martin Novák, Chief Financial Officer Generation from Traditional Resources, Mining and Supporting Activities Martin
Slide 17: Electricity generation by traditional sources reached 62.4 TWh
ELECTRICITY GENERATION BY TRADITIONAL SOURCES REACHED 62.4 TWH, OF WHICH OVER 30 TWH WERE GENERATED BY NUCLEAR PLANTS Nuclear Power Plants (+1%) + Efficient operation and optimization of unit outages at both power plants Coal-Fired Power Plants (-5%) Czechia (-4%) − Lower generation by Dětmarovice,
Slide 18: Generation - traditional energy selected events in 2019
GENERATION - TRADITIONAL ENERGY SELECTED EVENTS IN 2019 Existing Nuclear Facilities Action Plan of Dukovany LTO All 112 conditions of long-term operation of the Dukovany NPP are met in compliance with the requirements and deadlines defined by the State Office for Nuclear Safety (SÚJB). Fulfillment
Slide 19: Generation from traditional sources and mining selected events 2019
GENERATION FROM TRADITIONAL SOURCES AND MINING SELECTED EVENTS 2019 Mining Saleable mining output was 20 million tons of coal. Following the Czech government’s decision modifying environmental limits for mining at Bílina Mine, the process of obtaining an EIA continued. On Jul 30, 2019 the Minist
Slide 20: Internal efficiency measures brought permanent savings
INTERNAL EFFICIENCY MEASURES BROUGHT PERMANENT SAVINGS OF CZK 0.6 TO 0.7 BILLION PER YEAR Project Summary: Redesign of organization of central and supporting activities Project objectives: All central and supporting departments leaner by 15 – 20% Simplification and improvement of processes Curre
Slide 21: In 2020 generation from traditional sources expected at 63 TWh
IN 2020 GENERATION FROM TRADITIONAL SOURCES IS EXPECTED AT 63 TWH Coal-Fired Power Plants (+1%) Czechia (+0%) + shorter outages of the new Ledvice 4, Prunéřov 2, and Ledvice 3 power plants − A shut-down of Prunéřov 1 power plant from Jul 1, 2020 Poland (+3%) + shorter outages, especially at Skawina
Slide 22: Electricity price has decreased by nearly 20%
ELECTRICITY PRICE HAS DECREASED BY NEARLY 20% AFTER A PERIOD OF RELATIVE STABILITY IN 2019 Development of Electricity Price in Germany (Jan 2, 2019 - Feb 28, 2020) Cal21, EUR/MWh, EEX Approved European Green Deal on 55 the planned carbon neutrality in EU Effect of increased price of emission countri
Slide 23: Electricity prices dropped mainly due to decreased commodity prices
ELECTRICITY PRICES HAVE DROPPED MAINLY DUE TO THE DECREASED COMMODITY PRICES IN Q1 2020 Breakdown of changes in electricity prices (Jan 2, 2019 - Feb 28, 2020) Cal21, EUR/MWh, EEX 50 -1.8 47.7 -4.3 -1.7 -0.1 39.8 40 30 20 Power Price Coal Price Gas Price Carbon Price Other Factors Power Price EEX 2.
Slide 24: ČEZ continues to hedge revenues from generation
ČEZ CONTINUES TO HEDGE REVENUES FROM GENERATION AND IN 2020 EXPECTS REALIZATION ELECTRICITY PRICE OF EUR 45/MWH Share of Hedged Production of ČEZ* Facilities in Czechia as at Dec 31, 2019 100% ~ 86% Hedged volume from Oct 1, 2019 to Dec 31, 2019 ~ 8% Hedged volume as at Sep 30, 2019 75% 100% of deli
Slide 25: Press Conference on CEZ Group Financial Results in 2019
PRESS CONFERENCE ON CEZ GROUP FINANCIAL RESULTS IN 2019 CEZ Group – summary of 2019 and financial ambition for 2020 Daniel Beneš, Chief Executive Officer CEZ Group’s Financial Results Martin Novák, Chief Financial Officer Generation from Traditional Resources, Mining and Supporting Activities Martin
Slide 26: Record profit from commodity trading of 2018 overcome by 63%
RECORD PROFIT FROM COMMODITY TRADING OF 2018 HAS BEEN OVERCOME BY 63% In 2019 our trading activities included more than 243 thousand transactions trading: 740 TWh of electricity, 1 114 TWh of natural gas. Business income of trading in 2019 was CZK 4.9 bn, i.e., 63% more year-on-year. The e
Slide 27: ČEZ Prodej – a successful year in commodities and services
ČEZ PRODEJ – A SUCCESSFUL YEAR IN THE AREA OF COMMODITIES AS WELL AS NON-COMMODITY PRODUCTS AND SERVICES The commodity portfolio of the ČEZ Prodej customers is growing: the number of connection points has increased by 7,800 (total balance for both electricity and gas commodities) despite the growt
Slide 28: New ESCO acquisitions and revenue growth
NEW ACQUISITION OF ESCO AND YEAR-ON-YEAR REVENUE GROWTH, ESCO REVENUES GREW BY 37% TO CLOSE TO CZK 22 BN Czechia and Slovakia The ESCO Group acquired a 51% share in the Slovak company e-Dome, and a 100% share in the Czech company Increase of ESCO Revenues HA.EM OSTRAVA. ESCO CR and SR now includ
Slide 29: Ambition for 2020: ESCO revenues to close to CZK 26 bn
OUR AMBITION FOR 2020 IS INCREASE OF ESCO REVENUES TO CLOSE TO CZK 26 BN Germany (+15%) + Organic growth and new acquisitions in 2019 Czechia & Slovakia (+15%) + Organic growth and new acquisitions by ČEZ ESCO in 2019 Other Countries (+57%) + Organic growth in Poland and Romania, new acquisitions in
Slide 30: Electricity generation in new energy and sales segments 2.2 TWh
ELECTRICITY GENERATION IN THE SEGMENTS OF NEW ENERGY AND SALES AMOUNTED TO 2.2 TWH Germany (+7%) + Better weather conditions Czechia (+25%) + Primarily the effect of inclusion of ČEZ Energo (fully consolidated since mid-2018) + Better hydro meteorological conditions Romania (+5%) + Better weather co
Slide 31: New energy sector selected events 2019
NEW ENERGY SECTOR SELECTED EVENTS 2019 Renewable Generation The Polish project of construction of a wind PP farm at Krasin (35.2 MW) obtained a contract for support of electricity generation for 15 years in the form of the “Contract for Difference” in an auction for RES held on Dec 5, 2019. Decr
Slide 32: Distribution segment selected events 2019
DISTRIBUTION SEGMENT SELECTED EVENTS 2019 Distribution Czechia In August 2019 the Energy Regulatory Office published its Price Regulation Principles for Regulation Period V applicable to the years 2021 – 2025; In Q4 2019 a public consultation process took place enabling to submit comments. The Ene
Slide 33: Divestment of Romanian assets and Bulgarian assets sale
DIVESTMENT OF ROMANIAN ASSETS COMMENCED, IMPLEMENTATION OF THE CONTRACT FOR SALE OF BULGARIAN ASSETS NOT YET PERMITTED BY THE BULGARIAN AUTHORITIES ROMANIAN DIVESTMENT PROCESS On Sep 9, 2019 CEZ Group officially commenced the process of sale of Romanian assets held by the Group. The subject of t
Slide 34: 2020 expected increase of generation in new energy and sales
IN 2020 WE EXPECT AN INCREASE OF ELECTRICITY GENERATION BY 9% IN THE SEGMENTS OF NEW ENERGY AND SALES Germany (+10%) + Worse-than-average weather conditions in 2019 Czechia (+5%) + especially increase of generation by the new co-generation units of ČEZ Energo Romania (+11%) + Worse-than-average weat
Slide 35: Annexes
ANNEXES EBITDA by segment – all-year comparison EBITDA—Q4 Year-on-Year Comparison Net Income—Q4 Year-on-Year Comparison EBITDA—Main Reasons for Estimated Year-on-Year Change Cash Flows Credit Facilities and Bonds Currency Risk Hedging Capital Expenditures Expected Capital Expenditu
Slide 36: Segment: Generation—Traditional Energy
SEGMENT: GENERATION—TRADITIONAL ENERGY EBITDA (CZK bn) 2018 2019 Change % Czechia 15.7 24.8 +9.1 +58% Poland 1.0 0.8 -0.2 -18% Other states -0.0 0.0 +0.1 - Generation - traditional energy 16.7 25.6 +9.0 +54% Czechia (CZK +9.1 bn) Higher realization prices of generated electricity, incl. the effect
Slide 37: Mining segment, support services segment
MINING SEGMENT, SUPPORT SERVICES SEGMENT EBITDA (CZK bn) 2018 2019 Change % Czechia 4.5 5.0 +0.5 +11% Mining 4.5 5.0 +0.5 +11% Czechia (CZK +0.5 bn) Severočeské doly (CZK +0.4 bn) - higher revenues from coal sales due to increasing price exceeding the effect of volume decrease EBITDA (CZK bn) 2018
Slide 38: Segment: Sales
SEGMENT: SALES EBITDA (CZK bn) 2018 2019 Change % Czechia 3.8 2.4 -1.4 -37% Germany 0.5 0.7 +0.2 +48% Poland -0.0 0.2 +0.2 - Bulgaria 0.2 0.4 +0.2 +84% Other states -0.1 0.2 +0.3 - Sales 4.3 3.7 -0.6 -13% Czechia (CZK -1.4 bn) Effect of a court decision under which in 2019 the payment of SŽDC’s de
Slide 39: Segment: Distribution
SEGMENT: DISTRIBUTION EBITDA (CZK bn) 2018 2019 Change % Czechia 17.2 17.5 +0.4 +2% Romania 1.7 1.5 -0.1 -7% Bulgaria 1.1 1.5 +0.4 +35% Distribution 19.9 20.6 +0.6 +3% EB I TDA m ( l d. Kč ) 20 18 20 19 Rozd í l % Če ská re pub il ka 17, 2 17 ,5 +0 , 4 + 2% Ru muns ko 1 ,7 1 ,5 -0, 1 -7% Bu hl a rsk
Slide 40: Segment: Generation—New Energy
SEGMENT: GENERATION—NEW ENERGY EBITDA (CZK bn) 2018 2019 Change % Czechia 1.3 1.9 +0.6 +43% Romania 1.4 1.6 +0.3 +19% Germany 0.4 0.5 +0.1 +29% Other states -0.2 -0.1 +0.1 +47% Generation - new energy 2.9 3.9 +1.0 +36% Czechia (CZK +0.6 bn) Lower provision creation (CZK +0.4 bn), especially the ef
Slide 41: EBITDA – Q4 year-on-year comparison
EBITDA – Q4 YEAR-ON-YEAR COMPARISON CEZ Group EBITDA (CZK +4.6 bn): Mining (CZK +0.3 bn): Severočeské doly (CZK +0.2 bn): higher revenues dues to increasing coal price partially eliminated by the effect of volume decrease Generation – traditional energy (CZK +2.4 bn): higher realization prices o
Slide 42: Net income – year-on-year Q4 comparison
NET INCOME— YEAR-ON-YEAR Q4 COMPARISON (CZK bn) Q4 2018 Q4 2019 Change % EBITDA 10.9 15.5 +4.6 +43% Depreciation, amortization and impairments* -7.8 -11.2 -3.3 -43% Other income (expenses) -1.1 -2.7 -1.6 -145% Income taxes -0.6 -0.8 -0.2 -36% Net income 1.4 0.9 -0.5 -35% Net income adjusted 1.7 4.1
Slide 43: Expected year-on-year change in EBITDA (2020 vs. 2019)
EXPECTED YEAR-ON-YEAR CHANGE IN EBITDA (2020 VS. 2019) BY BUSINESS SEGMENT EBITDA 2019 60.2 Mining 60.0 -0.2 Generation—Traditional Energy (CZK +1 to +2 bn): Generation - Higher realization prices of the generated +1.5 electricity incl. hedging effects traditional energy Higher expenses on emiss
Slide 44: Cash flows
CASH FLOWS Cash Flows from Operating Activities (CZK +42.9 bn) Profit after adjustments including income tax (CZK +63.9 bn): profit before tax (CZK +18.4 bn), paid income tax (CZK -4.1 bn), interest paid except for capitalized interest and interest received (CZK -5.0 bn); adjustments by non-cash o
Slide 45: Debt position and structure - strong liquidity position
DEBT POSITION AND STRUCTURE - CEZ GROUP MAINTAINS A STRONG LIQUIDITY POSITION Debt Level ** Bond maturity profile (as of Dec 31, 2019) As at As at CZK bn Dec 31, 2018 Dec 31, 2019 25 EUR 750 million issue of Debt and loans CZK bn 162.8 173.7 bonds with a 0.875% 20 Cash and fin. assets* CZK bn 11.5 1
Slide 46: Currency hedging for expected electricity generation 2020-2023
CURRENCY HEDGING FOR EXPECTED ELECTRICITY GENERATION IN THE YEARS 2020 - 2023 Currency hedging for expected electricity supply from generation as at Dec 31, 2019 2020 2021 2022 2023 Total currency hedges 98% 95% 94% 84% (natural & transactional) as at Dec 31, 2019 91% 80% 78% Of which, natural curre
Slide 47: Capital expenditures broken down by segment
CAPITAL EXPENDITURES BROKEN DOWN BY SEGMENT CZK bn 2018 2019 Generation—Traditional Energy 8.3 10.8 Of which: Nuclear fuel acquisition 2.4 3.2 Generation—New Energy 0.4 0.7 Mining 2.6 2.3 Distribution 12.9 13.7 Czechia 10.4 10.9 Romania 1.2 1.3 Bulgaria 1.2 1.5 Sales 0.7 1.5 Supporting Activities* 1
Slide 48: Expected capital expenditures broken down by segment
EXPECTED CAPITAL EXPENDITURES BROKEN DOWN BY SEGMENT Expected capital expenditures on fixed asset acquisition (CAPEX) by CEZ Group (CZK bn) 2020 2021 2022 2023 2024 Mining 3.3 3.2 4.0 2.3 2.0 Generation 15.4 14.8 18.2 16.7 14.6 of which: traditional energy 14.7 13.3 16.6 15.1 14.2 new energy 0.7 1.4
Slide 49: Key objectives in the updated strategy (June 2019)
KEY SUBSTANTIVE AND GENERAL FINANCIAL OBJECTIVES IN THE UPDATED STRATEGY (OF JUNE 2019) Additional 2025 Strategic Priorities Key Substantive Objectives and Ambitions for 2025 EBITDA* Goal Safe and efficient generation by nuclear plants (WANO’s assessment of ČEZ’s nuclear power plants above the glo
Slide 50: Strategy for coal portfolio in Czechia
THE STRATEGY FOR COAL PORTFOLIO IN CZECHIA FOCUSES ON POWER PLANTS IN MINING REGIONS AND CONTROLLED PHASEOUT OF PLANTS OUTSIDE MINING REGIONS ČEZ Strategy Strategy Application in Coal Plant Portfolio New power Effective management of the portfolio ELE CEZ Group‘s power plants in mining regions are
Slide 51: Internal efficiency measures brought CZK 4 billion over 5 years
INTERNAL EFFICIENCY MEASURES BROUGHT A TOTAL OF CZK 4 BILLION OVER 5 YEARS The measures for increasing efficiency taken in the past 5 years contributed to maintenance of fixed operating costs in the segments of Generation Traditional Energy, Mining, Distribution and Supporting Activities on the leve
Slide 52: Balance sheet overview
BALANCE SHEET OVERVIEW Property, plant, and equipment, nuclear fuel, and investments Equity increased by CZK 16.1 bn increased by CZK 12.2 bn Net income in the reporting period CZK +14.5 bn Fixed tangible assets, net including capital expenditures on tangible assets under Other comprehensive i
Slide 53: Electricity consumption in the distribution area of ČEZ Distribuce
ELECTRICITY CONSUMPTION IN THE DISTRIBUTION AREA OF ČEZ DISTRIBUCE Consumption in the Distribution Temperature- and Calendar-Adjusted Area of ČEZ Distribuce Consumption* TWh TWh Changes in consumption (-0.3%) 36.71 36.73 by segment: -1.3% large customers +1.8% residential customers 35.98 +0.0%
Slide 54: Market developments
MARKET DEVELOPMENTS CZK Development of CEZ share price oo 700 EUR/t CO2 allowances/ emission rights 40 600 + 30 5 et Neal nernrti| a 500 5 10 - we °° 2 2. © » © ©» © © © © 2 Xo} Xe] Ne} D o No} 2 2 C) 2 2 ) N N N N eS N N N NS N NO OY oN SS a Ce Se we sy LY F SF NN wow —— forward 2020 EUR / MWh Elec
Slide 55: Electricity balance (GWh)
Electricity balance (GWh) Index 2018 2019 2019/2018 Electricity procured 56,930 58,374 +3% Generated in-house (gross) 63,081 64,626 +2% In-house and other consumption, including pumping in pumped-storage plants -6,151 -6,252 +2% Sold to end customers -37,634 -35,600 -5% Sold in the wholesale market
Slide 56: Electricity balance (GWh) by segment
Electricity balance (GWh) by segment Generation - traditional Generation - new 2019 energy energy Distribution Sale Eliminations CEZ Group GWh +/- GWh +/- GWh +/- GWh +/- GWh +/- GWh +/- Electricity procured 56,210 +2% 1,870 +6% 0 - 294 +64% 0 - 58,374 +3% Generated in-house (gross) 62,433 +2% 1,886
Slide 57: Electricity balance (GWh) by country
Electricity balance (GWh) by country 2019 Czechia Poland Romania Bulgaria Germany Others Eliminations CEZ Group GWh +/- GWh +/- GWh +/- GWh +/- GWh +/- GWh +/- GWh +/- GWh +/- Electricity procured 54,716 +3% 2,133 -14% 1,234 +6% 6 +5% 285 +7% 0 - 0 - 58,374 +3% Generated in-house (gross) 60,641 +3%
Slide 58: Methods used to calculate indicators unspecified in IFRS
Methods Used to Calculate Indicators Unspecified in IFRS In accordance with ESMA guidelines, ČEZ provides detailed information on indicators that are not reported as standard in IFRS financial reporting framework or the components of which are not directly available from standardized statements (fro
Slide 59: Adjusted net income indicator components
Most of the components used in the calculation of individual indicators are directly shown in financial statements. The components of calculations that are not included in the financial statements are usually shown directly in a company’s books and are defined as follows: Adjusted Net Income indicat