the future We shape
PRE GROUP ANNUAL REPORT 2014 Selected financial indicators from the consolidated financial statements
2014 2013 2012 2011 2010 2009 2008 Total assets MCZK 23,291 22,782 20,076 20,019 18,395 19,441 18,296 Fixed assets MCZK 20,908 19,858 17,982 17,190 16,043 14,934 13,935 of which: tangible fixed assets MCZK 20,573 19,656 17,750 16,929 15,806 14,700 13,703 assets for distribution MCZK 17,408 16,758 15,755 14,864 13,878 12,877 11,864 Depreciation of tangible and intangible fixed assets % 38 38 39 40 39 40 40 Current assets MCZK 2,383 2,924 2,094 2,829 2,353 4,507 4,361 Total liabilities MCZK 23,291 22,782 20,076 20,019 18,395 19,441 18,296 Equity MCZK 14,365 13,812 12,760 12,533 11,520 11,415 11,807 Share capital MCZK 3,869 3,869 3,869 3,869 3,869 3,869 3,869 Long-term payables MCZK 5,147 4,888 4,472 1,877 3,159 4,234 2,985 Short-term payables MCZK 3,779 4,082 2,844 5,609 3,717 3,792 3,504 Total income MCZK 19,117 21,824 20,934 20,789 20,289 20,761 19,062 of which: income from electricity and gas sold and from electricity generation MCZK 18,710 21,433 20,557 20,469 19,984 20,366 18,879 Total costs MCZK (16,069) (18,427) (17,806) (17,165) (17,422) (17,980) (16,273) of which: costs of electricity and gas sold MCZK (12,814) (15,079) (14,502) (14,210) (14,401) (15,164) (13,677) depreciation of tangible and intangible fixed assets MCZK (1,043) (1,021) (989) (904) (862) (811) (740) Net cash flow from investment activity MCZK (1,806) (2,498) (1,935) (1,866) (1,894) (1,849) (1,764) Profit from ordinary activity before tax MCZK 3,006 3,366 3,035 3,578 2,791 2,682 2,730 Profit from ordinary activity after tax MCZK 2,418 2,713 2,443 2,881 2,246 2,144 2,170 Net profit per share CZK 625 701 631 745 580 554 561 EBIT MCZK 3,050 3,399 3,134 3,663 2,880 2,781 2,757 EBITDA MCZK 4,094 4,420 4,124 4,567 3,742 3,591 3,497 Other indicators
Unit 2014 2013 2012 2011 2010 2009 2008 Gross distributed electricity GWh 6,090 6,301 6,278 6,311 6,450 6,339 6,373 Total purchase of active power GWh 5,864 6,241 6,289 6,621 6,828 6,686 6,846 Total length of networks km 12,006 11,912 11,921 11,901 11,781 11,679 11,552 of which: VHV km 207 206 206 202 202 202 206 HV km 3,854 3,872 3,865 3,863 3,829 3,780 3,701 LV km 7,945 7,834 7,850 7,836 7,750 7,693 7,645 Average recalculated number of the Group employees (consolidated) persons 1,401 1,394 1,375 1,338 1,314 1,332 1,338
Total length of networks (km)
12,250
12,000
11,750
11,500
11,250
11,000
10,750
10,500
10,250
10,000 2008 2009 2010 2011 2012 2013 2014 Energy for the future The present always extends into the future. We realise that everything we do is the start of a process. Be it significant or one of many that wi ll affect future times to a greater or lesser extent. Therefore we striv e to ensure that all the steps we take are responsible ones and help towards shaping a better future, whether this concerns our business, social responsibility or environmental protection. corporate group which provides reliableand ecological energy supplies the use of modern technological solutions. An integral part of the PRE Group´s PRE of the integral An part technological solutions. of modern use the involvement is also installation of charging points for electric cars or the generation of green electricity –significantly generation orthe of green electricity cars of chargingelectric for installation points and innovative technologies and energy concepts. T T and renting of electric bikes, helps and advises them about energy savings and supports them in savingsand energy supports bikes, them about and renting helps and of advises electric he str Besides its modern online customer services, the PRE Group also offers its customers the sale the customers its offers Group also PRE the online modern services, customer its Besides The PRE Group activities – whether this involves –whether Group activities development the PRE network, The distribution of the and modern energy services throughout the C the throughout energy services modern and customers and take in a responsible share shaping of the future T the strategy are electricity distribution, trading in electricity THE MISSION OF THE PRE GROUP tobe is a reliablepartner of its he str active development of its trading activities and use of modern development activities trading of its active a teg and gas, generation of electricity from renewable sources sources renewable from generation electricity of gas, and y of the PRE G a tegi I n achieving its objectives the PREn achieving G objectives its c v the active developmentthe active and sponsorship of socially beneficial projects. ision of the PRE G of its social responsibility tothe environment. responsibility social of its affect the future of the Capital City of Prague and its residents. and of Prague its City Capital of the future the affect focusing on the territory of the C roup the is constant sustainable growth, the C the roup energy tobe is a strong apital C rague region. Prague of ity and energy services. and zech R zech roup fully is aware he key segmentshe key of epublic whileepublic apital C ity.
MISSION / VISION / STRATEGY 2 CONTENTS CONTENTS GROUP /PRE 2014 REPORT ANNUAL Addresses and Contact Data of the PRE Group —143 Group PRE the of Data Contact and Addresses —142 Abbreviations Relevant of List —141 Affidavit 106 2014— for Statements Financial Separate 72 2014— for Statements Financial Consolidated —69 Report Auditor´s 68 2014— in Activities on Report Board Supervisory —67 Regulation Legal with accordance in required Information —54 Relations on Report —53 Structure Organisational Group PRE —52 2014 in held Meetings General on Information —49 Structure Shareholders —45 Interests Capital —44 Informatics —42 Relations Public —38 OHS and Protection Environmental —36 Resources Human —32 Analysis Financial —30 Investments —22 Trading Activity —19 Sector Engineering Trend Power the in —17 2014 of Events Important and History Group PRE —16 Ombudsman Compliance, Audit, Internal —13 Management Risk Group PRE —10 Bodies Statutory and Management Group PRE —5 Assets and Activities Business on Report Directors´ of Board —3 Introduction ID No.: 60193913, Prague 10, Na Hroudě 1492/4, Na Hroudě 10, Prague 60193913, No.: ID relevant registers ID No.: 27376516, Prague 5, Svornosti 3199/19a 3199/19a Svornosti 5, Prague 27376516, No.: ID and administration maintenance operation, equipment system of the distribution construction, system, distribution 2149/19 Na Hroudě 10, Prague 25677063, No.: ID thermovision measuringservicing, of heat leakage plants from buildings power etc. photovoltaic the of field the in services point, consumption existing or a new of modification or repair and connection to related and operate photovoltaic power plants, have been part of the PRE Group since December 2014. December since Group PRE the of part been have plants, power photovoltaic operate and own s.r.o. which Mikulov, FVE PRE s.r.o. and Dačice, FVE PRE companies The businesses. small and households to gas and electricity of sales the on especially focuses ENERGY” “YELLO brand the under which eYello k.s. and CZ, sources, renewable from electricity of generation and service products services, energy readings, electricity and installations meter provides which a.s. PREměření, Roztoky, in and Prague of City in system the Capital distribution the of operator and owner the a.s., PREdistribuce, include These subsidiaries. its and Republic, Czech the of territory entire the on trading gas and electricity for holder licence the is which a.s. energetika, Pražská company parent the of consists Group PRE The sources. renewable from electricity of GWh 13 almost generated and users end to levels voltage all at electricity of 6TWh ca. of a total distributed Group PRE savings. the year energy Last achieve and technologies innovative utilise to how on services advisory provides also and solutions technological art supports state-of-the Group PRE the activities, its of part As network. distribution reliable and quality a high of operator the and Republic Czech the in electricity supplier largest third the is points consumption 700,000 approx. its with Group PRE The Prague. of City Capital the of territory the on system electricity the developing and electricity supplying of tradition year twenty and hundred one almost an has group PRE the terms, historical In services. additional of provision and sources renewable from electricity of generation electricity, of gas, distribution and electricity in trading and of sales the include activities principal whose group corporate energy integrated a modern is Group PRE The GROUP PRE * (eYello)eYello k.s. CZ, (PREm) a.s. PREměření, a.s.PREdistribuce, (PREdi) (PRE) a.s. energetika, Pražská E ID No.: 25054040, Prague 10, Kubánské náměstí 1391/11 náměstí Kubánské 10, Prague 25054040, No.: ID Act Trade Licensing the 3of 1to No. form from a joint-stock company (public limited company) to a limited partnership (with PRE as the general partner holding a 90% share and PREm as the limited 2014. 1May limited of as the as PREm effect and into share came a 90% change holding This 10%). partner holding general the as partner PRE (with partnership a limited to company) limited (public legal company company’s a joint-stock the to from a change form eYello of approved Meeting General the 2014 April 15 On 2014. 7March at as PRE from eYello of stock share a 10% acquired PREm L ntities — — 100 PRE FVE Mikulov, s.r.o. Mikulov, FVE PRE s.r.o. Dačice, FVE PRE ID No.: 28880757, Prague 10, Na Hroudě 2149/19 Na Hroudě 10, Prague 28880757, No.: ID non ID No.: 28537319, Prague 10, Na Hroudě 2149/19 Na Hroudě 10, Prague 28537319, No.: ID non % subsidiaries as of 1.12.2014: of as % subsidiaries ‑ ‑ residential premises, residential premises iste d B elo , until 30.4.2014 eYello CZ, a.s.* – trading in electricity and gas, generation, trading and services not stated in the Appendices the Appendices in stated not services and trading generation, gas, and electricity in –trading eYello a.s.* CZ, 30.4.2014 , until – repairs, installations and meter readings on the PRE supplied territory, electricity generation, commercial activities activities commercial generation, electricity territory, supplied PRE the on readings meter and installations – repairs, w a
, until 1.1.2015 Black & Bush Projekt 2, s.r.o. – electricity generation, lease of real estate property, flats and and flats property, estate real of lease generation, s.r.o. –electricity 2, Projekt &Bush Black 1.1.2015 , until
– electricity distribution on the territory of Prague and Roztoky, planning the renovation and development of the the of development and renovation the planning Roztoky, and Prague of territory the on distribution – electricity , until 29.12.2014 Black & Bush Projekt 1, s.r.o. – electricity generation, lease of real estate property, flats and and flats property, estate real of lease generation, s.r.o. –electricity 1, Projekt &Bush Black 29.12.2014 , until M re – trading in electricity and gas, complete line of business is stated in the Company Articles of Association and in and in Association of Articles Company the in stated is business of line complete gas, and electricity in –trading T of embers PRE G PRE he roup : ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL INTRODUCTION
3 INTRODUCTION 4 INTRODUCTION INTRODUCTION GROUP /PRE 2014 REPORT ANNUAL — s.r.o. Dačice, FVE PRE — s.r.o. Mikulov, FVE PRE — — eYello k.s. CZ, — a.s. PREměření, — a.s. PREdistribuce, — — a.s. energetika, Pražská (ERÚ): Office Regulatory Energy the from licences following the obtained Group PRE the of companies The Ov
electricity generation licence from 6 November 2009 to 6 November 2034 2034 6November to 2009 6November from licence generation electricity 2017 September 27 to 2012 September 27 from licence trading gas 2017 September 27 to 2012 September 27 from licence trading electricity 2035 17 May to 2010 17 May from licence generation electricity 2031 1January to 2006 1January from licence distribution electricity 2016 January 12 to 2011 January 12 from licence trading gas 2017 17 January until renewed 2007 17 January from licence trading electricity electricity generation licence from 23 December 2009 to 23 December 2034 December 23 to 2009 December 23 from licence generation electricity er v ie T w of L he i c en c G es r a nte T d to Comp he a T of nies P he G re roup the Capital City of Prague and EnBW Energie Baden-Württemberg AG ( AG Baden-Württemberg Energie EnBW and Prague of City the Capital a joint of form legal present its in incorporated was It Prague. of City Capital the to electricity supplying of tradition year twenty and hundred one almost an has PRE Group. the of members the all for services corporate and gas electricity, of sales and purchase the ensures licence, trading gas and the electricity ( a.s. energetika, Pražská company parent the of consists Group PRE The BO provide a sufficiently stable foundation for the planning and implementation of essential long-term investments. long-term essential of implementation and planning the for foundation stable a sufficiently do not provide which distribution for conditions legislative framework determining in uncertainty the is factor A further sector. entire the of planning the in problems considerable cause framework legal the of contents the to adjustments fundamental frequent and changes legislative of frequency The costs. operation network general the to distribution of increase contributes trend This facilities. generation decentralised of field the in customers of activities the by affected also is ever an extent to greater operators network distribution the by measures further and investments for need The contributions. and charges increasing costs various and modernisation network rising the out balance to possible it make prices energy Falling markets. wholesale on prices electricity low from profiting are customers Currently challenge. a considerable present still system power the into integration their and sources energy Renewable level. national and interventions at European regulatory massive with associated transformation of period a difficult experiencing is industry energy Czech and European The 2013. to compared if by 2.5% Republic Czech the in fell 2014 in consumption Total energy management. energy in made savings the and weather the to due especially energy for demand of a growth see not did however, which, stagnation of years previous the after recovery economic a slight was there 2014 In EU. the to linked closely is economy Czech the of trend The electricity. for demand overall the on impact important an have preconditions Macroeconomic in 2014 Preconditions Macroeconomic The most important subsidiary is PREdistribuce, a.s. ( a.s. PREdistribuce, is subsidiary important most The shareholders. its with cooperation and of the support is the General Meeting. the General by approved budget the from 5million CZK over activities these on spent Company the 2014 In Foundation. 77 Charta the at established Foundation PRE through or directly either realized are healthcare, and education sphere, social the on all above focus which activities, City. Its donation Capital the of region the in associations and projects beneficial socially supports actively and responsibility social its of aware fully is PRE customers. gas and electricity thousand 10 over acquired already has and customers new of number the increase significantly to managed has it 2014 During supplier. alternative developing and a reliable as market Czech the on operates The company ( eYello k.s. CZ, subsidiary The MW. 20 almost reached portfolio generation PREm the of output installed total the 2014 of end At the subsidiaries. its and PREm in centralised are which energy of sources renewable of operation the ensures ( a.s. PREměření, subsidiary The supply. electricity of quality high the and guarantees network distribution the of operation stable and safe ensures PREdi territory distribution its On Roztoky. of town the and Prague of City A R OF D D OF IRE C ‑ stock company in 1994. The principal shareholder of PRE is Pražská energetika Holding a.s. which is controlled jointly by by jointly controlled is which a.s. Holding energetika Pražská is PRE of shareholder principal The 1994. in company stock TORS REPORT TORS eYello PREm ) offers electricity and gas to household and small business customers under its brand YELLO ENERGY. ENERGY. YELLO brand its under customers business small and household to gas and electricity ) offers ) focuses on provision of a broad range of energy services and also on metering services. The company also also company The services. metering on also and services energy of range a broad of provision on ) focuses PREdi ) which is the holder of the electricity distribution licence for the territory of the Capital Capital the of territory the for licence distribution electricity the of holder the is ) which EnBW PRE Board of D of Board ) and its subsidiaries. The parent company, which is the holder of of holder the is which company, parent The subsidiaries. its ) and ) and EnBW. Among the most important factors of the success of PRE PRE of success the of factors important most the Among EnBW. ) and irectors´ R irectors´ eport on Business A Business on eport ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL ctivities and A and ctivities ssets
5 Board of Directors´ Report on Business Activities and Assets 6 Board of Directors´ Report on Business Activities and Assets Board of D of Board GROUP /PRE 2014 REPORT ANNUAL year fell Group PRE the of customers for purchased electricity of volume The electricity. providing for the PRE Group of costs the in increase an to led crown Czech the of rate exchange the weaken to 2014, in continuing and 2013 late in beginning interventions, Bank’s National Czech the reason that this for was it EUR; in exclusively almost Republic Czech the in traded is Electricity prices. electricity wholesale in fall a further saw 2014 Trading Activity Company. the of performance high the long-term by indicated as environment competitive tense the in even 2014 in limit 16% the under just reached (ROCE) employed capital on return The consumption. customer and the price in fall the of a result as prepayments of volume a lower by all above caused is which 3,442 MCZK to fell activity operating from flow cash Net investments. and related objectives growth ambitious the of implementation the for precondition a good with Group PRE the presents limit 60% the exceeding equity of share The MCZK 8,926. to 44 MCZK by fell liabilities (+4%). Consolidated 14,365 MCZK to rose 2014 in company parent the of shareholders to allocated Equity 2,133. MCZK to amounted assets fixed of acquisition the to related sources. Expenses energy renewable in and network distribution PREdi the in year, particularly the throughout activity investment intensive with associated is increase This 20,908. MCZK to (+5%) 1,051 MCZK by year-on-year increased Group PRE the of assets consolidated long-term the of value The profits. other of increase an to contributed significantly gains rate exchange foreign and assets of disposal and sales the from Gains 7employees. by employees of number recalculated average an of increase year-on-year a total was There retirement. with connection in employees to liabilities discounted long-term calculate to used rate interest the of fall significant the to due 19, IAS to according provisions of creation the by affected significantly were expenses Personnel savings. cost repair as well as savings, cost energy consumed own and material to due particularly year-on-year fell costs Operating demand. in a fall by especially caused margins sales in decline the compensating thereby profits operating other of and increase sources renewable from generated electricity from revenues of increase further savings, cost to due all, above achieved, were results These (+2%). 77 MCZK by plan 2014 the exceeded result EBITDA total The 2,418. MCZK reached tax after activity regular from Earnings 4,094. MCZK to amounted EBITDA consolidated The results. economic good very achieve to managed PRE 2014 in environment, market complicated the Despite 2014 of Results Economic the year gas of terms In a supplier. of switches thousand 330 to decrease year-on-year the of 11% to corresponds value this electricity regards As OTE. of data the to according Republic Czech the in supplier gas and electricity their switched customers 530,000 of total approximate an 2014 In sources. renewable from supplier electricity important an is s.p. Vltavy, Povodí plants. power hydroelectric and stations biogas from especially sources energy, of renewable from electricity of producers local from purchased was electricity required of part appreciable An 2014. in PRE of suppliers main the to belonged RWE and SE Energy Alpiq ČEZ, Namely maintained. was suppliers electricity of structure diversified the 2014 in Also GWh. 113 to GWh 70 from year-on-year supplies gas increase to managed PRE the segment of households and small businesses and also large customers. customers. large also and businesses small and households of the segment in customers maintaining for strive competitors its and PRE which by activities retention strong of result the is it all above but pressure, ‑ on ‑ ‑ year above all due to the weather by approx. 7%. approx. by the weather to due all above year on ‑ year fall is even more significant, by 33% to 200 thousand switches. This trend does not in any way mean a weakening of competitive competitive of a weakening mean way any in not does trend This switches. thousand 200 to 33% by significant, more even is fall year irectors´ R irectors´ eport on Business A Business on eport ctivities and A and ctivities ssets Pavel Elis 8 Board of Directors´ Report on Business Activities and Assets Board of D of Board GROUP /PRE 2014 REPORT ANNUAL solutions. decentralised and projects EPC concerning services is developing newly PREm on. so also and savings energy of possibilities analyse equipment, energy of condition technical the check costs, electricity reduce to customers help can we devices metering of types various and technologies latest the to Thanks company. the of economy the to contribution their of terms in development of stage the at are 2014, since PREm within concentrated been has provision whose customers, PRE for services energy The Mikulov. and Dačice in plants power photovoltaic two to include expanded was portfolio generation PREm the year the During capacities. generating of increase the to due is income net the to contribution this of increase year-on-year The company. the by owned sources renewable from generated electricity of up made is profit the of part A major teplárenská. Pražská and Distribuce plynárenská Pražská are which partners long-term and companies energy other to now till up as service this provided also has company The service. reading meter and meters electricity of and calibration installation purchase, the in PREdi company affiliated its to services of provision the be to continues PREm of activities principal the of One sources. renewable from electricity generated of growth high the to due 50% by plan the company’s exceeded result this addition, In 2013. to compared if doubling almost 170 MCZK was 2014 for EBITDA its at PREm of income net The a.s. PREměření, increase. to continue will number this and stations charging public 31 operates currently it of electromobility, concept modern the for infrastructure a reliable of development the supports Group PRE The supplies. of quality the in increase an to contribute also will and future in customers for value added mean will which networks intelligent operating for preconditions creating of the purpose for infrastructure network the of modernisation the to devoted intensively is PREdi failures. of reduction the in trend the confirm network distribution entire the of results operating The Roztoky. and Prague of territory licensed the on year past the in network PREdi the in outages supply electricity major or failures system no were There cities. European big in found best the among ranks network PREdi the supplies of quality of safety and terms In supplies. electricity of quality and reliability high the in reflected is network distribution the into invested funds of volume The substation. Chodov TR the in system control the of completed was renovation the and system control SCADA dispatching new the of implementation the was there Then substations. Uhříněves and Karlín kV 110/22 the of began construction The in Třeboradice. substation kV 110/22 the of reconstruction the and Sever TR and vrch Červený TR substations between lines kV 110 overhead of renovation extensive the was 2014 in projects investment significant most the Among years. previous with comparable level the at are constructions new into and network existing the of renovation the in made Investments system. distribution the in 1,431 MCZK of a total invested PREdi 2014 In result. economic the on effect a significant had network PREdi the in distributed electricity of volume the of GWh) (211 3.3% by fall year-on-year The 2,804. CZK reached EBITDA company’s The 1,093. MCZK to amounted PREdi of tax after income net The of the PRE Group. subsidiary important most the is Roztoky and Prague of City Capital the in operator network distribution the is which a.s. PREdistribuce, a.s. PREdistribuce, offer. its of benefits the explain to customers its with contact active of use consistent makes PRE Hence, customers. to intelligible and always transparent not are traders electricity independent by made Offers prices. selling on B2C the in continues pressure competitive Considerable and procerement of electricity. planning long-term the on requirements new imposes trend supply. This of volume and price to relation in flexibility greater considerably providing contracts demanded customers and shorter got contracts concluded of length the price, the on increased pressure 2014 in segment B2B the In irectors´ R irectors´ eport on Business A Business on eport ctivities and A and ctivities ssets of know-how between PRE and EnBW. and PRE between know-how of transfer the from profit considerably to continues PRE shareholders. main the are EnBW and (EnBW) AG Baden-Württemberg Energie EnBW with together Prague of City Capital the by controlled a.s. Holding energetika Pražská structure. shareholder the in change major no was there 2014 In Shareholders contracts. supply gas and electricity 10,000 than more concluded and growth a strong eYello year recorded the Throughout contracts. supply gas and electricity 10,000 than more concluded and growth strong eYello Throughout recorded the year market. the on available offers of overview a transparent customers offer that portals internet comparable utilises the company channels sales its in extent To a significant options. new for looking customers active at targeted are products structured clearly and Modern centres. customer without communication flexible with together products transparent and simple offered are customers The brand. ENERGY YELLO the under Republic Czech the throughout businesses small and households to gas and (eYello) electricity eYello k.s., sells CZ, subsidiary The eYello k.s. CZ, Chairman of the Board of Directors Directors of Board the of Chairman Pavel Elis 2015 April 20 Prague, In years. future in Company our to loyalty for and results excellent PRE to contribution their for in 2014, cooperation and trust the for shareholders and suppliers employees, customers, all thank to like would we Directors of Board the of behalf On services. energy and sources renewable from revenues of and increase sales, and distribution of segment the from revenues stable at 4.1 BCZK about of result EBITDA an anticipates 2015 for plan economic The and sources. renewable services energy of segments sales new the by generated results of increase a significant on also and sales, and distribution from i.e. activities, principal from income of stabilisation the on based is objective This 2020. by 10% than more of EBITDA in increase an see to is objective Our market. the on opportunities and risks identified important most the to respond and services, sources energy renewable sales, distribution, i.e. segments, business principal four on focused are activities planned The growth. supporting of purpose the for segments individual in prepared were measures and initiatives strategic key competences, internal and environment external the of analysis an on Based 2015–2020. for valid adopted was Group PRE the of strategy innovated an 2014 In competition. strong and markets energy volatility the of business, of conditions framework to changes with legislation, to amendments with associated challenges all to respond actively will PRE sector. energy the in business for conditions the framework alter considerably could which Republic Czech the in expected are Act Energy the to amendments significant and Extensive competitiveness. and economy the of decarbonisation efficiency, energy market, energy internal an of completion security, energy union, energy an of the issues concerning level Union European at discussions intensive are There 2015. in continue also will sector energy the in situation uncertain The 2015 in Situation Economic Expected board of directors´ report on business activities and assets and activities business on report directors´ of board Vice-Chairman of the Board of Directors Directors of Board the of Vice-Chairman Sloboda Alexander ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL
9 BoaRd of diRECtoRS´ REPoRt on BuSinESS aCtivitiES and aSSEtS 10 PRE Group Management and Statutory Bodies G PRE GROUP /PRE 2014 REPORT ANNUAL Member 27.3.2014) (until Čančíková Eva Member Ondřej Běhal (until 27.3.2014) M Member Marc Wolpensinger Member 27.6.2014) (from Webers Theo Stefan Member Michal Štěpán Member Ruta Drahomír Member Monika Hášová Krobová Member 1.10.2014) (from Beck Bernhard Vice-Chairman Franz Retzer Chairman Baldík Jiří S Member Maroušek Jaroslav Member Bort Marcus (from 10.1.2014) Vice-Chairman Čalfa Marián Vice-Chairman Alexander Sloboda Manfred Chairman Elis Pavel B uper o T of embers a r roup M roup Dire d of v isor anagement and S and anagement y B S he c o a tors a r uper d a s a s a v isor t 31.12.2014 tatutory B tatutory t 31.12.2014 y B o a r odies T d in T of Course he Ye he a Were r Also : From left: Aleš Staněk, Pavel Elis, Alexander Sloboda, Milan Hampl 12 PRE Group Management and Statutory Bodies G PRE GROUP /PRE 2014 REPORT ANNUAL a.s. PREdistribuce, Hampl Milan 31.12.2014 at as subsidiaries of Directors Officer Executive Chief Pavel Elis 31.12.2014 at as company parent the of Top management T competition. of prohibition or interest of conflict to subject not were bodies Company the of members 2014 In Board. Supervisory PRE the of meetings the attend and Council Works the of representatives are that companies Group PRE the of altogether employees four are There Directors. of Board the to recommendations makes it incentives its on based and affairs employee in engaged is which Council Works the of body new the establishing by Association of Articles its in change legal this reflected PRE Board. Supervisory the in employees of participation the for requirement legal the longer no was there because employees of ranks the from elected Board Supervisory the of members of terminated tenure the that time this at was It 2014. March 27 on Meeting General PRE the by approved and adopted was which Association of Articles PRE the to required was amendment an 2014, early since legislation of change the with connection In Member Martin Votava (from 13.5.2014) Member Miroslava Svobodová (from 13.5.2014) Vice-Chairman Martin Macháček (from 13.5.2014) Chairman Jan Pokorný (from 13.5.2014) Wor Member 27.3.2014) (until Potěšilová Irena Member 30.9.2014) (until Mausbeck Dirk Member (until 26.6.2014) Lüschen Hermann Member Ivana Grafnetrová (until 27.3.2014) Ma op k roup M roup s Coun n
a T of gement anagement and S and anagement c a il s a t 31.12.2014 PRE G PRE he tatutory B tatutory Comp roup a.s. PREměření, Staněk Aleš Director Sales Sloboda Manfred Alexander odies a nies
eYello k.s. CZ, Kulig Michal Risks are systematically monitored in the market, credit, legislative-regulatory and operational risk categories as well as in a category of other other of risks: a category in as well as categories risk operational and legislative-regulatory credit, market, the in monitored systematically are Risks risk the of process. management components basic the of part are risks individual of reporting and monitoring measurement, analysis, identification, the of processes The indicators. selected for set are limits Binding like. the and losses impending maximum risk, at value as such risks market and financial of quantification the of purpose the for applied are indicators and methods specific Further comparability. their ensure to scenarios three in probability expected and impact of level expected the of terms in evaluated are risks monitored The out. carried is risks of a list in recorded are that risks current of of identification process A continuous threat. biggest potentially the represent evaluation, the to according which, risks monitored main the is interest of point focal The measures. remedial of effectiveness the of evaluation and function warning early the ensure to is functions further its Among risks. only acceptable undertaking when Group PRE the of companies the of value the increase to is system management risk the of objective main The management. Group PRE on risks of impact possible evaluates continually and risks relevant individual of management the for limits approves Committee Management Risk The exposures. risk Company´s the of view in risks important most the of strategy management the determines and detail in management risk on report summary the discusses which Committee Management Risk the is system management risk the in body key The framework. methodical shared a jointly on based process a uniform as Group PRE the of companies the all in up drawn is system management Risk R — — — — reported in a uniform structure and in periods as set by the EnBW corporate group rules. rules. group corporate EnBW the by set as periods in and structure a uniform in reported are risks Monitored Group. EnBW the in established procedures and methods on based is methodology its and System Management Risk The is within the internal audits. internal the within verified are important most only the departments; specialised in managed and decentralised are nature, their on depending risks, operational parameters, regulation the setting with namely short-term the in period, regulatory fourth the accompanying changes possible with associated particularly are risks these mid-term the in activities; regulated Company´s the on effect strongest the have risks legislative-regulatory conditions, and terms payment by regulated are customers end of risks credit the counterparty; respective the of history credit the of evaluation to according limits exposure of basis the on managed are market wholesale the on partners business of risks credit rate, exchange and electricity in trading of spheres the in concentrated mostly are development price the to relating risks market k m a n agement
GROUP PRE THE IN SYSTEM MANAGEMENT RISK ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL
13 RISK MANAGEMENT SYSTEM IN THE PRE GROUP for our city
Topographical chart of 110 kV lines Our distribution network on PREdistribuce, a.s. territory Vraňany Elektrárna Mělník I Spolana supplied our customers with Elektrárna Mělník II Čechy Střed TR ČD Roztoky over 6 TWh of electricity Dříň TR Třeboradice
TR Sever in 2014. Households, TR Letňany TR Červený vrch TR Holešovice Čechy Střed commercials and big industrial TR Východ TR Černý Most TR Pražačka customers in the distribution TR Západ TR Střed TR Karlov TR Smíchov TR Malešice TR Zličín TR Běchovice area of the City of Prague Tuchlovice TR Jih Dříň TR Jinonice TR Pankrác utilised the most reliable TR Měcholupy
supplies of electricity in TR Řeporyje TR Lhotka TR Chodov
the Czech Republic. Beroun TR Lochkov
Slapy
Vrané TR Zbraslav Štěchovice Říčany Strančice for our city 16 INTERNAL AUDIT, COMPLIANCE, OMBUDSMAN INTERNAL GROUP /PRE 2014 REPORT ANNUAL responsibility. social its emphasise to and Group PRE the of good the reputation protect to customers, to provided services of quality the improving to contribute to is ombudsman of position the establishing of point The investigation. the of result the with satisfied not still is the customer but standpoint, final and integrated an reaches department a specialised when cases in complaints customers’ handles ombudsman The Group. PRE the by provided services to and companies Group PRE the and customer the between relationship contractual the to related complaints handling person impartial an of that as Group PRE the in 2014 1January since established been has ombudsman of position The OMBU Rules. Compliance of a breach report to possible is it where Group PRE entire the for up set been has [email protected] address email An etc.). management audit internal management, risk protection, environmental contracts, public in participation of rules and awarding contracts (ERÚ), general Office Regulatory Energy the and (ÚOHS) Competition of Protection the for Office the Commission, European the by unreported and investigation authorities administrative state with dealings data, personal handling entities, legal of liability criminal information, secret classified trade and of protection property, of protection and (security standards corporate relevant further and Ethics of Code Group’s PRE the with also but standard, corporate above the with acquainted only become not They area. this in trained are employees existing the also but new, just Not Group. PRE the in entities legal of liability criminal the avert and prevent to conduct of principles the down laid and standard a corporate of form the in Rules Compliance Group’s PRE the adopted and up drew Company The C Office. Regulatory Energy the to especially addressed complaints specific with dealt also and Enterprise” “Safe system at work protection and safety occupational of audits internal audits, internal system 14 001 ISO provided team audit internal the years, previous in As &Young. Ernst company consulting the and Department Management Risk and Audit Internal the between 2014 in Group PRE the in conducted audits internal the of part as continued Cooperation strengthening the control mechanisms and but compliance. also processes of up only setting not concerned findings The system. control internal the strengthen to measures including Group PRE the entire across processes key selected on focused department audit internal the 2014 in audits, requested or planned executing of framework the In application. Tracker web Audit through monitored are measures remedial of Fulfilment a year. once Directors of Board the to submitted is Report Audit Internal The investigation. audit the of output the being as considered be can management top Group PRE the with discussed are which audits internal of reports Final matters. subject management Group PRE the and field specific the of knowledge processes, individual of respect in level risk the of evaluation the is plans audit internal up setting for parameter main The audit. internal Group PRE the of tasks significant most the among rank practice best and rules set-up with compliance of evaluation system, management and control internal Company the of assessment expert and Independent INTERNAL A OMPLI D SM A AUDIT N A C N E U D , COMPLIANCE IT , OMBUDSMAN 1897 HISTOR GROUP PRE 2013 2012 2011 2010 2009 2007 2006 2004 2002 2000 1998 1997 1996 1994 1990 1965 1959 1946 1945 1941 1934 1924
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PRE defended its certificate of “Safe Enterprise” for the fifth time and PREdi for the third time, time, third the for PREdi and time fifth the for Enterprise” “Safe of certificate its defended PRE náměstí), Kubánské at SKANSKA of building (former premises 11 Garden new the in Centre a Call of operation the launching MWp, 3.99 of capacity installed with u Stříbra Kladruby to near Pozorka plant power photovoltaic of acquisition Republic, Czech the in service hire bike specialized biggest the of –opening Project PREkolo Foundation, 77 Charta with commenced cooperation the philanthropy, of field the in concluded, was –2015 2013 for Agreement Collective new gas, and electricity in trading by enhanced was business of line its and eYello a.s. to CZ, renamed was a.s. PREleas, subsidiary 100% stations, photovoltaic of care a comprehensive offers which FVE” -“Servis product a new market the to introduced a.s. PREměření, subsidiary 1MWp, of capacity installed with each Kondrac plant power photovoltaic and Hořovice plant power photovoltaic of acquisition a.s., –PREdistribuce, 9–Vysočany Prague in premises Energetika ETT the of acquisition December, 28 at as ended formally was process delisting the market, the regulated on trading from delisted were shares PRE the Meeting, General the of decision previous the on based 1December, from effective 2p.m., at 2010 1December on achieved was MW) (1,209 system distribution the of profile load maximum historically holder, licence the is year, PREm the of course the during operation into put gradually were Sever) and Pražačka 19, Na Hroudě Lhotka, (Jinonice, plants power photovoltaic five Group PRE the of strategy new the with accordance in sector, the in trend actual and liberalisation market the reflecting Group PRE the of strategy long-term new the of formation shareholder, majority the becoming thereby AG Baden-Württemberg EnBW Energie shareholder existing the by share a.s. Invest, Honor shareholder the of –repurchase structure shareholder the in change of was station, completed the Pankráchigh-voltage distribution the construction premises, new into moved was engineering power Prague of Museum Documentary and Technical the (TeTa), 28, Jungmannova in (CEP) Centre Advisory Energy the of commenced was operation the (PXE), Exchange Energy Prague the of a member became PRE 2005, in established a.s. PREdistribuce, subsidiary –100% entity a separate into detached was operator system distribution the 1January of as PP, company the with cooperation in commenced was Centre Customer Adria joint the of operation the Project, Prague” for “Together the of scope the in street, Nitranská in building the in dispatch central the of begun operation started, was unbundling) called (so activities unregulated and regulated the separating of process the legislation, European the with accordance in floods, August the of repercussions the with dealt successfully PRE launched, was Centre Call of operation and completed was customers for points contact all of modernization a.s.), Praha elektroměrů Cejchovna (formerly a.s. PREměření, subsidiary the of foundation completed, building administration PRE new the of construction existence, Company the of celebrations anniversary 100th street, Na Hroudě in commences building administration Company new the of construction a.s., PREleas, subsidiary the of foundation a.s., energetika, Pražská company stock joint the of foundation Company, state-owned a separate became Works Electricity Prague 1July the of as n.p., STE, within Praha) závod (Rozvodný Enterprise Distribution Prague the of foundation Praha), správa (Okresní Administration District Prague and (STE) p.) n. závody, energetické (Středočeské Works Electricity Bohemian Central the of foundation Works, Electricity the of section generation power former the incorporating established was elektrárny) (Středočeské Company Generation Power Bohemian Central works national Works; Electricity the from separated podnik) (Dopravní Company Transport the by a presidential nationalised power decree, industry Company, Municipal Prague the into incorporated Works Electricity the time, that of modern most the of one was and period that of traditions and customs the exceeds far by concept building whole the completed; Prague in Headquarters Works Electricity the of construction utility, useful a universally Y
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17 PRE Group History and important Events of 2014 18 PRE Group History and important Events of 2014 G PRE GROUP /PRE 2014 REPORT ANNUAL 2014 IMPORT
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NT E NT istory and important E important and istory the customers who until now have not used any of the PRE special offer products. products. offer special PRE the of any used not have now until who customers the approach to order in commenced was entrepreneurs small and households for campaign Offer” Christmas “PRE the December in of 5.79 MWp, input installed total with Mikulov plant power photovoltaic and Dačice plant power photovoltaic of acquisition 1December on PRE, by provided services telecommunication with together supply gas and electricity combined of benefits the of use make thus can who customers PRE at aimed primarily is offer the packages, data by supplemented be can which available tariffs 3voice are there started; was PREmobil operator virtual mobile of operation the September in share), a 10% holding partner limited the as PREm share, a 90% holding partner general the as (PRE partnership a limited to company) limited (public company a joint-stock from eYello of k.s. CZ, form legal the to made was a change 1May on September, since available newly is customers of servicing specialized here; services providing on keep brands different of bikes electric of types 100 than more offering service hire a bike and shop specialized the sources, decentralized and energy savings on focused services energy PREm new offers also CES services existing the from apart CEP; by provided the activities in follows smoothly which CES the of TeTa in operation launched located (CES) PRE 1May –on Mall Centre Service PRE Top Web 100, competition a prestigious in place first the in ranked the websites later customers; to services internet to related possibilities of range a whole offering launched websites PRE new April in tunnels, cable and Uhříněves most Hlávkův ostrov, Rohanský Karlín, in assembly equipment additional and boring of continuation completed; tunnel cable Motol convened, members its of election the consequently and established Council Works 2014, 1January of as effective recodification law private the reflecting Association of Articles the to amendment March 27 on MWp, 6.3 of capacity installed with Brno to near Syrovice plant power photovoltaic of acquisition environment, living and economic-social business, its towards considerate is which a company to granted annually is award this category; “Patron” the in project Goodwill Czech the of award jury the won Group PRE the V ENTS OF 2014 OF ENTS vents of 2014 of vents The objective of the ASEK is to ensure a stable and predictable business environment, effective state administration, sufficient and safe safe infrastructure. and sufficient administration, state effective environment, business predictable and a stable ensure to is ASEK the of objective The sustainability. and competitiveness safety, are which Republic Czech the in objectives energy strategic top three defines It situations. crisis during energy of supply a continuous ensure also must It conditions. standard under prices affordable and competitive at Republic Czech the of economy and population the of needs the for energy of supply environmental-friendly and safe reliable, ensure to is ASEK the of mission main The 2015. of course the in continue will talks Trade further and and Industry of the Ministry by submitted (ASEK) Concept Energy State Updated the on debate the started Republic Czech the of government the 2014 of end At the S service. customer and conditions sales – especially quality service consider to have also they prices, to addition in that realising gradually are Customers before. than frequent less is suppliers switching and stagnating is consumption Energy decelerating. is far) so least (at market the that concluded be can it 2014, in trend the to According 2014. in also continued prices gas and electricity in fall slow the of trend The PO An extensive amendment to the Energy Act is expected to be adopted in 2015. in adopted be to expected is Act Energy the to amendment extensive An year. the of the end at effect into came 2015 for sector engineering power the in subsidy for intended funds budget state determining regulation government The andregulations newdecisions were ERÚ issued. price implementing New 2014. in amended also were decrees implementing related and Energy of Sources Supported on Act Act, Energy The Amen rules. established the to adhered PRE and Industries Energy the in Traders for Ethics of a Code up drew ERÚ the sector, energy the in trading of transparency increase to effort an In recommendations. legislative EU and Act Energy the of amendment prepared the to relation in formulas regulatory of parameters and inputs individual of definition consistent the on period regulatory fourth the for methodology regulation the of principles the in placed is 7-10 Emphasis of estimates years. a period for the ERÚ which period regulatory fifth next the for inputs objective prepare to be will purpose principal its and years 3-5 last to period regulatory fourth forthcoming the declared ERÚ Sector”. Gas and Engineering Power the for Period Regulatory Fourth the of the Regulation of Methodology the on Report “Closing the of issue the with 2015 in end will process consultation The period. regulatory fourth the for initiated was process consultation public 2014).the 2014 In December –31 2010 January (1 period regulatory third the of year fifth the was 2014 sector. engineering power the in regulation price including regulation state perform to authorised is ERÚ The Energ t a W te ER ENGINEERINGC SE d Energ y R ment egul of y Con a L tor egisl c y O ept a ffi tion TOR c e (ERÚ) T rend in the P the in rend ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL ower E ower ngineering S ngineering ector
19 Trend in the Power Engineering Sector with no emissions
We support the development of environmental generation of electricity and creation of decentralised power generation sources. In 2014 we generated almost 13 GWh of green electricity. We offer customers the installation of small photovoltaic power plants, including a complete service, and further modern energy solutions. with no emissions 22 TRADING ACTIVITY TRADING GROUP /PRE 2014 REPORT ANNUAL s.p. Vltavy, Povodí by owned Štvanice station power Hydroelectric right: bottom 21 page * Photo, gas. natural and electricity selling of methods new and channels sales individual of the development on placed being was emphasis 2014 In entities. business smaller of ranks the from customers for point service a new of launch the including service, bulk and individual between verging consumption with customers of place took segmentation new the year the of course the During TWh. 1.3 of value the exceeded PREdi of territory the of outside supplies of size The programmes. savings to customers of investments massive and competitors of activities by intensive also and Republic Czech the in consumption electricity of fall total the to related all above is sold electricity of volume total of fall slight The Act. Procurement Public the with accordance in auctions electronic of the form in proceedings tendering for applications inviting busy very were administration regional and state of entities all almost year the Throughout euros. in supplies of invoicing for customers orientated export- of interest increased the on impact an had crown Czech the of weakening the to led which Bank National Czech the of price. interventions The sales the on pressure customer of increase a noticeable is there auctions electronic of organisers and firms advisory suppliers, alternative of activities the of view in hand, other the On comparison. a year-on-year in 26% by rose 2015 after period the for concluded contracts of The volume contracts. multiannual conclude to customers among interest greater causing is exchange energy the on price electricity the of fall The electricity. of quantity agreed an of procurement for moments himself chooses customer the or, often, more chart, time pre-agreed to according moments, either various at parts in procurement electricity of a model chose often more therefore and purchase electricity of date the of choice the with associated risks the recognised quickly very customers Large proceedings. tender organised customers year whole the throughout that the fact by also and segment B2B to electricity of sales the for exchange power the on fall price slight a characteristically by marked a year was 2014 B2B) (Segment Electricity of Sales Povodí Vltavy, s.p. with 2014 in renewed was years three next the for energy green of purchase the for A contract Group. PRE the for electricity green of supplier a major is which s.p.* Vltavy, Povodí with continued cooperation bilateral parties, both of satisfaction to 2014, In electricity. green of greater volume customers Group PRE the offer to possible was it this to Thanks sources. renewable from energy of producers further with cooperation established also and producers existing the of most with cooperation develop to managed Group PRE the 2014 In Republic. Czech the in sources renewable from energy of producers from directly procured was which electricity green with customers its provide to continued Group PRE The plants. power hydroelectric and biomass stations, biogas from especially sources, renewable from electricity of producers local from purchased was electricity required the of part A considerable &Trading GmbH. Supply RWE and Trading GmbH Energy Vattenfall Commodities SE, Global E.ON SE, Energy Alpiq ČEZ, as such companies multinational usual as were 2014 in Group PRE the of suppliers main The crown. Czech the of weakening significant the to due 2014 of course the during and start the before increased cost its market, wholesale Czech the on Euros in purchased regularly is power active that Given possible. as cheaply as customers end Group PRE the for electricity of procurement secure to order in market stock daily the and futures the on customers Group PRE to power active supplied Company the 2014 In S a uppliers ACTIVITY n d T
r ad I ing n E le c tri c it y introduced. The volume of gas supplies in 2014 nearly doubled year-on-year. doubled nearly 2014 in supplies gas of volume The introduced. newly was electricity, of as just gas, of sales gradual The customers. to gas natural offer currently we electricity to addition in and the year during develop to continued activities Sales customers. segment B2B and B2C to gas natural supplied PRE which in year third the was 2014 prices. attractive with tariffs various offers PREmobil services, telephone mobile of providers traditional the with comparison In B2C. Sales the of part as 2014 September in launched was PREmobil operator mobile virtual of operation The years. past in measures cost-savings consumption electricity in customers by made investments significant the by and weather winter warm the by caused was trend This 3.5%. approx. LV by the level at volume supplied the in a fall was there comparison year-on-year the In 2013. to compared tenders organised such of fall a marked was there contrary, year. the On the of the course during segment B2C the in about come not did PREdi of territory distribution the in auctions electronic of number the in increase expected The 62%. than more of rate a success achieved campaign autumn the measures, these to Thanks effective. more B2C segment entire the within activities sales of communication and preparation of process entire the made which measures organisational included These activities 2014. autumn in held was that campaign sales extensive an all above was activities retention the of part integral An portfolio. the entire fixing and stabilising at aimed activities retention sales of development the in engaged principally was segment B2C the year past the In B2C) (Segment Sales through portal “Moje Yello”. Towards the end of the year the company was supplying electricity and gas to almost 9 thousand consumption points. consumption 9thousand almost to gas and electricity supplying was company the year Yello”.the of end “Moje Towards the portal through available is customers of servicing On-line customers. business small and households to out carried mainly are gas and electricity of Supplies (eYello k.s.) Sales CZ, ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL TRADING ACTIVITY
23 TRADING ACTIVITY 24 TRADING ACTIVITY TRADING GROUP /PRE 2014 REPORT ANNUAL Centre. Call PRE the of workplace busy quite formerly at also but Centre Customer PRE the at services personal of sphere the only in not achieved was a stabilization measures optimization implemented of a number to due successful, the year was 2014 indicators operational services customer of evaluation the regards As name. brand PREmobil under products data and telecommunication of sales launching with connection in 2014 8September on operation into put was Centre Call PRE the of workplace This services. customer of quality the on impact an has which 2014 in implemented project significant another as considered is 10 Prague in 11 Garden building the of floor fifth the on premises new to offices Centre Call PRE the of a part of Location 2014. 1September on operation into put was workplace modern and Comfortable 2014. in realized project a key as TeTa in considered 1is office Prague in customer Palace a new of Construction to customers. services of quality high and efficiency the increase to order in services customer in implemented were projects large several year the During Office Front etc. digitalization andadministration documentation customer process, switching supplier relations, business from ensuing collection debts of management services, and supplies energy of billing segments, especially customer all for processes Office Back the of support and activities the ensures also department The customer to B2C. segment in related servicing activities and services products, energy of sales actual guarantee to is Office Front in objective primary Its of gas. and consumers electricity customers, of segments all to relation in departments sales to support and services provides Department Services Customer The Customer energy. of to sources related renewable activities entrepreneurial new of development the in especially projects, acquisition in investments the on also but activities existing its of enhancement and reinforcement only on not rely will Group PRE the 2020, until growth of objectives ambitious these implementing While requirements. EU emission the of fulfilment to contribute will it which through sources renewable from generation electricity of development the in PRE Group the participate will activities, these to addition In networks. distribution local in namely activities our expand to want we partners our with in and cooperation networks distribution of operation and construction the in also role innovative this fulfil to We intend them. to value added further bring will thus and management consumption energy the in support active them provide will who partner their become to want we but customers to gas and electricity of supply only the not is objective Our efficiently. more and easily energy the utilise to customers the enable will which services energy and products servicing them to offer to and intensively more even customers its of needs the on focus to intends Group PRE the future the In strategy. the of core the remain will customers to power electric of supply and Roztoky and Prague of City Capital the of on territory the network distribution of operation The 2020. until extended period planning its and updated was Group PRE the of strategy long-term the 2014 In L ong -T S erm ACTIVITY S er tr v
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projects necessary to secure, maintain and develop the customer portfolio in accordance with the Company´s strategic plans. plans. strategic Company´s the with accordance in portfolio customer the develop and maintain secure, to necessary further and projects campaign Offer” Autumn “PRE successful the of implementation the to contributed also 2014 in Department Service Customer The sales. of efficiency and competitiveness the strengthening for output with projects in and products sales new of implementation and preparation the of scope the in especially departments Group PRE other of projects and activities in and cooperate contribute relations, contractual of administration and a supplier of changes in support internal provide Departments Office Back The competition. entire the of winner absolute the became also but category, sector) Energy and (Industry Website Field the in first only came not PRE which in Web Top competition 100 prestigious the in ranking excellent its in comes website new PRE’s of quality high the of indication An online-service. user the for range services of a broad provides and relationship contractual their about information users offers website PRE new the portal) customer zone PRE /My PRE (Moje registered a discreet In services. and products company’s parent the of offer current the about information necessary the with customers PRE potential and existing i.e. users, providing customer-orientated, strongly is It environment. user-friendly overall and structure out laid logically image, graphic a moderate has website PRE new The website. new company’s parent the of launch the with 2014 24 of April as followed second stage The communication. electronic prefer who customers those for relations contractual of maintenance and up setting the involving service customer alternative an provides It 2014. 1January on operate to began and established was Department Service Customer Non-personal the stage, the first In customers. with communication electronic optimising for tools on 2014 in placed was emphasis a great services, customer of support and development of sphere the In segments. B2B and B2C of customers from collection debt and billing gas, natural and electricity consume and segment B2C to belong who customers of points consumption for a supplier of change the primarily are key Office The Back in sales. actual and processes services providing departments internal Office Front to also and department sales to support ensures Office Back The Office Back Number ofE-mailsanswered by thePreCallCentre Number ofEnquiriesanswered by theP re CallCentre Number ofVisitsatthePreCustomer Centre Total Total Year Year Total Year 261,930 271,302 94,362 2014 2014 2014 239,444 103,923 281,920 2013 2013 2013 249,877 255,812 79,723 2012 2012 2012 252,683 267,109 63,363 2011 2011 2011 230,472 261,720 48,834 2010 2010 2010 240,026 210,985 30,369 ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL 2009 2009 2009 204,212 216,288 30,193 2008 2008 2008 TRADING ACTIVITY 202,254 235,355 18,214 2007 2007 2007
25 TRADING ACTIVITY 26 TRADING ACTIVITY TRADING GROUP /PRE 2014 REPORT ANNUAL ConsumptioninPREpointsindividualMonthsfrom2011–2014(kWh) Cumulative Electricity electricity. of MWh 20 than more “refuelled” – customers year the during increased significantly consumption the fees introduced the of car. Despite a new with together get they which cards RFID cars with refuel to enabled are –customers factory car BMW with cooperates Group PRE the charging public of sphere the In service. this in interested were transport of means electric of operators 90 than more 2014 December 31 at As extent. a large to therefore increased users of Fluctuation removed. thus was blocked” “unnecessarily were stations when operation pilot the during discovered was which habit bad –the charging for spent time the for pays customer The a fee. to subject is charging May Since period. a three-year than more after 2014 April in terminated was of charge free provided was electricity which during operation pilot The often. more and more used are and faster much cars electric the charge which A sockets 3x32 Mennekes A or 1x16 socket” a “standard either with equipped are stations The Republic. Czech whole the in points charging 31 of a total operates thus Group PRE The operation. into put was mall shopping Vysočanská Fénix in point a charging 2015 March In (Stodůlky). 13 Praha ÚMČ and (Vršovice) energetika Pražská 5(Smíchov), Praha ÚMČ (Stodůlky), Mlejn KD Zličín, Praha Park Shopping Avion (Albertov), dopravní Fakulta ČVUT as such locations in operation into put were PREpoints) called (so points charging public more six 2014 of course the In Charging Stations PRE mobilit may be divided in several interconnected parts which have one common denominator –electricity. denominator common one have which parts interconnected several in divided be may Project PREmobility The transport). of means these of operation the of place the in emissions local (zero discernible most the is the environment 20,000 10,000 25,000 15,000 5,000 0 ACTIVITY January y February
March more compete with conventional combustion engines, (especially in big cities) where the resulting benefit to to benefit resulting the where cities) big in (especially engines, combustion conventional with compete more and more which transport of means electric of share increasing gradually the safeguard to is trends global with line in which Project E-mobility the on intensively worked Group PRE the year the of course the During April May June July August September October November December 2014 2014 2013 2012 2011 advantage namely in well known Prague traffic jams. jams. traffic Prague known well in namely advantage a great is costs) operational minimum and emissions local zero from (apart transport of speed The transport. of means standard as which used are mopeds electric 3ELMOTO and scooters electric 2GOVECS contains also Group PRE the of transport of means the of portfolio actual The Scooters Electric 98,000 than more run have cars electric mentioned The cars. electric eUp Volkswagen seven 2014 from and van” “electric E-CELL Vito Mercedes-Benz one cars, electric C-Zero Citroën seven are purposes) business (for fleet car the of Part cars. electric 15 operates currently Group PRE The Cars Electric car. customer´s the of price the in included is check This network. the and socket electric the of a check with customers the provide and factory Volvo car with cooperate we charging non-public In increasing. gradually been has hybrids plug-in and cars electric of number a registered of charging (business) home of solution for demand The wallboxes. called so infrastructure, charging non-public with dealing also was stations charging public of service and installation provides which a.s. PREměření, Current information about the project is available at www.premobilita.cz. www.premobilita.cz. at available is project the about information Current on. so and cyklozvonění) Tour (Pražské Ringing Bike Day, Prague Car-Free Week, Mobility European as such transport ecological support to events of a number at participated we 2014 In price. a discounted for bike electric an buy to able be will –customers time first the for exhibition a selling be will It site. Centre´s the on exhibited be will transport of means electric of dozens when Republic Czech the in kind its of exhibition biggest the of one is This 2015. in Centre Service PRE the at exhibition e-mobility 5th the hold to We plan Events and Exhibitions rentals. and sales for advantages and discounts with customers PRE We provide wheelchairs. citizens senior and motorbikes electric children’s scooters, electric by complemented is sold bikes electric of range The increased. again were the revenues year, previous the with year. compared If every as rented were bikes electric of Hundreds customers. to delivered were bikes electric of 2014 dozens season “pilot” In bike. electric ordered the of delivery the until charge of free section rental the in available are that bikes electric of types 20 than more the of one borrow can he deposit, a 10% makes he Once guarantee. mobility so-called the of advantage take can he stock, in not is that bike electric an chooses 747/28. TeTa in a customer If street located is which Jungmannova in Mall Centre Service PRE the in offered bikes electric of types 100 than more the of one choose can Customers bikes. electric of hire and sales on focused is (www.prekolo.cz) PREkolo Project The Bikes Electric 44,000 which of km km last year. last km ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL TRADING ACTIVITY
27 TRADING ACTIVITY for clean transport
Electromobility is also part of our environmentally oriented approach. We operate a total of 31 modern charging points, and we have 15 electric cars and 5 electric motorbikes in our fleet. Our car and electric bike rental service and shop in the very centre of Prague serves the public. for clean transport 30 Investments I GROUP /PRE 2014 REPORT ANNUAL — — — — — — were: In 2014 constructions thestrategic biggest cuts. supply territorial large in result could which breakdowns large preventing of means the fundamental is condition safe and working in it maintaining and level technical corresponding the securing network, backbone VHV the of Taking care stations. transformer the of renovation constant including LV of networks optimization systematic continued also There infrastructure. critical City´s the of a part concurrently are which equipment and networks HV VHV and existing the of renovation careful and needed the with continued PREdi 2014 in shareholders, the by approved plan investment the on Based as amended. Coll., 540/2005 No. ERÚ the of decree the with accordance in standard guaranteed the of non-observance for payment of the obligation by 1 July 2006, of as penalized been has years previous in unlike standards guaranteed the of Non-fulfilment legislation. ERÚ determined secondary was by this with associated services the and supply of level quality The Prague. of City Capital the of customers the by expected services distribution of level required and reliability operating the repairs planned the with together ensuring equipment distribution the of reproduction simple the with dealt also plan investment the hand, other the On locations. individual the in load the of development corresponding and requirements customer expected the account into taking while links, mutual to respect with and materials available the on based systems network of reproduction extended the with dealt hand one the on categories, equipment distribution individual to segmentation in plan, investment The locations. city´s developing the in and area built-up already on points connection existing already at output consumed in an or increase connections, new for demand customer in trend assumed further the account into takes also It maintenance. efficient their of and possibilities components network individual of lifetime physical real operations, network of reliability achieved and ability transmission condition, technical the reflecting results analyses on based is which plan investment mid-term and a long-term implements and prepares annually PREdi a.s. PREdistribuce, — — — — — at: all above directed was 2014 in programme investment the Plan, Strategy Group PRE the with compliance In IN Work also continues on the implementation of new SCADA dispatching control system. system. control dispatching SCADA new of implementation the on continues also Work plan. urban the respect and Council Prague of City departments planning the with term long the in coordinated been have Prague of City Capital the of territory the on constructions the All nvestments V start of the construction of Uhříněves cable tunnel for connecting the 110 kV TR Uhříněves substation by cables and leading the output out from it. from out output the leading and cables by substation Uhříněves TR kV 110 the connecting for tunnel cable Uhříněves of construction the of start kV, T403 400/110 of connection and Chodov TR ŘS of renovation of continuation Sever, TR towards vrch Červený TR from line overhead kV 110 of renovation line, Metro Motol new the feeding ensure to Vypich towards Západ TR from tunnel cable the of completion Střed, –TR Holešovice TR of cable kV 110 the also looping and for output kV 22 leading for Libeň in ostrov Rohanský towards substation Karlín future from ducts cable of construction the of 2010, in continuation a.s. teplárenská, Pražská from bought PREdi which Třeboradice in substation kV 110/22 standard of modernization the of continuation portfolio. generation the of enhancement further for energy of sources renewable of management, acquisition system distribution the of reliability the increase and services customer improve to systems control and information of perfection stations, switching HV and stations distribution VHV/HV of equipment the of modernisation and capacities new of development input, required the of increase and connection for customers of requirements new with connection in networks the of enhancement and extension network, LV of HV and modernisation and renovation ESTMENT D ESTMENT E V ELOPMENT network reliability and security will be achieved on the territory of the Capital City of Prague. of City Capital the of territory the on achieved be will security and reliability network of level high the that so time in modernised be will terms, accounting in and physically both system, distribution the of equipment obsolete the that so development adequate and renovation of area the in a distributor of task the fulfil to is PREdi of objective principal the period forthcoming the In network. distribution our for the concept creating for applied are which of outputs the area, supply PREdi of locations typical represent which places several at projects pilot in tested been have technologies New elements. other and cars electric for stations charging generation, decentralized of integration the from ensuing demands of decrease significant to leads technologies new of deployment and system distribution the of strengthening involves that combination appropriate that indicate studies Foreign management. asset to overlap a significant with servicing customer and savings energy to related benefits of maximisation and efforts economic regards as especially employees, Company for challenge a big represent trends future These manner. a corresponding in legislation Czech the in embodied be will it case in metering AMM intelligent the including grid) smart called so (the grids smart of deployment gradual for equipment and network of preparation in involved intensively been has PREdi strategy, adopted the on Based the year the total installed input of the PREm generation portfolio reached almost 20 MWp. 20 almost reached portfolio generation PREm the of input installed total the the year of end At the MWp. 5.79 of input installed with Mikulov plant power photovoltaic and Dačice plant power photovoltaic of ownership it acquired segment, this into funds invested the of a result As energy. of sources renewable of field the in activities its expand to continued PREm 2014 In PREměřění, a.s. ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL I nvestments
31 Investments 32 Financial Analysis F GROUP /PRE 2014 REPORT ANNUAL S Net cash flow after tax tax after flow cash Net depreciation and interest tax, before –profit EBITDA –EBIT before Operating interest profit/loss and tax Total revenues labour productivity – ROCE employed equity on Return Equity interest in total invested capital capital invested total in interest Equity liquidity Regular indicators Other margin Sales Total revenues of liquidity Level Profit before tax per CZK 1 of total revenues revenues total 1of CZK per tax before Profit revenues 1of CZK per distribution and electricity of sales from margin Sales revenues the of profit of Level tax after Profit inancial A nalysis c ele d F te in a n c i a l I n d i ca tors
employee MCZK MCZK MCZK MCZK MCZK MCZK CZK / Unit % % % % %
19,076 13,616 4,094 3,050 5,896 1,636 2,418 2014 63.0 15.9 31.5 15.8 61.7
21,784 15,627 6,354 3,399 1,303 4,420 2,713 2013 60.6 29.6 71.6 18.5 15.5
Sales margin from sales of electricity and and electricity of sales from margin Sales average adjusted number of employees of number adjusted average Profit after tax from income statement statement income from tax after Profit Profit/loss from regular activity before before activity regular from Profit/loss Sales margin from income statement statement income from margin Sales distribution: sales of electricity x100 electricity of sales distribution: distribution, services and connection services distribution, decreased by NCF from investments investments from NCF by decreased (total assets – short-term payables) –short-term assets (total Revenues from sales of electricity, electricity, of sales from Revenues EBITDA = EBIT + depreciation +depreciation =EBIT EBITDA NCF from operating activity activity operating from NCF total invested capital x100 capital invested total short-term ayables x100 ayables short-term tax: total revenues x100 revenues total tax: before interest and tax contributions received Operating profit/loss Operating profit/loss Calculation formula Short-term assets: Short-term assets: Total revenues: ROCE =EBIT: ROCE Equity: Equity:
preconditions and will flexibly respond to the changing conditions of the external environment by possible correction of its strategy. its of correction possible by environment external the of conditions changing the to respond flexibly will and preconditions planning of fulfilment monitor systematically will Company The etc. industry power of sphere regulated the outside activities new for entrepreneurial search will it strategy long-term its with compliance in industry, energy the in opportunities investment suitable for look time same the at will Company the performance, overall Group’s PRE the in rise further to Due future. the in environment legislative and the economic of anticipated the changes reflects it addition in however Period; Regulatory fourth and third the in rules regulatory stricter of impact the of the uncertainty and market energy the on competition increasing the of risks possible account into takes also plan The results. economic stable long-term with continue and period planning the throughout performance high maintain to aims plan The rates. tax income and prices purchase of rates electricity exchange rates, interest products, industrial of prices costs, living of inflation especially indicators, macroeconomic GDP of in trend the arise will differences significant no that is indicators planned achieving for precondition A fundamental method. consolidation a full by unit consolidated the in incorporated were subsidiaries all standards; IFRS using up drawn was Group PRE the of plan financial consolidated The E stim a te d Ec onomi c R 2015–2016 in esults ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL F inancial A nalysis
33 Financial Analysis for our customers
The PRE Service Centre offers services related to energy saving, electrothermal equipment, rental and retail service for electric bikes sold under the PREkolo (PRE bike) brand and the utilisation of modern energy solutions resulting in money savings. 511 customers rented measuring and detection sets to accurately assess their energy losses in 2014. for our customers 36 Human Resources — — — — employees: its for projects following the implemented has Company the scope, this Above Programme. Promotion Health National the of requirements the meets which Group PRE the in place taking is healthcare preventive of A programme employees. for ensured is care dental and medical works Comprehensive Group. PRE the within valid was 2013–2015 period the for exception) mentioned above the (with Agreement Collective A unified changes. of organizational consequences pre of employees those particularly redundant made being employees for support effective provide to always is Group PRE the of A priority 1 H GROUP /PRE 2014 REPORT ANNUAL Number ofEmployees –Full TimeAverage Group. the in enforced are wages non-tariff and Tariff standards. corporate relevant by forth set are system the remuneration of applications specific Agreement; Collective the of a part others, among forms, regulation A wage signatory). its not eYello is of which exception the (with force in Agreement Collective the on based remuneration of rules determined clearly are there Group, PRE whole the Within paperwork. personnel of administration the for HR SAP module the uses Company The services. and environment safety work including company parent the in centrally out carried been has Group PRE the for calculation wage and paperwork personal Complete H sports events, etc. Great attention is devoted to all these areas of social care and most of these social programmes are contained in the collective agreement. collective the in contained are programmes social these of most and care social of areas these all to devoted is attention Great etc. events, sports and cultural recreation, loans, interest-free as such benefits social other and programmes healthcare preventive care, medical occupational catering, housing, employees, of conditions living and working improving on all, above focuses, system benefit employee The employees. of and integrity motivation the to contributes clearly appraisal, employee of forms other and contributions financial bonuses, benefits, employee involving care employee on focusing programme, This 2013–2015. of period the for Agreement Collective the in anchored programme social a strong of form the takes and employees its of care quality high about endeavour of years many on based is policy social employer’s the of concept The Na Homolce. hospital the at managers senior to provided is programme health A managerial Other members of the PRE Group have the following full time average number of employees –eYello: 5persons. employees of number average time full following the have Group PRE the of members Other PREm PREdi PRE PRE Group PRE uman R um vaccination against tick-borne encephalitis, hepatitis A and influenza. preventive urological programme, gland, thyroid of check-ups preventive cancer), breast treat and prevent to (designed oncology ‑ retirement age and single parents. The Company operates a system of social and financial compensation measures to alleviate the negative negative the alleviate to measures compensation financial and social of a system operates Company The parents. single and age retirement a n R esources esoures Ma n 1,401 agement 2014 643 239 514 1
1,394 2013 643 515 221 1,375 2012 636 226 226 511 1,338 2011 209 620 507 1,314 2010 504 193 615 1,332 2009 199 199 514 617 1,338 2008 212 515 611 1,391 2007 555 618 95 1,392 2006 583 610 93 levels. In 2014 a total of 880 persons, of whom 345 were students, passed the professional internship here. internship professional the passed students, were 345 whom of persons, 880 of a total 2014 In levels. educational all of schools electrotechnical of students and pupils of internship professional for also and companies cooperating of employees employees, own of training further for used is which Polygon centre educational and a training operates costs own its at company parent The 18. Masná Prague 1, Transport, of School Technical Higher and Technical Secondary the and 16, Na Příkopě 1, Prague Engineering, Electrical of School Technical Secondary and School Professional Higher Křižík František as such schools secondary and 1a) Poděbradská 9, Prague Training Centre, Business Vocational Technical 12; Poděbradská 9, Prague energetické), (SOU School Vocational Electrical (Secondary schools vocational electrotechnical Prague and University Technical Czech the of Engineering Electrical of Faculty the with cooperation a log-term exists there employees, new recruitment of and internships professional of sphere the In education. tertiary and secondary of schools vocational of graduates of the recruitment supports Programme Recruitment corporate Group’s PRE The resources. human and law economics, in regulations and decrees new of knowledge skills, interpersonal and knowledge expert of improvement continuous the on as well as legislation, from stemming and jobs specialised highly performing for essential engineering power of field the in training professional on focuses employees of development The competence. required and expertise key their on focusing employees of education and development systematic the supports actively also Group PRE The PRE GroupAgeStructure PRE GroupQualification Structure
years 40–50 years 30–40 years 20–30 years 20 to Up Elementary University years 60 Over years 50–60 Apprenticeship Apprenticeship and Secondary Certificate with Secondary Complete
55.34% 29.44% 23.92% 26.47% 25.76% 14.72% 17.41% 0.78% 6.16% 0% PRE AgeStructure PRE Qualification Structure ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL years 60 Over years 50–60 years 40–50 years 30–40 years 20–30 years 20 to Up Elementary University Apprenticeship and Secondary Certificate with Secondary Complete H uman R esources 56.84% 29.68% 36.25% 16.97% 26.75% 23.24% 6.30% 3.36% 0.61% 0%
37 Human Resources 38 Environmental Protection and OHS E GROUP /PRE 2014 REPORT ANNUAL are etc. benefits. stays employee of a part as recreational provided activities, sports services, medical and health above-standard further services, medical occupational Besides together. problems small even solving by and employees and management Group PRE the between communication mutual by all above safety of ensured is level High work at approach. professional the guarantee Enterprise” Supporting Health Level “Third title the and Enterprise” “Safe certificate The culture. the corporate of part important an also but obligations, legal of fulfilment the just not means Group PRE the at healthcare Employees protection. health to approach the improve and employees all to relate objectives its and programme The PREdi. and PRE in out carried was system Enterprise” “Safety the of recertification the 2013 In Group. PRE entire the of but company parent the only in not work at health of protection and policy safety the of part inseparable became programme Enterprise” “Safety the of objectives The Award. Enterprise” “Safe of a holder is Company The POLI — — — — — Company: the within defined were protection environmental of sphere the in principals Following time. third the for certificate this defended companies both 2015 March In years. three every process recertification to subject is withdrawn, or retained be will licence the whether decides which system, This 2006. since PREdi and PRE in introduced been has system –EMS 14 001 ISO The on Intranet. is protection the available environment the of explanation detailed more for presentation instruction An preparations. and substances chemical dangerous manage to how in trained further are employees selected protection; environmental of sphere the in trained continuously are Employees Group workplaces. PRE the at created been has products of collection return and waste other and dangerous of collection waste, sorting of system A working enhanced. being is accident an of case in security the also and lowered being is pollution noise the stations distribution kV 110/22 of and reconstruction modernisation to Thanks tanks). oil (without ones dry or transformers sealed hermetically by replaced being constantly are transformers oil water, older ground and surface of contamination possible of risk the reduce to order In birds. wild of protection for e.g. used is equipment which technology network distribution of modernisation to policy protection environmental the of part as provided are funds Considerable protection. its of conditions the improve constantly to attempt and priority their as environment the for responsibility take that corporations modern among rank Group PRE of Companies E nvironmental and OHS Protection n information and education. andinformation education. of system the through it improve constantly to efforts the and protection environmental of need the for employees of awareness the increase protection, environmental and health to regard due with preparations and substances chemical dangerous handling employees train systematically disposal, its for authorised firms to waste this return waste; dangerous and substances dangerous of handling of system the observe consistently recollection, for returned freely be can which products rejected of kinds selected sorting also and packaging; and waste of kinds other all of sorting components; dangerous including waste communal of sorting the observe PRE Group, whole the in them apply and regulation new to attention maximum devote protection; environmental of areas all in regulation legal observe v ironment OF O OF CY CC a UP l P A TION rote A c L HE tion A P LTH A oli cy N D S A FET Y
— — — all: above Prioritizes Safety and Health Occupational of Policy The activities which ensures that legislation is upheld and the obligations of the employer and employees are observed. are employees and employer the of obligations the and upheld is legislation that ensures which activities work individual of analysis risk and means work protective personal checks, preventive protection, health to related norms corporate of system rules, work of safety of observance consistent applying by threat and situations risk –avoid employees all and management members´ Group PRE the of objective common management, activities Company of part integral an as work at health of protection and safety E nvironmental and OHS Protection ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL
39 Environmental Protection and OHS for our children
We are fully aware of our social responsibility. Our philanthropic activity includes social care, healthcare, education and sport projects. Last year we made 33 direct and dozens other donations through the Barriers Account of the Charter 77 Foundation; the total value of all donations came to over CZK 5 million. for our children 42 Public Relations P GROUP /PRE 2014 REPORT ANNUAL philanthropy. through Group PRE the of image a positive creating of increasing is importance The sport. and culture environment, education, care, social healthcare, charity, on appropriately, as focusing, donations, providing of aspect social the presence, –local City the Capital of region the from applications to preference giving as such donorship of principles and rules the to adheres strictly Group PRE The role. communication important an plays it time same the at and needs beneficial publicly the serves Group PRE the of philosophy sponsorship the that stated be must It public. the with communicating openly and positively entity, a dynamic as Group PRE the present to is activities of the sponsored purpose The reputation. and image positive its building for part important an considered are Activities Donor and Sponsor Group PRE The Philanthropy bought. be can prices advantaged for sources saving light and equipment thermal electrical where premises same the in a shop is There year). previous the with compared third one by increased in 2014 bikes electric of renting the from (revenues Republic Czech the in bikes of types and brands of selection broadest the offers The rental service (PREbike). PREkolo sales bike electric an as operates also Centre Service PRE The www.PREkolo.cz. is address internet important Another consumption. electricity of areas all in savings making of way simplest the offering (www.energetikcyporadce.cz) website Energy Advisor the PRE operates Centre Service PRE The cameras. thermal and sets detection meters, consumption of renting the also is activity Centre the of the of part important An on. so and services replacement lighting offer plants, power photovoltaic small of service and plan, a complex for implementation arrange installations, electrical rooms, boiler electric reconstruct to how of activity practical and advice providing on focus CES of Specialists technology. latest the presents and economically electricity use sources, renewable businesses) small utilise and energy, save to how on households (for services advisory providing in more specialises It 2009. in activities its started had which poradenství) energetického (Centrum Centre Energy Advisory the from 2014 in activity its up followed continually PRE) služeb (Centrum Centre Service PRE Centre Service PRE place). third in placed always was www.pre.cz presentation web the corporate 2012 to 2007 (from Industry Power of category the in even rankings top achieves annually website company’s parent the because years past of success the on built has PRE 2014. of websites best the for awarded was a.s. energetika, Pražská competition Top Web this in 100, competition annual the during assessed objectively was websites the of comfort user and elaboration of level The Centre. Call the to eventually Internet, the to Centres Commercial from contacts customer many as move to aim an in created also were Group PRE the of websites operating newly The Websites covered. are advance in approved projects individual for amounts which through own its PRE Foundation established it which within Foundation 77 Charta the with together came Group PRE the activities donation its with line In partner. business a serious as Company the of image external friendly and positive creating to contribute significantly which marketing, and customers for services advisory with lies image positive a public creating of part appreciable An etc. activities donor image, graphic internal and external a single achieving administration, municipal and regional public, customers, with communication of forms new seeking customers, with dealings in possible as accommodating as being customers, for premises all –refining objective this achieve to order in used are means available All partners. business all and shareholders public, broad the of eyes the in PRE of image positive the achieve to is relations public of area the in objective strategic The image. external its building deliberately time a long for been has Group PRE the communication, internal and external of level higher qualitatively of creation and programme investment extensive an with Together Group. PRE the of priority top a constant is orientation customer ublic R REL elations A TIONS application and this gives PRE the guarantee that our financial aid really does reach those who currently need it the most. the it need currently who those reach does really aid financial our that guarantee the PRE gives this and every application behind story specific and a genuine see They field. the in specialists other and doctors with working by handicapped the of overview has a perfect foundation the of staff The effective. and beneficial highly is Foundation 77 Charter the with cooperation The a.s. Pražská energetika, of Fund” Endowment “PRE the of funds the from provided is donation the that stipulates donation of deed Each 35,000. CZK approx. was project implemented one for amount average the 2014 In 200,000. CZK is projects individual for contribution financial possible maximum The donations. of deeds concluded subsequently had Foundation 77 Charter the whom with 2014 in applicants approved 58 among distributed was which fund endowment this to crowns million two contributes PRE established. been has Fund Endowment PRE which in Foundation) 77 (Charter 77 Charty Nadace with closely working began we 2012 In crowns. 5million over worth donations 34 of a total donated Group PRE the 2014 In Prague. in Hospital University General the or 90) (Life 90 Život Workshop), Pottery (A MANO A MANO dílna keramická Centre), Children’s (Sulická Sulická centrum Dětské Babybox, Association), Line (Safety bezpečí linka Sdružení Children), Endangered of Fund (The dětí ohrožených Fond Foundation), Child (Our dítě Naše Nadace with work our mentioning worth is It associations. civic and foundations various hospitals, with Prague, in School Technical Secondary and College Technical Křižík František as such schools with time a long for working been We have City. the Capital in i.e. activity, of sphere its of region the in particularly support provide to strives PRE character, municipal a well-marked of a Company As Museum (Klub přátel Národního technického muzea v Praze) and Eco-carsharing Centre. Eco-carsharing and v Praze) muzea technického Národního přátel (Klub Museum Technical National the of Friends of Club komerci), elektronickou pro (Asociace Commerce Electronic of Association v energetice), zaměstnavatelů svaz (Český Employers Sector Energy of Association Czech Prahy), města hlavního komora (Hospodářská Prague of City Capital the of (Česko Industry and Commerce of Chamber Czech-German (OTE), operator Market Electricity o.s.), ČR právníků podnikových (Unie Association Lawyers Company Czech CIRED, ČK Committee, Energy –CR Council Energy World ČSRES, of members are Group PRE the of Companies Membership in National/Multinational Organisations/Associations ‑ německá obchodní a průmyslová komora), Czech Institute of Internal Auditors (Český institut interních auditorů), Chamber of Commerce Commerce of Chamber auditorů), interních institut (Český Auditors Internal of Institute Czech komora), a průmyslová obchodní německá ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL P ublic R elations
43 Public Relations 44 Informatics I GROUP /PRE 2014 REPORT ANNUAL — — — — — involves: principally This support. informatics significant require will that 2015 for strategy Group PRE adopted the of part as planned is changes development of A series — — — — — — — — follows: as were year the of projects Main changed. significantly processes distribution and business of support informatics the which during technology information of terms in changes large of a year was 2014 part. integral an is policy investment ICT the where field this in strategy a uniform develop and maintain to able thus is Group the basis long-term the On Group. PRE the within centrally provided are telecommunications) (informatics, services ICT IC nformatics T SER continuation of the development of smart technologies utilisation and others. others. and utilisation technologies smart of development the of continuation services, new of range a whole provide will which websites PREm and PREdi new including services internet of enhancement further significant of support new business processes, Centres, Call and Centres Customer in provided services of optimisation further project, SCADA of completion costs. IT of optimisation and efficiency activities of increase PREm, for services minor involving project of implementation upgrade, systems GIS customers), for services (internet implementation project ICSS optimization, servicing customer of project support, Centre of Call enhancement system, control SCADA new the of project the for support 2015), in (continues Prices Delivery of Point project V IC ES — The subsidiary performs following activities: years) 25 for territory. above 1.1.2006 mentioned the (in force as of on 120504769 No. holder licence distribution electricity is Company The distribution. electricity for used property immovable of part and equipment technical the of owner the became and Žalov and Roztoky Prague, of City Capital the of territory licensed the on system the distribution of operation and securing of area the in 2006 1January of as PRE of obligations and rights all into entered PREdi Therefore, operator. system the distribution separate to requirement legal the with accordance in 2009 7September on subsidiary a separate as established was a.s. PREdistribuce, PREdistribuce, a.s. You may find more details about this subsidiary in its Annual Report. Report. Annual its in subsidiary this about details more You find may amended. as Coll. 540/2005 No. Decree ERÚ the with accordance in as year the system throughout distribution the to connected customers to regard with met were services related and supplies electricity of quality the of Standards covered. were territory licensed the on projects development of investors and customers new and existing the of requirements energy and input all and levels voltage all on networks the through distributed was 6TWh of a total 2014 in 2010; 1December on MW 1,209 of maximum its reached network distribution of load total The therewith. related services customer and user the and distribution electricity of quality adequate the observing while network the of use the for prices and costs optimise to aims which ERÚ the by performed regulation price to qualitative subject and is distribution Electricity system. distribution the in supplies of settlement for data of transfer and measurement the network, of repairs and maintenance failures, resolving and operation of control optimum units, structural and buildings customers, new of activities, connection network of restoration and development the are distribution securing for activities and processes key The stations. transformation network kV 22/0.4 and transformation kV 110/22 with stations distribution lines, cable and lines kV 0.4 and kV, kV 22 110 of system the by formed is which system distribution the through customers individual of points transfer or consumption the to system transfer or transmission the facilities with from points electricity of transmission the ensuring with connected activities and processes the all means electricity of Distribution Network Distribution — — — — — — — — — — — — — — — execution of constructions, their alterations and demolitions. ofexecution constructions, technical controlling, reporting, regulatory and Company the of departments all for paperwork economic comprehensive market operator, electricity the to data assessed and measured the submitting and assessment their including network distribution the in measurements systems, control andadministration of operation network andadministration of cables, operation metallic communication network, distribution the of qualities technical of measuring and diagnostics and plans of mid-term andpreparation frequency disconnection and plans, short-term disconnection service, emergency of management situations, breakdown of solution shutdowns, planned of management management, control remote mass and optimization loss and management flow power time, real in management operation network inspection and continuous of checking the activities existing equipment and equipment in construction, documentation, operational and technical for materials archiving administration and recording of assets designed for electricity distribution, contractors, with relations contractual of management network, distribution the of construction tunnels, cable and substations network, distribution the of maintenance and development concepts, planning, managementproviding management, connection of distribution network relations services, customers, with contractual ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL C apital I nterests
45 Capital Interests 46 Capital Interests 100 120 C GROUP /PRE 2014 REPORT ANNUAL Comparison oftheDevelopment Indicators(asat31.12.ofgiven ofSelectedNetwork Year) Average Supply TimeofElectricity DisconnectiononVHV, VHV/HVandHVEquipment (min.) Number ofE-mailsanswered by theDistribution Emergency Line Number ofEnquiriesanswered by theDistribution Emergency Line 40 Number stations of distribution stations HV of Number lines HV of Length Length of LV network Number of VHV/HV stations VHV/HV of Number Achieved maximum load load maximum Achieved Indicator Indicator Total Total Year Total Year Length of VHV network network Length of VHV of which breakdowns breakdowns which of 60 80 20 apital I 0 2003 nterests 2004 2005 2006 pieces pieces pieces pieces Units Units 2007 MW km km km 22/24 3,854 4,835 3,246 7,945 1,149 2014 2008 207 13,900 41,371 2009 22/24 4,834 5,722 3,872 1,156 3,261 7,834 2014 2014 2013 206 22,943 2010 52,789 22/24 4,833 3,865 4,916 1,198 7,850 3,274 2013 2013 2012 206 2011 15,935 41,782 22/24 4,839 2,860 3,863 3,295 1,205 7,836 2012 2012 2011 202 2012 38,484 17,364 22/24 3,254 3,829 1,209 4,778 1,156 7,750 2010 2011 2011 202 2013 32,860 22,160 21/24 4,796 3,780 1,207 3,277 1,577 7,693 2009 2010 2010 206 2014 28,800 18,650 21/24 1,230 4,783 3,281 7,645 3,701 2009 2009 1,147 2008 206 HV equipment HV equipment VHV/HV equipment VHV 23,300 34,260 20/23 3,670 4,750 3,272 7,678 2008 2008 1,141 2007 679 196 22,300 31,200 20/23 1,090 3,584 4,693 3,258 7,557 2006 2007 2007 100 196 Number ofVHVandHVFailures operated by PREm was more than 12.645 GWh of electric power. electric of GWh 12.645 than more was PREm by operated plants power photovoltaic of generation annual total The plants. power 14 to photovoltaic increased and MWp 5.8 ca. output installed of total Mikulov plant power photovoltaic and Dačice plant power –photovoltaic stations generation two by enlarged was portfolio generation the PREm 2014 1December of As Company. the of activity development important an been also has plants power photovoltaic own in power Generation electric of department. this through market free the on offered are etc.) stations transformer of construction audits, energy lighting, energy sources, (decentralised services energy further 2014 mid of As department. a new to them integrated and Centre Advisory Energy activities the by over took provided Company the 2014 In etc. plants power photovoltaic the servicing and construction services, thermovision stations, and LV of lines transformer inspection point, consumption the at work to related services selling was PREm subsidiary the activities business its of scope the In collection. debt and debtors to off cut being supply electricity in involved also was the Company activities these from Apart teplárenská. Pražská and Distribuce plynárenská –Pražská customers external for also but the PRE Group, within specifically out carried were Readings customers. external to appliances electrical of range selected and equipment metering of sales extent a smaller in and PREdi company a sister for assembly and testing its equipment, metering of purchase secured PREm Primarily, activities. related in also and business of subject main the in years the over diversified activities PREm the below, mentioned As 2035. 17 May until force in be will which electricity generate to a licence granted was PREm decision, ERÚ the on Based history. PREm the in step was a significant generation electricity by business of line the of extension on and generation electricity of area the in acquisitions strategic on decision The entities. external to provision services including these of installation) and service reading instruments, metering of (administration meters electric with associated processes of function optimum the ensuring for requirements with line in adapted was structure organisational the 2008 1January of As a.s. PREměření, to metering LV electricity with associated activities all consolidate to Group PRE the within decided was it readings, annual introduce to decision the to Further a.s. PREměření, to Company of the name the change to decided was it 2005 24 On November courses. qualification and training organizing sale, and sale further their of the purpose for goods of purchase equipment, metering checking for centre metrological state the operating equipment, metering of assembly and repair instruments, and machinery electrical of repair and installation production, the was activities business of subject main its Originally MCZK 35. of amount the in capital registered having a.s. Praha, elektroměrů Cejchovna was name initial its and 1998 in established was Company The a.s. PREměření, 400 600 300 500 200 100 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL 2014 C apital I HV failures HV VHV failures nterests
47 Capital Interests 48 Capital Interests C GROUP /PRE 2014 REPORT ANNUAL customers. million one over acquired far so and 1999 since operating been has it where Germany neighbouring in gas and electricity of supplier a successful is which AG) Baden-Württemberg Energie EnBW of (a subsidiary Yello of Strom experience the on based is product “YELLO ENERGY” The products. PRE of offer successful the enhances it Thus price. appropriate and a reasonable at all feedback, flexible centres, customer without communication flexible products, offered of simplicity by eYello differentiated is market, the on suppliers other to compared If Group. PRE the of members for technologies of leasing financial facilitates Company The territory. Republic Czech whole the on supplies gas and electricity for provides Company the brand ENERGY” “YELLO the Through trading. gas and electricity in engaged is Company The partner). limited the as PREm partner, general the as (PRE partnership a limited to company stock a joint from changed was Company the of form legal the 1.5.2014 at As 1996. in established was a.s.) PREleas, or eYello a.s. CZ, (formally eYello k.s., CZ, Company e Number ofMeterInstallations carriedoutin2014 CAS. with accordance in kept is accounting PREm The Photovoltaic Power Plantsoperated by PREm TOTAL Mikulov Dačice – Ořechovská Syrovice –Rajhradská Syrovice Pozorka Hořovice Kondrac Sever Pražačka TO04 Pražačka TO03 Pražačka TO02 Hrouda Lhotka Jinonice power plants Photovoltaic Yello apital I CZ nterests , k.s. request request Customer´s verification Necessary consumptions New 38,000 pieces pieces 38,000 11,000 pieces pieces 11,000 14,000 pieces Overview ofMeterReadingsOverview in2014 readings Self readings Regular Capacity [kWp]Capacity 757,000 pieces 10,254 pieces pieces 10,254 18,922 4,848 3,998 3,168 3,168 1,087 1,109 204 941 173 90 60 30 28 18 Tables stated below contain details on shareholder structure development since the time public negotiability of shares was cancelled. was shares of negotiability public time the since development structure shareholder on details contain below Tables stated the Company. in changes important on information to access immediate fact in have shareholders websites, Company the on published information to Thanks year. the during occurred structure shareholder´s the in change significant No Shareholders). with Relations and Development Strategic (Section Department Administration Shareholder the from request upon or websites Company the on directly either available is which Company the on information important all to access have shareholders All SH Structure ofPreShareholders Main PREShareholders(%) Other persons persons Other AG Baden-Württemberg Energie EnBW Status as at 31.12. at as Status Pražská energetika Holding a.s. 31.12. at as Status Legal entities Natural persons Total shareholders Foreign shareholders shareholders Domestic A REHOL D ERS shareholders Number of 5,533 5,523 5,514 10 19 3,848,035 3,869,443 2,266,204 1,603,239 Nominal Nominal (TCZK) 21,408 value 2014 shareholders Number of 5,593 5,583 5,576 10 17 3,848,029 3,869,443 1,603,238 2,266,205 Nominal Nominal (TCZK) 21,414 value 2013 shareholders Number of 5,590 5,608 5,599 18 9 58.05 41.40 2014 0.55 3,869,443 3,848,031 1,603,222 2,266,221 Nominal Nominal (TCZK) 21,412 value 2012 ANNUAL REPORT 2014 / PRE GROUP /PRE 2014 REPORT ANNUAL 58.05 41.40 2013 0.55 S hareholders S hareholders shareholders Number of 5,650 5,658 5,641 58.05 41.40 2012 0.55 17 8 3,848,029 3,869,443 1,603,221 tructure 2,266,222 Nominal Nominal (TCZK) 21,414 58.05 41.40 value 2011 2011 0.55
49 Shareholders Structure for a modern service
We continue to improve the quality of our customer services. Newly launched PRE websites, which ranked in the 1st place in a prestigious competition Web TOP 100, offer customers a broad option of services and settings that can be made from the comfort of your home. So we can make it easy for our customers to communicate not only with us, we also offer services of the PREmobil mobile virtual operator as of September 2014. for a modern service 52 Information on General Meetings Held in 2014 to Act No. 90/2012 Coll. (Act on Business Corporations). Corporations). Business on (Act to Act No. 90/2012 Coll. I GROUP /PRE 2014 REPORT ANNUAL — — — — — — — — discussed: 2014 June 26 on held Meeting General The 2014 March 27 on held Meeting General The 2014. June 26 and March 27 on held and convened were meetings general ordinary two year the During GENER statements for the years 2014–2016. 2014–2016. years the for statements financial the of auditor the 186 00, PCN 654/2, Karolinská 8, Prague office registered the with s.r.o., Audit, Deloitte company the appointed Coll., 90/2012 No. Act of 451 to Section according competition of prohibition to applying activity perform to approval required member, the Board Supervisory the Štěpán, Michal granted benefits, other and fees provided member, including Board Supervisory the of office the of performance on contract his approved and Board Supervisory the of member a new Webers Theo Stefan elected approved: nformation on G on nformation the presented proposal of the total gift amount for 2015, for amount gift total the of proposal presented the other benefits, and fees provided including members, Council Works Company and Board Supervisory the of office the of performance on contracts 2013, for fees director´s and dividends the out paying of method and level the fixing including 2013 for profit of distribution of proposal the Directors, of Board the by presented wording the in 2013 for statements financial (separate) regular the Directors, of Board the by presented wording the in 2013 for statements financial consolidated the Directors, of Board Company´s the by presented wording the in 2013 for assets its of state the on and activity business the on Directors of Board the of Report the Meeting, General the of procedure of rules permanent the Persons, connected the between Relations on Report the on statement the with together Board Supervisory the of Report the A L MEETINGS eneral M eneral eetings H eetings eld in 2014 in eld decided to change the Articles of Association and to submit the Company Company the submit to and Association of Articles the change to decided *** ** * Controlled and connected persons of EnBW are stated in the Report on Relations. on Report the in stated are EnBW of persons connected and Controlled PREm. of subsidiary 100% 1.12.2014 of As PRE. of subsidiary 7.3. 100% until a.s.); eYello CZ, 30.4. (until k.s. eYello CZ, 1.5.2014 of As PREdistribuce, a.s. other Capital CityofPrague 100% PRE FVE Dačice, s.r.o.** Dačice, FVE PRE 0.55% 51% Pražská energetikaHoldinga.s. Pražská energetika Pražská PREměření, a.s. PREměření, 100% 100% 58.05% PRE FVE Mikulov, s.r.o.** Mikulov, FVE PRE , a.s. B aden- EnBW Energie 10% Württemberg 49% 41.4% eYello k.s.* CZ, 90% AG *** CHART OFPRE GROUP STRUCTURE ANNUAL REPORT 2014/PRE GROUP
53 CHART OF PRE GROUP STRUCTURE 54 Report on Relations For Structure Diagram see previous chapter. ( B2405 ref. File Prague, in Register Municipal the at Register kept Commercial the in registered 60193913, No.: ID 100 05, PCN 10, Prague 1492/4, Na Hroudě office registered with a.s. energetika, Pražská Person: Controlled ZOK of (1) 79, Section with Report on Relations GROUP /PRE ANNUAL REPORT 2014 ( 107956 number under Mannheim in Court District the at kept Register Commercial the AG Baden-Württemberg Energie EnBW ( B7020 ref. File Prague, in Register Municipal the at kept Register Commercial the in registered 26428059, No.: ID 100 05, PCN 10, Prague 1492/4, Na Hroudě office registered with a.s. Holding energetika Pražská Controlling persons: I. provision. of information restrictions concerning ZOK of 359 Section of provisions the with analogy by and secret trade concerning Code Civil the Coll., 89/2012 No. Act of 504 Section ZOK the as to referred (hereinafter Cooperatives and Relations on Report the as to referred (hereinafter 2014 for a.s. energetika, Pražská of RELATIONS ON REPORT their majority partner. The PRE Board of Directors manages the subsidiary and sub-subsidiary companies separately. companies sub-subsidiary and subsidiary the manages Directors of Board PRE The partner. majority their as PRE only by managed are which subsidiaries PRE of activities the to apply not does management unified The activities. PRE of control the involves all above this and level PRE at contracts shareholder´s the on based EnBW and PREH companies controlling the through out carried is control The Board. Supervisory and Directors of Board the in representatives EnBW through implemented is PRE of management and control The framework. its within market on the Czech operates and group corporate EnBW the of part is PRE ZOK, of 79 Section of provisions the with compliance In Act. Corporations the Business 74 of (3) and (1) Section to according PRE of control a decisive performs and capital registered PRE the of 41.40% of a share holds EnBW (ZOK). Act Corporations Business 74 the of (1) Section to according PRE on influence a decisive exercises and capital registered PRE the of share a 58.05% represent which shares PRE holds PREH share). a 49% (with EnBW and share) a 51% (with Prague of City the by controlled jointly is PREH services. energy complementary and sources renewable from generation its distribution, electricity of Republic, Czech the territory the on gas and electricity in trading belongs activities main Group PRE the and PRE the Among infrastructure. energy the of improvement and development the to contributes and Prague of City Capital the in power electric of supply efficient and ecological stable, ensures PRE II. 1. Relations Structure Structure Relations Role of PRE; method and means control of method Role PRE; of person and manner and means of control of the relations controlled and between The structure controlling person, role of the controlled with registered office Durlacher Allee 93, 76131 Karlsruhe, the Federal Republic of Germany, registered in registered Germany, of Republic Federal the Karlsruhe, 76131 93, Allee Durlacher office registered with ) drawn up in accordance with Section 82 of Act No. 90/2012 Coll., on Business Corporations Corporations Business on Coll., 90/2012 No. Act of 82 Section with accordance in up ) drawn ). The relations are described in a manner bearing in mind the need to respect the provisions of provisions the respect to need the mind in bearing a manner in described are relations ). The PRE ) PREH ) EnBW ), at the same time the managing person in accordance accordance in person managing the time same the ), at – – – – – – – – – – – – II. – – – – – I. PRE. of persons by the controlling provided persons controlled the of list the on based prepared was persons controlled the between contracts mutual of overview The 3. persons. controlled their or persons controlling the of interest the in or incentive the at out carried were PRE of equity the of 10% exceeding property concerning proceedings no 2014 In 2. Order for Delivery of Advertising Material No. G4169/2014/0129 with Yello Strom GmbH – in force from 6.11.2014 to 31.12.2014 to 6.11.2014 from force –in GmbH Yello Strom with G4169/2014/0129 No. Material Advertising of Delivery for Order period indefinite for 20.1.2005 of as force –in EnBW) 1.5.2014 (from Trading GmbH EnBW with Contract EFET period indefinite for 23.4.2014 of as in force – EnBW) 1.5.2014 of (as Trading GmbH EnBW with G4400/2014/0001 No. Reporting Transaction EMIR of Provision for Cooperation on Contract amendment the of wording the in contract, public a potential of execution until 23.8.2013 of as force –in Netze BW GmbH) 1.2.2014 of (as AG Regional EnBW and PREdi between Consortium a Supply create to Contract the of Implementation the on Agreement contract public a potential of execution until 23.8.2013 of as force –in GmbH) BW Netze 1.2.2014 of (as AG Regional EnBW and PREdi between Consortium a Supply of Creation the on Contract period indefinite for 25.4.2013 of as force –in EnBW) 1.5.2014 of (as Trading GmbH EnBW with G4400/2013/0002 No. OTE to Access Providing on Contract 31.5.2014 to 1.1.2013 from force –in GmbH &Solutions Sales with G4100/2013/0001 No. Service of Provision on Contract period indefinite for 20.12.2012 of as force –in EnBW) 1.5.2014 of (as Trading GmbH EnBW with G4400/2012/0003 No. IMC of Means by Market the to Access Providing on Contract 5.11.2017 to 5.11.2012 from force –in GmbH Yello Strom with Contract Licence to 31.12.2017, in the wording of 1.2.2012 the amendments from s r.o. force –in spol. CZ EnBW with Services Administrative and Advisory of Provision and Matters of Handling the on Contract period indefinite for 1.2.2012 of as s r.o force –in spol. CZ EnBW with Services of Provision and Matters of Handling the on Contract period indefinite for 23.10.2012 of as force –in AG Baden-Württemberg Energie EnBW and PRE between Employees of Exchange the on Contract General 27.6.2014 31.7.2015 to from force –in PREH with 1/2014 No. Loan Short-term of Provision on Contract 30.7.2014 to 28.6.2013 from force –in PREH with 1/2013 No. Loan Short-term of Provision on Contract 1.1.2014 to 10.12.2013 from force –in PREH for Websites of Creation on Agreement amendments the of wording the in period, indefinite for 15.8.2001 of as force –in PREH with Agenda Personnel and Financial on Contract amendments the of wording the in period, indefinite for 1.4.2001 of as force –in PREH with Premises Non-residential of Lease on Contract Contracts entered into and concluded between PRE and EnBW or with the persons controlled by EnBW controlled persons the and EnBW with or PRE between and into concluded entered Contracts by PREH controlled persons the with or and PREH PRE between and into concluded entered Contracts controlled persons controlled the controlled and between of controlling mutual contracts personOverview or between statement financial exceeding according of theproperty ofcontrolled equity the 10% person to ascertained last the interest of the controlling controlled persons if such person or its proceedings concerned of the proceedingsOverview in accounting the last the outat period incentive carried or in ANNUAL REPORT 2014/PRE GROUP Report on Relations
55 Report on Relations 56 Report on Relations Report on Relations GROUP /PRE ANNUAL REPORT 2014 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – i) 1. III. Contract for Work Administration, Operation and Maintenance of Optical Networks No. PS21000111/079 – in force as of 1.7.2011 for indefinite period indefinite for 1.7.2011 of as force –in PS21000111/079 No. Networks Optical of Maintenance and Operation Administration, Work for Contract General Contract on Provision of GPRS Module Installation Service No. PS20000013/033 – in force as of 25.10.2013 for indefinite period indefinite for 25.10.2013 of as force –in PS20000013/033 No. Service Installation Module GPRS of Provision on Contract General amendment the of wording the in 29.6.2015, to 28.6.2012 from force –in PS20000012/032 No. 1/2012 No. Loan on Contract amendments the of wording the in 30.11.2014, to 28.11.2011 from force –in PS20000011/028 No. 1/2011 No. Loan on Contract 30.11.2013 to 1.5.2013 from force –in NVS24/1321673 No. Contract Lease 31.3.2013 to 1.12.2012 from force –in NO21112/017 No. Contract Lease 30.6.2013 to 1.11.2012 from force –in NO21112/016 No. Contract amendment Lease the of wording the in 31.12.2013, to 1.2.2012 from force –in N21112/012 No. System Distribution the of Sub-lease on Contract period indefinite for 1.4.2011 of as force –in NO21111/011 No. Contract Lease period indefinite for 13.5.2013 of as force –in VV/G33/09086/1321312 No. Easement of Establishment on Contract period indefinite for 20.4.2012 of as force –in VV/G33/08212/1216021 No. Easement of Establishment on Contract period indefinite for 6.6.2012 of as force –in VV/G33/08100/1215718 No. Easement of Establishment on Contract period indefinite for 12.5.2011 of as force –in VV/G33/07210/1110903 No. Easement of Establishment on Contract period indefinite for 21.5.2010 of as force –in VV/G33/06487/1006936 No. Easement of Establishment on Contract 8.3.2013 of as force –in VB/S24/1320548 No. Easement of Establishment on Contract a Future on Agreement 23.11.2010 of as force –in VB/S24/1010230 No. Easement of Establishment on Contract a Future on Agreement period indefinite for 12.12.2008 of as force –in 33200/5001/08 No. Easement of Establishment on Contract period indefinite for 19.1.2009 of as force –in 33200/4793/08/5678 No. Easement of Establishment on Contract 2.4.2048 to 31.3.2008 from force –in VV/G33/04457/08 No. Easement of Establishment on Contract period indefinite for 10.10.2008 of as force –in VV/G33/04449/08/5877 No. Easement of Establishment on Contract period indefinite for 4.2.2008 of as force –in VV/G33/04295/08 No. Easement of Establishment on Contract period indefinite for 9.11.2007 of as force –in VV/G33/04067/07/6065 No. Easement of Establishment on Contract period indefinite for 31.3.2008 of as force –in VV/G33/03938/08/5562 No. Easement of Establishment on Contract period indefinite for 16.11.2007 of as force –in VV/G33/03665/07/4394 No. Easement of Establishment on Contract period indefinite for 22.1.2007 of as force –in VV/G33/03502/07/4849 No. Easement of Establishment on Contract period indefinite for 22.1.2007 of as force –in VV/G33/03236/07/3065 No. Easement of Establishment on Contract period indefinite for 1.4.2009 of as force –in NO21109/006 No. Contract Lease do 31.2.2015 1.3.2009 of as force –in NO21109/001 No. Contract Lease amendment the of wording the in period, indefinite for 1.8.2008 of as force –in PG3530/07/2008/22 No. Contract Lease period indefinite for 1.1.2009 of as force –in PS23310209/012 No. Work for Contract of wording the in the amendments period, indefinite for 30.12.2005 of as force –in NO21106/001 No. Billboards Advertisement –Plastic Contract Lease amendments the of wording the in period, indefinite for 2.1.2006 of as force –in NO21106/015 No. Contract Lease period indefinite for 3.1.2011 of as force –in PS20000011/029 No. Contract Licence period indefinite for 2.5.2006 of as force –in P200006/27 No. Facilities Telecommunication of Construction on Contract Mandate General amendments the of wording the in period, indefinite for 30.11.2005 of as force –in P200006/22 No. Loans Short-term of Provision on Contract period indefinite of for as force –in 1.1.2011 PS20000011/011 Trader No. Electricity the of Points Consumption Customer to Distribution Electricity on Contract General period indefinite for – 1.1.2006 of as force in P200006/14 No. Operator System Distribution the of Needs own for and System Distribution the in Losses cover to Supply Electricity on Contract period indefinite for 1.1.2006 of as force –in P200006/13 No. Lot Parking Garage of Lease on amendments Contract the of wording the in period, indefinite for 1.1.2006 of as force –in P200006/11 No. Premises Non-residential of Lease on Contract amendments the of wording the in
Contracts with Subsidiaries Subsidiaries with Contracts Contracts between PRE and PREdi PREdi and PRE between Contracts Contracts with Subsidiaries Subsidiaries with Contracts – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – ii) – – Contract on Electricity Supply from Contract on Electricity Supply from supported Sources (C00605/12) – in force as of 1.1.2013 for indefinite period indefinite for 1.1.2013 of as force –in (C00605/12) Sources supported from Supply Electricity on Contract from Supply Electricity on Contract Contract on Long-term Loan No. 4/2014 (C00809/14) – in force from 28.2.2014 to 29.2.2024 to 28.2.2014 from force –in (C00809/14) 4/2014 No. Loan Long-term on Contract 29.2.2024 to 28.2.2014 from force –in (C00808/14) 3/2014 No. Loan Long-term on Contract 28.2.2023 to 28.2.2014 from force –in (C00807/14) 2/2014 No. Loan Long-term on Contract 28.2.2022 to 28.2.2014 from force –in (C00806/14) 1/2014 No. Loan Long-term on Contract period indefinite for 1.1.2014 of as force –in (C00803/14) Services of provision on Contract period indefinite for 15.1.2014 of as force –in (C00788/14) Work for Contract General 28.2.2014) on (repaid do 29.4.2016 26.4.2013 of as force –in (C00653/13) 1/2013 No. Loan Mid-term on Contract amendments the of wording the in period, indefinite for 13.7.2012 of as force –in (C00586/12) Work for Contract amendments the of wording the in period, indefinite for 5.12.2011 of as force – in (C00542/11) Contract Mandate period indefinite for 19.9.2011 of as force –in (C00522/11) Work for Contract General period indefinite for 29.9.2011 of as force –in (C00519/11) Work for Contract General to 31.12.2015 1.1.2014 from force –in (C00731/13) MO –type Supply Electricity to related Services Combined on Contracts to Amendment indefinite for 14.6.2011 of as period force –in (C00509/11) SoSSE/6253998 No. MO –type Supply Electricity to related Services Combined on Contract indefinite for 14.6.2011 of period as force –in (C00508/11) SoSSE/6207319 No. MO –type Supply Electricity to related Services Combined on Contract indefinite for period 14.6.2011 of as force –in (C00507/11) SoSSE/6283505 No. MO –type Supply Electricity to related Services Combined on Contract indefinite for period 14.6.2011 of as force –in (C00506/11) SoSSE/6279473 No. MO –type Supply Electricity to related Services Combined on Contract indefinite for 14.6.2011 of as period force –in (C00505/11) SoSSE/6282725 No. MO –type Supply Electricity to related Services Combined on Contract indefinite for 14.6.2011 of period as force –in (C00504/11) SoSSE/6250517 No. MO –type Supply Electricity to related Services Combined on Contract indefinite for 14.6.2011 of as period force –in (C00503/11) SoSSE/6254022 No. MO –type Supply Electricity to related Services Combined on Contract period indefinite for 24.6.2011 of as force –in (C00500/11) Work for Contract General period indefinite for 3.1.2011 of as force –in (C00470/11) Trademark use to Agreement Licence period indefinite for 22.6.2010 of as force –in (C00426/10) Processing Data Personal on Contract amendment the of wording the in period, indefinite for 3.9.2009 of as force –in (C00384/09) Heating Storage of Assembly on Contract General period indefinite for of as force –in 1.1.2008 (C00311/08) P4212005/5 No. 30.6.2000, dated Contract Forwarding the from arising Obligations and Rights Take-over on Contracts amendments the of wording the in period, indefinite for 1.1.2007 of as force –in (C00267/06) Services of Provision on Contract period indefinite for 1.8.2006 of as force –in (C00240/06) 1226 No. Lines Telephone of Use the to related Costs the charging and Equipment Telephone of Use on period Contract indefinite for 1.12.2005 of as force –in (C00188/05) Pooling Cash Unidirectional Factual of Provision on ZBA/2005/36 No. Contract amendment the of wording the in period, indefinite for 30.11.2005 of as force –in (C00186/05) Loans Short-term of Provision on Contract period indefinite for 1.6.2014 of as force –in (M5000/N/2014/0001) NG3530/05/2014/14 Business, for Premises Non-residential of Lease on period Contract indefinite for 1.1.2008 of as force –in (C00621/13) PG3530/05/2013/04 Premises, Non-residential of Lease on Contract amendments the of wording the in period, indefinite for 1.6.2012 of as force –in (C00581/12) Premises Non-residential of Lease on Contract amendments the of wording the in period, indefinite for 1.9.2011 of as force –in (C00523/11) Contract Lease amendment the of wording the in 31.12.2035, to 1.11.2010 from force –in (C00453/10) Estate Real of a Part of Lease on Contract amendment the of wording the in 31.12.2035, to 1.10.2010 from force –in (C00441/10) Estate Real of a Part of Lease on Contract period indefinite for 1.1.2008 of as force –in (C00312/08) 62/35300/07/Ni Lot Parking Garage of Lease on Contract amendments the of wording Contracts between PRE and PREm and PRE between Contracts ANNUAL REPORT 2014/PRE GROUP Report on Relations
57 Report on Relations 58 Report on Relations Report on Relations GROUP /PRE ANNUAL REPORT 2014 – – – – – – – – – – – – – – – – – – – – – – i) 2. – – – – – – – – iii) – – – – – – – Contract on Personal Data Processing No. PS20000014/031, C00783/14 – in force from 14.1.2014 to 28.2.2016 to 14.1.2014 from force –in C00783/14 PS20000014/031, No. Processing Data Personal on Contract 28.2.2015 – to 2.5.2014 from force in M5100/O/2014/0006 PS20200014/003, No. equipment consumption electricity of parts unmetered on Work perform to Cooperation on Contract 28.2.2016 – to 2.5.2014 from force in M5100/O/2014/0005 PS20200014/002, No. equipment consumption electricity of parts unmetered on Work perform to Cooperation on Contract 28.2.2016 force –in to 14.1.2014 from C00785/14 PS20200014/001, No. equipment consumption electricity of parts unmetered on Work perform to Cooperation on Contract on contracts the cooperation of effect the of time the until 1.3.2013 from force –in C00627/13 PS20000013/038, No. Processing Data Personal on Contract 28.2.2016 to force –in 1.3.2013 from C00631/13 PS20200013/007, No. equipment consumption electricity of parts unmetered on Work perform to Cooperation on Contract force –in 28.2.2016 to 1.3.2013 C00630/13 from PS20200013/006, No. equipment consumption electricity of parts unmetered on Work perform to Cooperation on Contract force –in 28.2.2016 to 1.3.2013 C00629/13 from PS20200013/005, No. equipment consumption electricity of parts unmetered on Work perform to Cooperation on Contract force –in to 28.2.2016 C00623/13 18.2.2013 from PS20200013/004, No. equipment consumption electricity of parts unmetered on Work perform to Cooperation on Contract force –in 16.4.2014 to 1.3.2013 C00628/13 from PS20200013/003, No. equipment consumption electricity of parts unmetered on Work perform to Cooperation on Contract force –in C00632/13 from 1.3.2013 to 3.12.2015 PS20200013/002, No. equipment consumption electricity of parts unmetered on Work perform to Cooperation on Contract period indefinite for 4.8.2010 of as force –in (C00442/10) 6168552/2010 No. LV on Level System Distribution the to Connection on Contract period indefinite for 26.5.2010 of as force –in (C00422/10) 6149169/2010 No. LV on Level System Distribution the to Connection on Contract 31.12.2014 to 1.1.2014 from force –in C00773/13 KV/S21/1424665, No. Equipment Metering of Delivery on amendment the of Contract wording the in 31.12.2035 to 1.10.2010 from force –in C00439/10 NO21110/005, No. Estate Real of Part of Lease on Contract amendments the of wording the in 31.12.2035 to 1.10.2010 from force –in C00436/10 N21110/039, No. Land of Lease on Contract 31.12.2030 to 1.9.2010 from force –in C00438/10 NO21110/004, No. Land of Lease on Contract 31.12.2030 to 1.4.2010 from force –in C00418/10 N21110/016, No. Land of Lease on Contract amendments the of wording the in period indefinite for 1.3.2006 of as force –in C00203/06 P20006/19, No. Work for Contract period indefinite for 30.12.2006 of as force –in C00260/06 S252007/004, No. Equipment Metering Used of Supply on Contract period indefinite for 30.12.2006 of as force –in C00261/06 S252007/003, No. Equipment Metering Malfunctioning of Supply on Contract amendments the of wording the in period indefinite for 1.1.2007 of as force –in C00270/07 S252007/002, No. Services of Provision on Contract amendment the of wording the in period, 1.7.2014 of indefinite as for force –in Allocation Costs Marketing on Contract period indefinite 1.7.2013 for of as force –in Supply Gas on Contract General period indefinite for 1.2.2014 of as force –in Supply Electricity on Contract General 31.1.2014 to 1.2.2013 from force –in Supply Electricity on Contract 31.3.2021 to 1.6.2013 from force –in Sub-lease on Contract 5.11.2017 to 19.12.2012 from force –in Contract Sub-licence amendments the of wording the in period, indefinite for 19.12.2012 of as force –in Services of Provision on Contract of wording the amendments the in period, indefinite for 1.12.2005 of as force in Pooling, Cash Unidirectional Factual of Provision on ZBA/2005/36 No. Contract 18.12.2024 to 8.12.2014 from force –in Dačice) FVE PRE (with 1/2014 No. Loan Long-term on Contract 1.12.2016 to 10.12.2014 from force –in (M5100/SL/2015/0007) Support Marketing Mutual on Contract 30.4.2015 to 4.10.2014 from force –in (M5100/SL/2014/0053) Contract Brokerage 30.4.2014 to 30.4.2014 from force –in (M5100/K/2014/0017) Contract Purchase 30.4.2014 to 30.4.2014 from force –in (M5100/K/2014/0001) Contract Purchase 7.3.2014 of Contracts between PREdi and PREm and PREdi between Contracts eYello and PRE between Contracts Contracts with Subsidiaries Subsidiaries with Contracts Directors of Board the of Chairman Elis Pavel In Prague, 31 March 2015 diligence. due with acting when it by ascertained as or body statutory the of disposal the at data and information all of scope full the in was ZOK the of seq. et 82 Section to according Relations on Report the up drawing when taken procedure and the that and correct are complete, Relations on Report this in contained data the that declares a.s. energetika, Pražská of body statutory the as Directors, of Board The group. corporate the within cooperation from PRE for arising disadvantages no are There brings. this advantages the and used technology the to as well as disposable, its at has group corporate EnBW the that experience and knowledge the to access has now PRE achieve. also can PRE which effects synergic numerous and acquired know-how PRE the for to thanks advantages considerable means persons, controlled their with appropriate as or persons, controlling the and PRE between Cooperation contracts. abovementioned the from or persons, controlling the of any by controlled persons or persons the controlling with relations from persons, independent between relations business in usual degree the beyond risk, any or damage any incur not did PRE 5. party. other the or one to provided was treatment preferential no and type, contract given for time and site the at usual prices in negotiated are considerations relations, binding abovementioned the to According damage. any relations binding abovementioned the persons from and controlling the of any by controlled persons or persons controlling the with relationship the from incur not did persons controlled its or PRE 4. 1.2.2015 to 1.2.2005 from force –in 0500003 to 0500001 No. Contracts – Leasing 1.2.2014 to 1.2.2004 from force –in 0400006 No. Contract – Leasing ii) Contracts between PREdi and eYello and PREdi between Contracts settlement of damages. of settlement the controlling person, and the risks that arise them. from Information on the potential and controlling personthe and controlled person between and persons controlled by Advantages and disadvantages arising the relations from controlled person between Review of whether the controlled person incurred damage and settlement a review of its Vice-Chairman of the Board of Directors Directors of Board the of Vice-Chairman Sloboda Alexander ANNUAL REPORT 2014/PRE GROUP Report on Relations
59 Report on Relations 60 Report on Relations Report on Relations GROUP /PRE ANNUAL REPORT 2014 Trade and Generation of Area EnBW of PERSONS CONNECTED AND CONTROLLED Appendix No. the on 1to Report Relations 2014 PRE KWO Rückbau GmbH i.L., Obrigheim i.L., GmbH Rückbau KWO GmbH, Düsseldorf Nahwärme Düsseldorf Zentraldeponie Hubbelrath GmbH, Düsseldorf mbH, Stuttgart Nuklear-Entsorgungsgesellschaft Südwestdeutsche companies unconsolidated but Connected Rostock mbH, Netzgesellschaft und Kraftwerks- KNG Düsseldorf mbH, Stadtreinigung und Abfallwirtschaft für AWISTA Gesellschaft mbH, Bexbach/Saar Verwaltungsgesellschaft Bexbach Kraftwerk Obrigheim GmbH, Kernkraft EnBW Karlsruhe AG, Umweltservice U-plus Gemmrigheim GmbH, Kernkraft TWS Karlsruhe GmbH, TPLUS TAE GmbH, Ansbach Ansbach Abfallentsorgung Thermische Energiehandel GmbH,NWS Stuttgart Karlsbad-Ittersbach GmbH, Mobile Schlammentwässerungs MSE Karlsruhe KG, &Co. GmbH -service und Grundbesitzmanagement Kraftwerke KMS Obrigheim GmbH, Obrigheim Kernkraftwerk Stuttgart GmbH, Stuttgart Heizkraftwerk mbH, Neckarwestheim für nukleares Reststoffrecycling Gesellschaft GmbH, Fortuna Düsseldorf Gemeinschaftsheizkraftwerk EnBW Speicher GmbH, Stuttgart GmbH, Stuttgart EnBW Rückbauservice mbH, Stuttgart Beteiligungsgesellschaft Lippendorf EnBW Kraftwerk RheinhafenEnBW Grundstücksverwaltung GmbH, Karlsruhe Karlsruhe GmbH, Speicher Etzel EnBW GmbH, Karlsruhe EnBW Biomasse Düsseldorf GmbH, AWISTA Logistik Trade and Generation of Area Kraftwerkstr. 1, 74847 1, Obrigheim Kraftwerkstr. Düsseldorf 40233 100, Höherweg Düsseldorf 40233 100, Höherweg Stuttgart 70567 15, Schelmenwasenstr. office registered Company 18147 Rostock 1, Kühlturm Am Düsseldorf 40233 100, Höherweg Saarbrücken Trierer Str. 66111 1, GmbH, Energie Saar c/o 74847 1, Obrigheim Kraftwerkstr. Ettlingen 76275 5, Erlengraben Am Stuttgart 70567 15, Schelmenwasenstr. Ettlingen 76275 5, Erlengraben Am Karlsruhe 76131 93, Allee Durlacher Stuttgart 70567 15, Schelmenwasenstr. Karlsbad 76307 35-39, Hub der Auf Karlsruhe 76131 93, Allee Durlacher 74847 1, Obrigheim Kraftwerkstr. Stuttgart 70567 15, Schelmenwasenstr. Im Steinbruch, 74382 Neckarwestheim Düsseldorf 40233 100, Höherweg Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Karlsruhe 76131 93, Allee Durlacher Karlsruhe 76131 93, Allee Durlacher Ettlingen 76275 5, Erlengraben Am Düsseldorf 40233 222, Höherweg office registered Company of renewable sources Area Kraftwerk Lötschen AG, Steg/Switzerland Steg/Switzerland AG, Lötschen Kraftwerk Stuttgart GmbH, Portfolio Onshore EnBW Stuttgart KG, &Co. 1GmbH Baltic EnBW Neuhausen AG, Neuhausen/Switzerland Rheinkraftwerk AG, Laufenburg/Switzerland Holding Energiedienst GmbH, Bruchsal Bruchsal Geothermie-Gesellschaft Stuttgart Neckar Aktiengesellschaft, Gümüssuyu-Istanbul/Turkey A.S., Holding EnBW Leinfelden-Echterdingen KG, &Co. GmbH Niederlinxweiler Windpark Hamburg GmbH, FiT Windkraft Leer KG, &Co. GmbH Neuruppin Windfarm Republic Prague/Czech s.r.o., Dacice, FVE PRE Republic Prague/Czech s.r.o., Mikulov, FVE PRE Aurich GmbH, Albatros OWP Energy Northern GmbH,Grünwerke Düsseldorf AG, Rheinfelden Energiedienst Stuttgart GmbH, II Eisenach Windpark EnBW EnBW Windkraftprojekte GmbH, Stuttgart Stuttgart 2GmbH, Onshore Wind EnBW Stuttgart 1GmbH, Onshore Wind EnBW Stuttgart GmbH, Solar EnBW Stuttgart mbH, Verwaltungsgesellschaft Siebenundvierzigste Omega EnBW Klausdorf-Barhöft GmbH, Service Offshore EnBW Stuttgart 2GmbH, Offshore EnBW mbH, Karlsruhe) Verwaltungsgesellschaft Siebzehnte Omega EnBW (formerly Stuttgart 1GmbH, Offshore EnBW Stuttgart GmbH, See Hohe EnBW Varel GmbH, Dreiht He EnBW EnBW Biogas GmbH, Stuttgart Rethwisch) Börgerende- 2GmbH, Baltic EnBW (formerly Rostock KG, &Co. 2GmbH Baltic EnBW AG,EnAlpin Visp/Switzerland AG,Aletsch Mörel/Switzerland companies Fully consolidated Litternaring 2, CH- 3940 Steg VS Steg 3940 CH- 2, Litternaring Stuttgart 70173 26, Kronenstrasse Stuttgart 70567 15, Schelmenwasenstr. Neuhausen 8212 CH- Laufengasse, Laufenburg CH-5080 44, Baselerstr. Schnabel-Henning-Str. Bruchsal 76646 1a, Stuttgart 70567 15, Schelmenwasenstr. Istanbul 34437 TR- Gümüssuyu, 53/9 Cad. Inonu Stuttgart 70173 26, Kronenstrasse Hamburg 20359 1, Reeperbahn Leer 26789 40, Nesseufer Am Prague 10, Na Hroudě 2149/19 Prague 10, Na Hroudě 2149/19 Hamburg 20359 1, Reeperbahn Düsseldorf 40233 200, Höherweg Rheinfelden 10, 79618 Schönenbergerstraße Stuttgart 70173 26, Kronenstrasse Stuttgart 70173 26, Kronenstrasse Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70173 26, Kronenstr. Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70173 26, Kronenstrasse Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70173 26, Kronenstrasse Stuttgart 70173 26, Kronenstrasse Stuttgart 70173 26, Kronenstrasse 18147 Rostock 1, Kühlturm Am Litternaring 2, CH-3930 Visp Visp CH-3930 2, Litternaring AG, EnAlpin c/o office registered Company ANNUAL REPORT 2014/PRE GROUP Report on Relations
61 Report on Relations 62 Report on Relations Report on Relations GROUP /PRE ANNUAL REPORT 2014 Alb-Windkraft GmbH & Co. KG, Geislingen/Steige KG, &Co. GmbH Alb-Windkraft JatroSolutions GmbH, Stuttgart Verwaltungs GmbH,Alb-Windkraft Geislingen/Steige mbH, im Leutkirch Allgäu Verwaltungsgesellschaft Leutkirch Solarpark Allgäu im Leutkirch KG, &Co. GmbH Leutkirch Solarpark Düsseldorf GmbH, Plus Holzkraft Kocher am Hardthausen KG, &Co. GmbH Hardthausen Bürgerenergie EE Sulzbach-Laufen KG, &Co. GmbH Sulzbach-Laufen Bürgerenergie EE Neudenau KG, &Co. GmbH Neudenau BürgerEnergie EE Möckmühl KG, &Co. GmbH Möckmühl BürgerEnergie EE Krautheim KG, &Co. GmbH Krautheim BürgerEnergie EE Jagsthausen KG, &Co. GmbH Jagsthausen BürgerEnergie EE Frankenhardt KG, &Co. GmbH Frankenhardt Bürgerenergie EE Forchtenberg KG, &Co. GmbH Forchtenberg BürgerEnergie EE Bühlerzell KG, &Co. GmbH Bühlerzell Bürgerenergie EE Braunsbach KG, &Co. GmbH Braunsbach Bürgerenergie EE Boxberg KG, &Co. GmbH Boxberg BürgerEnergie EE Widdern KG, &Co. GmbH Widdern Bürgerenergie Königheim KG, &Co. GmbH Königheim BürgerEnergie Heilbronn GmbH, Energien Erneuerbare ZEAG mbH, Stuttgart EnBW Wind Onshore Verwaltungsgesellschaft Stuttgart mbH, Verwaltungsgesellschaft Windpark Baltic EnBW Stuttgart mbH, Verwaltungsgesellschaft 2Windpark Baltic EnBW mbH, Karlsruhe) Verwaltungsgesellschaft 1 Baltic EnBW (formerly Stuttgart mbH, 1Verwaltungsgesellschaft Baltic EnBW Bangkok/Thailand Ltd., (Thailand) CarbonBW Stuttgart KG, &Co. GmbH Beteiligungen 2Windpark Baltic companies unconsolidated but Connected Eybstr. 98-100, Geislingen 73312 Stuttgart 70599 Str. 30, Echterdinger Eybstr. 98-100, Geislingen 73312 Allgäu im Leutkirch 88299 26, Markstraße Allgäu im Leutkirch 88299 26, Markstraße Düsseldorf 40233 100, Höherweg Kocher am 74239 8, Hardthausen Straße Lampoldshauser 24, 74429 Sulzbach-Laufen Eisbachstraße 27, Neudenau 74861 Hauptstraße Hauptstraße 23, 74219 Möckmühl 74238 5, Krautheim Burgweg 74249 3, Jagsthausen Hauptstraße Frankenhardt 74586 3, Straße Crailsheimer 14, 74670 Forchtenberg Hauptstraße 74426 4, Bühlerzell Straße Heilberger 74542 Braunsbach 11, Straße Geislinger Boxberg 97944 29, Kurpfalzstraße 7, 74259 Widdern Rathausplatz Königheim 97953 2, Kirchplatz 74076 Heilbronn 41, Weipertstraße Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Thailand Stuttgart 70567 15, Schelmenwasenstr. office registered Company networks of Area Neckar Netze GmbH & Co. KG, Esslingen am Neckar am Esslingen KG, &Co. GmbH Netze Neckar Stromnetzgesellschaft Heilbronn GmbH & Co. KG, Heilbronn Düsseldorf AG, Düsseldorf Stadtwerke Ellwangen) GmbH, Services Technologie ODR (formerly Ellwangen GmbH, BW NetCom Karlsruhe GmbH, Südwest Erdgas Heilbronn AG, Energie ZEAG Ellwangen AG, DonauRies Ostwürttemberg EnBW TransnetBW GmbH, Stuttgart Stuttgart GmbH, bw terranets Stuttgart GmbH, wave RBS Republic Czech Prague, a.s., PREměření Republic Prague, Czech a.s., PREdistribuce, Stuttgart mbH, Beteiligungsgesellschaft REG NWS GmbH Grundstücksmanagement NWS & Co. KG, Obrigheim NHF Heilbronn-Franken Netzgesellschaft mbH, Heilbronn GmbH, Ellwangen Jagst) Ostwürttemberg (formerly Netzgesellschaft DonauRies GmbH, Ellwangen Jagst Ostwürttemberg Netzgesellschaft Düsseldorf) (formerly Stadtwerke Düsseldorf Netz GmbH, mbH, Düsseldorf Düsseldorf Netzgesellschaft (formerly Erdgas Südwest Netz GmbH, Karlsruhe) Karlsruhe mbH, Südwest Netze-Gesellschaft Stuttgart) AG, Regional EnBW (formerly Stuttgart GmbH, BW Netze NeckarCom Telekommunikation GmbH, Stuttgart Obrigheim KG, &Co. GmbH Gebäudemanagement und Grundstücks- EVGA Stuttgart mbH, Beteiligungsgesellschaft REG EnBW Stuttgart GmbH, Beteiligungen Kommunale EnBW Rheinfelden) GmbH, Netze Energiedienst (formerly Rheinfelden GmbH, Netze ED companies Fully consolidated Rennstraße 6, 73728 Esslingen am Neckar am Esslingen 73728 6, Rennstraße 74076 Heilbronn 41, Weipertstraße Düsseldorf 40233 100, Höherweg Ellwangen 73479 2, Brühl Unterer 9, Ettlingen 76275 Siemensstraße 74076 Heilbronn 41, Weipertstraße Ellwangen 73479 2, Brühl Unterer Str. 15-17, Osloer Stuttgart 70173 Platz, Pariser Stuttgart 70565 135, Wallgraben Am Stuttgart 24, 70173 Kronenstr. Prague 10, Na Hroudě 2149/19 Prague 5, Svornosti 3199/19a Stuttgart 70567 15, Schelmenwasenstr. 74847 1, Obrigheim Kraftwerkstr. 74076 Heilbronn 39, Weipertstr. Ellwangen 73479 2, Brühl Unterer Düsseldorf 40233 200, Höherweg Ettlingen 76275 18, Nobelstraße Stuttgart 70567 15, Schelmenwasenstr. Stöckachstr.48, Stuttgart 70190 74847 1, Obrigheim Kraftwerkstr. Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Baden Rheinfelden 79618 20, Schildgasse office registered Company ANNUAL REPORT 2014/PRE GROUP Report on Relations
63 Report on Relations 64 Report on Relations Report on Relations GROUP /PRE ANNUAL REPORT 2014
Stromnetzgesellschaft Laupheim Verwaltungs GmbH, LaupheimStromnetzgesellschaft Laupheim GmbH & Co. KG,Stromnetzgesellschaft Laupheim Stuttgart) mbH, Verwaltungsgesellschaft Dreiundvierzigste (formerly EnBW Omega Stromnetzgesellschaft Heilbronn Verwaltungs-GmbH, Heilbronn Albershausen Verwaltungs GmbH, Albershausen Stromnetzgesellschaft Albershausen KG, &Co. GmbH Albershausen Stromnetzgesellschaft Verwaltungs Elz-Neckar GmbH, Obrigheim Netzgesellschaft Obrigheim KG, &Co. GmbH Elz-Neckar Netzgesellschaft Laupheim Verwaltungs GmbH, Laupheim Gasnetzgesellschaft Laupheim GmbH & Co. KG, LaupheimGasnetzgesellschaft AG, Weißenhorn Weißenhorn Elektrizitätswerk Reutlingen Kreis Lichtenstein Beteiligungs-GmbH, Rieger Reutlingen Kreis Lichtenstein KG, &Co. GmbH Rieger mbH, Stuttgart) Verwaltungsgesellschaft Fünfzigste Omega EnBW (vormals Stuttgart GmbH, Netzbetreiber SWS mbH, Esslingen am Neckar Verwaltungsgesellschaft Neckar Netze Ilshofen-Obersteinach) GmbH, Braunsbach-Tullau (formerly EBT Elektrizitätswerk HohenloherHEV Energie Versorgung GmbH, Ilshofen-Obersteinach Energieversorgung mbH, Raum Stuttgart Friedrichshafen Verwaltungsgesellschaft Stuttgart KG, &Co. GmbH Friedrichshafen Raum Energieversorgung Gaildorf mbH, Beteiligungsgesellschaft und NWS REG GmbH Beteiligungen Kommunale EnBW der OHG Gaildorf Energieversorgung Aach GmbH, Aach Elektrizitätswerk companies unconsolidated but Connected Marktplatz 1, 88471 Laupheim 88471 1, Marktplatz Laupheim 88471 1, Marktplatz 74076 Heilbronn 41, Weipertstr. Albershausen 73095 1, Kirchstraße Albershausen 73095 1, Kirchstraße 7, 74847 Obrigheim Hauptstraße 7, 74847 Obrigheim Hauptstraße Laupheim 88471 1, Marktplatz Laupheim 88471 1, Marktplatz Weißenhorn Str. 89264 6a, Illberberger Lichteinstein 72805 16, Friedrichstr. Lichteinstein 72805 16, Friedrichstr. Stuttgart 70190 31, Hackstr. Neckar am Esslingen 73728 6, Rennstraße Str. Ilshofen 74532 1, Orlacher Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Gaildorf 74405 2, Burg Tuttlingen 1-5, 78532 Eltastr. office registered Company sales of Area Energie- und Medienversorgung Sandhofer Straße Verwaltungs GmbH, Mannheim Stuttgart KG, &Co. GmbH Flüssiggas WECO mbH, ImmobilienHeilbronn ZEAG Verwaltungsgesellschaft mbH, Stuttgart Verwaltungsgesellschaft WECO Flüssiggas Wismar GmbH, Operations EZG companies unconsolidated but Connected energetika, Prague, a.s., CzechRepublicPražská Mannheim KG, &Co. GmbH Straße Sandhofer Medienversorgung und Energie- GmbH, Ludwigshafen Rhein-Neckar Energiedienstleistungen Neckar am Esslingen GmbH, grünES Heilbronn KG, &Co. GmbH Immobilien ZEAG Köln GmbH, Yello Strom Main am Frankfurt GmbH, Synergia Watt Stuttgart Gerätevertriebs-GmbH, und Gas- Thermogas Main am Frankfurt GmbH, &Solutions Sales Rheinfelden GmbH, Deutschland NaturEnergie+ NaturEnergie AG, Grenzach-Whylen Gasversorgung Unterland GmbH, Heilbronn GasVersorgung GmbH, Stuttgart Süddeutschland Republic Czech Prague, eYello k.s., CZ, Offenburg AG, Deutschland Service Energie ESD GmbH,energieNRW Düsseldorf Stuttgart) GmbH, SüdBest (formerly Stuttgart GmbH, Vertriebsbeteiligungen EnBW GmbH, Eisenhüttenstadt EnBW Propower Dettelbach GmbH, Mainfrankenpark EnBW Karlsruhe) mbH; (formerly EnBW Eni Verwaltungsgesellschaft mbH, Karlsruhe EnBW Gas Verwaltungsgesellschaft Stuttgart GmbH, EnergyWatchers EnBW Rheinfelden GmbH, GrünSelect ED companies Fully consolidated Sandhofer Str. 116, 68305 Mannheim 68305 Str. 116, Sandhofer Stuttgart 117, 70188 Talstraße 74076 Heilbronn 41, Weipertstr. Stuttgart 117, 70188 Talstraße Wismar 23970 2, Haffeld Am office registered Company Prague 10, Na Hroudě 1492/4 Mannheim 68305 Str. 116, Sandhofer Rhein am Ludwigshafen 67059 2, Donnersbergweg Neckar am Esslingen 73728 50, Fleischmannstr. 74076 Heilbronn 41, Weipertstr. Köln 27, Stein 51105 Grauen Am Main am Frankfurt 60528 Str.Lyoner 44-48, Talstr. Stuttgart 117, 70188 Main am Frankfurt 60528 Str.Lyoner 44-48, Rheinfelden 10, 79618 Baden Schönenbergerstraße Grenzach-Wyhlen 79639 49, Wasserkraftwerk Am 74076 Heilbronn 41, Weipertstraße Stuttgart 7, 70565 Schulze-Delitzsch-Straße 1391/11 náměstí Kubánské 10, Prague Offenburg 77654 38, Straße Zeller Düsseldorf 40233 100, Höherweg Stuttgart 70567 15, Schelmenwasenstr. Oderlandstraße 109, 15890 Eisenhüttenstadt Dettelbach 97337 2, Mainfrankenpark Karlsruhe 76131 93, Allee Durlacher Stuttgart 70191 34, Birkenwaldstraße 5/7,Rheinbrückstr. Baden Rheinfelden 79618 office registered Company ANNUAL REPORT 2014/PRE GROUP Report on Relations
65 Report on Relations 66 Report on Relations Report on Relations GROUP /PRE ANNUAL REPORT 2014 Other SSG Verwaltungsgesellschaft mbH Kornwestheim i.L., Verwaltungsgesellschaft SSG mbH, Stuttgart Verwaltungsgesellschaft KMS Karlsruhe GmbH, Immobilien Senergi EnBW Obrigheim GmbH, Estate Real EnBW EnBW mbH, Karlsruhe Omega Zweiundsechzigste Verwaltungsgesellschaft mbH,EnBW Karlsruhe Omega Zweiundfünfzigste Verwaltungsgesellschaft mbH, Stuttgart Verwaltungsgesellschaft EnBW Omega Vierundsechzigste Stuttgart mbH, Verwaltungsgesellschaft Vierundfünfzigste Omega EnBW mbH, Stuttgart Verwaltungsgesellschaft EnBW Omega Sechsundfünfzigste Karlsruhe mbH, Verwaltungsgesellschaft Neunundfünfzigste Omega EnBW EnBW mbH, OmegaStuttgart Neununddreißigste Verwaltungsgesellschaft mbH, Stuttgart EnBW Omega Fünfundsechzigste Verwaltungsgesellschaft Stuttgart mbH, Verwaltungsgesellschaft Fünfundfünfzigste Omega EnBW mbH, Stuttgart EnBW Omega Einundsechzigste Verwaltungsgesellschaft Stuttgart mbH, Verwaltungsgesellschaft Einundfünfzigste Omega EnBW mbH, Karlsruhe EnBW Omega Verwaltungsgesellschaft Dreiundsechzigste mbH, Karlsruhe EnBW Verwaltungsgesellschaft Omega Dreiundfünfzigste Republic Czech s r.o., Prague, spol. CZ EnBW Stuttgart mbH, Verwaltungsgesellschaft Dritte Omega EBAG companies unconsolidated but Connected Stuttgart GmbH, EnBW VersicherungsVermittlung mbHMURVA & Co. KG, Grünwald Grundstücks-Verwaltungsgesellschaft Teweratio GmbH, Stuttgart GmbH, Karlsruhe services symbiotic Karlsruhe GmbH, Beteiligungen SBZ GmbH, Karlsruhe Finanzierung NWS Stuttgart GmbH, Stuttgart Neckarwerke Obrigheim KG, Besitz &Co. GmbH -service und Grundbesitzmanagement Facilma Rheinfelden GmbH, Support Energiedienst Karlsruhe GmbH, Perspektiven EnBW EnBW International Finance B.V., Rotterdam/Netherlands Stuttgart GmbH, Immobilienbeteiligungen EnBW Obrigheim KG, &Co. GmbH City EnBW ED mbH, ImmobilienRheinfelden Verwaltungsgesellschaft Rheinfelden KG, &Co. GmbH Immobilien ED companies Fully consolidated Stammheiner Str. Kornwestheim 10, 70806 Stuttgart 70567 15, Schelmenwasenstr. Karlsruhe 76131 93, Allee Durlacher 74847 1, Obrigheim Kraftwerkstraße Stuttgart 70567 15, Schelmenwasenstr. Karlsruhe 76131 93, Allee Durlacher Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Karlsruhe 76131 93, Allee Durlacher Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Stuttgart 70567 15, Schelmenwasenstr. Karlsruhe 76131 93, Allee Durlacher 10 Prague 1492/4, Na Hroudě Stuttgart 70567 15, Schelmenwasenstr. office registered Company 7, Stuttgart Straße 0173 Calwer Grünwald Str. 82031 15, Tölzer Stuttgart 70567 15, Schelmenwasenstr. Karlsruhe 76131 93, Allee Durlacher Karlsruhe 76131 93, Allee Durlacher Karlsruhe 76131 93, Allee Durlacher Stuttgart 70567 15, Schelmenwasenstr. 74847 1, Obrigheim Kraftwerkstr. 5-7,Rheinbrückstr. Baden Rheinfelden 79618 Karlsruhe 76131 93, Allee Durlacher NL- 30-34, 3012 Schouwburgplein Stuttgart 14, 70567 Eichwiesenring 74847 1, Obrigheim Kraftwerkstr. 5/7,Rheinbrückstr. Baden Rheinfelden 79618 5/7,Rheinbrückstr. Baden Rheinfelden 79618 office registered Company CL Rotterdam CL The company did not interrupt its business during the year. the during business its interrupt not did company The ofInformation about interruption business statements. financial the in and Report” “Financial chapter the in stated are data The exposed is unit accounting the which to flow cash to related risks liquidity and credit price, about Information System”. Management Risk Group “PRE chapter the in presented are data The Company the in methods management risk and objectives about Information Resources”. “Human and OHS” and Protection “Environmental chapters in presented are data The relations labour and legal protection, environmental of field the in activities about Information 10%. than less for accounts turnover total the in participation whose Slovakia in unit organisational an has Company The abroad unit an has unit organisational accounting the whether about Information fields. these in activities conduct systematically not does Company The development and research in activities about Information Analysis”. “Financial chapter the in presented are data The unit accounting the of development activity estimated the about Information Report. Annual the of text the in presented continuously are data The day sheet balance the after occurred which facts about Information I nform ation re qu ire d in accord ance with the INFORMATION REQUIRED INACCORDANCE WITH LEGALREGULATION legal reg u lation ANNUAL REPORT 2014/PRE GROUP
67 INFORMATION REQUIRED IN ACCORDANCE WITH LEGAL REGULATION 68 SUPERVISORY BOARD REPORT ON ACTIVITIES IN 2014 THE SUPERVISORY BOARD REPORT ON ACTIVITIES IN2014 ANNUAL REPORT 2014/PRE GROUP Board Supervisory the of Chairman Baldík Jiří 2015 February 18 Prague, In and employees. Directors of Board the to thanks its expresses and good very were results economic Company´s the that declares Board Supervisory The – – – – – – – – – – – – – others: among Board Supervisory the 2014 In Board. Supervisory the by held discussions during added always was Directors of Board the of members by comment a verbal which to materials written submitted Directors of Board To the end, Company. the this of situation financial and results economic the Company, the in events current the of Board Supervisory the informed regularly Directors of Board The times. five met Board Supervisory the 2014 In business plan. the of assessment and Meeting General Company´s the of instructions the of fulfilment activities, business of performance its of Board the of Directors, activities the supervised Board Supervisory the Association, of Articles Company´s and legislation with accordance in 2014, In S approved the top management objectives for 2015. for objectives management top the approved power plants, photovoltaic Mikulov and Dačice of acquisition with connection in a.s. banka, Komerční with agreements guarantee of conclusion the approved 2015-2020, for Group PRE the of strategy updated the approved convened, is Meeting General the until up Board Supervisory the of member a substitute Beck Bernhard appointed Mr. and Mausbeck), (Mr. Lüschen Board Supervisory the of members two of resignation the of account took Meeting, General the by elected 2014-2016 for statements financial the of auditor the with contract draft the approved 2016-2017, for plan the of account took and 2015 for plan economic the approved Association, of Articles new Company’s the and legislation in a change from resulting members Directors of Board the of office of performance on contracts the of wording new the approved 2014, June 26 and 2014 March 27 on held Meetings General the of preparation the discussed 2013, for Report Annual the discussed persons, connected between Relations on Report the discussed 2013, for objectives management top the of fulfilment assessed statements, these concerning auditor the of reports the with acquainted became statements; (separate) regular financial and consolidated the of proposals submitted with together 2013 for profit of distribution for proposal the reviewed and discussed U PERVISORY BOAR PERVISORY D REPORT the EU.” by adopted as Standards Reporting Financial International with accordance in ended then year the for flows cash and performance financial its of and 2014, December 31 of as a.s. energetika, Pražská of position financial the of view fair and a true give statements financial the opinion, our In Opinion opinion. audit our for a basis provide to appropriate and sufficient is obtained have we evidence audit the that We believe statements. financial the of presentation overall the evaluating as well as management, by made estimates accounting of reasonableness the and used policies accounting of appropriateness the evaluating includes also audit An control. internal entity’s the of effectiveness the on opinion an expressing of purpose the for not but circumstances, the in appropriate are that procedures audit design to order in statements financial the of presentation fair and preparation entity’s the to relevant system control internal considers auditor the assessments, risk those making In error. or fraud to due whether statements, financial the of misstatement material of risks the of assessment the including judgment, auditor’s the on depend selected procedures The statements. financial the in disclosures and amounts the about evidence audit obtain to procedures performing involves audit An misstatement. material from free are statements financial the whether about assurance reasonable obtain to audit the perform and plan and requirements ethical with comply we that require standards Those Auditing. on Standards International with accordance in audit our We conducted audit. our on based statements financial these on opinion an express to is responsibility Our Auditor’s Responsibility error. or fraud to due whether misstatement, material from free are that statements financial of preparation the enable to necessary is determines management as control internal such for and EU, the by adopted as Standards Financial Reporting International with accordance in statements financial these of presentation fair and preparation the for responsible is Body Statutory The Statements Financial the for Responsibility Body’s Statutory notes. explanatory other and policies accounting significant of a summary and ended, then the year for flows cash of statement and equity in changes of statement income, comprehensive of statement statement, income the 2014, 31 December of as position financial of statement the comprise which a.s. energetika, Pražská of statements financial accompanying the audited have “We 2014”: for Statements Financial “Separate Chapter the in report annual this in included are which statements financial the on 2015 February 20 dated report audit following the issued we audit, our upon Based onReport the Financial Separate Statements 601 93 913 number: Identification 10 Praha 100 05 1492/4, Na Hroudě at: office registered its Having To the Shareholders of Pražská energetika, a.s. IN D EPEN D ENT A ENT UD ITOR’S REPORT ITOR’S ANNUAL REPORT 2014/PRE GROUP AUDITOR´S REPORT
69 AUDITOR´S REPORT 70 AUDITOR´S REPORT AUDITOR´S REPORT ANNUAL REPORT 2014/PRE GROUP EU.” the by adopted as Standards Reporting Financial International with accordance in ended then year the for flows cash and performance financial its of and 2014, December 31 of as subsidiaries its and a.s. energetika, Pražská of position financial the of view fair and a true give statements financial consolidated the opinion, our In Opinion opinion. audit our for a basis provide to appropriate and sufficient is obtained have we evidence audit the that We believe statements. financial the of presentation overall the evaluating as well as management, by made estimates accounting of and used the reasonableness policies accounting of appropriateness the evaluating includes also audit An control. internal entity’s the of effectiveness the on opinion an expressing of purpose the for not but circumstances, the in appropriate are that procedures audit design to order in statements financial the of presentation fair and preparation entity’s the to relevant control internal considers auditor the assessments, risk those making In error. or fraud to due whether statements, financial the of misstatement material of risks the of assessment the including judgment, auditor’s the on depend selected procedures The statements. financial the in disclosures and amounts the about evidence audit obtain to procedures performing involves audit An misstatement. material from free are statements the financial whether about assurance reasonable obtain to audit the perform and plan and requirements ethical with comply we that require standards Those Republic. Czech the of Auditors of Chamber the by issued guidelines application related the and Auditing on Standards International and Auditors on Act the with accordance in audit our We conducted audit. our on based statements financial these on opinion an express to is responsibility Our Auditor’s Responsibility error. or fraud to due whether misstatement, material from free are that statements financial of preparation the enable to necessary is determines management as control internal such for and EU, the by adopted as Standards Financial Reporting International with accordance in statements financial these of presentation fair and preparation the for responsible is Body Statutory The Statements Financial the for Responsibility Body’s Statutory notes. explanatory other and policies accounting significant of a summary and ended, then year the for flows cash of statement and equity in changes of statement income, comprehensive of statement statement, income the 2014, December 31 of as position statement the financial of comprise which subsidiaries, its and a.s. energetika, Pražská of statements financial consolidated accompanying the audited have “We 2014”: for Statements Financial “Consolidated Chapter the in report annual in this included are which statements financial consolidated the on 2015 February 20 dated report audit following the issued we audit, our upon Based onReport the Consolidated Financial Statements 79 No. Certificate s.r.o. Audit Deloitte firm: Audit 2015 April 20 Prague, In above. to referred statements financial the with respects, material all in consistent, is Company the of report annual the in included information the opinion, our In opinion. our for basis a reasonable provides audit our that We believe statements. financial relevant the with consistent respects, material all in is, statements financial the in presented also are that matters describing report annual the in included information the whether about assurance reasonable obtain to audit the perform and plan auditor the that require standards Those Republic. Czech the of Auditors of Chamber the by issued guidelines application related the and Auditing on Standards International with accordance in audit our We conducted audit. our on based statements financial the and report annual the of consistency the on opinion an express to is responsibility Our Body. Statutory Company’s the of responsibility the is report annual This above. to referred statements financial the with consistency for 2014 December 31 of as Company the of report annual the audited also We have onReport the Annual Report restrictions. secrecy business citing contracts party related under amounts disclose to not decided has Company The misstatements. factual material contains 2014 December 31 ended year the for a.s. energetika, of Pražská report transactions party related the in contained information the that indicates that review our on based attention our to come has Nothing opinion. audit an express do not we accordingly, and, report transactions party related the of audit an performed not We have audit. an than assurance less provides thus and information, of accuracy the factual of basis, a test on examination, and procedures analytical and personnel Company of inquiries to primarily limited is A review factual misstatements. material of free is report transactions party related the whether to as assurance moderate obtain to review the perform and plan we that requires standard This Republic. Czech the of Auditors of Chamber the by issued 56 Standard Auditing with accordance in review our We conducted our on based review. report transactions party related the on view our express to is responsibility Our Body. Statutory Company’s the of responsibility the is report transactions party related This Relations”. on “Report Chapter the in report annual this in included is which 2014 December 31 for ended a.s. the year energetika, Pražská of report transactions party related the in included information the of accuracy factual the reviewed also We have Transactions onReport the Related Party Report Certificate No. 2037 No. Certificate Loubek Václav auditor: Statutory ANNUAL REPORT 2014/PRE GROUP AUDITOR´S REPORT
71 AUDITOR´S REPORT 72 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP (CZK thousand) Statement Income Consolidated EU the by adopted as (IFRS) Standards Reporting Financial International with compliance in prepared D CONSOLI Earnings per share attributable to ordinary shares (CZK) shares ordinary to attributable share per Earnings tax after activity ordinary from Profit Income tax Profit from ordinary activity before tax before activity ordinary from Profit energy and material services, purchased of Costs and depreciation Amortisation Personnel expenses operating income Other gas and electricity of sale the from profit Gross Costs of electricity and gas sold gas and electricity of Costs sold gas and electricity from Revenues Revenues from electricity produced Other gains and losses and gains Other costs Borrowing ATED FINANCIAL STATE FINANCIAL M ENTS ENTS (12, 13) (12, Note (11) (7) (5) (9) (6) (8) (4) (4)
(12,813,862) (1,065,337) (1,043,376) (1,186,185) 18,540,318 5,895,694 3,005,875 2,418,060 (587,815) (44,552) 407,850 169,238 41,781 2014 625 (15,079,414) (1,098,524) (1,021,129) 21,376,680 (1,133,531) 3,366,160 6,353,724 2,713,343 (652,817) (92,432) (33,166) 391,218 56,458 2013 701 Consolidated Statement of Financial Position Sheet) (Balance (CZK thousand) Total liabilities capital Share Liabilities Total assets Current assets equivalents cash and Cash Trade receivables and other receivables Short-term payables Provisions earnings Retained profit from Funds Tax receivables Inventories Trade payables and other payables Tax payables Loans to the company’s parent shareholders attributable Shareholder’s equity Non-current assets Trade receivables and other receivables Long-term payables Deferred tax liability Provisions Trade payables and other payables Loans assets Intangible equipment and plant Property, Assets Consolidated Financial Statements 2014 Note (15) (15) (23) (19) (19) (16) (18) (18) (22) (13) (12) (17) (21) (21) (9)
ANNUAL REPORT 2014/PRE GROUP 20,908,302 20,572,770 14,364,875 23,291,078 23,291,078 3,869,443 2,988,596 1,969,880 9,333,397 1,784,045 2,382,776 2,519,533 3,779,226 1,162,035 5,146,977 1,050,721 206,214 155,677 335,611 115,258 297,573 51,005 38,725 93,714 37,959 2014 22,782,132 22,782,132 13,812,274 19,656,265 19,857,746 4,082,024 2,924,386 4,887,834 3,869,443 8,664,289 2,969,207 2,836,740 1,278,542 2,473,074 1,687,057 265,546 878,139 299,237 135,787 168,917 141,942 64,800 32,564 49,979 92,736 2013
73 Consolidated Financial Statements 2014 74 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP thousand) (CZK Income Comprehensive of Statement Consolidated Consolidated Statement of Changes in (CZK Equity thousand) Revaluation of other financial assets assets financial other of Revaluation tax after activity ordinary from Profit Balance at 31 D 31 at Balance Comprehensive income attributable to shareholders of the parent company parent the of shareholders to attributable income Comprehensive tax after income comprehensive Total other hedging flow Cash Net profit for 2013 for profit Net comprehensiveOther income paid fees director's and Dividends Dividends and director's fees paid fees director's and Dividends D 31 at Balance Net profit for 2014 for profit Net comprehensiveOther income Balance at 31 D 31 at Balance ec 2012 ec ec 2013 ec ec 2014 ec Share capital Share 3,869,443 3,869,443 3,869,443 ------Funds from profit from Funds 1,190,078 1,162,035 1,278,542 (116,507) 88,464 ------Retained earnings Retained (1,749,804) (1,748,952) 8,664,289 9,333,397 2,418,060 2,301,553 7,700,750 2,418,060 (116,507) 2,713,343 (116,294) (213) 2014 -- -- attributable to the parent parent the to attributable company’s shareholders Shareholder’s equity equity Shareholder’s 14,364,875 12,760,271 (1,749,804) 13,812,274 (1,748,952) 2,801,807 2,713,343 2,418,060 2,713,343 (116,507) 88,464 88,464 88,464 2013 -- Consolidated Cash Flow Statement (CZK thousand) *) In the comparative period, the cash flows relating to the acquisition of the Syrovice photovoltaic power plant were reclassified. were plant power photovoltaic Syrovice the of acquisition the to relating flows cash the period, comparative the In *) Closing balance of cash and cash equivalents equivalents cash and cash of balance Closing equivalents cash and cash in Change activity financial from flow cash Net operations financial Other received* loans External paid fees director’s and Dividends repaid loans External Financial activity Net income from the sale of electricity and gas gas and electricity of sale the from income Net gas and electricity of purchases to related Expenses Net cash flow from investment activity investment from flow cash Net assets* fixed of acquisition the to related Expenses assets fixed of sale the from Income activity Investment activity operating from flow cash Net Financial income and expenses and income Financial operating income*Other gas and electricity of sale the from Income Operating activity Direct tax Personnel expenses Short-term changes in working capital Operating expenses Opening balance of cash and cash equivalents cash and cash of balance Opening Consolidated Financial Statements 2014 (12,13) Note (6,8) (4,8) (10) (18) (18) (17) (7) (5) (9) (8)
ANNUAL REPORT 2014/PRE GROUP (12,551,356) (1,935,050) (1,099,835) (1,805,770) (1,746,649) (1,695,614) 18,193,733 3,442,051 5,642,377 (538,941) (628,916) (927,322) (64,966) (59,332) 265,546 391,463 206,214 129,280 677,759 39,276 2,192 2014 (14,385,620) (1,164,892) (2,497,671) (2,510,663) 20,603,223 (1,142,430) (1,750,132) (1,100,711) 3,800,937 6,217,603 (200,008) (508,827) 265,546 (51,550) 358,952 778,249 138,374 127,172 12,992 27,900 6,999 2013
75 Consolidated Financial Statements 2014 76 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP Content the of the to Financial Notes Statements
4. 22. 21. 20. 19. 18. 17. 16. 15. 14. 13. 12. 11. 10. 28. 27. 26. 25. 24. 23. 3. 2. 1. 7. 6. 5. 9. 8.
Subsidiaries
Inventories Loans Provisions Provisions
Dividends
Adoption of New and Revised International Financial Reporting Standards Reporting Financial International Revised and New of Adoption Information General Costs of Services, Material and Energy and Material Services, of Costs Expenses Personnel Revenues Significant Accounting Policies Finance Lease Payables Lease Finance Payables Other and Trade Payables Equivalents Cash and Cash Trade Receivables and Other Receivables Assets Intangible Equipment and Plant Property, Share per Earnings Tax Income Losses and Gains Other Borrowing Costs Post Balance Sheet Events Sheet Balance Post Transactions Party Related Operating Leases Financial Instruments Financial Assets Contingent and Liabilities Contingent Profit from Funds Share Capital Amendments to to • Amendments • • • Amendments to to • Amendments to • Amendments • • period: current the for effective are EU the by (IASB) adopted and Board Standards Accounting International the by issued standards current the to amendments and interpretations standards, following The Period Current the in Effective Interpretations and Standards Standards Reporting Financial International Revised and New of (2) Adoption AG. Baden-Württemberg Energie is entity controlling ultimate The percent. 49 holds AG Baden-Württemberg Energie and a.s. Holding energetika Pražská of percent 51 owns Prague of City Capital The km 505 approximately of area an covering Roztoky, and Prague of City the of region the in electricity of distribution and Republic Czech the in electricity of supply the include “Group”) the (hereinafter subsidiaries its and PRE of activities principal The 60193913. ID: corporate 100 05, 10, Prague 1492/4, Na Hroudě at located is office registered Company’s The 1994. 1January 1on Prague of Court District the by held Register Commercial Companies of the Register in entered was and Republic Czech the in company a joint-stock as established was “Company”) the or “PRE” (hereinafter a.s. energetika, Pražská Information General (1) gas, except for general legal regulations, are stipulated in Energy Act No. 458/2000 Coll. as amended, and the related implementation guidance. implementation related the and amended, as Coll. 458/2000 No. Act Energy in stipulated are regulations, legal and general for except gas, of, electricity supplies and with, trading as well as activity, this to relating obligations and rights and interest public in distributed is Electricity trademark. YellowEnergy the under and businesses small households to gas and electricity of supplies offer to started and supplies gas include to activities principal its expanded Group the 2012, In generation. energy solar to related activities its strengthens also Group The income. the Group’s PRE’s principal shareholders PRE’s principal Other AG Baden-Württemberg Energie Pražská energetika Holding a.s. Total beginning on or after 1 January 2014); 1January after or on beginning Ventures” Joint and Associates in “Investments 2011) in (revised 28 IAS 2014); 1January after Statements” Financial “Separate 2011) in (revised 27 IAS 2014); 1 January Entities” Other in Interests of “Disclosures 12 IFRS 13 December 2012 (effective for annual periods beginning on or after 1 January 2014); 1January after or on beginning periods annual for (effective 2012 13 December 2014); 1 January “Separate Financial Statements” Entities” IFRS 11 “Joint Arrangements” 11 IFRS 1 January 2014); Statements” Financial “Consolidated 10 IFRS – Transition Guidance, adopted by the EU on 4 April 2013 (effective for annual periods beginning on or after 1 January 2014); 1January after or on beginning periods annual for (effective 2013 4April on EU the by adopted Guidance, –Transition – Offsetting Financial Assets and Financial Liabilities, adopted by the EU on EU the by adopted Liabilities, Financial and Assets Financial –Offsetting Presentation” instruments: “Financial 32 IAS 2011) in (revised 27 IAS and Entities” Other in Interests of “Disclosures 12 IFRS Statements”, Financial “Consolidated 10 IFRS Other in Interests of “Disclosures 12 IFRS and “Joint Arrangements” 11 IFRS Statements”, Financial “Consolidated 10 IFRS , adopted by the EU on 11 December 2012 (effective for annual periods beginning on or after 1 January 2014); 1 January after or on beginning periods annual for (effective 2012 December 11 on EU the by , adopted – Investment Entities, adopted by the EU on 20 November 2013 (effective for annual periods beginning on or after after or on beginning periods annual for (effective 2013 November 20 on EU the by adopted Entities, –Investment , adopted by the EU on 11 December 2012 (effective for annual periods beginning on or after after or on beginning periods annual for (effective 2012 December 11 on EU the by , adopted , adopted by the EU on 11 December 2012 (effective for annual periods beginning on or after after or on beginning periods annual for (effective 2012 December 11 on EU the by , adopted , adopted by the EU on 11 December 2012 (effective for annual periods beginning on or or on beginning periods annual for (effective 2012 December 11 on EU the by , adopted , adopted by the EU on 11 December 2012 (effective for annual periods periods annual for (effective 2012 December 11 on EU the by , adopted 2 . These activities generate a major part of part a major generate activities . These Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP 100.00% 58.05% 41.40% 0.55% 2014 100.00% 58.05% 41.40% 0.55% 2013
77 Consolidated Financial Statements 2014 78 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP to • Amendments to • Amendments • • • E the by Adopted yet not but IASB the by Issued Interpretations and Standards statements. financial Group’s the on impact no have will adoption first their of period the in interpretations and revisions standards, these with compliance that anticipates Group The dates. effective their before interpretations and revisions standards, these apply to not decided Group The • effective: yet but not issue in were EU the by adopted interpretations and revisions standards, following the statements financial these of authorisation of date At the E the by Adopted and IASB the by Issued Interpretations and Standards Group. the of policies accounting the in changes significant no in resulted standards amended these of adoption The to • Amendments to • Amendments Instruments: Recognition and Measurement” and Recognition Instruments: “Financial 39: IAS to pursuant liabilities or assets financial of portfolio the for accounting hedge of application the that estimates Group The unregulated. still is EU, the by adopted been not have principles whose liabilities, and assets financial of portfolio the regarding accounting Hedge adoption. time first their of period the in Group the of statements financial the on impact material no have will interpretations and standards amended standards, these of adoption the that anticipates Group The • • • to • Amendments to • Amendments to • Amendments to • Amendments of Assets between an Investor and its Associate or Joint Venture (effective for annual periods beginning on or after 1 January 2016); 1January after or on beginning periods annual for (effective Venture Joint or Associate its and Investor an between Assets of 2017); 1January after or on beginning periods annual for (effective Customers” with Contracts from “Revenue 15 IFRS 2016); 1January after or on beginning periods annual for (effective Accounts” Deferral 14 “Regulatory IFRS 2018); 1January after or on beginning periods annual for (effective Instruments” 9“Financial IFRS “Levies” 21 IFRIC 2014). 1January after or on beginning periods annual for (effective 2013 December 19 on EU the by adopted 2014); 1January after or on beginning periods annual for (effective 19 December 2013 periods beginning on or after 1 January 2016). 1January after or on beginning periods annual for applied be to are (amendments wording clarifying and inconsistencies removing to a view with primarily 34) IAS and 19 IFRS 7, IAS (IFRS 5, IFRS of project improvement annual the from resulting 2012–2014)” (cycle IFRSs to “Improvements standards various to Amendments 1July 2014); and after or on beginning periods annual for applied be to are (amendments wording clarifying and inconsistencies removing to a view with primarily 40) IAS and 13 IFRS IFRS 3, 1, (IFRS IFRS of project improvement annual the from resulting 2011–2013)” (cycle IFRSs to “Improvements standards various to Amendments 1July 2014); after or on beginning periods annual for applied be to are (amendments wording clarifying and inconsistencies removing to a view with primarily 38) 24 IAS and IAS 16, IAS 13, IFRS 8, IFRS 3, IFRS 2, (IFRS IFRS of project improvement annual the from resulting 2010–2012)” (cycle IFRSs to “Improvements standards various to Amendments 2016); 1January after or on 1 July 2014); 2016); 1January after 2016); 1January after or on beginning periods annual for (effective Amortisation and 2016); 1January after or on IFRS 11 “Joint Arrangements” 11 IFRS – Sale or Contribution Contribution or –Sale Ventures” Joint and Associates in “Investments 28 IAS and Statements” Financial “Consolidated 10 IFRS Accounting, Hedge of Continuation and Derivatives of –Novation Measurement” and Recognition Instruments: “Financial 39: IAS on EU the by adopted Assets, Non-Financial for Disclosures Amounts –Recoverable Assets” of “Impairment 36 IAS – Equity Method in Separate Financial Statements (effective for annual periods beginning beginning periods annual for (effective Statements Financial Separate in Method –Equity Statements” Financial “Separate 27 IAS after or on beginning periods annual for (effective Contributions Employee Plans: Benefit –Defined Benefits” “Employee 19 IAS or on beginning periods annual for (effective Plants –Bearer 41 “Agriculture” IAS and Equipment” and Plant “Property, 16 IAS Depreciation of Methods Acceptable of –Clarification Assets” “Intangible 38 IAS and Equipment” and Plant “Property, 16 IAS , interpretation adopted by the EU on 13 June 2014 (effective for annual periods beginning on or after 17 January 2014). 17 January after or on beginning periods annual for (effective 2014 June 13 on EU the by adopted , interpretation , would not significantly impact the financial statements, if applied at the balance sheet date. date. sheet balance the at applied if statements, financial the impact significantly not , would – Accounting for Acquisitions of Interests in Joint Operations (effective for annual periods beginning beginning periods annual for (effective Operations Joint in Interests of Acquisitions for –Accounting but not yet Effective Effective yet not U but U (its functional currency). Czech crowns are the functional currency of all Group entities and the presentation currency for the consolidated financial financial statements. consolidated the for currency presentation the and entities Group all of currency functional the are crowns Czech currency). (its functional operates entity the which in environment economic primary the of currency the in presented are entity Group each of statements financial The Translation Currency Foreign payables. long-term and short-term within payables” other and payables “Trade in included are payables Lease term. lease the over basis a straight-line on expense an as recognised are payments lease Operating loss. or profit to directly charged are charges Finance liability. the of balance remaining the on interest of rate a constant achieve to as so obligation lease the of reduction and charges finance between apportioned are payments Lease payments. lease minimum the of value the present or, lower, at if lease the of inception the at value fair their at Group the of assets as recognised initially are leases finance under acquired Assets leases. operating as classified are leases All other lessee. the to transfer assets relevant the of ownership of rewards and risks substantial the all whenever leases finance as classified are Leases Leases amount. carrying net asset’s that to asset financial the of life expected the through receipts cash future estimated discounts exactly rate that the is which applicable, rate interest effective the at and outstanding principal the to reference by basis, a time on accrued is revenue Interest period. lease the over evenly recognised are fibre-optics) (primarily leasing from Revenue rendered. are services the when recognised are provided other services from Revenues customers. by consumed is electricity the when period the in recognised are distribution and electricity from Revenues completion. of stage the to reference by recognised are services of provision the for contracts from arising buyer. Revenues the to transferred been have goods relevant the of ownership the from arising rewards and risks significant if receivable or received consideration the of value fair the at measured is goods of sales the from Revenue Revenue Recognition consolidation. on full in eliminated are expenses and income balances, transactions, intragroup All other by members of the Group. used those with line into policies accounting their bring to subsidiaries of statements financial the to made are adjustments necessary, Where acquisition. of date effective the from statements financial consolidated the in included are subsidiaries of results year. The following the in it exercise to intention Company’s the is it and subsidiaries control its over exercises Company The subsidiaries. its and Company the of statements financial the incorporate statements financial consolidated The Basis of Consolidation below. policies out set are accounting principal The instruments. financial certain for except basis cost historical the on prepared been have statements financial The Statements Financial of Preparation the of Basis EU. the by adopted as (IFRS) Standards Reporting Financial International with compliance in presented and prepared are statements financial The ofCompliance Statement Policies (3) Accounting Significant Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP
79 Consolidated Financial Statements 2014 80 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP use. intended their for ready are assets the when assets, commences property other as basis same the on assets, these of Depreciation fees. professional includes cost The loss. impairment less cost, at recognised any carried are determined, yet not purposes for or purposes, administrative or production for construction of course the in Properties loss. or profit to charged is equipment and plant on Depreciation asset. the of production the to related directly costs indirect and direct includes assets intangible and tangible produced internally of cost The period. the for income as contributions investment recognises Group The amended. subsequently as 51/2006, Regulation and Coll. 458/2000 No. Act in stipulated is charge this pay to obligation customers’ supply. The power required the to connected being upon Group the by reasonably incurred cost the of part pay Customers of the sheet. balance face the on reported are thousand 40 CZK over a cost with equipment and plant Property, below). (see contributions investment of is net and presented acquisition with associated costs and price purchase the includes Cost loss. impairment recognised and depreciation accumulated by reduced cost at stated are purposes, administrative for or services, or goods of supply or production the in use for held equipment and plant Property, and Equipment Plant Property, equity. in with dealt also is it case which in equity to directly charged items with associated when except loss or profit in recognised are and asset the or realised settled is liability the which in period the in apply to expected are that rates tax the at measured are liabilities and assets tax Deferred a net on basis. liabilities and assets tax current its settle to intends Group the and authority taxation same the by levied taxes and income to relate liabilities they tax when current against assets tax current offset to right enforceable a legally is there when offset are liabilities and assets tax Deferred utilised. be can differences temporary deductible those which against available be will profits taxable that probable is it that differences extent the to temporary deductible all for recognised generally are assets tax deferred and differences, temporary taxable all for are recognised generally liabilities tax Deferred method. liability sheet balance the using for accounted is and profit, taxable of computation the in used corresponding bases the and tax statements financial the in liabilities and assets of amounts carrying the between differences on recognised is tax Deferred date. sheet balance the by enacted been have that rates tax using is tax calculated current for liability Group’s The periods. previous from charges tax additional or overpayments tax includes also payable tax current The deductible. or taxable never are that items excludes further it and years other in deductible or taxable are that expense or income of items excludes it because statement income the in reported as profit from differs year. profit the Taxable for profit taxable on based is payable currently tax The balance. tax deferred the in a change and payable currently tax the of sum the represents statement income the in reported expense tax Income Tax Income incurred. are in they loss or which in profit in period the recognised are costs borrowing Other 23. IAS with line in rate capitalisation the using costs borrowing capitalises Company The Borrowing Costs equity. to directly posted are value fair in changes where hedges flow cash from arising differences rate exchange for except arise they which in period the in loss or profit in recognised are losses and gains rate Exchange retranslated. not are currency a foreign in cost historical of terms in measured are that items Non-monetary determined. was value fair the when date the at prevailing rates the at retranslated are currencies foreign in denominated are that value fair at carried items Non-monetary date. sheet balance the at prevailing Bank National Czech the by announced the rates at retranslated are currencies foreign in denominated items monetary date, sheet balance At each transactions. the of dates the at prevailing and Bank National Czech the by announced exchange of rates the at recorded intangible assets. The acquisition costs of these assets are charged to expenses and their physical balances are maintained in the off-balance sheet sheet records. off-balance the in maintained are balances physical their and expenses to charged are assets these of costs acquisition The assets. intangible value low as classified are year one exceeding life useful individual an with thousand 60 CZK and 2thousand CZK between costing assets Intangible lives: useful estimated following the over method straight-line the using amortised are assets Intangible basis. a prospective on for accounted being estimates in changes any of effect the with period, reporting each annual of end the at reviewed are method amortisation and life useful estimated The lives. useful estimated their over basis a straight-line on is charged any. if Amortisation losses, impairment cumulative of net date acquisition business the at determined as cost at reported is on arising acquisitions business Goodwill losses. impairment accumulated and amortisation accumulated less cost at reported are separately acquired assets Intangible Assets Intangible assets. fixed as tangible depreciated and recognised are that machines electrical and equipment electricity minor of types selected being only exception the sheet records, off-balance the in maintained are balances physical their and expenses to charged are assets these of costs acquisition The assets. tangible value low as classified are year one exceeding life useful individual an with thousand 40 CZK and 2thousand CZK between costing Tangible assets loss. or profit in recognised is and asset the of amount carrying the and proceeds sales the between difference the as determined is equipment and plant property, of item an of retirement or disposal the on arising loss or gain The shorter. is them of which on depending period lease their or lives useful estimated their over Group the by owned assets the as manner same the in depreciated are leases finance under acquired Assets operation. into station power photovoltaic the bringing from calculated is period depreciation The *) method: straight-line the using lives, useful their over estimated construction, under properties and land freehold than other assets, of valuation or cost the off write to as so charged is Depreciation Other intangible assets intangible Other Software Asset category Photovoltaic power stations – technology *) –technology stations power Photovoltaic *) part –construction stations power Photovoltaic Hardware fixtures and Furniture Electricity meters Vehicles cables communication equipment, technology special and Machinery equipment Telecommunication Working and machinery equipment structures Power Fibre-optics lines overhead and cable tunnels, Cable constructions other and halls Buildings, Asset category Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP Depreciation period in years According to the contract the to According 15, 20, 25, 30, 40, 50, 70 50, 40, 30, 25, 20, 15, D epreciation in years 5, 8, 10, 12, 20 12, 10, 8, 5, 3, 4, 6, 8, 10 8, 6, 4, 3, 4, 5, 6, 8, 10 8, 6, 5, 4, 15, 25, 30 25, 15, 5, 10, 20 10, 5, 4, 8, 10 8, 4, 10, 12 4-33 3, 4 3, 40 30 20 4
81 Consolidated Financial Statements 2014 82 Consolidated Financial Statements 2014 purpose of the financial assets and is determined at the time of initial recognition. initial of time the at determined is and assets financial the of purpose Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP held investments (FVTPL), loss or profit through value fair at assets financial categories: following the into classified are assets Financial value. fair at initially are measured which loss, or profit through value fair at as classified assets financial those for except costs, transaction plus value, fair at measured initially are and concerned, market the by established timeframe the within investment the of delivery require terms whose a contract under is asset an of sale or purchase the where transaction of date the on sheet balance Group’s the in derecognised and recognised are assets Financial Assets Financial flows. cash those of value present the is amount carrying its obligation, the present settle to estimated flows cash the using measured is a provision Where obligation. the surrounding uncertainties and risks the account into date, taking sheet balance the at obligation present the settle to required consideration the of estimate best the is a provision as recognised amount The obligation. the of amount the of made be can estimate a reliable and obligation, the settle to required be will Group the that probable is it event, a past of a result as constructive) or (legal obligation a present has Group the when sheet balance the in recognised are Provisions Provisions distribution. and sales marketing, of costs estimated all less inventories for price selling estimated the represents value realisable net The inventories. the deliver to incurred costs freight and storage in-transit and duties customs material, the of price the purchase includes cost The value. realisable net and average arithmetic weighted the using determined cost of lower the at stated are Inventories Inventories periods. subsequent in reversed not is goodwill for recognised loss impairment An loss. or profit in directly recognised is goodwill for loss impairment Any unit. the in asset each of amount carrying the on based rata pro unit the of assets other the to then and unit the to allocated goodwill any of amount carrying the reduce to first allocated is loss impairment the amount, carrying its than less is unit cash-generating the of amount recoverable the If impaired. be may unit the that indication an is there when frequently more annually, or impairment for tested is allocated been has goodwill which to unit A cash-generating combination. the of synergies the from benefit to expected is that units) cash-generating of (or groups units cash-generating Group’s the of each to allocated is goodwill testing, impairment of purposes the For ofGoodwill Impairment loss. or profit in immediately recognised is loss impairment an of A reversal years. prior in asset the for recognised been loss impairment no had determined been have would that amount carrying the exceed not does amount carrying increased the that so but amount, recoverable its of estimate revised the to increased is asset the of amount carrying the reverses, subsequently loss impairment an Where loss. or profit in immediately recognised is loss impairment An amount. recoverable its to reduced is asset the of amount carrying the amount, carrying its than less be to estimated is asset an of amount recoverable the If asset. the to specific risks the and money of value time the of assessments market current reflects that rate discount a pre-tax using value present their to discounted are flows cash future estimated the use, in value assessing In use. in value and sell to costs less value fair of higher the is amount recoverable The belongs. asset the which to unit cash-generating the of amount recoverable the estimates the Company separately, inflows cash generate not does asset relevant the where circumstances In any). (if loss impairment the of extent the determine to in order estimated is asset the of amount recoverable the exists, indication such any If loss. impairment an suffered have assets those that indication any is there whether determine to assets intangible and tangible its of amounts carrying the reviews Group the date, sheet balance At each ofTangibleImpairment Assets and Intangible ‑ to ‑ maturity, financial assets available-for-sale (AFS) and trade receivables and other receivables. The classification depends on the nature and and nature the on depends classification The receivables. other and receivables trade and (AFS) available-for-sale assets financial maturity, (fair value hedges), hedges of highly probable forecast transactions or hedges of foreign currency risk of firm commitments (cash flow hedges). flow (cash commitments firm of risk currency foreign of hedges or transactions forecast probable highly of hedges hedges), commitments value (fair firm or liabilities or assets recognised of value fair the of hedges either as derivatives certain designates Group The instrument. a hedging as effective and designated is derivative the unless immediately loss or profit in recognised is loss or gain resulting The date. sheet balance each at value fair their to remeasured subsequently are and into entered is contract a derivative date the at value fair at recognised initially are Derivatives portfolio. trading its within derivatives commodity into enters also Group The 39. IAS of scope the within fall do not therefore contracts Such activities. common Group’s the consumption within for sale or intended electricity of supplies physical by settled predominantly are electricity of sale and purchase the for derivatives Commodity contracts. derivative using flows cash and transactions future its hedges Group The Derivatives period. a shorter appropriate, or, where of liability, life the financial expected the through payments cash future estimated discounts exactly that rate the is rate interest effective The period. over the relevant expense interest allocating of and liability a financial of cost amortised the calculating of a method is method rate interest effective The method. rate interest effective the using cost amortised at measured subsequently and costs transaction by increased value, fair at measured initially are borrowings, including liabilities, Financial Liabilities Financial method. rate interest using the effective reported is income Interest loss. impairment any reflecting and method rate interest effective the using cost amortised the at measured and assets financial other as classified are market active an on quoted not are which payments determinable or determined with receivables Other recognition. initial upon calculated rate interest effective the discounted at flows cash future estimated the of value present the and asset relevant the of cost amortised the between is difference the as allowance determined recognised The exists. evidence impairment if loss or profit in recognised are losses irrecoverable estimated for allowances Reasonable method. rate interest effective the using cost amortised at revalued subsequently and value fair at measured initially are Trade receivables Trade Receivables and Other Receivables value change. fair the of part as reported is currencies foreign in denominated sale for available assets any, financial if on loss, or gain rate exchange foreign The period. the for loss or profit in included is reserve revaluation investments the in recognised previously loss or gain cumulative the impaired, be to determined is or of disposed is investment the Where loss. or profit in directly recognised are assets, which monetary on losses and gains rate exchange foreign and method rate interest effective the using calculated interest losses, impairment of exception the with reserve revaluation investments the in equity in directly recognised are value fair in changes from arising losses and Gains value. fair at stated are and AFS being as classified are market active an on traded are that Group the by held notes redeemable listed and shares Unlisted Sale for Available Assets Financial impairment. any effective less the using method cost rate interest amortised at recorded are investments Held-to-maturity investments. held-to-maturity as classified are maturity to to hold ability and intent positive the has Group the that dates maturity fixed and payments determinable or fixed with debentures and exchange of Bills Maturity to Held Investments asset. financial the on earned interest or dividend any incorporates profit in loss or recognised loss or gain net The loss. or profit in recognised loss or gain resultant any with value, fair at stated are FVTPL at assets Financial instrument. a hedging as effective and designated not is that it (iii) or a derivative is profit-taking; short-term of pattern actual a recent has and together manages Group the that instruments financial of portfolio identified an of a part Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP
83 Consolidated Financial Statements 2014 84 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP system. customer the in calculation a control making by reviewed additionally is total level The closing period. relevant the for consumption actual and losses including output and input electricity aggregate the between difference the to equal as approach sheet balance the using determined is electricity unbilled in increase The estimates. of use the to subject is which area key the amount electricity unbilled the of determination the considers Group The estimates. these from differ may future the in outcomes and results actual the estimates, of nature the to pursuant Nevertheless, it. to available information relevant the all of basis the on assumptions and estimates these made has Group the of Management period. reporting the during expenses and revenues of amounts reported the and date sheet balance the at and liabilities assets of amounts reported the affect that assumptions and estimates make to management requires statements financial of presentation The Estimates Accounting Significant Company. the of management operational the for information more provides method direct the using prepared statement The method. direct the using statement flow cash its prepares Company The Statement Flow Cash estimates. actuarial using payments future anticipated of value present the at measured are payables relevant The Payables”). Other and “TradePayables note the to refer plan, benefit defined (the Agreement Collective the under bonuses other provides Group The Group. the to provide they that services the on based contributions receive to entitled are employees which in period the in expensed are contributions These plans. benefit retirement employees’ its to contributions makes also Group The costs. payroll relating the as period same the in loss or profit to charged are expenses security social and insurance The salary. gross employees’ the to reference by year relevant the in effective and law by required level the at scheme policy employment state the and schemes insurance pension and insurance health the to contributions makes Group The Expense Benefits Employee adjustment. relevant the of date the from loss or profit into realised is risk hedged the from arising item hedged the of value carrying the of adjustment An accounting. hedge for qualifies longer no or exercised, or terminated, sold, is or expires instrument hedging the relationship, hedging the revokes Group the when discontinued is accounting Hedge loss. or profit in recognised is item hedged the when periods the in loss or profit in recycled are equity in reported Amounts loss. or profit in immediately recognised is portion ineffective the to relating loss or gain equity. in The recognised are hedges flow cash as qualify and designated are that derivatives financial of value fair the in changes of portion effective The Hedge Flow Cash equity. in changes of statement the in detailed also are equity in reserve hedging the in Movements item. hedged the of flows cash or values fair in changes offsetting in effective highly is relationship a hedging in used is that instrument hedging the whether documents Group the an on basis, and hedge ongoing the of inception the at Furthermore, transactions. hedge various undertaking for strategy its and objectives management risk its with along item, hedged the and instrument hedging the between relationship the documents entity the relationship, hedge the of inception At the hedges. flow cash as for accounted are commitments firm on risk exchange foreign of Hedges hedges. flow cash or hedges value fair either as instruments hedging certain designates Group The Hedge Accounting short-term liabilities, and as appropriate. assets financial non-current other as classified are instruments hedge effective as designated not are which derivatives The is months. 12 below relationship hedging the of maturity residual the if liability short-term and assets financial non-current other as or months, 12 exceeds hedging the of relationship maturity residual the if liability long-term and assets financial non-current other as classified is derivatives hedging of value fair The (4) Revenues (CZK thousand) (CZK (4) Revenues Performance. and Planning Audit Internal Management, Risk Statute, Audit Internal Company: the of norms following the follows which Audit Internal Group’s the by overseen is regulations internal with compliance The activities. fraudulent of for rules the prevention the including transactions, usual all for accounting and processing of methods the define regulations internal These Hedges. Risk Currency Trading and Electricity to Related Transactions for Treatment Accounting and Liabilities, and Assets of Count Stock Liabilities, and Assets of Valuation Documents, Accounting of Signing and Circulation following: the include predominantly These mechanisms. control and principles accounting binding the determine to place in regulations internal has Group The performance. financial and position financial the Company’s of view fair and a true give and relevant and reliable correct, are statements these that so statements financial its prepares Group PRE The M and Principles Audit Internal *) *) *) Includes income from the supplies of electricity to distributors and electricity traders. traders. electricity and distributors to electricity of supplies the from income Includes *) Income from electricity produced gas and electricity of sale the to relating expenses and Income Total Other consumption for unauthorised Compensation contributions investment Received *) services provided from Income operating incomeOther Sale of gas including distribution services distribution including gas of Sale B2C services system and distribution of Sale B2C electricity of Sale B2B services system and distribution of Sale Sale of electricity B2B production electricity from Total income energy solar for Payment Other incomeOther *) Gross profit from trading from profit Gross Total costs costs Total Purchases of gas services system and distribution of Purchases electricity sold of Purchases Total income Gross profit from the sale and production of electricity and gas. and electricity of production and sale the from profit Gross The income includes revenues from the lease of land, real estate and other operating equipment, freight transport, IT support, reading of heat and gas meters and and meters gas and heat of reading support, IT transport, freight electrical assembly equipment, work. operating other and estate real land, of lease the from revenues includes income The ethods Consolidated Financial Statements 2014 (12,813,862) ANNUAL REPORT 2014/PRE GROUP (6,084,699) (6,616,850) 18,540,318 6,064,978 5,895,694 4,313,445 4,823,709 2,984,172 (112,313) 407,850 115,349 169,238 175,820 148,276 225,261 217,696 (6,582) 13,404 24,280 17,598 2014 2014 (15,079,414) 21,376,680 (7,932,096) (7,082,892) 6,353,724 5,485,346 3,365,346 5,482,145 6,774,808 (19,688) (64,426) 391,218 162,489 188,156 192,725 56,458 64,165 15,686 76,146 24,887 12,145 2013 2013
85 Consolidated Financial Statements 2014 86 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP (CZK(5) thousand) Personnel Expenses (6) Costs of Services, Material and Energy (CZK thousand) (CZK Energy and Material Services, of (6) Costs **) *) (7) Borrowing Costs (CZK thousand) (CZK Costs Borrowing (7) services. other and fees storage services, guard security services, cleaning employees, external of costs primarily Including *) Total Other *) Training and conferences Insurance plan the of fulfilment the on depending paid Salaries Payroll costs Average headcount Marketing support IT fees telecommunication and Postage Rental charges Consulting services assets fixed tangible of Repairs energy consumed own and Material Total Interest on leases benefits employee on expense Interest Interest on loan Total **) costs social Other *) bodies statutory Group’s the of members the to Remuneration a significant drop in the interest rate applied in calculating long-term discounted payables to employees. employees. to to payables discounted attributable is long-term costs social in calculating in increase applied The rate care. interest medical the in and drop insurance a significant pension in additional to employees to paid contributions bonuses retirement, contributions, catering anniversaries, life or work to specifically relation Agreement, Collective the by defined benefits employee and pays severance of costs Primarily a function. Group performing the for with a contract on relationship based them to paid employment is an in been have remuneration members body aggregate the and statutory no 2014, 1January since as reporting, in change the to attributable is increase The Staff includingStaff management 1,065,337 1,186,185 244,439 683,798 101,430 144,286 184,847 130,162 274,023 201,521 64,543 33,659 44,552 38,901 95,014 41,501 47,852 2,041 1,010 1,401 7,047 2014 2014 2014 Staff includingStaff management 1,098,524 1,133,531 130,090 693,920 109,394 269,838 286,492 196,165 179,301 33,166 93,602 95,032 48,270 46,531 63,547 28,616 12,624 1,394 1,138 3,412 7,249 2013 2013 2013 anticipated in future periods, i.e. 19 percent. 19 i.e. periods, future in rates tax anticipated income the using calculated is tax Deferred profit. taxable estimated the of percent 19 at calculated is payable tax income current The Tax thousand) (CZK (9) Income thousand) (CZK Losses and Gains (8) Other Deferred tax assets (-) and liabilities (+) recorded in the balance sheet relate to the following items: following the to relate sheet balance the in (+) recorded (-) liabilities and assets tax Deferred Total income tax Total income Deferred tax payable tax Current Provisions and allowances against receivables against and allowances Provisions Fixed assets rate tax tax/effective Total income tax-deductible never are that items of Impact rate tax income effective the using tax Income Profit before tax rate tax Effective assets of disposal and sale the from Profit (losses) gains rate exchange Foreign premium Insurance charges Taxes and allowances of creation and debt doubtful of Write-offs Total Other Inventories Obligation under the Collective Agreement Collective the under Obligation Total deferred tax liability tax Total deferred Cash flow hedge flow Cash 1,784,045 1,881,421 (35,980) (55,176) (5,672) (548) 2014 profit or loss profit Recorded in 3,005,875 132,779 136,704 571,116 587,815 (4,033) 16,699 (67) 175 -- Recorded in equity (35,791) (35,791) ------19.00% 19.56% 0.56% 1,687,057 2014 1,744,717 (36,155) (51,143) 30,119 (481) 2013 Consolidated Financial Statements 2014 profit or loss profit Recorded in 115,039 125,392 (8,369) (1,998) 3,366,160 (39,455) ANNUAL REPORT 2014/PRE GROUP (10,538) 453,140 134,675 587,815 639,570 652,817 14 (7,303) 82,559 10,332 -- 41,781 13,247 6,186 2014 2014 Recorded in equity 20,751 20,751 ------1,551,267 1,619,325 (92,432) (44,360) (49,145) (10,616) 652,817 115,038 (21,374) (27,786) 537,779 19.39% 19.00% (6,450) (4,645) (4,987) 0.39% 9,368 (495) 2013 2013 2012 2013
87 Consolidated Financial Statements 2014 88 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP period: relevant the in shareholders to profit of distribution as recognised were amounts following The thousand) (CZK Dividends (10) (12) Property, Plant and Equipment (CZK million) (CZK Equipment and Plant Property, (12) per share.earnings basic the dilute would that instruments no issued has Group The 701). CZK (2013: 625 CZK to amount share per earnings the i.e. to shares, 3,869,443 attributable thousand) 2,713,343 CZK (2013: thousand 2,418,060 CZK of distribution for profit net the from calculated are share per Earnings thousand) (CZK Share per Earnings (11) statements. financial these in liabilities in included been not has It Meeting. General the at shareholders by approved be must 2014 for dividend final proposed The Final dividend for 2013 of CZK 442 (2012: CZK 442) per share per 442) CZK (2012: 442 CZK of 2013 for dividend Final
Depreciation D 31 at Balance Accumulated depreciation Additions on disposals Accumulated depreciation D 31 at Balance Disposals D 31 at Balance Cost Balance at 31 D 31 at Balance Reclassification Net book value 2013 value book Net Net book value 2012 value book Net ec 2012 ec ec 2013 ec 2012 ec ec 2013 ec 776.4 735.6 734.4 777.6 Land (1.2) (1.2) (0.2) 42.2 ------structures (4,075.8) (4,271.8) 10,092.7 10,614.1 6,342.3 6,016.9 (272.8) Power Power (78.0) 527.8 76.8 71.6 (3,603.0) (3,783.2) overhead overhead 11,738.6 11,178.0 7,955.4 7,575.0 (263.1) Cables Cables (82.9) 585.7 lines 82.9 57.8 and and technologies communi- (1,580.3) (1,551.8) 2,209.6 2,146.4 (120.6) (149.1) and IT and cation cation 629.3 594.6 138.9 120.6 Tele- 44.9
buildings 1,700.4 1,691.0 Admini- strative 1,287.3 1,313.5 (377.5) (413.1) (35.6) 2.1 7.3 -- --
stations stations 1,058.0 1,113.6 Photo- voltaic (55.6) power power (19.6) 238.4 (36.0) 218.8 875.2 ------
Electricity (1,365.2) (1,316.1) 1,803.3 1,818.1 metres (116.8) 452.9 (68.2) 487.2 51.3 31.7 67.7 1,710,294 (354.3) (365.6) 2014 700.7 679.3 335.1 (53.7) (56.1) 325.0 Other 64.1 42.4 13.4 construc (201.4) Assets Assets 485.1 819.6 819.6 536.5 485.1 under under (0.6) tion ------(11,299.3) (11,836.0) 1,710,294 29,049.8 31,492.3 19,656.3 17,750.5 2,829.0 (406.6) (927.1) 390.4 2013 Total 20.1 As of 31 December 2013, photovoltaic power stations had the output of 13,133 kWp. 13,133 of output the had stations power photovoltaic 2013, December 31 of As to the amount of the loan (refer to the Note “Loans”). Note the to (refer loan the of amount the to corresponding pledge the by restricted is areas cadastral Mikulov and Dačice Syrovice, the in stations power photovoltaic the to title ownership The **) *) Kondrac photovoltaicpowerKondrac plant PRE Dačice, s.r.o. photovoltaic power plant *) plant power s.r.o. photovoltaic Dačice, PRE PRE Mikulov, s.r.o. photovoltaic power plant *) plant power s.r.o. photovoltaic Mikulov, PRE Syrovice photovoltaicpower plant Syrovice photovoltaicpowerPozorka plant photovoltaicpower plant Hořovice Photovoltaic power plants Photovoltaic Other photovoltaic power plants **) plants power photovoltaic Other Total Additions D 31 at Balance Cost Reclassification Disposals on disposals Accumulated depreciation D 31 at Balance Balance at 31 D 31 at Balance Balance at 31 D 31 at Balance Accumulated depreciation Net book value 2014 value book Net 2013 value book Net Depreciation These are small power plants installed in Prague (own construction). construction). (own Prague in installed plants power small are These subsidiaries. by owned is plants power photovoltaic of equipment The ec 2013 ec ec 2014 ec ec 2014 ec ec 2013 ec 795.9 (39.8) 794.7 776.4 777.6 Land (1.2) (1.2) 28.0 30.2 -- -- structures (4,271.8) (4,527.9) 11,270.6 10,614.1 6,342.3 6,742.7 (289.4) Power Power 448.9 (30.2) 237.9 33.2 (3,989.3) (3,783.2) 12,299.4 overhead overhead 11,738.6 8,310.1 7,955.4 (270.5) Cables Cables (64.4) 572.0 lines 64.4 53.2 and and technologies communi- (1,693.0) (1,580.3) 2,209.6 2,392.9 (139.7) 700.0 and IT and cation cation 629.3 (27.1) 131.1 Tele- 79.3 27.1
Installed output (kWp)Installed output buildings 1,700.4 Admini- 1,314.9 strative 1,741.0 (426.0) (413.1) 1,287.3 (28.0) (37.3) 50.6 18.0 24.4
18,922 stations 1,498.3 1,351.0 1,058.0 1,113.6 4,848 6,336 3,998 1,087 1,109 (147.3) Photo- voltaic power power (55.6) (91.7) 384.7 603 941 ------
Electricity Consolidated Financial Statements 2014 (1,365.2) (1,307.3) 1,818.1 1,767.8 metres (136.1) 460.5 (78.2) 452.9 136.1 60.7 25.2 2009/2010 ANNUAL REPORT 2014/PRE GROUP Licence (365.6) (389.3) 336.2 700.7 (33.4) 725.5 (53.2) 335.1 Other 2009 2009 2010 2010 2010 2010 38.4 29.6 19.8 construc (496.1) Assets Assets 819.6 562.7 562.7 239.3 under under 819.6 (0.2) tion ------Acquisition (12,481.3) (11,836.0) 33,054.1 20,572.8 31,492.3 19,656.3 1,920.9 (960.0) (359.2) 314.7 2013 2013 2014 2014 2011 2011 Total --
89 Consolidated Financial Statements 2014 90 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP internally. developed assets intangible no has Group The *) (13) Intangible Assets (CZK million) million) (CZK Assets Intangible (13) Accumulated amortisation on disposals amortisation Accumulated Amortisation D 31 at Balance Accumulated amortisation D 31 at Balance Reclassification*) D 31 at Balance Cost Additions D 31 at Balance Cost Net book value 2013 value book Net 2012 value book Net Additions Reclassification Disposals D 31 at Balance Balance at 31 D 31 at Balance Disposals Net book value 2014 value book Net 2013 value book Net Amortisation D 31 at Balance Accumulated amortisation Balance at 31 D 31 at Balance on disposals amortisation Accumulated its purchase price and which was reclassified under tangible fixed assets in 2013. 2013. in assets of fixed a part is which tangible under Chodov TR of input reclassified was reserved the which and ensuring price as well as purchase its connecting to related costs in share proportional the represents million 20 CZK of amount The ec 2012 ec 2013 ec 2012 ec ec 2013 ec ec 2013 ec ec 2014 ec ec 2013 ec ec 2014 ec Software Software (368.5) (368.5) (445.2) (332.6) 449.5 (86.0) (50.3) 454.7 454.7 (78.0) 521.0 116.9 86.2 86.2 75.9 45.9 (1.3) 58.6 50.1 9.6 9.1 1.3 Goodwill Goodwill 139.0 139.0 139.0 ------(30.2) (30.2) (23.2) (31.9) Other Other Other Other 40.6 39.6 (0.4) (5.4) 42.9 42.9 16.4 (3.7) 12.7 12.7 (7.4) 8.8 0.4 0.9 0.5 3.8 1.9 1.8 Assets under under Assets Assets under under Assets construction construction (59.1) (67.9) 70.0 70.0 70.0 70.0 (0.6) 73.9 73.9 63.0 64.5 74.0 74.0 ------(355.8) (398.7) (398.7) (477.0) (93.4) (83.4) (20.1) (51.3) 168.9 168.9 563.1 212.0 774.6 567.6 567.6 207.3 297.6 Total Total (5.0) 50.5 75.9 5.1 -- The financial statements of the subsidiaries are included in the consolidated financial statements. financial consolidated the in included are subsidiaries the of statements financial The activities. its from benefits obtain to as so an entity of policies operating and financial the indirectly, or directly govern, to power the has it i.e. subsidiaries. its over control exercises Company The a.s. PREměření is entities these of owner sole The *) follows: as loss impairment an includes also assets” “Intangible and equipment” and plant “Property, notes the in “Depreciation” Acquisition Cost of Low Value Fixed Assets in Use as of the Balance Sheet Date: Sheet Balance the of as Use in Assets Fixed Value Low of Cost Acquisition acquisition. upon expenses in recognised are assets fixed value low Policies”), Accounting “Significant to (refer policies accounting with accordance In sheet date. balance the of as contracted been has 1billion CZK Approximately 2015. in 2billion CZK of expenditure capital total incurring anticipates Group The (14) Subsidiaries (CZK thousand) (CZK (14) Subsidiaries PRE FVE Dačice s.r.o. *) Dačice FVE PRE PRE FVE Mikulov s.r.o. *) Mikulov FVE PRE PREměření, a.s. PREměření, eYello k.s. CZ, PREdistribuce, a.s. PREdistribuce, Company assets tangible value Low assets fixed value Low Total loss Impairment Depreciation Total Low value intangible assets assets intangible value Low Generation of electricity using solar energy using solar of electricity Generation Generation of electricity using solar energy using solar of electricity Generation generation of solar energy of solar generation meters, electricity of installation and sale Purchase, in the Group leases of provision trading, gas and Electricity Distribution Principal activity Principal Country of origin of Country Czech Republic Czech Czech Republic Czech Czech Republic Czech Czech Republic Czech Czech Republic Czech Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP percentage Ownership Ownership (1,043.4) (1,043.4) 307,201 357,528 50,327 100% 100% 100% 100% 100% 2014 2014 -- Share in voting voting in Share (1,020.5) (1,021.1) 342,109 295,339 46,770 rights 100% 100% 100% 100% 100% 2013 2013 0.6
91 Consolidated Financial Statements 2014 92 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP value. fair their to corresponds receivables other and receivables trade of amount carrying The of date the their origination through from the sheet balance date. receivables trade of recoverability the in changes any account into takes Group the receivables, of recoverability the considering In receivables: doubtful for created were allowances following The interest. no bear usually portions Outstanding thousand). 515,847 CZK (2013: basis a gross on thousand 433,159 CZK totalled date due their past receivables trade Short-term value. fair their to corresponds which cost amortised their at carried are receivables Long-term thousand) (CZK Receivables Other and Trade Receivables (15) Total Other apartments sold from Receivables Balance at 31 D 31 at Balance year current the in drawing and Charge D 31 at Balance year current the in drawing and Charge D 31 at Balance Total assets Other hedges flow cash from Receivables portfolio) (trading contracts commodity of revaluation the from Receivables exchanges power with deposit Margin supplies gas and electricity from Receivables Trade receivables and other short-term receivables Principal amounts paid Trade receivables and other long-term receivables ec 2014 ec 2013 ec 2012 ec 1,969,880 1,262,334 343,034 316,750 33,270 14,492 37,095 37,959 2014 2014 734 130 2,473,074 1,525,445 293,040 277,834 270,374 169,467 277,749 427,529 32,564 57,593 29,791 2,643 7,375 2013 2013 130 85 and bear an immaterial risk of change in the value. value. the in change of risk immaterial an bear and valued reliably be can that assets financial liquid highly other and demand on repayable deposits hand, on cash include equivalents cash and Cash thousand) (CZK Equivalents Cash and Cash (17) statement. income the in losses” and gains “Other in reported is value realisable net the to write-down The Given the limited use inventories were written down to their net realisable value as follows: as value realisable net their to down written were inventories use limited the Given thousand). 199,214 CZK (2013: thousand 209,837 CZK to amounted statement income the in reported material consumed and purchased of Costs (16) Inventories (CZK thousand) Total Stamps and vouchers Cash on hand on Cash Current bank accounts Balance at 31 D 31 at Balance Total Goods Material Inventories Balance at 31 D 31 at Balance year current the in drawing and Charge Balance at 31 D 31 at Balance year current the in drawing and Charge ec 2012 ec ec 2013 ec ec 2014 ec Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP 202,361 206,214 51,005 32,723 18,282 2,252 1,601 2014 2014 265,546 262,650 49,979 30,543 19,436 2,800 3,234 2,757 1,775 1,121 2013 2013 434 43
93 Consolidated Financial Statements 2014 94 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP thousand) (CZK Loans (18) the capitalisation rate in accordance with IAS 23. 23. IAS with accordance in rate using the capitalisation costs borrowing capitalised has Group The value. fair their from differ significantly not does which cost amortised their at carried are Loans (2013: CZK 3,442 million). 2014 December 31 of as million 1,195 CZK to amounted loans bank Undrawn rating. Group’s the to regard with collateral loan require do not Banks hedges. flow cash as for accounted are which loans from rate interest the hedge to swaps rate interest uses Group The areas. cadastral Mikulov and Dačice Syrovice, the in located stations power photovoltaic of system functional the forming assets tangible of pledge the by collateralised are 12 and 11 10, 9, 8, nos. Loans a.s. Hoding energetika Pražská company, parent the from loan the 6is 5and nos. Loans years. 10 3and between maturities with loans received newly by 2015 during dates maturity their of as loans the refinance to decided Company the of 4–management 3and 2, nos. Loans thousand. 1,289 CZK to amounts repayment premature the for fee the loan, the of conditions the with line in prematurely repaid 1was no. Loan
Loan No. 4 No. Loan 3 No. Loan 2 No. Loan 1 No. Loan Loan No. 5 No. Loan Loan No. 8 – 2nd part 8–2nd No. Loan 7 No. Loan 6 No. Loan Loan No. 9 – 2nd part 9–2nd No. Loan part 9–1st No. Loan part 8–1st No. Loan Loan No. 12 No. Loan 11 No. Loan 10 No. Loan Total Authorised overdraft of current accounts current of overdraft Authorised Total Short-term loans Long-term loans 2,988,596 1,200,109 4,039,317 4,039,317 1,050,721 904,665 600,873 165,604 132,960 701,029 Amount 48,444 54,009 51,079 95,227 67,200 18,118 ------PRIBOR+0.90% PRIBOR+0.88% PRIBOR+0.68% PRIBOR+0.56% PRIBOR+0.35% PRIBOR+2.86% PRIBOR+2.35% PRIBOR+2.35% PRIBOR+2.3% PRIBOR+2.3% PRIBOR+2.3% Interest rate Fix 0.95% Fix Fix 0.55% Fix Fix 5.69% Fix Fix 5.93% Fix
Maturity dateMaturity 31.10.2024 31.10.2024 31.10.2024 31.10.2024 31.12.2024 15.12.2024 30.6.2023 30.6.2015 28.3.2023 29.6.2015 22.5.2015 30.7.2014 22.7.2014 31.7.2015 2014 --
3,714,879 3,714,879 1,200,193 2,836,740 500,013 600,927 701,066 225,905 125,593 878,139 Amount 141,120 69,094 72,000 58,809 20,159 -- PRIBOR+0.40% PRIBOR+0.90% PRIBOR+0.68% PRIBOR+0.88% PRIBOR+0.56% PRIBOR+2.86% PRIBOR+2.35% PRIBOR+2.35% Interest rate Fix 0.95% Fix Fix 5.69% Fix 5.93% --
Maturity dateMaturity 31.10.2024 31.10.2024 31.10.2024 31.10.2024 31.12.2024 30.6.2015 29.6.2015 22.5.2015 30.7.2014 22.7.2014 2013 -- --
(20) Finance Lease Payables (CZK thousand) (CZK Payables Lease Finance (20) value. fair their to corresponds which cost amortised at carried are payables Group’s The 2015. January during settled were payables overdue All thousand). 1,918 CZK (2013: thousand 21 CZK of amount the in payables trade overdue reports Group The **) *) anniversaries). life and work retirement, their with connection in employees to paid bonuses (involving Agreement Collective the under payables Includes *) thousand) (CZK Payables Other and Trade(19) Payables Long-term trade payables and other payables insurance health and security social from Payables **) employees to Payables Carrying amount of assets held under finance leases finance under held assets of amount Carrying Tangible fixed assets Present value of minimum lease payments lease minimum of value Present payments lease Future 5years over in due payments Lease 5 years 1to from due payments Lease 1year within due payments Lease Total payables Other derivatives rate interest of revaluation from Payables portfolio) (trading contracts commodity of revaluation the from Payables Total Short-term trade payables and other payables Total lease payments Total lease payables Lease Trade payables*) Trade payables and other short-term payables Payables to employees *) employees to Payables Trade payables and other long-term payables Total payables financial Other Includes unpaid December salaries and payables to employees under the Collective Agreement. Collective the under employees to payables and salaries December unpaid Includes thousand 604,305 CZK of electricity billed yet not but (2013: CZK 600,286 thousand). supplied the for payable estimated an of net prepayments electricity received Includes 45,890 (2,724) 62,789 65,513 18,167 1,456 2014 Minimum lease payables Minimum lease
62,550 65,431 (2,881) 19,850 41,241 4,340 2013 Consolidated Financial Statements 2014
ANNUAL REPORT 2014/PRE GROUP 2,519,533 1,917,014 288,806 289,451 162,016 335,611 44,805 46,805 26,948 43,510 62,789 62,789 62,789 62,789 72,916 51,188 17,984 17,984 Present value of minimum minimum of value Present 1,295 2014 2014 2014 lease payments 2,969,207 2,260,697 299,237 201,443 390,291 248,754 62,550 62,550 62,550 39,034 50,483 62,550 42,905 19,645 19,645 24,483 65,218 27,075 3,871 2013 2013 2013
95 Consolidated Financial Statements 2014 96 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP thousand) (CZK Provisions (21) value. carrying their to corresponds payables lease of value fair The crowns. Czech in denominated are payables lease All on contingent lease payments. contracts any into enter not did Group the and schedule payment a fixed have contracts All contracts. lease finance under cars holds Group The made. The general meeting decides on the use of the reserve fund and the fund is used to offset the Group’s loss. Group’s the offset to used is fund the and fund reserve the of use the on decides meeting general The made. be to is increase further no and capital share the of thousand) 773,889 (CZK percent 20 of amount the in created been has fund reserve Group’s The thousand) (CZK Profit from (23) Funds full. in paid been has capital share Company’s The dividends. of payment regular the for right no carry and form book-entry the in are shares These shares). 3,869,443 (2013: share per 1,000 CZK of value nominal the in shares registered 3,869,443 are There capital Share thousand) (CZK Capital (22) Share of fixed assets. operation the from arise risks business for provisions The plan. the of fulfilment on dependence in paid salaries includes salaries for provision The
Total assets financial other current of revaluation the from Fund hedge flow Cash profit from funds Other fund Reserve Total Balance at 31 D 31 at Balance Short-term payables –provisions payables Short-term year current the in provisions of Release year current the in provisions of Use Creation of provisions in the current year current the in provisions of Creation Long-term payablesLong-term – provisions D 31 at Balance year current the in provisions of Use year current the in provisions of Release Creation of provisions in the current year current the in provisions of Creation D 31 at Balance ec 2012 ec ec 2014 ec ec 2013 ec Business risks Business (24,891) 63,830 68,029 (1,284) (2,257) (2,720) 37,655 37,655 37,655 778 -- -- (86,369) (83,382) Salaries 83,382 (6,367) 92,736 93,714 93,714 92,736 93,714 93,714 -- -- 1,162,035 773,889 382,711 (6,673) 12,108 1,086 1,070 1,070 Other 1,070 (288) 2014 970 100 172 ------1,278,542 (86,390) 132,439 132,439 152,497 773,889 (31,258) 128,402 157,536 (87,653) 382,711 (6,460) 93,686 (2,257) 93,814 38,725 93,714 Total 2013 by valuation models using market data (level 2). (level data market using models valuation by valued f, g) were (b, liabilities and assets 1).Financial (level markets active on quoted amounts at valued e) d, (a, were liabilities and assets Financial supplies. electricity from payables and loans bank include predominantly cost amortised at liabilities Financial The loans and receivables predominantly include supplies. receivables from electricity Instruments ofFinancial Categories (25) (CZK Financial thousand) Instruments million. 265 CZK to up of Group the of debts the for a.s. banka, Komerční of favour in and million 272 CZK to up of Group the of debts for a.s. banka, obchodní Československá of favour in a guarantee issued Company The a.s. Prahy, m. hl. podnik Dopravní and a.s. Praha Letiště Prague, of Capital City the of favour in gas and electricity of supply the for contracts public for as well as a.s. s elektřinou, trhu krátkodobého Organizátor OTE, a.s., of favour in 2013) December 31 of as million 137 (CZK million 172 CZK of guarantees bank payment issued banks Group, the of request At the (24) Contingent Liabilities and Contingent (CZK Assets thousand) sale. for available securities of revaluation the from losses and gains record to used is assets financial other of revaluation the from fund The funds. discretionary other establish may Company the meeting, general the of the approval to Subject meeting. general the by approved management fund the for rules the of part as funds discretionary these of use the on decides Directors of Board The thousand. 390,390 CZK was funds capital the of balance the date, that of As 1994). January (1 company stock joint the incorporation of of date the of as funds capital and fund reserve capital, share into divided was capital enterprise’s state the project, the privatisation of a result As Company. the of predecessor legal the enterprise, state former the of capital the of part represent profit from funds Other (g) Financial derivatives under hedge accounting hedge under derivatives Financial (g) swaps) rate interest of (revaluation loss or profit through value fair at liabilities Financial (f) contracts) commodity of (revaluation loss or profit through value fair at liabilities (e) Financial Liabilities Financial (d) Financial assets available for sale for available assets (d) Financial equivalents) cash and cash (including receivables and (c) Loans accounting hedge under derivatives (b) Financial contracts) commodity of (revaluation loss or profit through value fair at assets (a) Financial Assets Financial (h) Financial liabilities at amortised cost cost amortised at liabilities (h) Financial Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP 1,595,568 5,596,551 289,451 316,750 44,343 14,492 6,846 5,822 2014 2014 1,895,047 5,685,217 390,291 169,467 427,529 22,082 6,035 4,993 2013 2013
97 Consolidated Financial Statements 2014 98 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP There is no concentration of market risks in the Group. Group. the in risks market of concentration no is There period. prior the to compared as changed significantly short measure to used is Risk) at (Value VaR methodology The results. Group’s the on scenarios individual in defined prices in changes of impacts potential reflects which analysis sensitivity the being important most the methods, various using measured is risks market to exposure Group’s The rates. interest changing of risk the hedge to swaps rate • interest rates, exchange in changes the hedge to forwards • currency commodities, these of prices in changes the hedge to futures and forwards • commodity characteristics: derivative with instruments financial following the uses Group the risks, financial of hedging the For rates. interest in changes of risk the and risk gas), and currency (electricity commodities of prices changing the to related risks market the to exposed predominantly is Group the activities, its of view In M indicator. debt/equity net the via debt its monitors Group The shareholders. to return the maximising while perspective long-term the from position financial optimal an ensure to capital its manages Group The Risk Capital Reversal of the fund from the cash flow hedge (in “Costs of electricity purchased”) electricity of “Costs (in hedge flow cash the from fund the of Reversal hedge flow cash the from fund equity the of Creation (included in “Profit from trading“) portfolio trading the in derivatives commodity of revaluation from Gain Shareholders’ equity/total assets equity Shareholders’ Hedge accounting Other benefits) employee on interest the for (except costs Borrowing held securities from Gain period the in reported instruments financial on losses or Gains Total assets Total arket Risk ‑ term business exposure. The Group’s exposure to market risks is monitored on a regular basis and its approach to managing these risks has not not has risks these managing to approach its and basis a regular on monitored is risks market to exposure Group’s The exposure. business term (b, g) (b, g) (b, (c, d) (c, (c, h) (c, (a, e) (a, (h)
14,364,875 23,291,078 (164,474) (12,357) (29,851) (42,511) 13,404 2014 2014 2014 62% -- 22,782,132 13,812,274 (29,754) (41,591) (58,711) 164,474 12,145 1,240 2013 2013 2013 61% assets and liabilities resulting from an increase in the CZK/EUR exchange rate of 1percent. of rate exchange CZK/EUR the in increase an from resulting liabilities and assets these of value carrying the in a change on equity and profit of level the of dependence the identify to analysis a sensitivity performed Group The Analysis –Sensitivity Risk Currency date: sheet balance the at open derivatives Currency *) liabilities: and assets currency foreign of value carrying The insignificant. being hedges of portion ineffective the far, so with effective substantially been has Hedging Group. the by accounting hedge under monitored is effectiveness Hedge forwards. using hedged is position The hedging. agreed of amount the and requirements currency exchange of plan annual the on based established Bank National influencing the Czech foreign exchange the are risks market, measured using for defined with scenarios foreign exchange rateTheopen developments. exposureis circumstances, current the Under customers. Group’s the for electricity procuring with associated transactions make to pursued transactions OTC or exchange stock settling to a view with EUR only in exposure currency foreign a significant takes Company The hedges). flow (cash accounting hedge applies and derivatives currency risk using rate exchange foreign the against electricity of purchase the for EUR) (in flows cash planned future its of part a substantial hedges Group The (EUR). currency foreign in customers its for supply gas and electricity the of part a significant purchases Group The Risk Currency Total Other currencies Other Total E Total liabilities and assets Other EUR of purchase the for Contracts EUR purchased
Shareholders’ equity Shareholders’ (-) (+) loss or Profit (CZK thousand) Up to 1month to Up 1–3 months 1–3 3–12 months 3–12 Total from foreign currency invoices, and receivables and payables arising from cash flow hedges. flow cash payables from and arising receivables payables and exchanges, stock receivables and power on invoices, trading with currency foreign connected from variances price and deposits margin loans, bank equivalents, cash and cash include These U R Average exchange rate CZK/EUR 27.49 27.56 27.56 27.62 2014 25.68 25.64 25.67 25.74 2013 80,000 50,000 20,000 10,000 Value in EUR thousand 2014 96,500 50,000 15,000 31,500 2013 743,403 743,595 728,911 14,492 2014 Assets (CZK thousand) * thousand) (CZK Assets 192 2,205,195 1,377,820 552,480 274,895 Value in thousand CZK 2014 954,502 954,298 169,055 785,243 2013 204 Consolidated Financial Statements 2014 2,477,875 1,281,970 810,930 384,975 2013 ANNUAL REPORT 2014/PRE GROUP 948,369 951,122 951,122 (2,194) Liabilities (CZK thousand) * 17,958 Fair value in CZK thousand thousand CZK in value Fair 2,753 2014 2014 14,492 9,884 2,230 -- 2,378 2014 1,195,177 1,195,177 1,163,057 169,055 26,400 89,630 21,408 53,025 (3,782) 32,120 2013 2013 2013 --
99 Consolidated Financial Statements 2014 100 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP date: sheet balance the at open derivatives rate Interest accounting. hedge under maintained swaps rate interest of way by risks rate interest against a hedge established it therefore, rates; interest in increase the to related risk the mitigates Group The PRIBOR. rate interest reference market the to linked usually rate, interest a floating with loans received the to relates predominantly which change rate interest an of a risk to exposed is Group The Interest Rate Risk practice of the Company is not to require collateral for trade receivables. receivables. trade for collateral require to not is Company the of practice standard The OTC. for derivatives hedging concluded to relation in and commodities with market wholesale the on exposure the in and gas and electricity of distribution and supplies the in customers and customers end to relations both of terms in risk credit the to exposed is Company The Risk Credit VaR. and positions open the transactions, realised the of value market the as is determined limit This transactions. trading to regard with determined is quarters individual for as well as period monitored entire the for limit loss A maximum Trading to Transactions related Risk Price developments. for price scenarios defined from derived is impact financial possible the exposures, outstanding of size permissible maximum the for limits on based is management Exposure volume. of terms in limited position the within prices purchase of optimisation the achieve to order in purchased is customers end for Electricity low. relatively is gas of amount the prices, gas and electricity of development the to related risk the to exposed is Company The Commodities of Prices Changing of Risk 1percent. of rate exchange CZK/EUR the in increase an from resulting liabilities and assets these of value carrying the in a change on equity and profit of level the of dependence the identify to analysis a sensitivity performed Group The Analysis –Sensitivity Risk Rate Interest loans. and flows cash future hedged to relating liabilities and assets involve These *) rate: interest the on dependent is which liabilities and assets of amount carrying The basis. month a six on rate interest fixed agreed the and rates interest variable the between difference the potential exchange to undertakes Group the contracts, swap rate interest concluded to Pursuant 2022. before and 2015 in mature will contracts The Other assets and liabilities liabilities and assets Other Total Interest rate swaps Interest rate swaps Shareholders’ equity Shareholders’ (-) (+) loss or Profit (CZK thousand) Average fixed interest rate interest fixed Average 1.47% 2014 1.21% 2013 Agreed principal in CZK thousand CZK in principal Agreed 2,760,031 17,004 17,004 2014 2014 Assets (CZK thousand) * thousand) (CZK Assets -- 2,500,000 173,517 173,517 2013 2013 -- (40,083) 279,695 319,776 51,188 Liabilities (CZK thousand) * Fair value in CZK thousand CZK in value Fair 2014 2014 2014 (44) 489 420,377 393,302 (27,075) 27,075 (467) (106) 2013 2013 2013 receivables reflects the customers’ payment discipline. reflects receivables financial of table The liabilities. its fulfil to asked be may Company the which on dates earliest the reflects payables financial the including table The payables. and receivables financial non-derivative undiscounted Group’s the of maturity residual the represent tables following The –Tables Risk Liquidity risk. liquidity of concentration no is There issues. solvency any from suffer not does and risk liquidity significant any to not exposed is Group The risk. liquidity reduce further to disposal its at has Group the that facilities loan undrawn additional of a listing is in “Loans” note the Included liabilities. and assets financial of profiles maturity the match to seeking and flows cash actual and forecast monitoring continuously by facilities, borrowing and facilities banking equivalents, cash and cash of amount average an maintaining by risk liquidity manages Group The Risk Liquidity risk. credit of concentration no is There rating. international from derived solvency of level a sufficient with partners only with agreed are basis OTC the on derivatives Financial limits. exposure allocated are partners the solvency, achieved the on depending verified; is commodities with market wholesale the on partners business of solvency The is supply suspended. electricity the period, time additional an within debt the settle to fails a customer If customers. with contracts the in specified are method payment the and price the of determination The consumption. the of nature and volume the reflect to determined are payments advance electricity, unbilled but supplied For basis. annual an on place takes invoicing and meters electricity household and businesses small of reading standard The deposits. paying by or advance in prepayments making by payables future their cover customers industrial Certain suspended. is supply electricity the period, time additional an within debt the settle to fails a customer If time. on pay to fail who customers to sent are Reminders contract. the in specified is payments advance the of amount the determining of method The factors. other and consumption, season years’ previous account into taking invoiced, yet not but consumed electricity cover to consumption, expected their on based payments, advance ten-day or monthly pay Customers basis. a monthly on place takes invoicing and meters electricity customers’ industrial of reading The receivables. collect to failure the minimise to principles following the applies Group the activity, principal Group’s the is which distribution and supplies electricity In from sold apartments including receivables receivables Other Other receivables receivables Other paid principals deposits, Margin Trade balances – 2014 Receivables Total paid principals deposits, Margin Trade balances – 2013 Receivables Total Note Note (15) (15) Up to 1month to Up Up to 1month to Up 1,088,349 1,354,362 1,126,116 1,417,461 33,270 57,593 5,506 4,497 1–3 months 1–3 1–3 months 1–3 144,006 145,038 144,840 143,783 198 223 -- -- 3–12 months 3–12 3–12 months 3–12 Consolidated Financial Statements 2014 80,988 34,510 26,356 50,479 27,300 4,253 4,153 2,957 ANNUAL REPORT 2014/PRE GROUP 12 months 12 months More than than More More than than More 33,738 35,546 29,790 37,249 3,948 1,703 -- -- 1,259,545 1,525,445 1,389,391 1,629,715 72,969 56,877 91,636 12,634 Total Total
101 Consolidated Financial Statements 2014 102 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP period: current the in expensed payments lease operating minimum The thousand) (CZK Leases Operating (26) Payables.” Lease “Finance Note the to –refer leases from Payables *) Irrevocable lease agreements are concluded for the lease of land under distribution points. The probability of termination is minimal. is termination of probability The points. distribution under land of lease the for concluded are agreements lease Irrevocable 2014. December 31 of as concluded contracts for year per million 108 CZK approximately of amount the in i.e. future, the in level at the current remain to leases of costs the expects Management time. of period indefinite an for concluded been have contracts The leases. operating under transformers low-voltage and high- for premises non-residential and lines voltage high and voltage ultra-high for conduits cable holds Group The Total Total Provisions Provisions * loans Bank Total more and 5 years 5years 1to from Provisions payables financial Other Trade payables –2014 Payables Less than 1 year 1year than Less agreements lease irrevocable from arising Liabilities conduits Cable premises Non-residential Rental charges payables financial Other Trade payables Payables – 2013 Bank loans Bank Other rented assets of all types all of assets rented Other Cars Total years. These loans are disclosed in Note (19). The above table includes loan maturities according to the currently valid contracts. contracts. valid currently the to according maturities loan 10 3to of includes table above maturities The with (19). Note loans in long-term disclosed are loans received newly These through years. 2015 during dates maturity their at loans the refinance to decided Company the of Management Note Note (19) (19) (19) (19) (18) (18) (21) (21)
Up to 1month to Up Up to 1month to Up 1,838,955 1,328,558 1,522,708 1,247,707 225,913 90,334 80,851 ------1–3 months 1–3 1–3 months 1–3 43,078 29,395 22,973 24,770 11,155 8,950 2,230 2,395 -- -- 3–12 months 3–12 3–12 months 3–12 3,678,792 3,576,303 901,456 698,023 112,934 90,499 60,092 42,397 -- -- 165,982 12 months 12 months 107,524 2,994,714 More than than More More than than More 2,922,337 98,449 29,072 55,198 70,612 11,977 595,394 554,666 7,840 2014 2014 64,800 38,725 358 2,000 7,577 -- 3 3,848,503 5,645,822 5,764,520 1,313,080 4,139,919 1,660,412 190,805 154,098 161,844 114,483 64,800 96,486 38,725 53,371 11,130 28,914 77,493 8,076 Total Total 2013 2013 857 *) Movements in receivables and payables of related parties: related of payables and receivables in Movements upon consolidation. eliminated are parties related with transactions and subsidiaries include also parties Related Group. the of management executive and bodies of members owners, their them, by controlled companies and AG) Baden-Württemberg Energie and a.s. Holding (Pražská energetika rights voting of percent 40 than more concert in acting by or individually hold that Group the of owners the include parties Related thousand) (CZK Transactions Party Related (27) **) Relations to parent companies parent to Relations EnBW Energie Baden Energie EnBW Capital City of Prague of City Capital Pražská energetika Holding a.s. Obecní dům, a.s. Kolektory Praha, a.s. Relations to fellow-subsidiaries Relations TRADE CENTRE PRAHA a.s. PRAHA CENTRE TRADE Dopravní podnik hl.m. Prahy, a.s. Prahy, hl.m. podnik Dopravní EnBW Regional AG **) AG Regional EnBW EnBW Systeme Infrastruktur Support GmbH *) GmbH Support Infrastruktur Systeme EnBW *) Trading GmbH EnBW Total Pražská vodohospodářská společnost a.s. On 30 April 2014, EnBW Trading GmbH and EnBW Systeme Infrastruktur Support GmbH merged with EnBW Energie Baden Energie EnBW with merged GmbH Support Infrastruktur Systeme EnBW and GmbH Trading EnBW 2014, April 30 On On 1 February 2014 EnBW Regional AG was transformed to Netze BW GmbH. BW Netze to transformed was AG Regional EnBW 2014 1February On ‑ Württemberg AG Württemberg 2,021,454 1,242,130 202,900 576,075 779,324 244,124 957,100 18,972 8,008 6,803 6,978 2014 349 145 Sales to related parties related to Sales -- 1,163,283 1,245,179 1,014,531 81,896 20,862 87,400 10,361 77,942 6,895 8,565 3,628 7,399 7,270 2013 Consolidated Financial Statements 2014 326 ‑ Württemberg AG and ceased to exist. exist. to ceased and AG Württemberg ANNUAL REPORT 2014/PRE GROUP Purchases from related parties related from Purchases 1,001,413 340,987 660,426 625,737 234,511 34,689 98,182 3,836 2,190 2,268 2014 ------286,489 259,031 155,804 96,205 27,458 27,458 3,394 2,383 1,245 2013 ------
103 Consolidated Financial Statements 2014 104 Consolidated Financial Statements 2014 Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP parties related to payables and from Total receivables Managers can use company cars for private purposes. purposes. private for cars company use can Managers job. their to adequate contract employment a standard into enter also staff Company’s the among from elected council company the of Members Directors. of Board the of members the and Director) Sales the and CEO the (i.e. management Company’s the includes management Executive management executive for Remuneration D year. following of the beginning the at settled were and collateralised not were amounts Outstanding basis. length arm’s an on conducted were transactions Business ***) **) *) Obecní dům, a.s. a.s. Prahy, hl.m. podnik Dopravní EnBW Regional AG ***) AG Regional EnBW EnBW Systeme Infrastruktur Support GmbH **) GmbH Support Infrastruktur Systeme EnBW Pražská vodohospodářská společnost a.s. a.s. PRAHA CENTRE TRADE Kolektory Praha, a.s. EnBW Trading GmbH **) Trading GmbH EnBW Total Relations to fellow-subsidiaries Relations EnBW Energie Baden-Württemberg AG Baden-Württemberg Energie EnBW Prague of City Capital Pražská energetika Holding a.s. *) Number of persons Relations to parent companies parent to Relations Energie Baden-Württemberg AG Baden-Württemberg Energie Pražská energetika Holding a.s. Remuneration in CZK thousand CZK in Remuneration
ividends Paid ividends On 1 February 2014 EnBW Regional AG was transformed to Netze BW GmbH. BW Netze to exist. to ceased and AG transformed was AG Regional Württemberg EnBW 2014 Baden- 1February On Energie EnBW with merged GmbH “Loans”. Support Note the to –refer a.s. Infrastruktur Holding Systeme EnBW energetika and GmbH Trading EnBW Pražská 2014, April company 30 On parent the from received a loan is thousand) 125,593 CZK (2013: 95,227 CZK of payable The 36,809 36,639 40,287 77,096 36,749 2,095 2014 676 877 35 25 ------Receivables 52,398 58,277 47,027 5,879 5,854 2,597 1,078 1,192 2013 392 112 25 ------992,754 113,666 109,187 707,989 80,463 95,227 4,933 9,027 4,479 1,487 1,224 1,518 2014 2014 2014 250 39 ------Payables 132,149 150,721 992,754 125,593 707,989 79,900 18,572 11,438 6,556 3,260 1,200 2,377 2013 2013 2013 297 40 ------Directors of Board the of Chairman Elis Pavel 2015 February 20 Prague, In statements. financial the on impact a material have would that date sheet balance the to subsequent occurred events No thousand) (CZK Events Sheet Balance Post (28) 2015. January during collected were and receivables” other and receivables “Trade in reported are receivables These 2013). December 31 of as thousand 221 (CZK 47 thousand CZK of amount total the in management executive of members the from receivables reported Group the 2014, December 31 of As M Executive from Receivables anagement Vice-Chairman of the Board of Directors of Board the of Vice-Chairman Sloboda Alexander Consolidated Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP
105 Consolidated Financial Statements 2014 106 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP (CZK thousand) Statement Income EU the by adopted as (IFRS) Standards Reporting Financial International with compliance in prepared STATESEPARATE FINANCIAL M Other gains and losses and gains Other received Dividends costs Borrowing energy and material services, of Costs Income tax tax before activity ordinary from Profit Depreciation Personnel expenses operating income Other Earnings per share attributable to ordinary shares (CZK) shares ordinary to attributable share per Earnings tax after activity ordinary from Profit Gross profit from the sale of electricity and gas and electricity of sale the from profit Gross sold gas and electricity of Costs sold gas and electricity from Revenues ENTS ENTS (12,13) Note (11) (7) (5) (9) (6) (8) (4) (4)
(14,612,404) 15,934,326 1,160,999) 1,321,922 2,114,075 1,924,417 (189,658) (571,353) (187,678) (614,474) 940,492 106,465 (42,298) 2014 497 (17,298,018) 18,960,674 1,662,656 1,883,282 2,117,528 (234,246) (581,061) (556,788) (207,662) 929,000 (41,023) 918,871 (6,465) 2013 487 Statement of Financial Position Sheet) (Balance (CZK thousand) Cash and cash equivalents cash and Cash Loans Trade receivables and other receivables Tax receivables Inventories Non-current assets Loans Trade receivables and other receivables investments Equity assets Intangible equipment and plant Property, Assets Trade payables and other payables Tax payables capital Share Liabilities Total assets Current assets Total liabilities Short-term payables Provisions Loans Long-term payables Deferred tax liability Provisions Trade payables and other payables Loans shareholders Company’s the to attributable Equity earnings Retained profit from Funds Note (20) (20) (15) (15) (23) (19) (19) (18) (16) (16) (13) (22) (22) (12) (17) (24) (14) Separate Financial Statements 2014 (9)
ANNUAL REPORT 2014/PRE GROUP 15,146,527 17,522,058 17,522,058 2,500,000 3,869,443 1,846,950 3,198,438 9,835,801 4,785,886 1,009,473 4,963,197 1,159,848 1,929,760 3,891,102 2,743,684 2,375,531 9,815,177 169,392 180,149 150,181 167,020 135,917 45,495 45,828 72,022 32,347 16,794 2,270 2014 14,225,059 17,981,111 17,981,111 2,340,000 2,500,000 5,486,691 3,756,052 2,751,604 3,869,443 4,569,463 2,336,346 4,594,831 9,742,816 9,736,801 1,957,900 1,024,852 1,278,542 100,336 853,697 216,570 149,057 158,297 133,114 32,061 45,766 45,170 17,765 2,211 2013
107 Separate Financial Statements 2014 108 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP Statement of Changes in (CZK Equity thousand) Statement of Comprehensive Income (CZK thousand) (CZK Income Comprehensive of Statement Balance at 31 D 31 at Balance Comprehensive income attributable to the Company’s shareholders shareholders Company’s the to attributable income Comprehensive tax after income comprehensive Total other hedging flow Cash assets financial other of Revaluation tax after activities ordinary from Profit Net profit for 2013 for profit Net comprehensiveOther income paid fees director's and Dividends Balance at 31 D 31 at Balance 2014 for profit Net comprehensiveOther income paid fees director's and Dividends D 31 at Balance ec 2012 ec ec 2014 ec 2013 ec Share capital Share 3,869,443 3,869,443 3,869,443 Funds from profit from Funds 1,159,848 1,190,078 1,278,542 (118,694) 88,464 Retained earnings Retained (1,733,362) (1,733,245) 4,444,794 4,594,831 4,785,886 1,805,723 1,924,417 1,883,282 (118,694) (118,482) 1,924,417 (212) 2014 Equity attributable attributable Equity to the Company’s the Company’s to shareholders (1,733,362) (1,733,245) 9,504,315 1,883,282 9,815,177 1,971,746 9,742,816 1,883,282 1,924,417 (118,694) 88,464 88,464 88,464 2013 - in cash flow from investment activity. The comparative period is adjusted accordingly. accordingly. adjusted is period comparative The activity. investment from flow in cash Group” the in received “Interest and loans” “Intercompany in included is interest including repayment their and subsidiaries to provided loans The Cash Flow Statement (CZK thousand) Expenses related to the acquisition of fixed assets assets fixed of acquisition the to related Expenses assets fixed of sale the from Income activity Investment activity operating from flow cash Net Changes in short-term working capital Operating expenses operating incomeOther Income in the Group gas and electricity of purchases to related Expenses gas and electricity of sale the from Income Operating activity equivalents cash and cash of balance Opening Dividends and director’s fees paid paid fees director’s and Dividends repaid loans External Financial activity activity investment from flow cash Net profit in shares and received Dividend Group the in received Interest loans Intercompany expenses and income Financial Direct tax Personnel expenses gas and electricity of sale the from profit Net Closing balance of cash and cash equivalents cash and cash of balance Closing equivalents cash and cash in Change activity financial from flow cash Net operations financial Other received loans External Group the in operations Financial Note (6,8) (4,8) (10) (28) (28) (19) (19) (18) (13) Separate Financial Statements 2014 (7) (5) (9) (8) (4)
ANNUAL REPORT 2014/PRE GROUP (14,498,133) (1,731,049) 15,319,006 1,049,580 1,160,999 (905,053) (533,584) (226,956) (660,281) (289,819) (537,066) (678,814) (49,545) 924,400 820,873 (36,421) 146,829 123,595 216,570 180,149 677,760 477,031 63,038 35,921 57,107 2,192 2014 (16,623,815) (1,406,560) (1,733,571) 18,227,752 1,035,645 1,603,937 1,018,442 (250,093) (118,000) (545,225) (793,522) (195,624) (262,613) (418,891) 464,112 216,570 930,382 (16,825) (47,930) 778,249 123,373 61,860 66,861 93,197 6,999 8,761 2013
109 Separate Financial Statements 2014 110 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP 7. 6. 5. 4. 3. 2. 1. Content the of the to Financial Notes Statements 16. 15. 14. 13. 12. 11. 10. 9. 8. 29. 28. 27. 26. 25. 24. 23. 22. 21. 20. 19. 18. 17.
Revenues Inventories
Provisions Provisions Dividends
Costs of Services, Material and Energy and Material Services, of Costs Expenses Personnel Significant Accounting Policies Standards Reporting Financial International Revised and New of Adoption Information General Trade Receivables and Other Receivables Investments Equity Assets Intangible Equipment and Plant Property, Share per Earnings Tax Income Losses and Gains Other Borrowing Costs Post Balance Sheet Events Sheet Balance Post Transactions Party Related Operating Leases Financial Instruments Financial Assets Contingent and Liabilities Contingent Profit from Funds Share Capital Finance Lease Payables Lease Finance Payables Other and Trade Payables Received Loans Cash and Cash Equivalents Cash and Cash Loans Granted Amendments to to • Amendments • • • The adoption of these amended standards resulted in no significant changes in the accounting policies of the Company. Company. the of policies accounting the in changes significant no in resulted standards amended these of adoption The to • Amendments to • Amendments to • Amendments to • Amendments • • Period Current the in Effective Interpretations and Standards Standards Reporting Financial International Revised and New of (2) Adoption AG. Baden-Württemberg Energie is entity controlling ultimate The 49%. holds AG Baden-Württemberg Energie and a.s. Holding energetika Pražská of 51% owns Prague of City Capital The gas. of supplies include to activities its expanded Company the 2012, In revenues. the Company’s of part a significant for accounts activity this and Republic Czech the in customers to electricity supplying in engaged primarily is Company The 60193913. ID: corporate 100 05, 10, Prague 1492/4, Na Hroudě at located is office registered Company’s The 1994.. 1January 1on Prague of Court District the by held Register the Commercial in entered was and Republic Czech the in company a joint-stock as established was “Company”) the or “PRE” (hereinafter a.s. energetika, Pražská Information General (1) Total Other AG Baden-Württemberg Energie Pražská energetika Holding a.s. shareholders PRE’s principal beginning on or after 1 January 2014); 1January after or on beginning Ventures” Joint and Associates in “Investments 2011) in (revised 28 IAS 2014); 1January after Statements” Financial “Separate 2011) in (revised 27 IAS 2014); 1 January Entities” Other in Interests of “Disclosures 12 IFRS adopted by the EU on 19 December 2013 (effective for annual periods beginning on or after 1 January 2014). 1January after or on beginning periods annual for (effective 2013 December 19 on EU the by adopted 2014); and 1January after or on beginning periods annual for (effective 19 December 2013 2014); 1January after or on beginning periods annual for (effective 2012 13 December 2014); 1 January “Separate Financial Statements” Entities” IFRS 11 “Joint Arrangements” 11 IFRS 2014); 1 January Statements” Financial “Consolidated 10 IFRS – Transition Guidance, adopted by the EU on 4 April 2013 (effective for annual periods beginning on or after 1 January 2014); 1January after or on beginning periods annual for (effective 2013 4April on EU the by adopted Guidance, –Transition – Novation of Derivatives and Continuation of Hedge Accounting, Accounting, Hedge of Continuation and Derivatives of –Novation Measurement” and Recognition Instruments: “Financial 39: IAS on EU the by adopted Assets, Non-Financial for Disclosures Amounts –Recoverable Assets” of “Impairment 36 IAS on EU the by adopted Liabilities, Financial and Assets Financial –Offsetting Presentation” instruments: “Financial 32 IAS 2011) in (revised 27 IAS and Entities” Other in Interests of “Disclosures 12 IFRS Statements”, Financial “Consolidated 10 IFRS Other in Interests of “Disclosures 12 IFRS and “Joint Arrangements” 11 IFRS Statements”, Financial “Consolidated 10 IFRS , adopted by the EU on 11 December 2012 (effective for annual periods beginning on or after 1 January 2014); 1January after or on beginning periods annual for (effective 2012 December 11 on EU the by , adopted – Investment Entities, adopted by the EU on 20 November 2013 (effective for annual periods beginning on or after after or on beginning periods annual for (effective 2013 November 20 on EU the by adopted Entities, –Investment , adopted by the EU on 11 December 2012 (effective for annual periods beginning on or after after or on beginning periods annual for (effective 2012 December 11 on EU the by , adopted , adopted by the EU on 11 December 2012 (effective for annual periods beginning on or after after or on beginning periods annual for (effective 2012 December 11 on EU the by , adopted , adopted by the EU on 11 December 2012 (effective for annual periods beginning on or or on beginning periods annual for (effective 2012 December 11 on EU the by , adopted , adopted by the EU on 11 December 2012 (effective for annual periods periods annual for (effective 2012 December 11 on EU the by , adopted Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP 100.00% 58.05% 41.40% 0.55% 2014 100.00% 58.05% 41.40% 0.55% 2013
111 Separate Financial Statements 2014 112 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP Measurement” and Recognition “Financial Instruments: 39: IAS to pursuant liabilities or assets financial of portfolio the for accounting hedge of application the that estimates Company The unregulated. still is EU, the by adopted been not have principles whose liabilities, and assets financial of portfolio the regarding accounting Hedge adoption. time first their of period the in Company the of statements financial the on impact material no have will interpretations and standards amended standards, these of adoption the that anticipates Company The • • • to • Amendments to • Amendments to • Amendments to • Amendments to • Amendments to • Amendments • • • E the by Adopted yet not but IASB the by Issued Interpretations and Standards statements. financial Company’s the on impact no have will adoption first their of period the in interpretations and revisions standards, these with compliance that anticipates Company The dates. effective their before interpretations and revisions standards, these apply to not decided Company The • effective: yet but not issue in were EU the by adopted interpretations and revisions standards, following the statements financial these of authorisation of date At the E the by Adopted and IASB the by Issued Interpretations and Standards periods beginning on or after 1 January 2016). 1January after or on beginning periods annual for applied be to are (amendments wording clarifying and inconsistencies removing to a view with primarily 34) IAS 7, and 19 IFRS IAS (IFRS 5, IFRS of project improvement annual the from resulting 2012–2014)” (cycle IFRSs to “Improvements standards various to Amendments 1July 2014); and after or on beginning periods annual for applied be to are (amendments wording clarifying and inconsistencies removing to a view with primarily 40) IAS and 13 IFRS 3, IFRS (IFRS 1, IFRS of project improvement annual the from resulting 2011–2013)” (cycle IFRSs to “Improvements standards various to Amendments 1July 2014); after or on beginning periods annual for applied be to are (amendments wording clarifying and inconsistencies removing to a view with primarily 38) 24 IAS and IAS 16, IAS 13, IFRS 8, IFRS 3, IFRS (IFRS 2, IFRS of project improvement annual the from resulting 2010–2012)” (cycle IFRSs to “Improvements standards various to Amendments 2016); 1January after or on 1 July 2014); 2016); 1January after 2016); 1January after or on beginning periods annual for (effective Amortisation and 2016); 1January after or on 2016); 1January after or on beginning periods annual for (effective Venture Joint or Associate its and Investor an between Assets of 2017); 1January after or on beginning periods annual for (effective Customers” with Contracts from “Revenue 15 IFRS 2016); 1January after or on beginning periods annual for (effective Accounts” Deferral 14 “Regulatory IFRS 2018); 1January after or on beginning periods annual for (effective Instruments” 9“Financial IFRS “Levies” 21 IFRIC IFRS 11 “Joint Arrangements” “Joint Arrangements” 11 IFRS – Equity Method in Separate Financial Statements (effective for annual periods beginning beginning periods annual for (effective Statements Financial Separate in Method –Equity Statements” Financial “Separate 27 IAS after or on beginning periods annual for (effective Contributions Employee Plans: Benefit –Defined Benefits” “Employee 19 IAS or on beginning periods annual for (effective Plants –Bearer 41 “Agriculture” IAS and Equipment” and Plant “Property, 16 IAS Depreciation of Methods Acceptable of –Clarification Assets” “Intangible 38 IAS and Equipment” and Plant “Property, 16 IAS Contribution or –Sale Ventures” Joint and Associates in “Investments 28 IAS and Statements” Financial “Consolidated 10 IFRS , interpretation adopted by the EU on 13 June 2014 (effective for annual periods beginning on or after 17 January 2014). 17 January after or on beginning periods annual for (effective 2014 June 13 on EU the by adopted , interpretation , would not significantly impact the financial statements, if applied at the balance sheet date. date. sheet balance the at applied if statements, financial the impact significantly not , would – Accounting for Acquisitions of Interests in Joint Operations (effective for annual periods beginning beginning periods annual for (effective Operations Joint in Interests of Acquisitions for – Accounting but not yet Effective yet not U but U the rates announced by the Czech National Bank prevailing at the balance sheet date. date. sheet balance the at prevailing Bank National Czech the by announced the rates at retranslated are currencies foreign in denominated items monetary date, sheet balance At each transactions. the of dates the at prevailing and Bank National Czech the by announced exchange of rates the at recorded are crowns Czech than other currencies in year, transactions the During statements. financial the for currency presentation the and Company the of currency functional the are crowns Czech currency). (its functional operates Company the which in environment economic primary the of currency the in presented are Company the of statements financial The Translation Currency Foreign payables. long-term and short-term within payables” other and payables “Trade in included are payables Lease term. lease the over basis a straight-line on expense an as recognised are payments lease Operating loss. or profit to directly charged are charges Finance liability. the of balance remaining the on interest of rate a constant achieve to as so obligation lease the of reduction and charges finance between apportioned are payments Lease payments. lease minimum the of value the present or, lower, at if acquisition their of date the at value fair their at Company the of assets as recognised initially are leases finance under held Assets leases. operating as classified are leases All other lessee. the to transfer assets relevant the of ownership of rewards and risks substantial the all whenever leases finance as classified are Leases Leases amount. carrying net asset’s that to asset financial the of life expected the through receipts cash future estimated discounts exactly rate that the is which applicable, rate interest effective the at and outstanding principal the to reference by basis, a time on accrued is revenue Interest period. lease the over evenly recognised are fibre-optics) (primarily leasing from Revenues rendered. are services the when recognised are provided other services from Revenues customers. by consumed is electricity the when period the in recognised are distribution and electricity from Revenues completion. contract the of status the regarding information the including reported are services of provision the for contracts from arising buyer. Revenues the to transferred been have goods relevant the of ownership the from arising rewards and risk significant if receivable or received consideration the of value fair the at measured is goods of sales the from Revenue Revenue Recognition date. same the of as published are statements financial unconsolidated and consolidated The December. 31 of as always IFRS with compliance in “Group”) the (hereinafter subsidiaries its company and parent PRE the of statements financial consolidated publishes and prepares Company the statements, financial unconsolidated the from Apart Statements Financial Consolidated of Preparation the of Basis below. policies out set are accounting principal The instruments. financial certain for except basis cost historical the on prepared been have statements financial The Statements Financial of Preparation the of Basis EU. the by adopted as (IFRS) Standards Reporting Financial International with compliance in presented and prepared are statements financial The ofCompliance Statement Policies (3) Accounting Significant Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP
113 Separate Financial Statements 2014 114 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP use. intended their for ready are assets assets, the when property commences other as basis same the on assets, these of Depreciation fees. services professional includes cost The loss. any less impairment cost, at recognised carried are determined, yet not purposes for or purposes, administrative or production for construction of course the in Properties loss. or profit to charged is equipment and plant of Depreciation asset. the of production the to related directly costs indirect and direct includes assets intangible and tangible produced internally of cost The sheet. balance the of face the on reported are thousand 40 CZK over plant a cost with Property, equipment and acquisition. with associated costs and price purchase the includes Cost loss. impairment recognised and depreciation accumulated by reduced cost at stated are purposes, administrative for or services, or goods of supply or production the in use for held equipment and plant Property, and Equipment Plant Property, equity. in with dealt also is it case which in equity to directly charged items with associated when except loss or profit in recognised are and realised asset the or settled is liability the which in period the in apply to expected are that rates tax the at determined is tax Deferred on basis. a net liabilities and assets tax current its settle to intends Company the and authority taxation same the by levied taxes and income to relate liabilities they tax when current against assets tax current offset to right enforceable a legally is there when offset are liabilities and assets tax Deferred utilised. be can differences temporary deductible those which against available be will profits taxable that probable is it that differences extent the to temporary deductible all for recognised generally are assets tax deferred and differences, temporary taxable all for are recognised generally liabilities tax Deferred method. liability sheet balance the using for accounted is and profit, taxable of computation the in used corresponding bases the and tax statements financial the in liabilities and assets of amounts carrying the between differences on recognised is tax Deferred date. sheet balance the by enacted been have that rates tax using is tax calculated current for liability Company’s The periods. previous from charges tax additional or overpayments tax includes also payable tax current The deductible. or taxable never are that items excludes further it and years other in deductible or taxable are that expense or income of items excludes it because statement income the in reported as profit from differs year. profit the Taxable for profit taxable on based is payable currently tax The balance. tax deferred the in a change and payable currently tax the of sum the represents statement income the in reported expense tax Income Tax Income incurred. are in they loss or which in profit in period the recognised are costs borrowing Other 23. IAS with line in rate capitalisation the using costs borrowing capitalises Company The Borrowing Costs equity. to directly posted are value fair in changes where hedges flow cash from arising differences rate exchange for except arise they which in period the in loss or profit in recognised are losses and gains rate Exchange retranslated. not are currency a foreign in cost historical of terms in measured are that items Non-monetary determined. was fair value the when date the at prevailing rates the at retranslated are currencies foreign in denominated are that value fair at carried items Non-monetary specific to the asset. the to specific risks the and money of value time the of assessments market current reflects that rate discount a pre-tax using value present their to discounted are flows cash future estimated the use, in value assessing In use. in value and sell to costs less value fair of higher the is amount recoverable The belongs. asset the which to unit cash-generating the of amount recoverable the estimates the Company separately, inflows cash generate not does asset relevant the where circumstances In any). (if loss impairment the of extent the determine to in order estimated is asset the of amount recoverable the exists, indication such any If loss. impairment an suffered have assets those that indication any is there whether determine to assets intangible and tangible its of amounts carrying the reviews Company the date, sheet balance At each ofTangibleImpairment Assets and Intangible records. sheet off-balance in maintained are balances physical their and expenses to charged are assets these of costs acquisition The assets. value intangible low as classified are year one exceeding life useful individual an with thousand 60 CZK and 2thousand CZK between costing assets Intangible lives: useful estimated following the over method straight-line the using amortised are assets Intangible basis. a prospective on for accounted being estimate in changes any of effect the with period, reporting each annual of end the at reviewed are method amortisation and life useful estimated The lives. useful estimated their over basis is a straight-line on charged Amortisation losses. impairment accumulated and amortisation accumulated less cost at reported are separately acquired assets Intangible Assets Intangible assets. fixed as tangible depreciated and recognised are that machines electrical and equipment electricity minor of types selected being only exception the sheet records, off-balance in maintained are balances physical their and expenses to charged are assets these of costs acquisition The assets. tangible value low as classified are year one exceeding life useful individual an with thousand 40 CZK and 2thousand CZK between costing Tangible assets loss. or profit in recognised is and asset the of amount carrying the and proceeds sales the between difference the as determined is equipment and plant property, of item an of retirement or disposal the on arising loss or gain The period. lease their and lives useful estimated their of lower the over Company the by owned assets the as manner same the in depreciated are leases finance under acquired Assets method: straight-line the using lives, useful their over estimated construction, under properties and land freehold than other assets, of valuation or cost the off write to as so charged is Depreciation Other intangible assets intangible Other Software Asset category Hardware fixtures and Furniture Vehicles andAppliances special equipment technology equipment Telecommunication Working and machinery equipment Fibre-optics constructions other and halls Buildings, Asset category Separate Financial Statements 2014 6, or according to the contract 1, 2, 4 2, 1, contract the to according or 6, ANNUAL REPORT 2014/PRE GROUP Depreciation period in years Depreciation period in years 7, 15, 20, 25, 30, 40, 50, 70 50, 40, 30, 7, 25, 20, 15, 5, 8, 10, 12, 20 12, 10, 8, 5, 4, 5, 6, 8, 10 8, 6, 5, 4, 4, 8, 10 8, 4, 4, 10 4, 4-33 3, 4 3, 30 4
115 Separate Financial Statements 2014 116 Separate Financial Statements 2014 purpose of the financial assets and is determined at the time of initial recognition. initial of time the at determined is and assets financial the of purpose Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP cost. at measured are investments equity These dividends. of form the in Company the to flow investments equity from Proceeds investee. the over power its through returns those affect to ability the has and investee the with involvement its from returns variable to rights, has or exposed, is it when investee an controls company parent The capital. share companies’ other in share Company’s the include investments Equity Investments Equity impairment. effective any the less using cost method interest amortised at recorded are investments Held-to-maturity investments. held-to-maturity as classified are maturity to hold to ability and intent positive the has Company the that dates maturity fixed and payments determinable or fixed with bonds and exchange of Bills Maturity to Held Investments asset. financial the on earned interest or dividend any incorporates profit in loss or recognised loss or gain net The loss. or profit in recognised loss or gain resultant any with value, fair at stated are FVTPL at assets Financial instrument. a hedging as effective and designated not is that a derivative or (iii) it is profit-taking; short-term of pattern actual a recent has and together manages Company the that instruments financial of portfolio identified an of a part are (ii) or future; near the in selling of purpose the for principally acquired were they (i) if trading for held as classified are assets Financial as FVTPL. at designated is it or trading for held either is asset financial the where (FVTPL) Loss or Profit through Value Fair at as classified are assets Financial Loss or Profit through Value Fair at Assets Financial held investments (FVTPL), loss or profit through value fair at assets financial categories: following the into classified are assets Financial fair at value. measured initially are which loss, or profit through value fair at as classified assets financial those for except costs, transaction plus value, at fair measured initially are and concerned, market the by established timeframe the within investment the of delivery require terms whose a contract under is asset an of sale or purchase the where transaction of date the on sheet balance the in derecognised and recognised are assets Financial Assets Financial flows. cash those of value present the to equal is amount carrying its obligation, the present settle to estimated flows cash the using measured is a provision Where obligation. the surrounding uncertainties and risks the account into date, taking sheet balance the at obligation present the settle to required consideration the of estimate best the is a provision as recognised amount The obligation. the of amount the of made be can estimate a reliable and obligation, the settle to required be will Company the that probable is it event, a past of a result as constructive) or (legal obligation a present has Company the when sheet balance the in recognised are Provisions Provisions distribution. and sale marketing, of costs estimated all less inventories for price selling estimated the represents value realisable net The inventories. the deliver to incurred costs freight and storage in-transit and duties customs material, the of price the purchase includes cost The value. realisable net the and average arithmetic weighted the using determined cost of lower the at stated are Inventories Inventories loss. or profit in immediately recognised is loss impairment an of A reversal years. prior in asset the for recognised been loss impairment no had determined been have would that amount carrying the exceed not does amount carrying increased the that so but amount, recoverable its of estimate revised the to increased is asset the of amount carrying the reverses, subsequently loss impairment an Where loss. or profit in immediately recognised is loss impairment An amount. recoverable its to reduced is asset the of amount carrying the amount, carrying its than less be to estimated is asset an of amount recoverable the If ‑ to ‑ maturity, financial assets available-for-sale (AFS) and trade receivables and other receivables. The classification depends on the nature and and nature the on depends classification The receivables. other and receivables trade and (AFS) available-for-sale assets financial maturity, commitments are accounted for as cash flow hedges. flow cash as for accounted are commitments firm on risk exchange foreign of Hedges hedges. flow cash or hedges value fair either as instruments hedging certain designates Company The Hedge Accounting as appropriate. payables, short-term and receivables short-term as classified are instruments hedge effective as designated not are which derivatives The months. 12 below is relationship hedging the of maturity residual the if payable short-term and assets financial current other as or months, 12 exceeds hedging relationship the of maturity residual the if payable assets/long-term financial non-current other as classified is derivatives hedging of value fair The hedges). flow (cash commitments firm of risk currency foreign of hedges or transactions forecast probable highly of hedges hedges), value (fair commitments firm or or liabilities assets recognised of value fair the of hedges either as derivatives certain designates Company The accounting. hedge of part as instrument a hedging as designated is derivative the unless immediately loss or profit in recognised is loss or gain resulting The date. sheet balance each at value fair their at remeasured subsequently are and into entered is contract a derivative date the at value fair at recognised initially are Derivatives derivatives transactions. commodity into enters also Company the portfolio, trading its of part As 39. IAS of scope the within fall do not therefore contracts Such operation. Company’s the of course ordinary the within sold or consumed be to electricity of supply a physical of form the in settled be will derivatives these of majority the that assumes Company The markets. OTC and Exchange Power Prague the on electricity of sales and instruments purchases for derivative commodity into enters Company The contracts. derivative using flows cash and transactions future its hedges Company The Derivatives period. a shorter appropriate, or, financial where the of liability, life expected the through payments cash future estimated discounts exactly that rate the is rate interest effective The relevant the over period. expense interest allocating of and liability a financial of cost amortised the calculating of a method is method interest effective The method. interest effective the using cost amortised at measured subsequently and costs transaction by increased value, fair at measured initially are borrowings, including liabilities, Financial Liabilities Financial method. interest using the effective reported is income Interest loss. impairment any reflecting and method interest effective the using cost amortised the at measured and assets financial other as classified are market active an on quoted not are which payments determinable or determined with receivables Other recognition. initial upon calculated rate interest at the effective discounted flows cash future estimated the of value present the and asset relevant the of cost amortised the between determined is difference the as allowance recognised The exists. evidence impairment if loss or profit in recognised are losses irrecoverable estimated for allowances Reasonable method. interest effective the using cost amortised at revalued subsequently and value fair at measured initially are Trade receivables Trade Receivables and Other Receivables value change. fair the of part as reported is currencies foreign in denominated sale for available assets any, financial if on loss, or gain rate exchange foreign The period. the for loss or profit in included is reserve revaluation investments the in recognised previously loss or gain cumulative the impaired, be to determined is or of disposed is investment the Where loss. or profit in directly recognised are which assets, monetary on losses and gains rate exchange foreign and method interest effective the using calculated interest losses, impairment of the exception with reserve revaluation investments the in equity in directly recognised are value fair in changes from arising losses and Gains value. fair at stated are and AFS being as classified are market active an on traded are that Company the by held notes redeemable listed and shares Unlisted Sale for Available Assets Financial Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP
117 Separate Financial Statements 2014 118 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP Performance. and Planning Audit Internal Management, Risk Statute, Audit Internal Company: the of norms the following follows which Audit Internal Company’s the by overseen is regulations internal with compliance The activities. fraudulent of the prevention rules for the including transactions, usual all for accounting and processing of methods the define regulations internal These Hedges. Risk Currency Trading and Electricity to Related Transactions for Treatment Accounting and Liabilities, and Assets of Count Stock Liabilities, and Assets of Valuation Documents, Accounting of Signing and Circulation following: the include predominantly These mechanisms. control and principles accounting binding the determine to place in regulations internal has Company The performance. financial and position financial the Company’s of view fair and a true give and relevant and reliable correct, are statements these that so statements financial its prepares Group PRE The M and Principles Audit Internal system. customer the in calculation a control making by reviewed additionally is level closing total The period. relevant the for consumption actual and losses including output and input electricity aggregate the between difference the to equal as approach sheet balance the using determined is electricity unbilled in increase The estimates. of use the to subject is which area key the amount unbilled electricity the of determination the considers Company The estimates. these from differ may future the in outcomes and results actual the estimates, of nature the to pursuant Nevertheless, it. to available information relevant the all of basis the on assumptions and estimates these made has Company the of Management period. reporting the during expenses and revenues of amounts reported the and date sheet balance the at and liabilities assets of amounts reported the affect that assumptions and estimates make to management requires statements financial of presentation The Estimates Accounting Significant Company. the of management operational the for information more provides method direct the using prepared statement The method. direct the using statement flow cash its prepares Company The Statement Flow Cash estimates. actuarial using payments future anticipated of value present the at measured are payables relevant The Payables”). Other and “TradePayables note the to refer plan, benefit defined (the Agreement Collective the under bonuses other provides Company The Company. the to provide they that services the on based contributions receive to entitled are employees which in period the in expensed are contributions These plans. benefit retirement employees’ its to contributions makes also Company The costs. payroll relating the as period same the in loss or profit to charged are expenses security social and insurance The salary. gross employees’ the to reference by year relevant the in effective and law by required level the at scheme policy employment state the and schemes insurance pension and insurance health the to contributions makes Company The Expense Benefits Employee adjustment. relevant the of date the from loss or profit into realised is risk hedged the from arising item hedged the of value carrying the of adjustment An accounting. hedge for qualifies longer no or exercised, or terminated, sold, is or expires instrument hedging the relationship, hedging the revokes Company the when discontinued is accounting Hedge loss. or profit in recognised is item hedged the when periods the in loss or profit in recycled are equity in reported Amounts loss. or profit in immediately recognised is portion ineffective the to relating gain loss or The equity. in recognised are hedges flow cash as qualify and designated are that derivatives of value fair the in changes of portion effective The Hedge Flow Cash equity. in changes of statement the in detailed also are equity in reserve hedging the in Movements item. hedged the of flows cash or values fair in changes offsetting in effective highly is relationship a hedging in used is that instrument hedging the whether documents Company the an on basis, and hedge ongoing the of inception the at Furthermore, transactions. hedge various undertaking for strategy its and objectives management risk it ethods (4) Revenues (CZK thousand) (CZK (4) Revenues *) Including proceeds from the sale of power products to distributors and electricity dealers. dealers. electricity and distributors to products power of sale the from proceeds Including *) **) *) (CZK(5) thousand) Personnel Expenses *) Total **) costs social Other Remuneration to the members of the Company's statutory bodies *) bodies statutory Company's the of members the to Remuneration Insurance plan the of fulfilment the on depending paid Salaries Payroll costs Average headcount Income from provided services *) services provided from Income operating income Other Sales of electricity B2B gas and electricity of sale the to relating expenses and Income Gross profit from the sale of electricity and gas and electricity of sale the from profit Gross costs Total Total Other incomeOther *) gas of Sales B2C services system and distribution of Sales B2C electricity of Sales B2B services system and distribution of Sales Costs of purchases of gas of purchases of Costs trading from gain Gross Costs of purchases of distribution and system services system and distribution of purchases of Costs electricity sold of purchases of Costs Total income The income includes services rendered to other companies within the PRE Group based on concluded service provision contracts, revenues from the lease of land, real real land, of lease the from revenues contracts, support. provision IT and service vehicles and concluded estate on based Group PRE the within companies other to rendered services includes income The a significant drop in the interest rate applied in calculating long-term discounted payables to employees. employees. to to payables discounted attributable is long-term costs social in calculating in increase applied The rate care. interest medical the in and drop insurance a significant pension in additional to employees to paid contributions bonuses retirement, contributions, catering anniversaries, life or work to specifically relation Agreement, Collective the by defined benefits employee and pays severance of costs a function. Primarily performing for a contract on with based them to paid relationship is employment an in remuneration been have aggregate members the and body the Company statutory no 2014, 1January since as reporting, in change the to attributable is increase The Separate Financial Statements 2014 Staff includingStaff management (14,612,404) (6,616,848) (7,884,889) 15,934,326 4,828,044 3,056,845 2,956,403 4,313,445 1,321,922 (110,667) 940,492 ANNUAL REPORT 2014/PRE GROUP 930,280 130,966 330,018 669,776 571,353 96,409 30,894 13,404 18,644 60,831 10,212 2014 2014 2014 643 Staff includingStaff management (17,298,018) 18,960,674 (7,932,097) (9,301,514) 1,662,656 5,485,346 5,594,194 3,360,772 3,707,321 (64,407) 556,788 918,871 131,006 914,548 341,779 738,427 62,469 45,619 31,366 12,145 4,323 7,018 2013 2013 2013 643
119 Separate Financial Statements 2014 120 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP thousand) (CZK Energy and Material Services, of (6) Costs (8) Other Gains and Losses (CZK thousand) (CZK Losses and Gains (8) Other thousand) (CZK Costs Borrowing (7) services. other and fees storage services, guard security services, cleaning employees, external of costs Including *) Interest received in the Group the in received Interest (losses) gains rate exchange Foreign inventories and assets fixed of disposal and sale the from Gain/(loss) Total Other *) Total Interest on leases benefits employee on expense Interest Interest on loan Rental charges Consulting services assets fixed tangible of Repairs energy consumed own and Material Share in the profit or loss of eYello CZ, k.s. eYello of k.s. CZ, loss or profit the in Share allowances of creation and debt doubtful of Write-offs pooling cash on Interest Marketing support IT fees telecommunication and Postage Other Other Total (24,805) 106,465 150,832 (31,122) 614,474 141,841 (6,458) 40,280 44,655 90,691 70,973 38,789 42,298 29,972 88,787 46,721 74,121 1,005 5,942 1,010 2014 2014 2014 3 (21,344) (15,961) 581,061 (37,362) 107,279 147,728 (6,465) 30,043 41,023 44,947 28,488 93,268 48,153 59,667 38,221 81,155 8,535 1,664 1,138 2013 2013 2013 -- -- Deferred tax assets (-) and liabilities (+) recorded in the balance sheet relate to the following items: following the to relate sheet balance the in (+) recorded (-) liabilities and assets tax Deferred statements. financial these in liabilities in included been not has It Meeting. General the by approved be must 2014 for dividend proposed the of amount final The period: relevant the in shareholders to profit of distribution as recognised were amounts following The thousand) (CZK Dividends (10) anticipated in future periods, i.e. 19 percent. 19 i.e. periods, future in rate tax anticipated income the using calculated is tax Deferred profit. taxable estimated the of percent 19 at calculated is payable tax income current The Tax thousand) (CZK (9) Income Final dividend for 2013 of CZK 442 (2012: CZK 442) per share per 442) CZK (2012: 442 CZK of 2013 for dividend Final Impact of tax non-deductible dividends received dividends non-deductible tax of Impact rate tax income effective the using tax Income Profit before tax
Total income tax Total income Deferred tax payable tax Current Total income tax/effective tax rate tax tax/effective Total income tax-deductible never are that items other of Impact Fixed assets Provisions Provisions Receivables Total deferred tax liability tax Total deferred hedge flow Cash agreement Collective the under Obligation Inventories 31 December (24,970) 113,319 (9,051) (9,138) 72,022 2,327 (465) 2014 Recorded in profit in profit (3,935) or loss 3,204 (522) (22) (41) 272 -- 2,114,075 (220,590) Recorded 189,658 401,674 in equity (27,792) (27,792) 8,574 ------
31 December 100,336 (21,035) 110,115 (9,323) (9,116) 30,119 (424) 2013 (10.43%) 19.00% 8.97% 0.41% 2014 2014
Recorded Separate Financial Statements 2014 in profit in profit (1,178) or loss (685) (671) (77) 238 ANNUAL REPORT 2014/PRE GROUP 17 -- 1,710,294 2,117,528 (176,510) 234,246 402,330 190,180 189,658 8,426 (522) 2014 2014 Recorded in equity 20,751 20,751
------31 December 1,710,294 (20,350) 234,246 110,192 235,424 11.06% (8,445) (8.34%) 19.00% 80,763 (9,561) (1,178) 0.40% 9,368 (441) 2012 2013 2013 2013
121 Separate Financial Statements 2014 122 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP million) (CZK Equipment and Plant Property, (12) per share. earnings basic the diluting instruments issued no has Company The 487). CZK (2013: 497 CZK to amount share per earnings the i.e. shares, 3,869,443 to attributable thousand) 1,883,282 CZK (2013: thousand 1,924,417 CZK of distribution for profit net the from calculated are share per Earnings thousand) (CZK Share per Earnings (11) Reclassification Balance at 31 D 31 at Balance Disposals D 31 at Balance Accumulated depreciation Balance at 31 D 31 at Balance Net book value 2012 value book Net D 31 at Balance Additions D 31 at Balance Cost Reclassification D 31 at Balance Cost on depreciation disposals Accumulated Depreciation Net book value 2014 value book Net 2013 value book Net Reclassification Net book value 2013 value book Net Reclassification Disposals Accumulated depreciation on depreciation disposals Accumulated Depreciation D 31 at Balance Accumulated depreciation D 31 at Balance Additions ec 2013 ec ec 2012 2012 ec ec 2014 ec ec 2013 ec ec 2012 ec ec 2013 ec ec 2013 2013 ec 2014 ec (35.8) 168.4 169.6 169.6 169.6 138.2 168.4 168.4 137.0 Land Land Land Land (1.2) (1.2) (1.2) (1.2) 4.4 ------Telecommunication Telecommunication technologies and IT technologies and IT (634.5) (634.5) (659.2) (599.1) 768.8 160.6 (49.6) (39.1) 795.1 795.1 (14.3) (14.4) 160.6 157.9 169.7 817.1 32.1 14.4 13.2 14.2 27.4 4.3 -- -- Administrative Administrative Administrative Administrative buildings buildings 1,690.8 1,700.2 1,700.2 1,314.8 1,740.8 (426.0) 1,313.3 1,287.1 (377.5) (413.1) (413.1) 1,287.1 (28.0) (35.6) (37.3) 50.6 18.0 24.4 2.1 7.3 ------(194.4) (194.4) (198.4) (198.3) 434.3 236.0 (33.9) (45.9) Other Other 421.6 421.6 415.5 (31.2) (31.2) 227.2 227.2 217.1 30.0 44.6 13.9 37.9 27.4 7.4 -- -- Assets under under Assets Assets under under Assets construction construction (96.6) (36.7) 114.7 114.7 114.7 114.7 84.2 84.2 93.9 66.1 57.5 57.5 ------(1,284.7) (1,243.2) (1,243.2) (1,176.2) 1,958.0 1,958.0 1,926.0 1,929.8 3,102.2 3,201.2 3,201.2 3,214.5 (109.5) (119.1) (107.7) (60.2) 159.0 122.8 Total Total 66.2 52.1 0.0 0.2 -- -- (13) Intangible Assets (CZK million) (CZK Assets Intangible (13) The Company has no intangible assets developed internally. developed assets intangible no has Company The Disposals Accumulated amortisation on disposals amortisation Accumulated D 31 at Balance Reclassification Additions D 31 at Balance Cost Reclassification Net book value 2013 value book Net 2012 value book Net D 31 at Balance Balance at 31 D 31 at Balance Cost Amortisation Amortisation D 31 at Balance Accumulated amortisation Disposals Additions Balance at 31 D 31 at Balance Reclassification Reclassification Balance at 31 D 31 at Balance Amortisation D 31 at Balance Accumulated amortisation Accumulated amortisation on disposals amortisation Accumulated Net book value 2014 value book Net 2013 value book Net ec 2013 ec 2012 ec ec 2013 ec ec 2013 ec ec 2012 ec ec 2014 ec ec 2014 ec 2013 ec Software Software (364.7) (364.7) (328.8) (441.5) 445.8 (86.0) (78.0) (50.1) 451.1 451.1 517.6 117.0 86.4 45.8 86.4 (1.2) 58.6 76.1 50.1 9.6 9.1 1.2 -- -- (12.0) (14.0) (14.0) (12.3) Other Other (0.4) (2.0) (2.4) (3.7) 15.3 18.2 18.2 15.1 3.0 4.2 0.4 0.6 0.2 4.2 1.8 3.1 3.7 1.7 -- -- Separate Financial Statements 2014 Assets under under Assets Assets under under Assets ANNUAL REPORT 2014/PRE GROUP construction construction (58.8) (47.7) (0.6) 53.2 62.8 53.2 71.1 62.2 71.1 67.7 67.7 67.7 67.7 ------(340.8) (453.8) (378.7) (378.7) (80.0) 604.0 (88.4) (51.1) 158.3 150.2 158.3 173.3 537.0 537.0 514.1 Total Total (0.2) (4.9) 50.5 71.9 74.2 0.0 4.9 -- --
123 Separate Financial Statements 2014 124 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP follows: as loss impairment an includes also assets” “Intangible and equipment” and plant “Property, notes the in “Depreciation” Information on the subsidiaries was derived from individual statutory financial statements of these companies prepared in compliance with Czech Czech Accounting Standards. with compliance in prepared companies these of statements financial statutory individual from derived was subsidiaries the on Information subsidiaries. its all controls company parent The a.s. PREměření, of rights voting or capital share the in investment its in changes no make to undertook company parent the bank, the with agreement the to Pursuant s.r.o. Dačice, FVE PRE s.r.o. and Mikulov, FVE PRE owns wholly and eYello in k.s. CZ, investment equity a 10% holds a.s. PREměření, thousand) (CZK Investments (14) Equity date: sheet balance the of as use into put been have that assets those of price purchase the shows table below The Policies). Accounting Significant (see policies accounting the with compliance in expenses to charged are assets fixed value Low date. sheet balance the of as contracted was expenditure planned all of 25% Approximately 2015. in million 221 CZK of expenditure capital total incurring anticipates Company The collateral. as used or pledged are assets Company’s the of None Total eYello k.s. CZ, a.s. PREměření, a.s. PREdistribuce, Total Total profit/loss Impairment and depreciation Amortisation Low value intangible assets intangible value Low assets tangible value Low assets fixed value Low
Non-marketable Non-marketable Non-marketable Note Investment 100% 100% 90% Equity investment Equity 9,835,801 9,513,537 313,264 9,000 2014 Investment (187.7) (187.7) 220.4 270.3 100% 100% 100% 2014 2014 49.9 -- Equity investment Equity 9,736,801 9,513,537 213,264 10,000 (207.7) (207.7) 256.8 210.5 2013 2013 2013 46.3 -- The company distributes electricity. a.s. PREdistribuce entity: Business turnkey assemblies of photovoltaic power plants. plants. power in photovoltaic of services assemblies offered turnkey has Company the 2013, Since energy. solar using electricity of generation the include activities principal Other appliances. electric of mix product a selected of sales extent, a lesser to and, meters of assembly and review sale, and purchases reading, the provides company The a.s. PREměření, entity: Business of Companies on 1 May 2014. 1May on Companies of Register the in recorded was change The partnership. a limited to company stock a joint from changed was status legal Group. company’s the 2014 1May On energetika Pražská the of part as a.s. PREdistribuce, for equipment technology and technology of leases finance provides additionally It brand. Yello Energy the under supplies gas and electricity renders company The a.s. PREleas, name original the with 1996 in established was eYello k.s. CZ, eYello k.s. CZ, entity: Business Sales of goods and services and goods of Sales Profit after tax after Profit tax after Profit Sales of electricity, gas and services and gas electricity, of Sales equity Shareholders’ Economic (in data CZKthousand) Average headcount: Corporate ID: 1391/11 náměstí Kubánské 10, Prague office: Registered Average headcount: Corporate ID: Prague 10, Na Hroudě 2149/19 office: Registered equity Shareholders’ capital Share Economic (in data CZKthousand) Average headcount: Corporate ID: Prague 5, Svornosti 3199/19a office: Registered Sales of goods, services and solar energy generation energy solar and services goods, of Sales tax after Profit equity Shareholders’ capital Share Economic (in data CZKthousand) 25054040 25677063 27 37 65 16 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP 19,330,653 17,707,934 1,092,564 9,568,423 534,022 425,982 35,000 (5,145) 36,778 77,577 6,855 2014 2014 2014 239 514 5
19,409,289 10,731,003 17,707,934 1,232,886 291,594 447,288 35,000 15,000 33,942 (6,412) 31,249 2013 2013 2013 515 231 5
125 Separate Financial Statements 2014 126 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP thousand) (CZK Receivables Other and Trade Receivables (15) The carrying amount of trade receivables and other receivables corresponds to their fair value. fair their to corresponds receivables other and receivables trade of amount carrying The date. sheet balance the through date origination the their of from receivables trade of recoverability the in changes any account into takes Company the receivables, of recoverability the considering In receivables: doubtful for created were allowances following The interest. no bear usually portions Outstanding (2013: CZK 461,223 thousand). thousand 388,670 CZK totalled date due their past receivables gross receivables, trade short-term stated above the Of value. fair their to corresponds which cost amortised their at carried are receivables Long-term Total assets Other hedges flow cash from Receivables portfolio) (trading contracts commodity of revaluation the from Receivables exchanges power the with deposit Margin supplies gas and electricity from Receivables Trade receivables and other short-term receivables Trade receivables and other long-term receivables Balance at 31 D 31 at Balance year current the in drawing and Charge D 31 at Balance Total Other flats sold from Receivables Principal amounts paid Balance at 31 D 31 at Balance year current the in drawing and Charge ec 2013 ec 2012 ec ec 2014 ec 1,846,950 1,173,565 308,873 316,750 33,270 32,347 14,492 31,597 2014 2014 734 16 2,336,346 1,397,438 254,462 251,207 284,319 169,467 247,801 427,529 32,061 29,402 (6,661) 57,593 2,643 3,255 2013 2013 16 CZK 239,003 thousand (2013: CZK 241,219 thousand). thousand). 241,219 CZK (2013: thousand of 239,003 CZK inventories consumed and sold of costs include statement income the in losses” and gains “Other and energy” and services material, “Purchased thousand) (CZK Inventories (17) value. fair their from differ significantly not does which cost amortised their at carried are Loans Group”. PRE the in included Entities of Management “Financial entitled guideline company with line in the internal loans long-term through dates maturity their of as refinanced be will a.s. PREdistribuce, to a.s. energetika, Pražská by provided Loans date. maturity final the before repayment extraordinary an by 2014 February 28 on repaid was loan The *) thousand) (CZK Granted Loans (16)
Total Goods Material Inventories Total eYello k.s. CZ, from pooling cash from arising Receivables a.s. PREměření, from pooling cash from arising Receivables Loan granted in Group 2 Group in granted Loan Loan granted in Group 1*) Group in granted Loan Short-term Long-term which: Of Loan granted in Group 5 Group in granted Loan 4 Group in granted Loan 3 Group in granted Loan Loan granted in Group 9 Group in granted Loan PREdistribuce, a.s. PREdistribuce, from pooling cash from arising Receivables 8 Group in granted Loan 7 Group in granted Loan Loan granted in Group 6 Group in granted Loan Loan granted in Group 11 Group in granted Loan 10 Group in granted Loan 3,365,458 3,198,438 1,514,183 200,010 611,984 702,271 167,020 Amount 40,054 48,366 85,450 39,882 68,705 49,621 4,761 171 -- -- CZK IRS 3Y+3.0% IRS CZK CZK IRS 3Y+3.1% IRS CZK Interest rate p.a. PRIBOR+0.75% PRIBOR+0.75% PRIBOR+0.75% PRIBOR+0.75% PRIBOR+1.30% Fix 4.625% Fix Fix 4.38% Fix Fix 3.48% Fix Fix 4.93% Fix Fix 4.93% Fix Fix 3.02% At 31 D 31 At -- --
ecember 2014 ecember Maturity dateMaturity 28.11.2026 18.12.2024 31.12.2021 29.2.2023 18.6.2026 29.2.2022 29.2.2024 29.2.2024 29.6.2015 -- --
2,340,000 3,364,852 1,515,888 1,024,852 254,943 701,033 140,535 Amount 747,567 4,886 Separate Financial Statements 2014 Interest rate p.a. ANNUAL REPORT 2014/PRE GROUP PRIBOR+0.50% PRIBOR+0.50% PRIBOR+0.50% PRIBOR+0.50% PRIBOR+1.30% PRIBOR+1.05% 45,495 13,333 32,162 Fix 2.15% 2014 At 31 December 2013 December At 31
Maturity dateMaturity 30.11.2014 29.4.2016 29.6.2015 45,170 29,852 15,318 2013
127 Separate Financial Statements 2014 128 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP follows: as value realisable net their to down written were inventories use, limited the Given *) *) Instruments.” “Financial note the to refer risks rate interest to exposure the Company’s about information more For borrowings. and loans bearing interest of conditions contractual the about information the summarises note This thousand) (CZK Received Loans (19) value. in changes of risk insignificant an to subject and cash of amount a known to convertible readily are that assets financial liquid highly other and request upon payable deposits hand, at cash include equivalents cash and Cash thousand) (CZK Equivalents Cash and Cash (18) statement. income the in losses” and gains “Other in reported is value realisable net the to write-down The Loan No. 2*) No. Loan Balance at 31 D 31 at Balance Cash on hand on Cash Current bank accounts Loan No. 3*) No. Loan 1*) No. Loan Balance at 31 D 31 at Balance year current the in drawing and Charge D 31 at Balance year current the in drawing and Charge Stamps and vouchers Loan No. 4 No. Loan Total Short-term loans Long-term loans which: Of Total Payables from the cash pooling of PREdistribuce, a.s. PREdistribuce, of pooling cash the from Payables Authorised overdraft of current accounts –ING accounts current of overdraft Authorised 6 No. Loan 5 No. Loan Authorised overdraft of current accounts –ČSOB accounts current of overdraft Authorised Management of the Company decided to refinance the loans as of their due dates during 2015 by newly received long-term loans with maturities between 3 and 10 years. 10 3and between maturities with loans long-term received newly by 2015 during dates due their of as loans the refinance to decided Company the of Management ec 2012 ec ec 2014 ec 2013 ec 2,500,000 3,509,473 1,200,109 1,009,473 Principal 600,873 368,206 536,459 701,029 95,227 7,570 minimum 0.01% PRIBOR+0.90% PRIBOR+0.88% PRIBOR+0.68% PRIBOR+0.35% PRIBOR+0.35% D PRIBI Interest rate Fix 0.55% Fix -0.25% At 31 D 31 At ecember 2014 ecember Maturity dateMaturity 30.6.2015 29.6.2015 22.5.2015 31.7.2015 --
2,500,000 3,353,697 1,200,193 Principal 500,013 600,927 701,066 225,905 853,697 125,593 -- -- PRIBOR+0.40% PRIBOR+0.90% PRIBOR+0.88% PRIBOR+0.68% PRIBOR+0.56% Interest rate 180,149 179,289 Fix 0.95% Fix 2014 499 361 At 31 December 2013 December At 31 -- -- Maturity dateMaturity 30.6.2015 29.6.2015 22.5.2015 30.7.2014 22.7.2014 216,570 214,988 2,498 2,470 2,795 1,055 2013 297 527 28 ------
The Company’s payables are carried at amortised cost which corresponds to their fair value. value. fair their to corresponds which cost amortised at carried are payables Company’s The 2015. January during settled were payables overdue All thousand). 1,918 CZK (2013: thousand 21 CZK of amount the in payables trade overdue reports Company The ***) **) *) anniversaries. life and work retirement, their with connection in employees to paid bonuses involving Agreement Collective the under payables Includes *) thousand) (CZK Payables Other and Trade(20) Payables policy. accounting applied the with accordance in costs borrowing any capitalise not does Company the Currently, value. fair their from differ significantly not does which cost amortised their at carried are Loans (2013: CZK 3,442 million). 2014 December 31 of as million 1,195 CZK to amounted facilities loan Undrawn rating. Company’s the to regard with collateral loan require do not banks The Company. the by hedges flow cash as for accounted are which rate interest the hedging for swaps uses Company The Total payables Other ***) payables Intercompany insurance health and security social from Payables **) employees to Payables Payables from revaluation of interest rate derivatives rate interest of revaluation from Payables portfolio) (trading contracts commodity of revaluation from Payables *) Trade payables Trade payables and other short-term payables Payables to employees *) employees to Payables Trade payables and other long-term payables Other financial liabilities liabilities financial Other Total
(2013: CZK 1,935,327 thousand), payables to PREměření a.s. in the amount of CZK 1,427 thousand (2013: CZK 288 thousand) and payables to eYello CZ, k.s. k.s. eYello to CZ, payables and thousand) thousand. 288 6,458 CZK CZK to (2013: amounting thousand 1,427 CZK of amount the in a.s. thousand PREměření to payables 1,685,668 CZK of amount the in a.s. (2013: CZK 1,935,327 thousand), PREdistribuce, from services (2013: CZK 8,704 thousand). distribution of thousand provision the for 11,332 CZK of payable amount the in estimated an Agreement Includes Collective the under employees to payables and salaries December outstanding Includes thousand 808,947 CZK of amount total the in electricity billed yet not but thousand). CZK(2013: 912,051 supplied the for payable estimated an by reduced electricity for a prepayment Includes Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP 1,693,554 3,891,102 1,732,115 120,384 169,392 289,451 124,587 44,805 33,719 12,789 9,090 2014 2014 4,569,463 2,021,990 1,982,493 149,057 390,291 106,152 107,315 42,905 11,530 28,769 27,075 2013 2013
129 Separate Financial Statements 2014 130 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP thousand) (CZK Payables Lease Finance (21) The provision for salaries includes salaries paid in dependence on fulfilment of the plan. plan. the of fulfilment on dependence in paid salaries includes salaries for provision The (22) (CZK Provisions thousand) value. carrying their to corresponds payables lease of value fair The crowns. Czech in denominated are payables lease All on contingentcontracts lease payments. any into enter not did Company the and schedule payment a fixed have contracts All contracts. lease finance under cars holds Company The Carrying amount of assets held under finance leases finance under held assets of amount Carrying Tangible fixed assets Long-term Trade payables and other payables Present value of minimum lease payments lease minimum of value Present payments lease Future 5years over in due payments Lease 5years 1to from due payments Lease 1year within due payments Lease Total Short-term
Total lease payments Total lease Use of provisions in the current year current the in provisions of Use year current the in provisions of Creation D 31 at Balance Release of provisions in the current year current the in provisions of Release year current the in provisions of Release Use of provisions in the current year current the in provisions of Use year current the in provisions of Creation D 31 at Balance Balance at 31 D 31 at Balance Total Short-term Long-term ec 2012 ec ec 2013 ec ec 2014 ec Business risks Business 45,890 (2,723) 62,789 65,512 18,166 1,200 1,200 1,456 1,200 1,391 1,241 (500) 2014 Minimum lease payables Minimum lease 350 (41) ------(41,398) (41,970) Salaries 62,550 45,828 45,828 45,766 (4,368) 65,431 41,970 (2,881) 45,828 45,828 19,850 45,766 41,241 4,340 2013 -- -- 44,805 43,510 62,789 62,789 62,789 62,789 17,984 17,984 1,086 Present value of minimum minimum of value Present 1,070 1,070 1,295 Other 1,070 (288) 2014 970 100 172 ------lease payments (41,398) (42,258) 48,098 48,098 44,447 62,550 62,550 62,550 (4,409) 39,034 62,550 46,288 42,905 45,928 45,828 19,645 19,645 47,977 2,270 3,871 (500) Total 2013 CZK 51 million and CZK 214 million, respectively. respectively. million, 214 CZK and CZK 51 million s.r.o. to up Dačice, FVE PRE s.r.o. and Mikulov, FVE PRE of debts the for a.s. banka, Komerční of favour in a guarantee provided Company the addition, In million. 272 CZK to up of a.s. PREměření, of debts for a.s. banka, obchodní Československá of favour in a guarantee issued Company The a.s. Prahy, m. hl. podnik Dopravní and a.s. Praha, Letiště Prague, of Capital City the of favour in gas and electricity of supply the for contracts public for as well as a.s. s elektřinou, trhu krátkodobého Organizátor OTE, a.s., of favour in 2013) December 31 of as million 137 (CZK million 172 CZK of guarantees bank payment issued banks Group, the of request At the (25) Contingent Liabilities and Contingent Assets sale. for available securities of revaluation the from losses and gains record to used is assets financial other of revaluation the from fund The funds. discretionary other establish may Company the Meeting, General the of the approval to Subject Meeting. General the by approved management fund the for rules the of part as funds discretionary these of use the on decides Directors of Board The thousand. 390,390 CZK was funds capital the of balance the date, that of As 1994). January (1 company stock joint the incorporation of of date the of as funds capital and fund reserve capital, share into divided was capital enterprise’s state the project, the privatisation of a result As Company. the of predecessor legal the enterprise, state former the of capital the of part represent profit from funds Other loss. Company’s the offset to used is fund the and fund reserve the of use the on decides Meeting General The made. be to is increase further no and capital share the of thousand) 773,889 (CZK percent 20 of amount the in created been has fund reserve Company’s The thousand) (CZK Profit (24) from Funds full. in paid been has capital share Company’s The dividends. of payment regular the for right no carry and form book-entry the in are shares These shares). 3,869,443 (2013: share per 1,000 CZK of value nominal the in shares registered 3,869,443 are There Capital Share thousand) (CZK Capital (23) Share Total assets financial other current of revaluation the from Fund hedge flow Cash profit from funds Other fund Reserve
Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP 1,159,848 773,889 382,711 (6,673) 9,921 2014 1,278,542 773,889 128,402 382,711 (6,460) 2013
131 Separate Financial Statements 2014 132 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP Instruments ofFinancial Categories thousand) (CZK Instruments Financial (26) currency risk and the risk of changes in interest rates. interest in changes of risk the and risk gas), and currency (electricity commodities of prices changing the to related risk market the to exposed predominantly is Company the activities, its of view In M shareholders. to return long-term the maximising while perspective long-term the from position financial optimal an ensure to capital its manages Company The Risk Capital 2). (level data market the to reference by and models valuation the using f,valued g) are (b, liabilities and assets 1).Financial (level markets active on quoted values at carried e) d, (a, are liabilities and assets Financial supplies. electricity from payables and loans bank include predominantly cost amortised at liabilities Financial supplies. electricity from receivables and borrowings intercompany from receivables include predominantly receivables and loans The Creation of the equity fund from the cash flow hedge flow cash the from fund equity the of Creation (d) Financial assets available for sale for available assets (d) Financial equivalents) cash and cash (including receivables and (c) Loans accounting hedge under derivatives (b) Financial contracts) commodity of (revaluation loss or profit through value fair at assets (a) Financial assets Financial Reversal of the fund from the cash flow hedge (in “Costs of electricity purchased”) electricity of “Costs (in hedge flow cash the from fund the of Reversal Hedge accounting trading“) from (included in “Profit portfolio trading the in derivatives commodity of revaluation from Gain period current the in reported instruments financial of losses and Gains accounting hedge under derivatives Financial (g) swaps) rate interest of (revaluation loss or profit through value fair at liabilities Financial (f) contracts) commodity of (revaluation loss or profit through value fair at liabilities (e) Financial liabilities Financial (h) Financial liabilities at amortised cost amortised at liabilities (h) Financial Borrowing costs (except for the interest on employee benefits) employee on interest the for (except costs Borrowing Gain from securities held and received interest in the Group the in interest received and held securities from Gain Other arket Risk (b, g) (b, (b, g) (b, (c, d) (c, (c, h) (c, (a, e) (a, (f, h) (f,
6,293,082 4,875,273 (164,474) (30,160) (41,293) 289,451 316,750 13,404 14,492 12,247 74,121 6,846 5,822 2,245 2014 2014 2014 2014 6,598,357 5,091,719 (39,359) (35,922) 390,291 (58,711) 169,467 164,474 427,529 60,907 22,082 12,145 6,035 4,993 2013 2013 2013 2013 Currency derivatives open at the balance sheet date: sheet balance the at open derivatives Currency *) liabilities: and assets currency foreign of value carrying The insignificant. being hedges of portion ineffective the far, so with effective substantially been has Hedging Company. the by accounting hedge under monitored is effectiveness Hedge forwards. using hedged is position The hedging. agreed of amount the and requirements currency exchange of plan annual the on based established Bank National influencing the Czech foreign exchange the are risks market, measured using for defined with scenarios foreign exchange rateTheopen developments. exposureis circumstances, current the Under customers. Group’s the for electricity procuring with associated transactions make to pursued transactions OTC or exchange stock settling to a view with EUR only in exposure currency foreign a significant takes Company The hedges). flow (cash accounting hedge applies and derivatives risk currency using rate exchange foreign the against electricity of purchase the for EUR) (in flows cash planned future its of part a substantial hedges Company The (EUR). currency foreign in denominated are customers to supplies gas and electricity Company’s the of portion major The Risk Currency Company. the in risks market of concentration no is There period. prior the to compared as changed significantly not has risks these managing to approach its and basis a regular on monitored is risks market to exposure Company’s The exposure. business short-term measure to used is Risk) at (Value VaR methodology The results. Company’s the on scenarios individual in defined prices in changes of impacts potential reflects which analysis sensitivity the being important most the methods, various using measured is risks market to exposure Company’s The rates. interest changing of risk the hedge to swaps rate • Interest and rates; exchange in changes the hedge to forwards • Currency commodities; these of prices in changes the hedge to futures and forwards • Commodity characteristics: derivative with instruments financial uses Company the risks, market of hedging the For Total E in EUR in liabilities and assets Other EUR of purchase for contracts Derivative EUR purchased Total currencies Other Up to 1month to Up 1–3 months 1–3 3–12 months 3–12 Total from foreign currency invoices and receivables and payables arising from cash flow hedges. flow cash payables and from arising receivables payables and exchanges, stock receivables and power on invoices trading with currency foreign connected from variances price and deposits margin loans, bank equivalents, cash and cash include These U R Average exchange rate CZK/EUR 27.49 27.56 27.56 27.62 2014 25.68 25.64 25.67 25.74 2013 80,000 50,000 20,000 10,000 Value in EUR thousand 2014 96,500 50,000 15,000 31,500 2013 728,365 742,932 742,857 14,492 2014 Assets (CZK thousand) * thousand) (CZK Assets 75 2,205,195 1,377,820 552,480 274,895 Value in thousand CZK 2014 954,052 954,151 169,055 784,997 2013 99 2,477,875 1,281,970 810,930 384,975 Separate Financial Statements 2014 2013 ANNUAL REPORT 2014/PRE GROUP 948,369 951,122 951,122 Liabilities (CZK thousand) * Fair value in CZK thousand thousand CZK in value Fair 2,753 2014 14,492 9,884 2,230 -- 2,378 2014 1,195,068 1,195,068 1,162,948 169,055 26,400 89,630 53,025 32,120 2013 2013 --
133 Separate Financial Statements 2014 134 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP 1percent. of rate exchange CZK/EUR the in a decrease from resulting liabilities and assets the financial of value carrying the in a change on equity and profit of level the of dependence the identify to analysis a sensitivity performed Company The Analysis –Sensitivity Risk Currency is based on limits for the maximum permissible size of outstanding exposures, the possible financial impact is derived from defined scenarios for developments. for price scenarios defined from derived is impact financial possible the exposures, outstanding of size permissible maximum the for limits on based is management Exposure volume. of terms in limited position the within prices purchase of optimisation the achieve to order in purchased is customers end for Electricity low. relatively is gas of amount the prices, gas and electricity of development the to related risk the to exposed is Company The Commodities of Prices Changing of Risk thousand CZK in change rate interest the to Sensitivity 1percent. of rate exchange CZK/EUR the in increase an from resulting liabilities and assets these of value carrying the in a change on equity and profit of level the of dependence the identify to analysis a sensitivity performed Company The Analysis –Sensitivity Risk Rate Interest loans. and flows, cash future hedged to relating liabilities and assets involve These *) rate: interest the on dependent is which liabilities and assets of amount carrying The basis. a six-month on rate interest fixed agreed the and rates interest variable of amount the between difference potential the exchanging to commits Company the contracts, swap rate interest concluded the on Based 2015. in due are contracts The date: sheet balance the at open derivatives rate Interest accounting. hedge under maintained swaps rate interest of way by risks rate interest against a hedge established it therefore, rates; interest in increase the to related risk the mitigates Group The PRIBOR. rate interest reference market the to linked usually rate, interest a floating with loans received the to relates predominantly which change rate interest an of a risk to exposed is Company The Interest Rate Risk Total liabilities and assets Other Interest rate swaps Interest rate swaps Shareholders’ equity Shareholders’ (-) (+) loss or Profit Shareholders’ equity Shareholders’ (-) (+) loss or Profit Average fixed interest rate interest fixed Average 1.21% 2014 1.21% 2013 Agreed principal in CZK thousand CZK in principal Agreed 2,500,000 17,004 17,004 2014 2014 Assets (CZK thousand) * thousand) (CZK Assets -- 2,500,000 173,517 173,517 2013 2013 -- (9,090) (2,199) 11,843 Liabilities (CZK thousand) * 17,958 Fair value in CZK thousand CZK in value Fair 9,090 2,753 2014 2014 2014 2014 (44) (64) (27,075) 59,195 21,408 (3,783) 32,120 27,075 (467) (108) 2013 2013 2013 2013 receivables reflects the customers’ payment discipline. The analysis excludes intercompany receivables and payables which carry no liquidity risk. liquidity no carry which payables and receivables intercompany excludes analysis The discipline. payment customers’ the reflects receivables financial of table The liabilities. its fulfil to asked be may Company the which on dates earliest the reflects payables financial the The table including payables. and receivables financial non-derivative undiscounted Company’s the of maturity residual the represent tables following The –Tables Risk Liquidity risk. liquidity of concentration no is There issues. solvency any from suffer not does and risk liquidity significant any to exposed not is Company The yet. drawn been not facilities have loan These risk. liquidity reduce further to disposal its at has Company the that facilities loan undrawn additional of a listing is the in “Loans” note Included liabilities. and assets financial of profiles maturity the match to seeking and flows cash actual and forecast monitoring continuously by facilities, borrowing and facilities banking equivalents, cash and cash of amount average an maintaining by risk liquidity manages Company The Risk Liquidity risk. credit of concentration no is There rating. international from derived solvency of level a sufficient with partners only with agreed are basis OTC the on derivatives Financial limits. exposure allocated are partners the solvency, achieved the on depending verified; is commodities with market wholesale the on partners business of solvency The is supply suspended. electricity the period, time additional an within debt the settle to fails a customer If customers. with contracts the in specified are method payment the and price the of determination The consumption. the of nature and volume the reflect to determined are payments advance electricity, unbilled but supplied For basis. annual an on place takes invoicing and meters electricity household and businesses small of reading standard The deposits. paying by or advance in prepayments making by payables future their cover customers industrial Certain suspended. is supply electricity the period, time additional an within debt the settle to fails a customer If time. on pay to fail who customers to sent are Reminders contract. the in specified is payments advance the of amount the determining of method The factors. other and consumption, season years’ previous account into taking invoiced, yet not but consumed electricity cover to consumption, expected their on based payments, advance ten-day or monthly pay Customers basis. a monthly on place takes invoicing and meters electricity customers’ industrial of reading The receivables. to collect failure the minimise to principles following the applies Company the activity, principal Company’s the is which distribution and supplies electricity In receivables. trade for collateral require to not is Company the of practice standard The OTC. for derivatives hedging concluded to relation in and commodities with market wholesale the on exposure the in and gas and electricity of distribution and supplies the in customers and customers end to relations both of terms in risk credit the to exposed is Company The Risk Credit VaR. and positions open the transactions, realised the of value market the as is determined limit This transactions. trading to regard with determined is quarters individual for as well as period monitored entire the for limit loss A maximum Trading to Transactions related Risk Price Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP
135 Separate Financial Statements 2014 136 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP Payables”. Lease “Finance Note the to –refer leases from Payables *) for sold apartments including receivables receivables Other Total Total paid principals deposit, Margin Trade balances – 2013 Receivables Total for sold apartments including receivables receivables Other paid principals deposits, Margin Trade balances – 2014 Receivables Provisions Provisions loans Bank payables financial Other Trade payables Payables – 2013 Trade payables –2014 Payables Total Bank loans *) loans Bank payables financial Other Provisions Provisions 10 years. These loans are disclosed in Note (19). The above table includes loan maturities according to the currently valid contracts. contracts. valid currently the to according maturities loan 3to of includes table above maturities The (19). with Note in loans disclosed long-term are loans received newly These through 10 years. 2015 during dates maturity their at loans the refinance to decided Company the of Management Note Note Note Note (15) (15) (19) (19) (19) (19) (18) (18) (21) (21) Up to 1month to Up 1month to Up Up to 1month to Up 1month to Up 1,039,440 1,349,848 1,296,565 1,005,459 1,038,829 1,237,188 962,818 864,192 225,913 98,626 85,106 33,270 57,593 1,784 711 ------1-3 months 1-3 months 1-3 1-3 months 1-3 months 1-3 136,672 133,129 136,506 132,950 21,283 13,642 19,080 12,101 1,443 2,203 166 179 98 ------3-12 months 3-12 months 3-12 3-12 months 3-12 months 3-12 3,566,897 3,516,908 729,389 661,235 32,035 59,009 33,179 26,356 10,092 39,897 27,300 4,253 4,153 1,626 9,145 1,526 -- -- 12 months 12 months 12 months 12 months More than than More than More More than than More than More 2,518,312 2,516,102 33,300 33,350 29,402 31,597 2,270 3,948 2,210 2,270 1,703 ------3,403,348 4,553,268 3,516,908 1,496,223 1,109,939 1,397,438 1,168,321 4,611,191 1,241,447 923,169 110,921 69,020 95,694 91,248 4,106 2,270 2,210 7,537 Total Total Total Total Operating lease payments expensed in the current period: current the in expensed payments lease Operating thousand) (CZK Leases Operating (27) management of the Company and subsidiaries. subsidiaries. and Company the of management Baden Energie and a.s. Holding energetika (Pražská rights voting of percent 40 than more concert in acting by or individually hold that Company the of owners the include parties Related thousand) (CZK Transactions Party Related (28) 2014. December 31 of as concluded contracts for year per million 28 CZK approximately of amount the in i.e. future, the in level current the at remain to leases of costs the expects Management leases. operating under time of period indefinite an for premises non-residential and cars holds predominantly Company The *) parties: related from generated income and with incurred Expenses Obecní dům, a.s. Kolektory Praha, a.s. a.s. Prahy, m. hl. podnik Dopravní EnBW Regional AG EnBW Systeme Infrastruktur Support GmbH *) GmbH Support Infrastruktur Systeme EnBW *) Trading GmbH EnBW EnBW Energie Baden Energie EnBW Prague of City Capital Pražská energetika Holding a.s. Relations to parent companies parent to Relations Total Total a.s. PRAHA CENTRE TRADE Relations to fellow-subsidiaries Relations
Other rented assets of all types all of assets rented Other Cars premises Non-residential On 30 April 2014, EnBW Trading GmbH and EnBW Systeme Infrastruktur Support GmbH merged with EnBW Energie Baden-Württemberg AG and ceased to exist. exist. to ceased and AG Baden-Württemberg Energie EnBW with merged GmbH Support Infrastruktur Systeme EnBW and GmbH Trading EnBW 2014, April 30 On ‑ Württemberg AG Württemberg ‑ Württemberg AG) and companies controlled by them, their owners, members of bodies and executive executive and bodies of members owners, their them, by controlled companies and AG) Württemberg 1,946,582 1,167,497 901,439 779,085 202,661 576,075 244,124 8,008 6,803 6,978 2014 349 145 Sales to related parties related to Sales -- 1,223,381 1,141,832 1,013,942 81,549 87,400 10,361 77,595 6,895 8,565 3,628 7,399 7,270 2013 326 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP Purchases from related parties related from Purchases 635,089 239,199 234,511 625,737 874,288 18,883 27,857 9,352 3,827 8,616 2014 2014 358 861 ------159,386 155,804 173,870 14,484 27,489 14,484 18,180 3,394 8,452 2013 2013 857 188 ------
137 Separate Financial Statements 2014 138 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP parties: related to payables and from Receivables purposes. private for cars company use can Managers job. their to adequate contract employment a standard into enter also staff Company’s the among from elected council company the of Members Directors. of Board the of members the and Director) Sales the and CEO the (i.e. management Company’s the includes management Executive management: top and council, company Board, Supervisory bodies, statutory the to Remuneration D year. following of the beginning the at settled were and collateralised not were amounts Outstanding basis. length arm’s an on conducted were transactions Business **) *) ***) Obecní dům, a.s. Total a.s. PRAHA CENTRE TRADE Kolektory Praha, a.s. a.s. Prahy, hl.m. podnik Dopravní EnBW Regional AG EnBW Systeme Infrastruktur Support GmbH **) GmbH Support Infrastruktur Systeme EnBW EnBW Trading GmbH **) Trading GmbH EnBW Relations to fellow-subsidiaries Relations EnBW Energie Baden-Württemberg AG Baden-Württemberg Energie EnBW Prague of City Capital Pražská energetika Holding a.s. *) Remuneration in CZK thousand CZK in Remuneration Energie Baden-Württemberg AG Baden-Württemberg Energie Pražská energetika Holding a.s. Relations to parent companies parent to Relations Number of persons
ividends Paid ividends On 30 April 2014, EnBW Trading GmbH and EnBW Systeme Infrastruktur Support GmbH merged with EnBW Energie Baden Energie EnBW with merged GmbH Support Infrastruktur Systeme EnBW and GmbH Trading EnBW Loans”. 2014, April 30 “Received On Note the to –refer company parent the from received loan a short-term is million 95 CZK of payable The On 1 February 2014 EnBW Regional AG was transformed to Netze BW GmbH. BW Netze to transformed was AG Regional EnBW 2014 1February On 36,639 36,796 36,736 38,192 74,988 2014 676 877 35 25 ------Receivables 49,637 55,481 46,863 5,844 1,078 5,819 1,192 2013 392 112 25 ------‑ Württemberg AG and ceased to exist. exist. to ceased and AG Württemberg 992,754 109,187 707,989 113,374 45,841 95,227 4,933 1,200 9,027 1,469 4,187 1,518 2014 2014 2014 21 ------Payables 148,909 130,773 992,754 125,593 707,989 18,136 46,101 11,438 1,200 5,180 2,377 3,121 2013 2013 2013 17 ------subsidiaries: the from generated income and with incurred Expenses Receivables from and Payables to Subsidiaries: to Payables and from Receivables 2015. January during collected were and receivables” other and receivables “Trade in disclosed are receivables The 2013). December 31 of as 6thousand (CZK thousand 12 CZK of amount total the in management executive of members the from receivables reported Company the 2014, December 31 of As M Executive from Receivables PREdistribuce, a.s. PREdistribuce,
Of which: PREměření,a.s. which: Of a.s. PREdistribuce, Inventories Services PREdistribuce, a.s. PREdistribuce, PREměření, a.s. PREměření,
Inventories Dividends PREměření, a.s. PREměření, Total PRE FVE Dačice, s.r.o. Dačice, FVE PRE eYello k.s CZ,
eYello k.s. CZ, Total
Services Sale of electricity generated by photovoltaic power stations power photovoltaic by generated electricity of Sale Electricity supplied to end customers and distribution services distribution and customers end to supplied Electricity Interest on loans Interest on loans anagement PRE’s receivables from cash pooling pooling cash from receivables PRE’s 3,365,458 2,828,608 1,158,000 2,417,101 444,529 492,035 and loans as of 31 December 31 of as loans and 749,250 133,573 117,745 40,054 58,364 63,395 88,256 15,668 15,639 6,958 9,222 4,761 of PRE as of 31 December 31 of as PRE of 2014 2014 2014 2014 160 -- Trade receivables Income of PRE of Income PRE of Income 3,364,852 2,964,488 2,311,011 106,035 929,000 103,506 734,720 395,478 583,718 14,285 57,085 12,941 4,886 1,344 6,488 2,529 2013 2013 2013 2013 ------
Separate Financial Statements 2014 PRE’s payables from cash pooling pooling cash from payables PRE’s ANNUAL REPORT 2014/PRE GROUP 6,491,462 1,685,668 1,693,553 6,511,198 and loans as of 31 December 31 of as and loans 19,736 14,749 6,458 6,916 1,427 7,570 7,570 of PRE as of 31 December 31 of as PRE of 7,831 2014 2014 2014 2014 ------2 Expenses of PRE of Expenses PRE of Expenses Trade payables 1,982,493 7,719,638 1,982,203 7,700,275 19,363 6,303 1,844 8,147 2013 2013 2013 2013 288 ------2
139 Separate Financial Statements 2014 140 Separate Financial Statements 2014 Separate Financial Statements 2014 ANNUAL REPORT 2014/PRE GROUP Directors of Board the of Chairman Elis Pavel 2015 February 20 Prague, In statements. financial the on impact a material have would that date sheet balance the to subsequent occurred events No Events Sheet Balance Post (29) transactions. related-party from arising loss no incurred Company The basis. length arm’s an on undertaken were subsidiaries with transactions All PRE FVE D FVE PRE which: Of eYello k.s. CZ, Total which: Of Dividends Services
ačice, s.r.o. ačice, Electricity supplied to end customers and distribution services distribution and customers end to supplied Electricity Interest on loans on Interest Interest on loans Transfer of the share in the profit or loss to the general partner general the to loss or profit the in share the of Transfer
2,596,739 Vice-Chairman of the Board of Directors of Board the of Vice-Chairman Sloboda Alexander 31,300 46,011 11,678 2,999 2014 2014 34 54 54 -- Income of PRE of Income PRE of Income 2,429,784 12,738 4,088 8,597 2013 2013 53 ------6,532,405 6,458 6,458 2014 2014 ------Expenses of PRE of Expenses PRE of Expenses 7,727,785 2013 2013 ------Directors of Board the of Chairman Elis Pavel 2015 April 20 Prague, In meaning. its altered have could which Report the in distorted or from omitted deliberately were facts No Group. PRE the and Company the of management economic the of results and activities business situation, financial the of trend future the for prospects the of and 2014, for Group PRE the and a.s. energetika, Pražská of management economic the of results and activities business situation, financial the of picture fair and a true presents Report Annual the knowledge, best our to and diligence due reasonable all exercising In AFFI D AVIT Vice-Chairman of the Board of Directors of Board the of Vice-Chairman Sloboda Alexander ANNUAL REPORT 2014/PRE GROUP AFFIDAVIT
141 AFFIDAVIT 142 LIST OF RELEVANT ABBREVIATIONS VHV ÚOHS TWh TR TR PXE PREm PREH PREdi PRE PP OTE OTC OHS megawatt MW MWh MO LV kV ICT Hz HV HDO GWh GIS eYello EU ERÚ LIST OFRELEVANT ABBREVIATIONS ANNUAL REPORT 2014/PRE GROUP EPC ČSRES B2C B2B AMM kilovolt Hertz
retail retail
gigawatt-hour megawatt-hour very high voltage voltage high very Competition of Protection the for soutěže/Office hospodářské ochranu pro Úřad hour terawatt station transformer station transformer Prague Energy Exchange PREměření, a.s., 100% subsidiary of PRE of subsidiary 100% a.s., PREměření, a.s. Holding energetika Pražská PRE of subsidiary 100% a.s., PREdistribuce, Pražská energetika, a.s. Pražská plynárenská, a.s. OTE, a.s. – Electricity and gas market operator in the Czech Republic Republic Czech the in operator market gas and –Electricity a.s. OTE, counter the over safety and health occupational voltage low information and telecommunication technology high voltage high control remote mass system information geographical subsidiary PRE eYello k.s. CZ, Union European Office Regulatory úřad/Energy regulační Energetický Contracting Energy Performance České sdružení regulovaných energetických společností/Czech Association of Regulated Power Supply Companies Supply Power Regulated of Association společností/Czech energetických regulovaných sdružení České small and businesses households customers large System Metering Automatic number: Account details: Bank Tax ID: No.: ID E-mail: Web: B2405. ref. File Prague, in Court Municipal the at maintained Register Commercial the in registered is Company The Pražská energetika, a.s. energetika, Pražská PRE FVE M FVE PRE D FVE PRE eYello k.s. CZ, PREměření, a.s. Service Emergency a.s. PREdistribuce, Press for Information PRE Centre Call PRE (CES) Centre Service PRE Customer Centre PRE a.s. energetika, Pražská www.pre.cz [email protected] ačice, s.r.o. ačice, ikulov, s.r.o. ikulov,
Československá obchodní banka, a.s. banka, obchodní Československá 4001-0900109423/0300 CZ60193913 60193913
Prague 10, Na Hroudě 1492/4 Na Hroudě 10, Prague Address Address e-mail: [email protected] e-mail: www.yello.cz, 1391/11 náměstí Kubánské 10, Prague [email protected] of services: Ordering e-mail: [email protected] www.premereni.cz 2149/19 Na Hroudě 10, Prague [email protected] e-mail: 9 Kateřinská 2, Prague e-mail:[email protected] www.predistribuce.cz Prague 5, Svornosti 3199/19a 1492/4 Na Hroudě 10, Prague 1391/11 náměstí Kubánské 10, Prague [email protected] e-mail: www.premereni.cz/sluzby 747/28 Jungmannova 1, Prague 64/18 4,Prague Vladimírova 36/31 Jungmannova 1, Prague Address Prague 10, Na Hroudě 2149/19 Na Hroudě 10, Prague 2149/19 Na Hroudě 10, Prague 100 00 100 05 120 00 150 00 100 00 100 00 110 00 140 00 110 00 PCN 100 00 100 00 100 05 PCN Chart ofPR E Group Structur e ANNUAL REPORT 2014/PRE GROUP 267 056 704, 840 555 777 267 056 704, 840 550 055 267 055 555, 1236 Line: Emergency 840 550 055 267 055 555, 267 051 102 840 550 055 267 055 555, 734 234 832 840 550 055, 840 550 055 267 055 555, 840 550 055 267 055 555, Telephone 267 055 555, 840 550 055 267 055 555, 840 550 055 267 055 555, 267 055 555, 840 550 055 267 055 555, Telephone
143 Chart of PRE Group Structure 144 NOTES NOTES ANNUAL REPORT 2014/PRE GROUP © 2015 PRE Group Design: Jan Jiskra Consultancy and Production: ENTRE s.r.o.