ANNUAL REPORT 2014
RWE Energie, s.r.o.
Annual Report 2014
Key Ratios (CAS)
2014 Total sales (CZK m) 40,071 EBITDA (CZK m) 3,153 Operating result (CZK m) 3,096 Profit before taxation (CZK m) 3,102 Profit after taxation (CZK m) 2,527 Investments (CZK m) 101 Number of employees (FTE) 203
Wherever used in the text, the term Company or RWE Energie refers to RWE Energie, s.r.o.
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Abbreviations
CAS Czech Accounting Standards CEO Chief Executive Officer EBITDA Earnings before interest, taxes, depreciation and amortization SLA Service level agreement
Annual Report 2014
TABLE OF CONTENT
1 THE EXECUTIVE DIRECTOR’S STATEMENT ______4
2 CORPORATE INFORMATION ______5 2.1 General Information ______5 2.2 Shareholders______5 2.3 Statutory Body ______6 2.4 Persons Responsible for the Annual Report and Audit of the Financial Statements______7
3 MANAGEMENT REPORT FOR 2014 ______8 3.1 Results ______8 3.2 Strategy and Business Activities ______9 3.3 Marketing and Communication Activities ______11 3.4 Human Resources______13 3.5 Occupational Health and Safety and Environmental Protection ______14 3.6 Subsequent Events ______15 3.7 Outlook ______15
4 FINANCIAL SECTION ______16 3 4.1 Financial Statements ______16 4.2 Notes to Financial Statements ______21
5 INDEPENDENT AUDITOR'S REPORT ______38 5.1 Auditor's Report on the Financial Statements ______38 5.2 Auditor's Report on the Annual Report and the Report on Relations between Related Parties for the accounting period of 2014 ______39
6 REPORT ON RELATIONS BETWEEN RELATED PARTIES FOR THE ACCOUNTING PERIOD OF 2014 ____ 41
Annual Report 2014
1 THE EXECUTIVE DIRECTOR’S STATEMENT
Ladies and Gentlemen,
The reported period was the first year during which RWE Energie operated as an independent entity following its establishment in a merger of RWE's regional trading companies. Our last year's performance proved that the decision made to that effect was a step in the right direction, as streamlining the organizational structure and standardizing business operations significantly increased efficiency and productivity, which is a prerequisite for succeeding on the highly competitive electricity and natural gas market.
Thanks to a broad portfolio of competitively priced products, we reduced the number of customers who switched to other suppliers despite aggressive business practices of our competitors. This achievement had a very favorable effect on our financial performance, helping the Company attain positive results in spite of certain unfavorable factors, such as a warm weather during last winter.
The Company's business continued to be centered on the natural gas market, where we directed focus on developing RWE's main comparative advantage – flexible premium-quality customer service. This is where we want to separate ourselves from the competition, as market surveys and feedback confirm that customers consider the quality of service a factor of key importance.
Through the reported year, we paid close attention to the electricity business. Our acquisition efforts continued successfully thanks to competitively priced supplies of electricity. The target for 2015 is increasing the number of customers who receive electricity from RWE Energie to the 300,000 mark.
An important task completed last year was the establishment of a team responsible for innovations, an area 4 regarded as a priority in our business strategy. Our aim is to promote an innovation-oriented culture throughout the Company to identify profitable activities other than electricity and natural gas trading with a view to ensuring lasting prosperity in the future. On behalf of the management of RWE Energie, I want to thank our customers and business partners for their trust and loyalty in 2014. We appreciate your support.
Many thanks also go to all RWE Energie employees for their initiative and hard work.
Tomáš Varcop Chairman of the Executive Directors RWE Energie, s.r.o.
Annual Report 2014
2 CORPORATE INFORMATION 2.1 General Information Business name: RWE Energie, s.r.o. Registered office: Limuzská 3135/12, Strašnice, 108 00 Prague 10 Company No.: 499 03 209 Legal form: limited liability company
Establishment and Inception The Company was established under the Czech law (Section 172 of the Commercial Code) under the business name of Severočeská plynárenská, a.s. The sole founder of the Company was the National Property Fund of the Czech Republic, with registered office at Rašínovo nábřeží 42, Prague 2. The Company was incorporated on 1 January 1994 upon registration under Section B, File 515 in the Commercial Register maintained by the Ústí nad Labem Regional Court. The Company changed its business name to RWE Energie, a.s. on 1 June 2009. On 1 January 2014, RWE Energie changed its legal form from joint-stock to limited liability company and relocated its registered office from Ústí nad Labem to Prague.
Corporate Profile The core business of RWE Energie is selling natural gas and electricity.
Organization Units RWE Energie had no independent organization units in the Czech Republic or abroad. 5 Research and Development The Company does not carry out research and development of new products.
2.2 Shareholders Registered Capital The share capital was paid upon incorporation by means of the contribution specified in the Memorandum of Association and appraised in the approved privatization project for Český plynárenský podnik, a state-owned enterprise with registered office at Belgická 26, Prague 2. The share capital was divided into 1,031,131 shares, each with a nominal value of CZK 1,000. There was no change in the value of the Company's share capital in recent years.
Ownership Structure Until 16 September 2014, the sole shareholder of RWE Energie was RWE Gas International N.V., with registered office at 5211AK 's-Hertogenbosch, Willemsplein 4, Netherlands. In September 2014, RWE Gas International N.V., the sole shareholder of RWE Česká republika a.s., decided to increase the share capital of RWE Česká republika a.s. by an in-kind contribution consisting of its 100% ownership interest in RWE Energie, s.r.o. Consequently, RWE Česká republika a.s. with registered office at Limuzská 3135/12, 100 98 Prague 10 – Strašnice became the sole shareholder of the Company on 17 September 2014.
The ultimate parent company of the RWE Group is RWE Aktiengesellschaft, with registered office at Opernplatz 1, 45128 Essen, Germany. Annual Report 2014
2.3 Statutory Body
Executive Directors as at 31 December 2014 Tomáš Varcop Chairman of the Executive Directors Born: 15 April 1965 Education: Brno Technical University, Faculty of Mechanical Engineering, University of Pittsburgh, MBA Other board memberships and commitments: Member of the RWE Česká republika a.s. Board of Directors Other business activities: None
Zbyněk Solecký Executive Director Born: 19 August 1970 Education: Charles University, Faculty of Mathematics and Physics, Mathematical Analysis, MBA at ESCEM/UNYP Other board memberships and commitments: None Other business activities: None
Changes of the Company's Executive Directors in 2014: On 18 July 2014, the Executive Directors appointed Tomáš Varcop as the Chairman of the Executive Directors effective as of the same day. 6
Annual Report 2014
2.4 Persons Responsible for the Annual Report and Audit of the Financial Statements
Auditor and Audit Firm Responsible for Auditing the Financial Statements of RWE Energie for 2014
Audit firm: Auditor in charge: PricewaterhouseCoopers Audit, s.r.o. Tomáš Bašta Hvězdova 1734/2c Statutory Auditor, License No. 1966 140 00 Prague 4 Registered in the Register of Audit Firms of the Czech Chamber of Auditors, License No. 021
In Prague on 16 March 2015
Person Responsible for Accounting Lubomír Frydrych Manager, Fixed Assets RWE Group Business Services CZ, s.r.o.
Persons Responsible for the 2014 Annual Report of RWE Energie We, the undersigned, hereby affirm that information disclosed in this Annual Report is true and that no facts of material importance have been omitted or misrepresented.
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Tomáš Varcop Zbyněk Solecký Chairman of the Executive Directors Executive Director RWE Energie, s.r.o. RWE Energie, s.r.o. Annual Report 2014
3 MANAGEMENT REPORT FOR 2014
3.1 Results With effect of 1 January 2014, the in-state merger took place between expirable companies, Východočeská plynárenská, a.s., Severomoravská plynárenská, a.s., Jihomoravská plynárenská, a.s. and RWE Key Account CZ, s.r.o. into succeeding company RWE Energie, a.s. As part of the merger, the succeeding company changed its legal form from joint-stock to limited liability company. For this reason, section 3 of the Annual Report contains year-over-year comparisons of specific indicators with the consolidated results of the merged companies (netted of intercompany balances and transactions). Section 4 contains separate non-consolidated results of RWE Energie, a.s. (presently RWE Energie, s.r.o.), the succeeding company in the merger, for comparison purposes.
In a transaction involving spin-off with subsequent merger which took effect on 1 January 2014, a part of assets of the separated company RWE Energie, s.r.o. were allocated to existing successor company RWE Česká republika a.s.
Revenues, Expenses, Profit In 2014, the Company recorded CZK 3,102,034 thousand in profit before tax, CZK 18,066,808 thousand less than in 2013. Profit after tax amounted to CZK 2,527,222 thousand, a year-over-year decrease by CZK 17,964,236 thousand. The decrease was mainly caused by the fact that the Company earned CZK 17,709,748 thousand from the sale of the subsidiaries RWE GasNet, s.r.o., VČP Net, s.r.o., SMP Net, s.r.o. and JMP Net, s.r.o. in 2013. 8 Sales of natural gas, electricity and other services dropped to CZK 40,071,034 thousand, a year-over-year decrease of CZK 9,097,630 thousand (19 %) mainly caused by unfavorable weather and switch of natural gas customers to the competition. Commodity purchase costs and distribution costs declined as well, specifically by 19 %.
Structure of Assets and Liabilities The Company's balance sheet total at 31 December 2014 amounted to CZK 24,500,587 thousand, a decrease of CZK 28,280,194 thousand in comparison to the balance after the merger and spin-off with subsequent merger. On the side of assets, the decrease was largely caused by a drop in cash-pooling receivables. On the side of liabilities, equity decreased due to the payout of CZK 29,091,458 thousand in profit distribution and a reduction and redemption in the Company’s other capital funds. The spin-off of a part of the Company's assets to RWE Česká republika a.s., the successor company, included tangible fixed assets and deferred tax receivable in the total amount of CZK 1,381,440 thousand on the side of assets, and in the same amount in other capital funds on the side of equity and liabilities.
Investments Throughout the reported year, the Company executed investment projects in accordance with the approved investment plan. Fixed assets with a total worth of CZK 101,126 thousand were acquired. Investments included mostly the acquisition of software. All investment projects were executed in the Czech Republic and were financed exclusively using the Company's own resources. The Company did not invest into shares and bonds of other issuers.
Annual Report 2014
Financing Operations and investments were financed in a problem-free manner throughout the reported year.
Risk Management All risks are recorded in the catalog of risks. The most important risks to which the Company is exposed are the credit and market risks, which stem from the trading of electricity and natural gas. Further, active measures are taken to manage currency, interest and operational risks. Risk management is primarily the responsibility of the Risk Management Committee, a body composed of the RWE Group's executives which issues recommendations based on which the Company's Executive Directors grants exceptions from the standard risk management requirements.
3.2 Strategy and Business Activities Our priorities in 2014 included reducing the number of departing customers, stabilizing earnings in the natural gas segment, and continuing the active development of the electricity business launched in previous years.
The Company responded to the competition's marketing activities by introducing price-differentiated products in the Household and Small Business segments. Key Account clients were given the option to use the GTS automated purchasing portal for electricity purchases. The "Electricity and Gas from a Single Supplier" campaign continued from the previous year, and the level of quality was further raised to underscore the Company's status of a leading energy supplier, for instance by enlarging the portfolio with mobile communication services. 9 2014 average temperature of 9.4 °C was significantly higher than the long-term mean of 7.91 °C, making 2014 the warmest period in the last 53 years. Climatic conditions had a major impact on sales, those of natural gas in particular.
Sale of Natural Gas In 2014, the Company sold 30,348,972 MWh of natural gas to end customers, a year-over-year decrease of 7,291,667 MWh (19%). Total sales, including other customers, amounted to 35,524,216 MWh. Lower sales were recorded in all customer segments, including the Key Account (-13%), Small Business (-30%) and Household (-25%) segments. The drop in sales in all segments was mainly due to above-average warm weather and switch of customers to the competition.
Purchase of Natural Gas In 2014, the Company purchased 35,201,244 MWh of natural gas. The total quantity of gas purchased last year was 5,676,835 MWh lower than in 2013. Annual Report 2014
Natural Gas Purchased and Sold (MWh) 2014 2013 Sales to end customers Key Account (Industrial) 16,966,077 19,439,530 Small Business 3,321,794 4,778,329 Household 10,061,101 13,422,780 Total sales to end customers 30,348,972 37,640,639 Other* 5,175,244 3,408,013 Total sales 35,524,216 41,048,652 Total purchases 35,201,244 40,878,079 * Resales to other traders and OTE, a.s. (volumes in 2013 are netted of resales between the merged companies)
Sale of Electricity Electricity was sold to three basic customer segments. The highest sales were recorded in the Key Account segment.
The Company sold 2,057,839 MWh of electricity to end customers, achieving a 2.7% year-over-year increase in quantity sold.
Purchase of Electricity The Company buys electricity on the open commodity market. For the purposes of providing bundled supply services, the Company purchases the electricity distribution service, mainly from ČEZ Distribuce, a. s., E.ON Distribuce, a.s. and PRE distribuce, a.s. 10
In 2014, 2,715,997 MWh of electricity was purchased.
Electricity Purchased and Sold (MWh)
2014 2013 Sales to end customers Key Account (Industrial) 1,237,921 1,255,561 Business Retail 231,228 266,136 Residential Retail 588,690 482,913 Total sales to end customers 2,057,839 2,004,610 Other* 639,741 416,026 Total sales 2,697,580 2,420,636 Total purchases 2,715,997 2,438,238 * Resales to other traders and OTE, a.s. (volumes in 2013 are netted of resales between the merged companies)
Annual Report 2014
3.3 Marketing and Communication Activities Marketing Activities of the Sales and Marketing Department, which were completely transferred to RWE Energie from RWE Česká republika a.s. in 2014, built on the favorable development of recent years with a view to facilitating further growth. As in the past, the department's key tasks included maintaining RWE Energie's existing portfolio of natural gas customers in the Household and Small Business segments, acquiring customers in the electricity segment, and, no less importantly, reacquiring clients who had switched to the competition.
The incentive for both new and existing customers was the consolidation of energy supply services, which not only offers competitive prices for gas and electricity, but also provides special financial bonuses for clients who purchase both energies from RWE Energie. In the fall, this benefit was complemented by an attractive bonus, where customers who signed a contract received a prepaid RWE Mobil SIM card worth CZK 300 free of charge.
In the electricity segment, the Company prepared innovations and continued to develop products that had proved popular with customers, such as the RWE Optimal program that guarantees three price reductions by the end of 2017.
The consistent communication concept for the RWE brand pursued in recent years helped strengthen brand image, among both customers and the population in general. This trend culminated in the fall of 2014, when RWE became the strongest brand on the Czech energy market (Adtrack, 01/2015), placing in the highest position in RWE's history in the Czech Republic.
The Company's intensive focus on the enlargement of the service portfolio continued. Apart from fine-tuning 11 existing services, such as the RWE Online Service application, improving the network of customer service centers, and enhancing the nonstop customer service line, the Company prepared the re-launch of the RWE Premium program of customer bonuses under which customers can obtain sizeable price reductions from our business partners or order the RWE card that allows buying ski passes for selected Czech resorts or tickets for Czech films at a 20% discount. The use of RWE Premium increased nearly 600% compared to the preceding year. Another feature that met with a favorable response was the rweprepis.cz online service that allows customers to change their personal data, such as address, from the convenience of their home. Thanks to its simplicity and popularity among customers, the service received awards in the Effie 2014 advertising efficiency contest and in the prestigious Web Top 100 competition.
The portfolio of services marketed under the RWE Mobil brand was further enhanced with the introduction of a special subscription program that provides a 20% discount to the Company's customers and unlimited calls within the RWE Mobil network. Another new product was a prepaid card featuring attractive recharging bonuses. By offering pre-paid and post-paid telecommunication services in addition to traditional commodities, RWE Energie bolstered its status as a prominent electricity and natural gas supplier on the Czech market.
Another area where RWE continues to focus its communication efforts is energy savings, where support is provided for numerous activities related to this field. An example is setrimenergii.cz, a specialized website dedicated to energy savings that offers numerous tips and suggestions for reducing energy costs in addition to allowing people to monitor electricity, gas and water consumption in their households.
Annual Report 2014
Communication Throughout 2014, all internal and external communication activities of RWE Energie were coordinated and organized by the PR & Press Services Department of RWE Česká republika a.s (as of 1 January 2015 renamed to Corporate Affairs).
As in the past, sponsorship activities centered on the projects RWE – Energy of Czech Film and RWE – Energy of Czech Skiing. The Company supported the creation of the feature films 10 pravidel jak sbalit holku (10 Rules for Winning Her Heart), Díra u Hanušovic (Nowhere in Moravia) and Pohádkář (Storyteller). Moreover, RWE Group was the main partner to the Uherské Hradiště Summer Film School and sponsored Cinema without Barriers, a special project prepared by the organizers of the Karlovy Vary International Film Festival to assist wheelchair-bound people visiting the event.
At the end of 2014, the long-term sponsorship project RWE – Energy of Czech Skiing entered its tenth, anniversary season during which assistance will be provided by RWE Group to 13 ski resorts in various parts of the Czech Republic. During the decade of supporting Czech skiing, the RWE Group has made a major contribution to skier safety by improving skiing conditions throughout the country. Thanks to RWE Group's support, partner resorts have installed more than 16 kilometers of safety nets, 575 protection pads, 502 safety poles, 65 panoramic maps, and 1,500 downhill and cross-country trail demarcation signs.
The long-term collaboration with ski resorts provides attractive benefits to all customers holding the RWE CARD. The range of offered discounts was extended at the end of 2014. RWE CARD holders are now eligible not only for a 20% discount on a one-day adult ski pass, but also for a 10% discount on the price of a ski pass for the entire family. As in the past, the RWE CARD also provides a 20% discount on tickets 12 for Czech films in associated cinemas, a 6% discount on skiing trips purchased from NEV-DAMA, and a 6% discount on FISCHER vacation packages.
RWE Energie pays close attention to support for regional projects. Our effort to contribute to the development of Czech regions is evidenced not only by advertising partnerships with regional culture and sports events, but also by support for various nonprofit activities and projects in such areas as charity, education, healthcare, ecology, culture and sports. In 2014, we acted as the general partner of the Between the Fences project, which combines a widely popular culture festival with a charity initiative intended to help people suffering from mental disorders.
Our commitment to corporate social responsibility was underscored by the RWE COMPANIUS initiative, which provides employees with financial and organizational support for volunteer work and community involvement.
One of the most important internal communication projects in 2014 was a series of workshops organized for employees under the name We Are RWE. During two months, the workshops used an interactive form to inform attending workers of key changes in the energy sector in recent years, their impact on RWE, and the Group's new strategy for the future. The outcome of these discussions and brainstorming sessions will continue to be reflected in internal communication within the Group throughout 2015.
Annual Report 2014
3.4 Human Resources Staffing Levels In 2014, the Company had 203 employees (FTE). Headcount increased substantially as a result of the merger of regional gas distribution companies and the transfer of some employees from RWE Česká republika a.s. Staffing levels became stabilized in the course of the year.
Year 2014 2013 Employee headcount 203 25
Employee Structure by Education as of 31 December 2014
1%
31%
68%
Secondary school Complete secondary school University 13
Wages The development of wages in 2014 reflected needs related to the merger and conformed to the Company's human resources management strategy. All provisions relating to remuneration and wage increases agreed under the RWE Group Collective Agreement were observed.
Employee Training and Career Development In 2014, the Company spent 1.26% of wage costs on the training and personal development of its workforce. The average annual training cost per employee amounted to CZK 9,083. The slight year-over-year decrease reflects improved effectiveness of the allocation of training costs, training for sales managers in particular.
Year 2014 2013 Annual cost/employee CZK 9,083 CZK 10,498
Social Policy Employee benefits and working conditions are guaranteed under the Collective Agreement signed by the RWE Group in the Czech Republic for the years 2014 and 2015. All employees received an annual contribution of CZK 27,000 through the RWE Benefit Portal.
As every year, the Company supported sporting, cultural, and various social activities of employees and their family members.
Annual Report 2014
3.5 Occupational Health and Safety and Environmental Protection Occupational Health and Safety Occupational health and safety is one of the Company's key priorities. Relying on managers' oversight and support from the RWE Group's center of operations in the Czech Republic, RWE Energie is committed to ensuring that all employees, as well as suppliers' staff, return home safely after every day of work. Thanks to the Company's commitment to risk prevention and improvement of OHS conditions, there was no workplace accident resulting in incapacity for work.
During the reported year, the RWE Group in the Czech Republic developed health management, centering focus on the overall medical condition of employees and its improvement through self-coaching. The transfer of the Company's immovable assets to RWE Česká republika a.s. in 2014 changed the responsibilities of the Company's management for the technical and fire safety of premises leased to other entities.
Maintaining workplace safety remains to be the goal of both RWE Energie and the entire RWE Group in the Czech Republic. The LTIF target set for RWE Group companies in the Czech Republic in 2015 is at Level 2, including accidents of suppliers' workers.
Environmental Protection A responsible and proactive attitude to the environment is one of the fundamental principles pursued by RWE Energie.
Environmental protection is managed using an environmental management system whereby the Company 14 subscribes to compliance with legislative requirements with the aim of reducing negative impact on the environment. Close attention is paid to prevention, particularly to improving the awareness of our and suppliers' employees of their responsibility for environmental protection.
Following the merger that took effect on 1 January 2014, contractual commitments for the environmental remediation originating prior to the privatization of former regional gas distribution companies were transferred to RWE Energie, s.r.o. At present, the Company is a party to five Agreements on Payment for the Cost of Pre-Privatization environmental remediation, which were formerly signed for Jihomoravská plynárenská, a.s., Severomoravská plynárenská, a.s., Západočeská plynárenská, a.s., Středočeská plynárenská, a.s. and Severočeská plynárenská, a.s.
In 2014, contamination cleanup, including post-remediation monitoring, was carried out on sites in Brno, Cheb, Lipník nad Bečvou and Liberec. At the same time, design documents were prepared and updated for remediation projects in a number of other localities. Firms that perform risk analyses, prepare project plans and carry out cleanup work are selected by the Ministry of Finance in cooperation with the Ministry of Environment and the Czech Environmental Inspectorate.
The fulfillment of our goals and targets contributes to the minimization of all adverse environmental impacts in the ongoing pursuit of sustainable development.
No emergency with an adverse impact on the environment occurred during the reported year.
Annual Report 2014
3.6 Subsequent Events On 4 February 2015, the share on capital in company Teplárna Kyjov, a.s. was sold under the Agreement on the transfer of shares closed between the Company (as the transferor) and the company Sorus a.s. (as acquirer).
No other events with a material impact on the assessment of the Company’s business had occurred by the date of this Annual Report.
3.7 Outlook In 2015 and subsequent years, the Company plans to enlarge its portfolio of traditional products, such as electricity and natural gas, by the addition of comprehensive energy solutions. In cooperation with other RWE Group companies in the Czech Republic, we will introduce new products and innovations, including smart household solutions, digital services and modern lifestyle applications.
The offering of our traditional products will continue to be developed to the benefit of our customers. In the residential segment, we will market products allowing the price to be set for a fixed period, while key account clients in the industrial segment will be able to buy energy in tranches, which means that they will essentially operate on the wholesale energy market. No less importantly, we will continue to improve the already high level of the Company's customer service, the key element of our business strategy.
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Annual Report 2014
4 FINANCIAL SECTION 4.1 Financial Statements
Company name: RWE Energie, s.r.o. Identification number: 49903209 Legal form: limited liability company Primary business: sale of natural gas and electricity Balance sheet date: 31 December 2014 Date of preparation of the financial statements: 23 February 2015 BALANCE SHEET (in thousand Czech crowns) Ref. ASSETS 31.12.2014 31.12.2013 Gross Provision Net Net a b 1 2 3 4 TOTAL ASSETS 26 115 591 (1 615 004) 24 500 587 18 870 049 B. Fixed assets 742 722 (491 064) 251 658 554 694 B. I. Intangible fixed assets 584 525 (381 384) 203 141 184 546 1. Software 569 258 (370 263) 198 995 184 462
2. Royalties 10 792 (10 792) - -
3. Other intangible fixed assets 360 (329) 31 84
4. Intangible fixed assets in the course of construction 4 115 - 4 115 -
B. II. Tangible fixed assets 11 097 (11 080) 17 370 148 B. II. 1. Land 4 - 4 57 377 2. Constructions 781 (781) - 305 298
3. Equipment 10 299 (10 299) - 6 745 16 4. Other tangible fixed assets 13 - 13 490
5. Tangible fixed assets in the course of construction - - - 238
B. III. Long-term investments 147 100 (98 600) 48 500 - 1. Investments in associates 98 400 (49 900) 48 500 -
2. Other long-term investments in securities 48 700 (48 700) - -
C. Current assets 25 185 303 (1 123 940) 24 061 363 18 207 146 C. I. Inventories 1 076 - 1 076 1 202 1. Goods for resale 1 076 - 1 076 1 202
C. II. Long-term receivables 1 151 921 - 1 151 921 85 326 1. Long-term advances paid 1 084 421 - 1 084 421 35 160
2. Deferred tax asset 67 500 - 67 500 50 166
C. III. Short-term receivables 23 922 547 (1 123 940) 22 798 607 18 104 533 C. III. 1. Trade receivables 2 125 181 (1 071 390) 1 053 791 233 693 2. Receivables - subsidiaries / controlling parties 7 040 976 - 7 040 976 11 761 846
3. Receivables from shareholders 209 - 209 -
4. Taxes - receivables from the state 91 559 - 91 559 -
5. Short-term advances paid 3 796 872 - 3 796 872 1 602 933
6. Estimated receivables 10 852 222 (48 220) 10 804 002 4 505 591
7. Other receivables 15 528 (4 330) 11 198 470
C. IV. Financial assets 109 759 - 109 759 16 085 C. IV. 1. Cash in hand 9 - 9 9 2. Cash at bank 109 750 - 109 750 16 076
D. I. Prepayments and accrued income 187 566 - 187 566 108 209 D. I. 1. Prepaid expenses 186 476 - 186 476 107 776 2. Accrued income 1 090 - 1 090 433
Annual Report 2014
Ref. LIABILITIES AND EQUITY 31.12.2014 31.12.2013
a b 5 6
TOTAL LIABILITIES AND EQUITY 24 500 587 18 870 049 A. Equity 4 275 978 11 462 942 A. I. Share capital 1 031 131 1 031 131 A. I. 1. Share capital 1 031 131 1 031 131 A. II. Capital contributions 197 319 4 423 1. Other capital contributions 197 319 4 423
A. III. Other reserves 516 226 516 226 A. III. 1. Reserve fund 512 003 512 003 2. Statutory and other reserves 4 223 4 223
A. IV. Retained earnings 4 080 1 001 A. IV. 1. Retained earnings 4 080 1 001 A. V. Profit for the current period 2 527 222 9 910 161 B. Liabilities 20 224 609 7 407 107 B. I. Provisions 66 046 230 543 1. Income tax provision - 155 046
2. Other provisions 66 046 75 497
B. II. Long-term liabilities 1 048 259 230 1. Long-term advances received 1 047 389 -
2. Other liabilities 870 230
B. III. Short-term liabilities 19 110 304 7 176 334 B. III. 1. Trade payables 2 289 222 479 419 2. Liabilities to shareholders 7 246 - 17
3. Liabilities to employees 7 623 1 547
4. Liabilities for social security and health insurance 3 889 528
5. Taxes and state subsidies payable 29 174 19 984
6. Short-term advances received 13 619 773 5 080 493
7. Estimated payables 3 129 433 1 592 117
8. Other payables 23 944 2 246
Annual Report 2014
Company name: RWE Energie, s.r.o. Identification number: 49903209 Legal form: limited liability company Primary business: sale of natural gas and electricity Balance sheet date: 31 December 2014 Date of preparation of the financial statements: 23 February 2015 INCOME STATEMENT (in thousand Czech crowns) Accounting Ref. DESCRIPTION period 2014 2013 a b 1 2 II. Sales of production 40 071 034 14 968 422 II. 1. Sales of own products and services 40 071 034 14 968 422 B. Cost of sales 36 867 108 13 598 900 B. 1. Raw materials and consumables used 27 946 612 9 677 472
2. Services 8 920 496 3 921 428
+ Added value 3 203 926 1 369 522 C. Staff costs 209 594 28 757 C. 1. Wages and salaries 154 671 20 734
2. Emoluments of board members - 812
3. Social security and health insurance costs 50 222 6 958
4. Other social costs 4 701 253
D. Taxes and charges 12 144 7 137 18 E. Depreciation and amortisation expense 74 317 35 217 III. Sales of fixed assets and raw materials 19 823 8 315 III. 1. Sales of fixed assets 19 823 8 315 F. Net book value of fixed assets and raw materials sold 13 993 4 017 F. 1. Net book value of fixed assets sold 13 993 4 017
G. Changes in operating provisions and complex prepaid expenses (312 120) (115 434) IV. Other operating income 86 190 47 956 H. Other operating expenses 215 664 205 570 * Operating result 3 096 347 1 260 529 VI. Income from sales of securities and shares - 13 400 590 J. Securities and shares sold - 4 591 726 VII. Income from long-term investments 4 776 - VII. 1. Income from investments in subsidiaries and associates 4 776 - IX. Gain on revaluation of securities and derivatives 23 601 30 919 L. Loss on revaluation of securities and derivatives 35 955 3 073 X. Interest income 23 305 31 494 N. Interest expense 95 283 XI. Other financial income 71 183 73 315 O. Other financial expenses 81 128 43 180 * Financial result 5 687 8 898 056 Q. Tax on profit on ordinary activities 574 812 248 424 Q. 1. - current 547 533 248 246
2. - deferred 27 279 178
** Profit on ordinary activities after taxation 2 527 222 9 910 161 *** Net profit for the financial period 2 527 222 9 910 161 **** Net profit before taxation 3 102 034 10 158 585
Annual Report 2014
Statement of changes in shareholders’ equity
Year ended 31 December 2014
Share Reserve fund Capital Retained (CZK’000) Note capital and other funds contributions earnings Total As at 1 January 2013 1,031,131 1,943,644 2,693,133 1,412,750 7,080,658 Investments in a subsidiary revaluation 8 - - (2,570,056) - (2,570,056) Dividends paid - - - (1,408,524) (1,408,524) Payment of funds from profit - (1,427,155) (122,266) (3,225) (1,552,646) Other changes in equity - - 3,612 - 3,612 Use of social fund - (263) - - (263) Net profit for the current period - - - 9,910,161 9,910,161 As at 31 December 2013 1,031,131 516,226 4,423 9,911,162 11,462,942 Merger impacts 3 - - 20,755,174 - 20,755,174 Separation impacts 4 - - (1,381,440) - (1,381,440) Profit distribution paid 8 - - - (9,910,161) (9,910,161) Payment of funds from profit 8 - - (19,181,297) - (19,181,297) Time barred profit shares - - - 3,079 3,079 Other changes in equity - - 459 - 459 Net profit for the period - - - 2,527,222 2,527,222 19 As at 31 December 2014 1,031,131 516,226 197,319 2,531,302 4,275,978
Annual Report 2014
Cash flow statement
Year ended 31 December 2014
(CZK’000) 2014 2013 Cash flows from operating activities Net profit on ordinary activities before tax 3,102,034 10,158,585 A.1 Adjustments for non-cash movements: A.1.1 Depreciation of fixed assets 74,317 35,217 A.1.2 Changes in provisions (312,120) (115,434) A.1.3 Profit from disposal of fixed assets(tangible and intangible fixed assets) (5,830) (4,297) A.1.4 Dividend and profit distribution income (4,776) - A.1.5 Net interest income (23,210) (31,211) A.1.6 Fair value changes of derivatives 19,344 (27,847) A.1.7 Profit from sale of subsidiary - - 8 808 864 A.1.8 Other non-cash movements 194,371 191,597 A* Net cash flow from operating activities before tax, changes in working capital 3,044,130 1,397,746 A.2 Working capital changes: A.2.1 Changes in receivables and prepayments and accrued income 1,049,840 204,873 A.2.2 Changes in short-term payables, accrued expenses and deferred income 333,533 (212,184) A.2.3 Changes in inventories 125 (1,202) A** Net cash flow from operating activities before tax and extraordinary items 4,427,627 1,389,233 A.3 Interest paid (643) (452) A.4 Interest received 23,336 31,076 A.5 Income tax on ordinary activities paid (944,301) (60,119) 20 A*** Net cash flow from operating activities 3,506,019 1,359,738
Cash flows from investing activities B.1 Acquisition of fixed assets (92,432) (202,253) B.2 Proceeds from the sale of fixed assets 19,823 8,315 B.3 Proceeds from the sale of subsidiary - 13,400,590 B.4 Profit distribution received 1 4,776 902,052 B*** Net cash flow from investing activities (67,833) 14,108,704
Cash flows from financing activities C.1 Changes in long- and short-term liabilities 615 (532,498) C.2 Changes in equity: C.2.1 Direct payments from reserves - (263) C.2.2 Payments from funds to sole shareholder 2 (19,181,297) (1,552,646) C.2.3 Profit distribution paid (9,910,161) (1,408,524) C*** Net cash flow from financing activities (29,090,843) (3,493,931)
Net increase (+) / decrease (-) in cash and cash equivalents (25,652,657) 11,974,511 Cash and cash equivalents as at the beginning of the year 32 803 392 (196,580)
Cash and cash equivalents as at the end of the year 7,150,735 11,777,931
1 There is calculated a long term part of received and paid advances within the working capital changes (see Note 7 Receivables and 10 Payables). 2 There are added cash and cash equivalents, addition due to merger as of 1 January 2014 in amount of CZK 21 025 461 000.
Annual Report 2014
4.2 Notes to Financial Statements
1. General information
1.1. Introductory information about the Company RWE Energie, s.r.o. (till 31 December 2013 RWE Energie, a.s.) („the Company“), was incorporated in the Commercial Register kept with the Regional Court in Ústí nad Labem, section B, insert 515 on 1 January 1994. Since 6 January 2014 incorporated in the Commercial Register kept with the Regional Court in Prague, file sign C 220583. Its registered office is at Limuzská 3135/12, Strašnice, 108 00 Praha 10, Czech Republic (till 31 December 2013 the registered office was at Ústí nad Labem, Klíšská 940, PSČ 401 17, zip code 401 17. The Company’s primary business activities are purchase and sale of natural gas and electricity. Identification number (IČ) of the Company is 499 03 209.
From 17 September 2014 the Company is fully owned by RWE Česká republika a.s., incorporated in the Regional Court in Prague. Till then was fully owned by RWE Gas International N.V., incorporated in the Kingdom of the Netherlands, and the ultimate parent company is RWE Aktiengesellschaft, incorporated in the Federal Republic of Germany.
In accordance with the European Union directive and the amendment of the Energy Act, the Company separated a part of its business related to gas distribution and transferred it to its subsidiary SČP Net, s.r.o., as at 1 January 2007. The Company owns 100% share of SČP Net, s.r.o. SČP Net, s.r.o. changed its company name to RWE GasNet, s.r.o. with effective date 1 October 2009. In January 2013 the Company sold its 100% share in the subsidiary.
In accordance with Generally Accepted Accounting Principles in the Czech Republic the Company does not 21 prepare consolidated financial statements, as it is a part of the consolidated group owned by the parent company - RWE Aktiengesellschaft, incorporated in Opernplatz 1, 45 128 Essen, Germany, which prepares consolidated financial statements in accordance with International Financial Reporting Standards.
The Company updated its Articles of Association that are now fully governed by the new Corporations Act. This fact became effective as at the date of its registration in the Commercial Register, specifically on 8 July 2014.
Statutory Directors as at 31 December 2014 were as follows: Name Position Note Ing. Tomáš Varcop, MBA Chairman appointed on 1 January 2014 (Chairman of Statutory Directors since 18 July 2014) Mgr. Zbyněk Solecký Statutory Director appointed on 1 January 2014 Two Statutory Directors act on behalf of the Company. Statutory Directors as at 31 December 2013 were as follows:
Name Position Note Ing. Tomáš Varcop Chairman appointed on 11 December 2013 Mgr. Zbyněk Solecký Vice-chairman appointed on 6 June 2013 Ing. David Konvalina Member appointed on 1 August 2009 From 1 January 2014 the Company does not have Supervisory Board.
Annual Report 2014
Supervisory board as at 31 December 2013 was as follows: Name Position Note Martin Friedrich Herrmann Chairman reappointed on 21 June 2012 JUDr. PhDr. Josef Benda, Ph.D., LL.M. Vice-chairman appointed on 12 December 2012 Ing. Pavel Zajíc Member reappointed on 27 June 2012 Administration of the Company is divided into two divisions: Trade division and Services division.
1.2. Merger With effect of 1 January 2014, the in-state merger took place between expirable companies, Východočeská plynárenská, a.s., Severomoravská plynárenská, a.s., Jihomoravská plynárenská, a.s. and RWE Key Account CZ, s.r.o. into succeeding company RWE Energie, a.s. In course of this merger, the succeeding company changed its legal form joint stock company to limited company and also changed the headquarters of the company to Limuzská 3135/12, Strašnice, 108 00 Praha 10. For more information refer to Note 3.
1.3. Spin-off with subsequent merger With effect from 1 January 2014 the spin-off with subsequent merger took place, when part of the property of the separated company RWE Energie, s.r.o. were allocated to existing successor company RWE Česká republika a.s. For more information refer to note 4.
2. Accounting policies
2.1. Basis of preparation The financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the Czech Republic and have been prepared under the historical cost convention. Derivatives and securities 22 (except for investments in subsidiaries and associates) are shown at fair value. As comparative information the Company discloses the data presented in the Company’s balance sheet as at 31 December 2013 before changes described in notes 1.2. and 1.3., and the data presented in the Company’s income statement for the year 2013.
2.2. Intangible fixed assets All intangible assets with a useful life longer than one year and a unit cost of more than CZK 60,000 are treated as intangible fixed assets. Purchased intangible assets are initially recorded at cost, which include purchase price and acquisition costs. Intangible fixed assets are amortised applying the straight-line method over their estimated useful lives as follows:
Intangible fixed assets Estimated useful life Software 3 - 5 years Royalties 1 - 6 years Other intangible fixed assets 5 - 6 years
The amortisation plan is updated during the useful life of the intangible fixed assets based on the expected useful life.
A provision for impairment is created when the carrying value of an asset is greater than its estimated recoverable amount. The estimated recoverable amount is determined based on expected future cash flows generated by the certain asset.
Annual Report 2014
2.3. Tangible fixed assets All tangible assets with a useful life longer than one year and a unit cost of more than CZK 10,000 are treated as tangible fixed assets.
Acquired tangible fixed assets are initially recorded at cost, which includes all costs related with its acquisition. Own work capitalised is recorded at cost.
Tangible fixed assets, except for land which is not depreciated, are depreciated applying the straight-line method over their estimated useful lives as follows:
Tangible fixed asset Estimated useful life Land not depreciated Buildings and constructions 15 - 50 years Plant, machinery and equipment, furniture and fittings 3 - 15 years Motor vehicles 5 - 8 years
The depreciation plan is updated during the useful life of the tangible fixed assets based on the expected useful life.
A provision for impairment is established when the carrying value of an asset is greater than its estimated recoverable amount. The estimated recoverable amount is determined as the higher from the amount based on expected future cash flows generated by the certain asset and the amount based on the valid expert valuation.
Repairs and maintenance expenditures of tangible fixed assets are expensed as incurred. Technical improvements of tangible fixed assets of more than CZK 10,000 per year for individual movable assets and sets of movable assets and of more than CZK 40,000 per year for buildings are capitalised. 23 Tangible fixed assets recorded in off-balance sheet with a unit cost more than CZK 2,000 and less than CZK 10,000 with useful life longer than one year are treated as inventory and expensed upon consumption.
2.4. Investments in subsidiaries and investments in associates Investments in subsidiaries represent ownership interests in enterprises that are controlled by the Company (“the subsidiary”).
Investments in associates represent ownership interests in enterprises over which the Company has significant influence, but not control (“the associate”).
Investments in subsidiaries and associates are accounted at cost less created amortisation for impairment.
2.5. Other securities and investments The Company classifies securities and investments, other than investments in subsidiaries and associates as trading, available-for-sale or held-to-maturity.
Investments intended to be held for an indefinite period of time, which may be sold in response to liquidity requirements, are classified as available-for-sale. These investments are included in non-current assets unless management has the express intention of holding the investment for less than 12 months from the balance sheet date, in which case they are included in current assets. Management determines the appropriate classification of investments as at the time of purchase and the classification is reviewed on a regular basis.
All securities and investments are initially recorded at cost, including transaction costs. Held-to-maturity investments are subsequently accounted for at amortised cost. Other investments are subsequently accounted for at fair value. The fair value is determined as the market value of the securities as at the balance sheet date. Annual Report 2014
Measurement of non-traded securities is based on management estimates based on recognised models or valuation techniques.
Unrealised gains and losses arising from changes in fair value of available-for-sale investments are recognised as a movement in equity and recognised into the income statement on realisation or when permanently impaired.
2.6. Inventories Purchased stocks are valued by price of purchase decreased by provision. Purchase price includes all the costs coherent with purchase of these stocks (mostly cost of transportation, toll, etc.). For decrease of purchased stocks, the Company uses ”first in first out” method.
2.7. Receivables Receivables are stated at nominal value less a provision for doubtful amounts. A provision for doubtful amounts is created on the basis of an ageing analysis and individual evaluation of the credit worthiness of the customers. Receivables from related parties have not been provided for.
2.8. Cash and cash equivalent Cash and cash equivalents include cash in hand, stamps and vouchers and cash in banks, including bank overdrafts.
Cash equivalents are short-term highly liquid investments that can be exchanged for a predictable amount of cash and no significant changes of value over time are expected. Cash equivalents are, for example, deposits with a maturity of less than 3 months from the date of acquisition and liquid debt securities traded in public markets. 24 The Company uses so-called cash-pooling within the Group. A receivable (liability) that arises from cash-pooling is presented in the Cash flow statement as a part of the item Cash and Cash equivalents. If the liability arising from cash-pooling represents a form of financing then it is not presented in the Cash flow statement as a part of the item Cash and Cash equivalents.
The Company has prepared a Cash flow statement using the indirect method.
2.9. Foreign currency translation Transactions denominated in a foreign currency are translated and recorded at the rate of exchange ruling as at the transaction date.
Cash, receivables and liabilities balances denominated in foreign currencies have been translated at the exchange rate published by the Czech National Bank as at the balance sheet date. All exchange gains and losses on cash, receivables and liabilities balances are recorded in the income statement.
2.10. Derivative financial instruments Derivative financial instruments including foreign exchange contracts, currency swaps and other derivative financial instruments are initially recognised on the balance sheet at cost and subsequently are re-measured at their fair value. Fair values are obtained from quoted market prices and discounted cash flow models. All derivatives are presented in other receivables or in other payables when their fair value for the Company is negative.
Derivatives embedded in other financial instruments are not treated as separate derivatives.
Changes in the fair value of derivatives held for trading are included in gain or loss on revaluation of securities and derivatives.
Annual Report 2014
2.11. Revenue analysis Revenues are stated net of discounts and Value Added Tax and on accrual basis.
a) Revenues from sales and distribution of natural gas In accordance with Act no. 458/2000 Coll., article 55, the market with gas was fully liberalised effective from 1 January 2007. Revenues from gas sold are derived from commodity valuation that is based on gas purchase costs and gross margin which covers trade costs, allowed profit and other energy-related services used to supply gas to customers in required quantity and at required time.
The price for end customers consists of the price for consumed gas and for gas related services (transport, structuring and flexibility) and the distribution price.
The price for consumed gas and gas related services consists of the commodity part, fixed monthly payment or payment for capacity (depending on a customer size). For households and low-volume customers the price is fixed, mostly for a period based on the Company’s business s decision.
The customer has a possibility of choice among products of the Company. For middle-volume customers and high-volume customers the price can either be determined for a month or based on a selected product offered by the Company. For example, products are as follows: price formula (linked to quotation of reference fuels and exchange rates), fixed price, sequential purchase or a single price covering both the commodity and distribution part. The price for transport is regulated by Energy Regulatory Office.
The distribution price consists of three parts: fixed price for consumed gas, fixed monthly payment or payment for capacity (depending on a customer size) and a fee for the market operator service. All parts of the distribution price are regulated by Energy Regulatory Office.
Gas supply and distribution to high-volume (“VO”) and middle-volume categories (“SO”) is billed on 25 a monthly basis based on measured consumption. Gas supplies to low-volume categories (“MO”) and households (“DOM”) are billed periodically, based on the reading of the consumption of each connecting point, which is performed at least once in 18 months.
Revenues from MO and DOM categories consist of actually billed revenues and revenues from so called “unbilled gas”. The amount of unbilled gas is calculated from the total amount of purchased gas in the particular year based on past behaviour of individual customers, divided into periods on the basis of the so-called load profiles (“TDD”) and is valued in relation to the price list related to chosen product. b) Revenues from sales and distribution of electricity
In accordance with Act no. 458/2000 Coll., the electricity market was fully liberalised effective from 1 January 2006. Revenues from electricity sold are derived from commodity valuation that is based on electricity purchase costs and gross margin which covers trade costs, allowed profit and other energy-related services used to supply electricity to customers in required quantity and at required time.
An individual price based on the expected supply diagram is charged to high volume customers. The price for other customers is set as fixed price for defined period based on the product chosen from the valid Company’s price list.
Costs for energy-related activities included in the final price of electricity supply are distribution and the fixed price for services provided by the market operators. Distribution prices are regulated by Energy Regulatory Office.
Electricity supply and distribution to high-volume (“VO”) categories is billed on a monthly basis based on measured consumption. Electricity supplies to low-volume categories (“MOP”) and households (“MOO”) are Annual Report 2014
billed periodically, based on the reading of the consumption of each connecting point, which is performed at least once in 12 months.
Revenues from MOP and MOO categories consist of actually billed revenues and revenues from so called “unbilled electricity”. The amount of unbilled electricity is calculated from the total amount of purchased electricity in the particular year based on so called load profiles (“TDD”), to which the customers are assigned, and it is valued in relation to the price list valid when the supply or composite supply contract is signed.
c) Other income
Other income of the Company is recorded as follows:
• Interest income is recorded on accrual basis; • Dividend income/profit share are recorded when the right for payment arises to the Company; • Revenues arising from Service Level Agreements are recognised as at the date the services are rendered.
2.12. Leases The costs of assets held under both finance and operating leases are not capitalised as fixed assets. Lease payments are expensed evenly over the life of the lease. Future lease payments not yet due are disclosed in the notes but not recognised in the balance sheet.
2.13. Provisions The Company recognises provisions relating to probable future obligations or expenditures, when the purpose of the obligations or expenditures is known but the precise amount, or the time when the obligation or expenditure will crystallise, is not known. However, provisions are not created for regular future operating 26 expenditures or for expenditures directly related to future revenue transactions.
The Company recognises a provision for its future income tax payable which is presented net of advances paid for the income tax. If advances paid are higher than the estimated income tax payable the difference is recognised as a short-term receivable.
2.14. Employment benefits The Company recognises a provision relating to outstanding leave entitlement, rewards, bonuses and benefits of employees
Regular contributions are made to the state to fund the national pension plan. The Company also provides contributions to defined contribution plans operated by independent pension funds.
2.15. Interest expense All borrowing costs are expensed.
2.16. Deferred tax Deferred tax is recognised on all temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. Deferred tax asset is recognised if it is probable that sufficient future taxable profit will be available against which the asset can be utilised.
Annual Report 2014
2.17. Related parties The Company’s related parties are considered to be the following: • Parties, which directly or indirectly control the Company, their subsidiaries and associates; • Parties, which have directly or indirectly significant influence on the Company; • Members of the Company’s or parent company’s statutory and supervisory boards and management and parties close to such members, including entities in which they have a controlling or significant influence; • Subsidiaries. Material transactions and outstanding balances with related parties are disclosed in Note 15.
2.18. Subsequent events The effects of events, which occurred between the balance sheet date and the date of preparation of the financial statements, are recognised in the financial statements in the case that these events provide further evidence of conditions that existed as at the balance sheet date.
Where significant events occur subsequent to the balance sheet date but prior to the preparation of the financial statements, which are indicative of conditions that arose subsequent to the balance sheet date, the effects of these events are disclosed, but are not themselves recognised in the financial statements.
3. Merger Following the merger on 1 January 2014 the assets and liabilities of acquired companies Jihomoravská plynárenská, a.s., Identification number: 499 70 607, had its registered office at Plynárenská 499/1, Brno - Zábrdovice, zip code 602 00, Severomoravská plynárenská, a.s., Identification number: 476 75 748, had its registered office at Plynární 2748/6, Ostrava - Moravská Ostrava, zip code 702 72, Východočeská 27 plynárenská, a.s., Identification number: 601 08 789, had its registered office at Limuzská 3135/12, Praha 10 – Strašnice, zip code 108 00 a RWE Key Account CZ, s.r.o., Identification number: 284 16 163, had its registered office at Limuzská 12/3135, Praha 10 – Strašnice, zip code 100 98 („Acquired Companies“) were transferred to RWE Energie, s.r.o. The merger of the companies was incorporated in the Commercial Register on 1 January 2014. Annual Report 2014
Merger impact is described in following table (in CZK thousand):
Narrative RWE Impact of RWE JMP SMP VČP RKA Energie merger Energie ASSETS 31.12.2013 31.12.2013 31.12.2013 31.12.2013 31.12.2013 1.1.2014 Netto Netto Netto Netto Netto Netto
B. Fixed assets 554,694 567,916 272,485 107,345 - - 1,502,440 B. I. Intangible fixed assets 184,546 - - - - - 184,546 B. II. Tangible fixed assets 370,148 567,916 272,485 107,345 - - 1,317,894 B. III. Long-term financial assets ------C. Current assets 18,207,146 12,287,516 11,957,445 7,296,054 2,374,888 - 50,951,664 C. I. Inventories 1,202 - - - - - 1,202 C. II. Long-term receivables 85,326 83,012 16,855 7,347 4,175 - 196,715 C. III. Short-term receivables 18,104,533 12,165,940 11,923,859 7,287,314 2,337,364 (1,171,385) 50,647,625 C. IV. Financial assets 16,085 38,564 16,731 1,393 33,349 - 106,122 Prepayments and D. I. accrued income 108,209 102,927 69,187 46,354 - - 326,677 TOTAL ASSETS 18,870,049 12,958,359 12,299,117 7,449,753 2,374,888 (1,171,385) 52,780,781
Narrative RWE Impact of RWE JMP SMP VČP RKA Energie merger Energie LIABILITIES 31.12.2013 31.12.2013 31.12.2013 31.12.2013 31.12.2013 1.1.2014 28 A. Equity 11,462,942 7,038,230 8,581,709 4,950,536 184,699 32,218,116 A. I. Share capital 1,031,131 2,687,483 2,069,728 960,602 55,000 (5,772,813) 1,031,131 A. II. Capital contributions 4,423 23,158 521,199 338,713 - 19,872,104 20,759,597 A. III. Reserve fund and other reserves 516,226 559,397 418,861 268,078 1,087 (1,247,423) 516,226 A. IV. Retained earnings / Accumulated losses 1,001 217 1,026,961 1,243,393 - 7,639,590 9,911,162 A. V. Profit / (loss) for the current period 9,910,161 3,767,975 4,544,960 2,139,750 128,612 (20,491,458) 0 B. Liabilities 7,407,107 5,920,129 3,717,408 2,499,217 2,189,642 - 20,562,118 B. I. Provisions 230,543 93,801 91,311 81,829 16,448 - 513,932 B. II. Long-term liabilities 230 - 10 15 - - 255 B. III. Short-term liabilities 7,176,334 5,826,328 3,626,087 2,417,373 2,173,194 (1,171,385) 20,047,931 Accruals and C. I. deferred income - - - - 547 - 547 TOTAL LIABILITIES 18,870,049 12,958,359 12,299,117 7,449,753 2,374,888 (1,171,385) 52,780,781
Individual adjustments made were described in the notes to the pro-form opening balance sheet as at 1 January 2014.
Annual Report 2014
4. Spin-off with subsequent merger With effect from 1 January 2014 there was separation by secession of part of assets of the Company and its transition to a successor company RWE Česká republika a.s., Identification number: 242 75 051, with registered office at Limuzská 3135/12, Praha 10 – Strašnice, zip code 100 98.
Separation by secession merger was incorporated in the Commercial Register on 1 June 2014. Spin-off impact is described in following table (in CZK thousand):
Spin-off Ref. ASSETS 1.1.2014 impact 1.1.2014 Gross Provision Net Net a b 1 2 3 4 B. Fixed assets 4,679,489 3,176,589 1,502,900 (1,314,708) 188,192 B. I. Intangible fixed assets 665,296 480,750 184,546 - 184,546 B. II. Tangible fixed assets 3,801,493 2,483,139 1,318,354 (1,314,708) 3,646 B. III. Long-term investments 212,700 212,700 - - - C. Current assets 52,214,208 1,262,544 50,951,664 (66,732) 50,884,932 C. I. Inventories 1,202 - 1,202 - 1,202 C. II. Long-term receivables 196,715 - 196,715 (66,732) 129,983 C. III. Short-term receivables 51,910,169 1,262,544 50,647,625 - 50,647,625 C. IV. Financial assets 106,122 - 106,122 - 106,122 D. I. Prepayments and accrued income 326,677 - 326,677 - 326,677 TOTAL ASSETS 57,220,374 4,439,133 52,781,241 (1,381,440) 51,399,801 29 Spin-off Ref. LIABILITIES AND EQUITY 1.1.2014 impact 1.1.2014 a b 5 6 A. Equity 32,218,576 (1,381,440) 30,837,136 A. I. Share capital 1,031,131 - 1,031,131 A. II. Capital contributions 20,760,057 (1,381,440) 19,378,617 A. III. Reserve fund and other reserve 516,226 - 516,226 A. IV. Retain earnings / Accumulated losses 9,911,162 - 9,911,162 B. Liabilities 20,562,118 - 20,562,118 B. I. Provisions 513,932 - 513,932 B. II. Long-term liabilities 255 - 255 B. III. Short-term liabilities 20,047,931 - 20,047,931 C. I. Accruals and deferred income 547 - 547 TOTAL LIABILITIES AND EQUITY 52,781,241 (1,381,440) 51,399,801
Individual adjustments were described in the notes pro-form opening balance sheet as at 1 January 2014.
Annual Report 2014
5. Intangible and tangible fixed assets
Intangible fixed assets Tangible fixed assets (CZK’000) 2014 2013 2014 2013 As at 1 January 184,546 153 370,148 366,210 Merger impacts (see Note 3) - - 947,746 - Spin-off impacts (see Note 4) - - (1,314,708) - Spin-off – not spinned-off assets 1 2,170 Additions/transfer 101,126 199,915 440 12,168 Depreciation for current year (73,837) (15,522) (62) (25,533) Disposal – liquidation - - (418) (380) Disposal – sale (8,694) - (5,299) (4,017) Changes in provisions - - - 21,700 Closing balance as at 31 December 203,141 184,546 17 370,148
1 On 17 December 2014 annex of Compensatory Agreement was concluded, as some items were not incorporated to Land Register and consequently their separation did not occur, By value of these items worth CZK 2,170,000 was adjusted the amount of financial compensation with RWE Česká republika a.s.
6. Investments in subsidiaries and controlled entities and investments in associates, securities available-for-sale 2014 Number Carrying 2014 net dividend 30 31 December of Nominal Cost value % of profit/loss Net assets income 2014 shares value (CZK’000) (CZK’000) capital (CZK’000) (CZK’000) (CZK’000) Local Subsidiary Teplárna Kyjov, a,s, Havlíčkova 180, Kyjov 3,280 30,000 98,400 98,400 32.09 (9,816)1 303,6071 4,776 Total 98,400 Adjustment (49,900) Net book value 48,500 1 unaudited
Due to merger the Company owns share on capital in company Teplárna Kyjov, a.s. of 32.09 %. The net book value was determined based on the sales price of the share – see Note 19.
31. December 2014 Percenatge share on Nominal value Purchase price Share capital (CZK’000) (CZK’000) (%) Union Group, a.s. 40,500 48,700 1.76 Impairment ( 48,700) Residual value of available-for-sale securities - In January 2013 Company sold 100% share in subsidiary RWE GasNet, s.r.o. As at 31 December 2013 and 2014 Company did not owned no shares in subsudiaries. At above mentioned comapnies there is no difference between percentage of shares and voting rights.
Annual Report 2014
7. Receivables
(CZK’000) 31 December 2014 31 December 2013 Trade receivables - current 959,082 153,729 - overdue 1,166,099 587,634 Total trade receivables 2,125,181 741,363 Intercompany receivable 7,040,976 11,761,846 Taxes – receivables from the state 91 559 - Short-term advances paid 3,796,872 1,602,933 Other receivables and estimated receivables - current 10,863,624 4,525,011 - overdue 4,335 4,301 Total short-term receivables 23,922,547 18,635,454 Provision for doubtful receivables (1,123,940) (530,921) Net book value of short-term receivables 22,798,607 18,104,533 Long-term receivables 1,151,921 85,326 Total net book value of receivables 23,950,528 18,189,859
Unsettled receivables as at 31 December 2014 have not been secured and none of them are due after more than 5 years.
Intercompany receivables represent a receivable from cash-pooling.
Short-term advances paid represent mainly advances paid to the subsidiary for gas distribution in the amount of CZK 2,275,327,000 (as at 31 December 2013: CZK 898,992,000), advances paid to related party in relation to electricity supplies in the amount of CZK 780,599,000 (as at 31 December 2013: CZK 348,716,000) and advances paid to related in relation to gas distribution in the amount CZK 714,904,000. 31
Other receivables and estimated receivables include mainly receivables from unbilled gas and electricity supplies in the amount of CZK 10,587,995,000 (as at 31 December 2013: CZK 4,423,040,000).
State- tax receivables also include advances for income tax in the amount of CZK 554,102,000 paid by the Company as at 31 December 2014 (as at 31 December 2013: CZK 100,474,000) which have been accounted with a provision for income tax in the amount of CZK 545,804,000 created as at 31 December 2014 (as at 31 December 2013: CZK 255,519,000) and presented as short-term receivable (as at 31 December 2013 presented as provision).
Long-term receivables include the advance paid to a related party by title of gas supplies in the amount of CZK 1,047,389,000.
Analysis of the change in the provision for doubtful receivables:
(CZK’000) 2014 2013 Opening balance as at 1 January 530,921 636,966 Merger impact 731,623 - Net creation of provision account 55,767 85,552 Writen-off receivables (194,371) (191,597) Closing balance as at 31 December 1,123,940 530,921
Annual Report 2014
8. Equity Company is fully owned by company RWE Česká republika a.s., incorporated in the Czech republic and the ultimate parent company is RWE Aktiengesellschaft, incorporated in the Federal Republic of Germany.
The Company is fully governed by the new Corporations Act (see Note 1) and used the option not to create a reserve fund, This fact is further enabled by the Articles of Associations of the Company. The reserve fund of the Company constitutes a source which the Company created from profit in the past.
The net profit of the Company for 2013 in the amount of CZK 9,910,161,000 was approved and allocated by the decision of the sole shareholder on 23 April 2014 to share on profit in whole amount.
On 23 April 2014 based on the decision of the sole shareholder had place a reduction and redemption in the Company’s other capital funds in the amount of CZK 19,181,297,000.
9. Provisions (CZK’000) 31 December 2014 31 December 2013 Income tax provision1 - 155,046 Restructuring provision 575 10,619 Other provisions 65,471 64,878 Total other provisions 66,046 75,497 1 see Note 7 Receivables Other provisions represent mainly employee benefits.
10. Payables 32 (CZK’000) 31 December 2014 31 December 2013 Trade payables: - current 2,289,222 479,419 Total trade payables 2,289,222 479,419
Short-term advances received 13,619,773 5,080,493 Estimated payables 3,129,433 1,592,117 Other payables: - current 71,876 24,305 Total short-term payables 19,110,304 7,176,334 Long-term liabilities 1,048,259 230 Total long-term liabilities 1,048,259 230 Total short- and long-term liabilities 20,158,563 7,176,564
Trade and other payables have not been secured against any assets of the Company and are not due after more than 5 years. The Company does not have any overdue payables related to social or health insurance or any other overdue payables to tax authorities or other state institutions. Short term advances received include mainly the advances for gas and electricity in the amount of CZK 13,407,416,000 (as at 31 December 2013: CZK 5,003,854,000), Short term part of advances received from important customer for gas in amount of CZK 714,904,000 is a part of advances received. Estimated payables include primarily accruals for gas and electricity distribution in the amount of CZK 3,080,038,000 (as at 31 December 2013: CZK 1,572,030,000). Long-term liabilities include long term part of received advance from important customer for gas in the amount of CZK 1,047,389,000.
Annual Report 2014
11. Derivative financial instruments The Company provides its customers with a price product enabling to fix the commodity price for a selected period and a selected volume of natural gas supplies. The condition is to sign a contract containing price formula for the minimum fixed volume of gas for the whole period. The Company hedges the market risks related to these products by entering into currency and commodity index swaps. Certain derivative transactions provide effective economic hedges under the Company’s risk management positions. Company does not use hedge accounting. These derivatives are presented in the table below as derivatives held for trading. 31 December 2014 31 December 2013 Fair value Fair value Positive Negative Notional Positive Negative Notional (CZK’000) (CZK’000) amount (CZK’000) (CZK’000) amount Commodity index swaps - 15,459 75 GWh - - - EUR EUR Currency swaps 2,734 3,461 9,622,000 1 88 809,000 Total trading agreements 2,734 18,920 1 88 Notional amount of commodity and currency swap instruments represent net volume of concluded forward and swap transactions.
(CZK’000) 2014 2013 Change in fair value of derivatives - positive (23,601) (30,919) Change in fair value of derivatives - negative 35,955 3,073 Realised gain from derivatives (1,804) (65,028) Realised loss from derivatives 4,452 30,948 Total 15,002 (61,926) 33
12. Income tax The income tax expense analysis:
(CZK’000) 2014 2013 Current tax expense 545,803 255,519 Deferred tax expense 27,279 178 Adjustment of prior year tax expense based on final CIT return 1,730 (7,273) Total income tax expense 574,812 248,424
Current tax analysis: (CZK’000) 2014 2013 Net profit before taxation 3,102,034 10,158,585 Tax non-deductible expenses - sold share of subsidiary - 4,591,726 Tax non-deductible expenses - other 33,431 67,808 Revenues which are not subject to taxation (255,322) (62,638) Non-taxable revenues arising from profit transfer agreement - (13,400,590) Non-taxable revenues - income from transfer of shares in subsidiary (4,776) - Difference between tax and accounting amortisation/depreciation (2,644) (10,052) Net taxable profit 2,872,723 1,344,839 Corporate income tax at 19% 545,817 255,519 Tax credit (14) - Corporate tax 545,803 255,519 The deferred tax as at 31 December 2014 and 2013 was calculated at 19% (the rate enacted for 2013 and subsequent years). Annual Report 2014
Deferred tax asset can be analysed as follows:
(CZK’000) 31 December 2014 31 December 2013 Deferred tax liability arising from: Difference between accounting and tax net book value of fixed assets (500) (16) Total deferred tax liability (500) (16) Deferred tax asset arising from: Difference between accounting and tax net book value of fixed assets - 4,207 Provision for receivables 55,451 31,631 Provisions and accruals and deferrals 12,549 14,344 Total deferred tax asset 68,000 50,182 Net deferred tax asset 67,500 50,166
13. Revenue analysis Revenue from sold own products and services realized on domestic market have been generated as follows:
(CZK’000) 2014 2013 Revenues from gas sales and distribution - VO category 14,847,345 3,826,638 - MO category 3,737,983 2,329,719 - DOM category 13,707,512 6,333,317 - Other traders 2,123,335 613,345 Total revenues from gas sales and distribution 34,416,175 13,103,019 Revenues from electricity sales and distribution 34 - VO category 2,034,943 211,034 - MOP category 784,602 352,232 - MOO category 2,186,260 1,248,358 - sales 633,856 - Total revenues from electricity sales and distribution 5,639,661 1,811,624 Other revenues from sale of own products and services 6,227 8,039 Revenues based on Service Level Agreements within the Group 8,971 45,740 Total sales of own products and services 40,071,034 14,968,422
Total cost of sales of own products and services:
(CZK’000) 2014 2013 Purchase of natural gas 24,934,005 8,973,041 Purchase of electricity 3,004,525 685,845 Consumed material and energy - other 8,082 18,586 Distribution of natural gas 5,502,400 2,349,808 Distribution of electricity 2,301,006 1,013,777 Other services 1,117,090 557,843 Total cost of sales 36,867,108 13,598,900
Annual Report 2014
14. Employees 2014 2013 Members of statutory bodies who are employees 0.0 2.0 Average number of other members of management 5.0 0.1 Average number of other staff 198.4 23.2 Total number of employees 203.4 25.3 The Company’s management includes executive members of the Board of Directors and other directors.
(CZK’000) Management Other staff Total 2014 Wages and salaries 19,555 135,116 154,671 Social security costs 3,780 46,442 50,222 Other social costs 259 4,442 4,701 Total staff costs 23,594 186,000 209,594 2013 Wages and salaries 6,403 14,331 20,734 Social security costs 1,644 5,314 6,958 Other social costs 116 137 253 Compensation to the members of statutory bodies 812 - 812 Total staff costs 8,975 19,782 28,757 Other transactions with the Company’s management are described in Note 15 - Related party transactions.
15. Related parties transactions (CZK’000) 2014 2013 Revenues from gas and electricity supply 35 - RWE Supply & Trading CZ, a.s. 1 (gas and electricity) 1,880,462 337,815 - RWE GasNet, s.r.o. (gas and electricity) 1,009,819 648,801 - RWE Supply & Trading GmbH (gas and electricity) 522,818 - - Other regional gas traders within RWE Group - 113,409 - Other related companies within RWE Group (gas and electricity) 344,852 180,860 Other revenues - RWE Aktiengesellschaft 24,911 1,829 - RWE Grid Holding, a.s. (sale of share in subsidiary) - 13,400,590 - RWE Supply & Trading CZ, a.s. 494 94,117 - RWE GasNet, s.r.o. 7,506 1,358 - Other related parties within RWE Group 14,331 44,455 Interest income - RWE Česká republika a.s. 23,167 31,332 - RWE Supply & Trading CZ, a.s. - 89 Total 3,828,360 14,854,655
Annual Report 2014
(CZK’000) 2014 2013 Expenses from gas and electricity supply - Other regional gas traders - 127,618 - Other related companies within RWE Group (electricity, gas) 37,548 705,303 - RWE GasNet, s,r,o, (gas and electricity distribution) 5,325,894 2,326,626 - RWE Supply & Trading CZ, a.s. (gas) 24,096,145 8,516,882 - RWE Supply & Trading GmbH 916,368 - Other expense - RWE Aktiengesellschaft 23,927 538 - RWE Grid Holding, a.s. (sale of share in subsidiary) - 4,591,726 - RWE Supply & Trading CZ, a.s. 16,480 33,478 - Other regional gas traders - 7,496 - RWE GasNet, s.r.o. 1,070 231 - Other related parties within RWE Group (services) 887,033 471,863 Interest expense - RWE Česká republika a.s. 75 37 - RWE Supply & Trading CZ, a.s. - 246 Total 31,304,540 16,782,044
The following related party balances were outstanding as at:
(CZK’000) 31 December 2014 31 December 2013 Receivables - RWE Supply & Trading CZ, a.s. 1,931,092 42,944 - RWE Česká republika a.s. (cash-pooling, sale of gas and electricity, services) 7,049,706 11,762,633 36 - Other regional gas traders within RWE Group - 23,232 - RWE GasNet, s.r.o. (gas distribution, electricity sale, rent) 2,506,907 991,550 - Other related companies within RWE Group (electricity, gas, services) 297,480 336,260 Total 11,785,185 13,156,619 Payables - RWE Supply & Trading CZ, a.s. (gas purchase) 1,790,957 320,096 - RWE Česká republika a.s. 75,055 11,576 - Other regional gas traders of RWE Group - 40,603 - RWE GasNet, s.r.o. (gas distribution) 2,097,950 898,043 - Other related companies within RWE Group (electricity, gas, services) 240,198 341,698 Total 4,204,160 1,612,016
In 2014 the Company provided to members of management non-monetary benefit in the form of accident insurance in the amount of CZK 60,000 (in 2013: CZK 31,000), and also provided contribution to pension contribution plan and cars for free use in the amount of CZK 762,000 (in 2013: CZK 366,000).
Except for the above-mentioned remuneration, there was no other monetary or in kind consideration provided to the Company’s shareholder, members of the Company’s Board of Directors and management in 2014 and 2013.
16. Fees paid and payable to the audit company The information relating to the fees paid and payable for services performed by the audit company PricewaterhouseCoopers Audit, s.r.o. is included in the consolidated financial statements of the parent company.
Annual Report 2014
17. Contingent liabilities The management of the Company is not aware of any significant unrecorded contingent liabilities as at 31 December 2014 and 2013.
18. Cash flow statement Cash and cash equivalents disclosed in the Cash flow statement can be analysed as follows:
(CZK’000) 31 December 2014 31 December 2013 Cash on hand and in transit 9 9 Cash in bank 109,750 16,076 Receivable arising from cash-pooling 7,040,976 11,761 ,846 Total cash and cash equivalents 7,150,735 11,777,931
19. Subsequent events
On 4 February 2015, the share on capital in company Teplárna Kyjov, a.s. was sold under the Agreement on the transfer of shares closed between the Company (as transferor) and company Sorus a.s. (as acquirer).
No other events have occurred subsequent to year-end that would have a material impact on the financial statements as at 31 December 2014.
23 February 2015 37
Tomáš Varcop Zbyněk Solecký Chairman of the Executive Directors Executive Director
Annual Report 2014
5 INDEPENDENT AUDITOR'S REPORT 5.1 Auditor's Report on the Financial Statements
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Annual Report 2014
5.2 Auditor's Report on the Annual Report and the Report on Relations between Related Parties for the accounting period of 2014
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Annual Report 2014
40
Annual Report 2014
6 REPORT ON RELATIONS BETWEEN RELATED PARTIES FOR THE ACCOUNTING PERIOD OF 2014
Pursuant to Section 82 et seq. of Act No 90/2012 on Business Corporations and Cooperatives (“the Business Corporations Act”), as amended, the Executive Directors of RWE Energie, s.r.o. (“the Company”) prepared this Report on Relations between the Company and controlling parties and between the Company and other parties controlled by the controlling parties for the accounting period of 2014, insofar as such parties are known to the Company. This Report is an integral part of the Company’s Annual Report for 2014. The sole shareholder of the Company has the right to access the Report on Relations at the same time and under the same conditions as the financial statements .
1 Structure of relations The Company is part of the RWE Group. Within the meaning of Section 79 of the Business Corporations Act, the Company is subject to uniform management consisting in the coordination and strategic management of at least one of the important components or activities of the Group’s business, such arrangement pursuing the objective of promoting the Group’s interests on a long-term basis as part of the Group’s consistent policy. The Company’s membership of the RWE Group is published on the Company’s website. a) Controlling parties in the RWE Group
Since 1 January 2014 to 16 September 2014 the Company was controlled by the following parties :
a) Directly • RWE Gas International N.V., with its registered office at 5211AK ‘s-Hertogenbosch, 41 Willemsplein 4, the Netherlands, which was a sole shareholder of the Company, and
b) Indirectly • RWE Aktiengesellschaft (“RWE AG”), with its registered office at Opernplatz 1, 45128 Essen, Germany, which was the sole shareholder of RWE Gas International N.V.
Since 17 September 2014 to 31 December 2014 the Company was controlled by the following parties:
a) Directly • RWE Česká republika a.s., with its registered office at Limuzská 3135/12, Prague 10 - Strašnice, Post Code 100 98, Company No. 242 75 051, which was the sole shareholder of the Company.
b) Indirectly • RWE Gas International N.V., with its registered office at 5211AK ‘s-Hertogenbosch, Willemsplein 4, the Netherlands, which was the sole shareholder of RWE Česká republika a.s., and
• RWE Aktiengesellschaft (“RWE AG”), with its registered office at Opernplatz 1, 45128 Essen, Germany, which was the sole shareholder of RWE Gas International N.V.
The Executive Directors are not aware of the Company having any additional controlling parties. b) Other controlled parties within the RWE Group
The Company requested the above controlling parties to provide a list of the other parties that were controlled by the controlling parties in the past accounting period. The Executive Directors have drawn up this Report on the basis of the information provided by the controlling parties and other information available Annual Report 2014
to the Executive Directors. The scheme of the relations between controlling and controlled parties as at 31 December 2014, i.e. the last day of the accounting period, can be found in Annex 1 hereto.
c) Role of the controlled party
Within the RWE Group, the Company’s role is mainly selling natural gas and electricity.
d) Method and means of control
The controlled party was controlled by the controlling party through the general meeting, the powers of which were exercised by the controlling party as the sole shareholder acting in the capacity of the general meeting of the controlled party.
2 Overview of acts In the last accounting period, the Company made, upon suggestion and/or in the interest of the related parties under point 1 above, following legal acts concerning assets exceeding 10% of the Company’s equity as at 31 December 2014 determined on the basis of the latest financial statements: - domestic merger; - spin-off with subsequent merger; - profit share distribution; - distribution of other capital funds.
3 Overview of mutual agreements In the last accounting period, or at least a part thereof, contractual relationships under agreements listed 42 in Annex 2 hereto existed between the Company and the related parties under point 1 above.
4 Assessment of damage and compensation for damage In the last accounting period, the Company did not suffer any damage caused by the acts described herein.
5 Advantages and disadvantages arising from relationships between the Group entities In the last accounting period, the Company benefited again from the advantages stemming from its membership in the RWE Group. First and foremost, the Company enjoys, thanks to the orientation of the other companies within the Group, access to diversified know-how in almost all areas of its operations, such know-how being procured for the whole Group, and the Company’s costs incurred in access to such know-how are therefore much lower than those that the Company would have to incur should it procure access to such know-how on its own (e.g. natural gas and electricity sales methods, implementation of unified and functional OHS system, Company’s media presentation, business support in the human resources area).
Furthermore, the Company uses the advantage of the Group’s centralised purchase of IT hardware and software, and also of access to the Group’s solutions in this area, which are tailor-made for the Group, which ultimately brings significant cost savings for the Company.
Last but not least, the Company uses the advantage of centralised support services, such as procurement, the call centre’s services, asset and vehicle fleet management, etc. Such centralised procurement and arrangements in the Group bring significant costs savings, and also better opportunities on the market.
An important area where the Company uses the advantages stemming from its Group membership is that of financing, where financing arranged centrally within the Group ensures an incomparably stronger stability of financing and also lower debt service costs.
Annual Report 2014
The Company is not aware of any disadvantages arising from its membership in the Group. The Company has not identified any risks arising from relationships between the parties within the Group.
6 Confidentiality This Report does not disclose any information that is subject to the Company’s trade secret.
7 Conclusion This Report was approved by the Company’s Executive Directors on 16 March 2015.
Prague, 16 March 2015
Tomáš Varcop Zbyněk Solecký Chairman of the Executive Directors Executive Director RWE Energie, s.r.o. RWE Energie, s.r.o.
43
Annual Report 2014
Annex 1: The scheme of the relations between related parties
in the the in %
ompany % ompany hare hare RWE share share RWE c S
Level Company name Country
0 RWE Aktiengesellschaft Germany 0.00 0.00 1 RWE Power Aktiengesellschaft Germany 100.00 100.00 2 KMG Kernbrennstoff-Management Gesellschaft mbH Germany 100.00 100.00 3 URANIT GmbH Germany 50.00 50.00 2 Mingas-Power GmbH Germany 40.00 40.00 2 RE GmbH Germany 100.00 100.00 3 RWE Power Climate Protection Southeast Asia Co., Ltd. Thailand 0.00 100.00 3 RWE Power International Ukraine LLC Ukraine 100.00 100.00 2 Versuchsatomkraftwerk Kahl GmbH Germany 80.00 80.00 2 Kernkraftwerk Gundremmingen GmbH Germany 75.00 75.00 2 RV Rheinbraun Handel und Dienstleistungen GmbH Germany 100.00 100.00 3 RSB LOGISTIC GMBH Germany 100.00 100.00 3 Rheinbraun Brennstoff GmbH Germany 100.00 100.00 4 Agenzia Carboni S.R.L. Italy 100.00 100.00 4 TCP Petcoke Corporation USA 50.00 50.00 2 Rheinische Baustoffwerke GmbH Germany 100.00 100.00 3 MIROS Mineralische Rohstoffe, GmbH i.L. Germany 100.00 100.00 3 KÜCKHOVENER Deponiebetrieb GmbH & Co. KG Germany 50.00 50.00 3 KÜCKHOVENER Deponiebetrieb Verwaltungs-GmbH Germany 50.00 50.00 44 3 Kieswerk Kaarst GmbH & Co. KG Germany 51.00 51.00 3 Kieswerk Kaarst Verwaltungs GmbH Germany 51.00 51.00 2 RWE Power Beteiligungsverwaltung GmbH & Co. KG Germany 100.00 100.00 2 Carl Scholl GmbH Germany 100.00 100.00 2 RD Hanau GmbH Germany 100.00 100.00 2 Kraftwerk Buer GbR Germany 50.00 50.00 2 Schluchseewerk Aktiengesellschaft Germany 50.00 50.00 2 Société Electrique de l'Our S.A. Luxembourg 40.31 40.31 2 Mátrai Erömü Zártkörüen Müködö Részvénytársaság Hungary 50.92 50.94 2 CARBON Climate Protection GmbH Austria 50.00 50.00 2 CARBON CDM Korea Ltd. (i.L.) South Korea 49.00 49.00 2 CARBON Egypt Ltd. Egypt 49.00 49.00 2 RWE Power Climate Protection GmbH Germany 100.00 100.00 3 RWE Power Climate Protection China GmbH Germany 100.00 100.00 4 RWE Power Climate Protection Southeast Asia Co., Ltd. Thailand 0.00 100.00 4 RWE Power Climate Protection Clean Energy Technology (Beijing) Co., Ltd. China 100.00 100.00 3 RWE Power Climate Protection Southeast Asia Co., Ltd. Thailand 100.00 100.00 2 Kernkraftwerke Lippe-Ems GmbH Germany 5.25 99.25 2 Wohnungsbaugesellschaft für das Rheinische Braunkohlenrevier GmbH Germany 50.00 50.00 2 Kraftwerksbeteiligungs-OHG der RWE Power AG und der E.ON Kernkraft GmbH Germany 87.50 87.50 3 Kernkraftwerke Lippe-Ems GmbH Germany 94.00 99.25 2 RWE Power Zweite Gesellschaft für Beteiligungsverwaltung mbH Germany 100.00 100.00 2 RWE Australia Pty. Ltd. Australia 100.00 100.00 2 Gemeinschaftswerk Hattingen GmbH Germany 52.00 52.00 2 Kernkraftwerk Lingen GmbH Germany 100.00 100.00 1 RWE Generation SE Germany 100.00 100.00
Annual Report 2014
2 Gemeinschaftskraftwerk Steinkohle Hamm GmbH & Co. KG Germany 77.12 78.10 2 BPR Energie Geschäftsbesorgung GmbH Germany 100.00 100.00 2 TE Plomin d.o.o. Croatia 50.00 50.00 2 Grosskraftwerk Mannheim Aktiengesellschaft Germany 40.00 40.00 2 Steinkohlendoppelblock Verwaltungs GmbH Germany 100.00 100.00 2 Gemeinschaftskraftwerk Bergkamen A beschränkt haftende OHG Germany 51.00 51.00 2 SRS EcoTherm GmbH Germany 90.00 90.00 1 RWE Technology GmbH Germany 100.00 100.00 2 RWE Technology Tasarim ve Mühendislik Danismanlik Ticaret Limited Sirketi Turkey 99.95 99.95 2 RWE Technology UK Limited United Kingdom 100.00 100.00 2 RWE Power International Middle East LLC United Arab. 49.00 49.00 Emirates 1 RWE & Turcas Güney Elektrik Üretim A.S. Turkey 69.41 69.41 2 RWE & Turcas Dogalgaz Ithalat ve Ihracat A.S. Turkey 100.00 100.00 1 RWE Generation UK plc United Kingdom 100.00 100.00 2 Oval (2205) Limited United Kingdom 100.00 100.00 2 Great Yarmouth Power Limited United Kingdom 100.00 100.00 2 Electra Insurance Limited Bermudas 100.00 100.00 2 Npower Cogen Limited United Kingdom 100.00 100.00 3 Npower Cogen (Hythe) Limited United Kingdom 100.00 100.00 2 Npower Cogen Trading Limited United Kingdom 100.00 100.00 2 Transpower Limited Ireland 100.00 100.00 2 Regenesys Technologies Limited United Kingdom 100.00 100.00 2 Regenesys Holdings Limited United Kingdom 100.00 100.00 1 Essent Zuid B.V. Netherlands 100.00 100.00 2 EZN Swentibold B.V. Netherlands 100.00 100.00 45 3 EdeA VOF Netherlands 50.00 50.00 1 Essent Projects B.V. Netherlands 100.00 100.00 1 Essent Power B.V. Netherlands 100.00 100.00 2 Essent Productie Geleen B.V. Netherlands 100.00 100.00 3 Essent Energie Belgie N.V. Belgium 0.00 100.00 2 Essent Energie Belgie N.V. Belgium 100.00 100.00 2 Vliegasunie B.V. Netherlands 42.90 42.90 1 RWE Eemshaven Holding B.V. Netherlands 100.00 100.00 1 Essent Participations Holding B.V. Netherlands 100.00 100.00 2 Essent Corner Participations B.V. Netherlands 100.00 100.00 2 Essent Energy Systems Noord B.V. Netherlands 100.00 100.00 2 Essent Energy Gas Storage B.V. Netherlands 100.00 100.00 2 Energy Resources Holding B.V. Netherlands 100.00 100.00 3 Energy Resources Ventures B.V. Netherlands 100.00 100.00 4 SET Sustainable Energy Technology Fund C.V. Netherlands 50.00 50.00 3 Energy Resources B.V. Netherlands 100.00 100.00 2 Delesto B.V. Netherlands 50.00 50.00 1 RWE Deutschland Aktiengesellschaft Germany 12.13 100.00 2 rhenag Rheinische Energie Aktiengesellschaft Germany 66.67 66.67 3 Stromnetzgesellschaft Neunkirchen-Seelscheid mbH & Co.KG Germany 1.00 49.00 3 rhenagbau GmbH Germany 100.00 100.00 3 GkD Gesellschaft für kommunale Dienstleistungen mbH Germany 100.00 100.00 3 Energieversorgung Niederkassel GmbH & Co. KG Germany 49.00 49.00 3 Regionalgas Euskirchen GmbH & Co. KG Germany 42.96 42.96 3 MAINGAU Energie GmbH Germany 26.12 46.59 3 KVK Kompetenzzentrum Verteilnetze und Konzessionen GmbH Germany 74.90 74.90 Annual Report 2014
3 energienatur Gesellschaft für Erneuerbare Energien mbH Germany 100.00 100.00 3 Rhein-Sieg Netz GmbH Germany 100.00 100.00 3 Westerwald-Netz GmbH Germany 100.00 100.00 3 A/V/E GmbH Germany 25.10 76.10 3 rhenag - Thüga Rechenzentrum GbR Germany 50.00 50.00 2 Emscher Lippe Energie GmbH Germany 50.10 50.10 3 ELE Verteilnetz GmbH Germany 100.00 100.00 3 ELE-RAG Montan Immobilien Erneuerbare Energien GmbH Germany 50.00 50.00 3 ELE-GEW Photovoltaikgesellschaft mbH Germany 49.00 49.00 2 Stromnetzgesellschaft Neunkirchen-Seelscheid mbH & Co.KG Germany 48.00 49.00 2 NiersEnergieNetze GmbH & Co. KG Germany 51.00 51.00 2 NiersEnergieNetze Verwaltungs-GmbH Germany 51.00 51.00 2 Gasnetzgesellschaft Wörrstadt Verwaltungs-mbH Germany 49.00 49.00 2 Verwaltungsgesellschaft Scharbeutzer Energie- und Netzgesellschaft mbH Germany 51.00 51.00 2 Scharbeutzer Energie- und Netzgesellschaft mbH & Co. KG Germany 51.00 51.00 2 Dorsten Netz GmbH & Co. KG Germany 49.00 49.00 2 Verwaltungsgesellschaft Dorsten Netz mbH Germany 49.00 49.00 2 Westnetz GmbH Germany 100.00 100.00 2 Stadtwerke Velbert GmbH Germany 49.90 49.90 2 Stadtwerke Dülmen Verwaltungs-GmbH Germany 50.00 50.00 2 Energie Nordeifel Beteiligungs-GmbH Germany 50.00 50.00 2 FSO Verwaltungs-GmbH Germany 50.00 50.00 2 FSO GmbH & Co. KG Germany 50.00 50.00 2 Energie Nordeifel GmbH & Co. KG Germany 50.00 50.00 2 Stadtwerke Dülmen Dienstleistungs- und Beteiligungs-GmbH & Co. KG Germany 50.00 50.00 46 2 Stadtwerke Geldern GmbH Germany 49.00 49.00 2 Netzgesellschaft Bissendorf GmbH & Co. KG Germany 49.00 49.00 2 Netzgesellschaft Bissendorf Verwaltungs-GmbH Germany 49.00 49.00 2 Hochsauerland Netze Verwaltung GmbH Germany 100.00 100.00 2 Strom-Netzgesellschaft Kolpingstadt Kerpen GmbH & Co. KG Germany 49.00 49.00 2 Strom-Netzgesellschaft Kolpingstadt Kerpen Verwaltungs-GmbH Germany 49.00 49.00 2 Gas-Netzgesellschaft Kolpingstadt Kerpen GmbH & Co. KG Germany 49.00 49.00 2 Gas-Netzgesellschaft Kolpingstadt Kerpen Verwaltungs-GmbH Germany 49.00 49.00 2 Netzgesellschaft Kreisstadt Bergheim GmbH & Co. KG Germany 49.00 49.00 2 Netzgesellschaft Kreisstadt Bergheim Verwaltungs-GmbH Germany 49.00 49.00 2 Netzgesellschaft Elsdorf GmbH & Co. KG Germany 49.00 49.00 2 Netzgesellschaft Elsdorf Verwaltungs-GmbH Germany 49.00 49.00 2 PRENU Projektgesellschaft für Rationelle Energienutzung in Neuss mbH Germany 50.00 50.00 2 Gemeindewerke Bad Sassendorf Netze Verwaltung GmbH Germany 100.00 100.00 2 Stromnetzgesellschaft Neuenhaus Verwaltungs-mbH Germany 49.00 49.00 2 medl GmbH Germany 49.00 49.00 2 Rheinland Westfalen Energiepartner GmbH Germany 100.00 100.00 3 Energiepartner Projekt GmbH Germany 49.00 49.00 3 Energiepartner Solar Kreuztal GmbH Germany 40.00 40.00 3 GREEN Gesellschaft für regionale und erneuerbare Energie mbH Germany 10.00 49.16 3 Energiepartner Elsdorf GmbH Germany 40.00 40.00 3 Energiepartner Kerpen GmbH Germany 49.00 49.00 3 Energiepartner Dörth GmbH Germany 49.00 49.00 2 MNG Stromnetze GmbH & Co. KG Germany 100.00 100.00 2 MNG Stromnetze Verwaltungs GmbH Germany 100.00 100.00 2 Brüggen.E-Netz Verwaltungs-GmbH Germany 100.00 100.00 2 Energieversorgung Kranenburg Netze Verwaltungs-GmbH Germany 100.00 100.00
Annual Report 2014
2 Energie Rur-Erft Verwaltungs GmbH Germany 50.00 50.00 2 Stadtwerke Goch Netze Verwaltungsgesellschaft mbH Germany 100.00 100.00 2 NEW AG Germany 40.03 40.03 3 Gemeinschaftskraftwerk Steinkohle Hamm GmbH & Co. KG Germany 0.98 78.10 3 NEW Netz GmbH Germany 100.00 100.00 4 NEW Schwalm-Nette Netz GmbH Germany 100.00 100.00 3 NEW Service GmbH Germany 100.00 100.00 3 NEW Niederrhein Energie und Wasser GmbH Germany 100.00 100.00 4 KlickEnergie GmbH & Co. KG Germany 65.00 65.00 4 KlickEnergie Verwaltungs-GmbH Germany 65.00 65.00 3 NEW NiederrheinWasser GmbH Germany 100.00 100.00 4 WLN Wasserlabor Niederrhein GmbH Germany 45.00 45.00 3 GWG Grevenbroich GmbH Germany 60.00 60.00 4 GWG Kommunal GmbH Germany 100.00 100.00 4 NEW Re GmbH Germany 10.00 74.90 3 NEW Viersen GmbH Germany 100.00 100.00 4 NEW Schwalm-Nette GmbH Germany 100.00 100.00 4 NEW Impuls GmbH Germany 33.33 66.66 4 Biogas Schwalmtal GmbH & Co. KG Germany 65.51 65.51 4 Biogasanlage Schwalmtal GmbH Germany 99.20 99.20 4 NEW Tönisvorst GmbH Germany 95.00 95.00 5 NEW Impuls GmbH Germany 33.33 66.66 4 Wasserverbund Niederrhein Gesellschaft mit beschränkter Haftung Germany 2.50 41.50 3 WestEnergie und Verkehr GmbH Germany 99.00 99.00 3 Stadtwerke Korschenbroich GmbH Germany 100.00 100.00 3 NEW Re GmbH Germany 64.90 74.90 47 3 b_gas Eicken GmbH Germany 100.00 100.00 3 Wasserverbund Niederrhein Gesellschaft mit beschränkter Haftung Germany 10.00 41.50 2 NEW Netz GmbH Germany 0.00 100.00 2 FAMOS - Facility Management Osnabrück GmbH Germany 49.00 49.00 2 RWE RWN Beteiligungsgesellschaft Mitte mbH Germany 100.00 100.00 3 OIE Aktiengesellschaft Germany 100.00 100.00 3 STADTWERKE DÜREN GMBH Germany 49.90 49.90 4 Leitungspartner GmbH Germany 100.00 100.00 3 Stadtwerke Radevormwald GmbH Germany 49.90 49.90 3 Stadtwerke Kamp-Lintfort GmbH Germany 51.00 51.00 4 Wasserverbund Niederrhein Gesellschaft mit beschränkter Haftung Germany 3.00 41.50 4 Stadtwärme Kamp-Lintfort GmbH Germany 100.00 100.00 2 rhenag Beteiligungs GmbH Germany 100.00 100.00 3 EWV Energie- und Wasser-Versorgung GmbH Germany 53.72 53.72 4 regionetz GmbH Germany 100.00 100.00 4 Wärmeversorgung Würselen GmbH Germany 49.00 49.00 4 GREEN Gesellschaft für regionale und erneuerbare Energie mbH Germany 39.16 49.16 4 EWV Baesweiler Verwaltungs GmbH Germany 45.00 45.00 4 EWV Baesweiler GmbH & Co. KG Germany 45.00 45.00 4 Green Solar Herzogenrath GmbH Germany 45.00 45.00 3 wbm Wirtschaftsbetriebe Meerbusch GmbH Germany 40.00 40.00 3 Gasgesellschaft Kerken Wachtendonk mbH Germany 49.00 49.00 2 Recklinghausen Netzgesellschaft mbH & Co. KG Germany 49.90 49.90 2 Recklinghausen Netz-Verwaltungsgesellschaft mbH Germany 49.00 49.00 2 Energie Mechernich GmbH & Co. KG Germany 49.00 49.00 2 Energie Mechernich Verwaltungs-GmbH Germany 49.00 49.00 Annual Report 2014
2 BEW Netze GmbH Germany 61.00 61.00 2 Stromnetzgesellschaft Schwalmtal mbH & Co. KG Germany 51.00 51.00 2 Stromverwaltung Schwalmtal GmbH Germany 51.00 51.00 2 RWE Netzservice GmbH Germany 100.00 100.00 3 Kavernengesellschaft Staßfurt mbH Germany 50.00 50.00 3 RWE Eurotest GmbH Germany 100.00 100.00 3 ESK GmbH Germany 100.00 100.00 2 Netzgesellschaft Rheda-Wiedenbrück GmbH & Co. KG Germany 49.00 49.00 2 Gasnetzgesellschaft Wörrstadt mbH & Co. KG Germany 49.00 49.00 2 Netzgesellschaft Rheda-Wiedenbrück Verwaltungs-GmbH Germany 49.00 49.00 2 Greenplug GmbH Germany 49.00 49.00 2 Stadtwerke Kirn GmbH Germany 49.00 49.00 2 RWE Metering GmbH Germany 100.00 100.00 2 RWE FiberNet GmbH Germany 100.00 100.00 2 Beteiligungsgesellschaft Werl mbH Germany 100.00 100.00 2 Netzgesellschaft Maifeld Verwaltungs GmbH Germany 100.00 100.00 2 Verwaltungsgesellschaft Energieversorgung Timmendorfer Strand mbH Germany 51.00 51.00 2 Energieversorgung Timmendorfer Strand GmbH & Co. KG Germany 51.00 51.00 2 AVU Aktiengesellschaft für Versorgungs-Unternehmen Germany 50.00 50.00 2 Gemeindewerke Everswinkel GmbH Germany 45.00 45.00 2 Stadtwerke Gescher GmbH Germany 42.00 42.00 2 Stadtwerke Lingen GmbH Germany 40.00 40.00 1 envia Mitteldeutsche Energie AG Germany 0.00 58.57 2 envia TEL GmbH Germany 100.00 100.00 2 GKB Gesellschaft für Kraftwerksbeteiligungen mbH Germany 100.00 100.00 48 2 envia SERVICE GmbH Germany 100.00 100.00 2 Mitteldeutsche Netzgesellschaft Strom mbH Germany 100.00 100.00 3 Mitteldeutsche Netzgesellschaft mbH Germany 100.00 100.00 2 Wasserver- und Abwasserentsorgungsgesellschaft 'Thüringer Holzland' mbH Germany 48.95 48.95 2 Fernwärmeversorgung Zwönitz GmbH Germany 50.00 50.00 2 Wärmeversorgung Wachau GmbH Germany 49.00 49.00 2 Energieversorgung Guben GmbH Germany 45.00 45.00 2 Windenergie Briesensee GmbH Germany 100.00 100.00 2 Industriepark LH Verteilnetz GmbH Germany 100.00 100.00 2 Netzgesellschaft Grimma GmbH & Co. KG Germany 49.00 49.00 2 enviaM Erneuerbare Energien Verwaltungsgesellschaft mbH Germany 100.00 100.00 2 Energieversorgung Marienberg GmbH Germany 49.00 49.00 2 Lößnitz Netz GmbH & Co. KG Germany 100.00 100.00 3 Lößnitz Netz Verwaltungs GmbH Germany 100.00 100.00 2 enviaM Beteiligungsgesellschaft Chemnitz GmbH Germany 100.00 100.00 2 Stadtwerke - Strom Plauen GmbH & Co. KG Germany 49.00 49.00 2 Verteilnetz Plauen GmbH Germany 100.00 100.00 2 Sandersdorf-Brehna Netz GmbH & Co. KG Germany 27.60 49.00 2 Oschatz Netz GmbH & Co. KG Germany 99.98 99.98 3 Oschatz Netz Verwaltungs GmbH Germany 100.00 100.00 2 VWS Verbundwerke Südwestsachsen GmbH Germany 97.85 97.85 3 Südwestsächsische Netz GmbH Germany 100.00 100.00 2 Windenergie Frehne GmbH & Co. KG Germany 41.03 41.03 2 Objektverwaltungsgesellschaft Dampfkraftwerk Bernburg mbH Germany 9.90 58.22 2 A/V/E GmbH Germany 25.90 76.10 2 envia THERM GmbH Germany 100.00 100.00 2 bildungszentrum energie GmbH Germany 74.50 100.00
Annual Report 2014
2 NRF Neue Regionale Fortbildung GmbH Germany 100.00 100.00 2 EVIP GmbH Germany 100.00 100.00 2 Stadtwerke Bernburg GmbH Germany 45.00 45.00 2 Stadtwerke Merseburg GmbH Germany 40.00 40.00 2 Stadtwerke Roßlau Fernwärme GmbH Germany 49.00 49.00 2 Stadtwerke Bitterfeld-Wolfen GmbH Germany 40.00 40.00 2 Technische Werke Naumburg GmbH Germany 47.00 47.00 2 Wärmeversorgung Mücheln GmbH Germany 49.00 49.00 2 MITGAS Mitteldeutsche Gasversorgung GmbH Germany 75.39 75.40 3 Erdgasversorgung Industriepark Leipzig Nord GmbH Germany 50.00 50.00 3 Mitteldeutsche Netzgesellschaft Gas mbH Germany 100.00 100.00 3 Mitteldeutsche Netzgesellschaft Gas HD mbH Germany 100.00 100.00 3 Sandersdorf-Brehna Netz GmbH & Co. KG Germany 21.40 49.00 3 A/V/E GmbH Germany 25.10 76.10 1 RWE Gasspeicher GmbH Germany 100.00 100.00 2 Thyssengas-Unterstützungskasse GmbH Germany 100.00 100.00 1 RWE Beteiligungsgesellschaft mbH Germany 100.00 100.00 2 Lechwerke AG Germany 74.87 89.87 3 Bayerische Elektrizitätswerke GmbH Germany 100.00 100.00 4 Wärmeversorgung Schwaben GmbH Germany 100.00 100.00 4 Bayerische Bergbahnen-Beteiligungs-Gesellschaft mbH Germany 100.00 100.00 5 Wendelsteinbahn GmbH Germany 100.00 100.00 6 Wendelsteinbahn Verteilnetz GmbH Germany 100.00 100.00 4 Untere Iller Aktiengesellschaft Germany 40.00 40.00 4 Mittlere Donau Kraftwerke AG Germany 40.00 40.00 4 Rain Biomasse Wärmegesellschaft mbH Germany 74.90 74.90 49 3 LEW Anlagenverwaltung GmbH Germany 100.00 100.00 4 RL Beteiligungsverwaltung beschr. haft. OHG Germany 49.00 100.00 5 enviaM Beteiligungsgesellschaft mbH Germany 40.00 100.00 6 envia Mitteldeutsche Energie AG Germany 19.99 58.57 5 RL Besitzgesellschaft mbH Germany 100.00 100.00 6 Lechwerke AG Germany 15.00 89.87 3 LEW Service & Consulting GmbH Germany 100.00 100.00 3 Stromnetz Günzburg GmbH & Co. KG Germany 49.00 49.00 3 Stromnetz Günzburg Verwaltungs GmbH Germany 49.00 49.00 3 Bayerische-Schwäbische Wasserkraftwerke Beteiligungsgesellschaft mbH Germany 62.20 62.20 3 Schwäbische Entsorgungsgesellschaft mbH Germany 100.00 100.00 3 LEW Verteilnetz GmbH Germany 100.00 100.00 3 LEW Netzservice GmbH Germany 100.00 100.00 3 LEW Beteiligungsgesellschaft mbH Germany 100.00 100.00 4 Elektrizitätswerk Landsberg GmbH Germany 100.00 100.00 4 Überlandwerk Krumbach GmbH Germany 74.60 74.60 4 LEW TelNet GmbH Germany 100.00 100.00 3 Peißenberger Wärmegesellschaft mbH Germany 50.00 50.00 2 enviaM Beteiligungsgesellschaft mbH Germany 60.00 100.00 2 Süwag Energie AG Germany 77.58 77.58 3 Syna GmbH Germany 100.00 100.00 3 Süwag Vertrieb AG & Co. KG Germany 100.00 100.00 3 Kommunalwerk Rudersberg GmbH & Co. KG Germany 49.90 49.90 3 Kommunalwerk Rudersberg Verwaltungs-GmbH Germany 49.90 49.90 3 Netzgesellschaft Leutenbach Verwaltungs-GmbH Germany 49.90 49.90 3 Netzgesellschaft Leutenbach GmbH & Co. KG Germany 49.90 49.90 Annual Report 2014
3 Enercraft Energiemanagement OHG haftungsbeschränkt Germany 50.00 50.00 3 Stromnetz Verbandsgemeinde Katzenelnbogen GmbH & Co. KG Germany 49.00 49.00 3 Stromnetz Verbandsgemeinde Katzenelnbogen Verwaltungsgesellschaft mbH Germany 49.00 49.00 3 Untermain EnergieProjekt AG & Co. KG Germany 49.00 49.00 3 Süwag Beteiligungs GmbH Germany 100.00 100.00 4 KEVAG Telekom GmbH Germany 50.00 50.00 3 Stromnetz VG Diez Verwaltungsgesellschaft mbH Germany 49.00 49.00 3 Stromnetz VG Diez GmbH & Co. KG Germany 49.00 49.00 3 Kommunale Netzgesellschaft Steinheim a. d. Murr GmbH & Co. KG Germany 49.00 49.00 3 MAINGAU Energie GmbH Germany 20.47 46.59 3 Süwag Grüne Energien und Wasser GmbH Germany 100.00 100.00 4 Windenergiepark Heidenrod GmbH Germany 51.00 51.00 4 Wasserversorgung Main-Taunus GmbH Germany 49.00 49.00 4 Klärschlammentsorgung Hesselberg Service GmbH Germany 49.00 49.00 4 SolarProjekt Mainaschaff GmbH Germany 50.00 50.00 4 SolarProjekt Rheingau-Taunus GmbH Germany 50.00 50.00 3 KAWAG AG & Co. KG Germany 49.00 49.00 3 KAWAG Netze GmbH & Co. KG Germany 49.00 49.00 3 KAWAG Netze Verwaltungsgesellschaft mbH Germany 49.00 49.00 3 Netzgesellschaft Korb Verwaltungs-GmbH Germany 49.90 49.90 3 Netzgesellschaft Korb GmbH & Co. KG Germany 49.90 49.90 3 Energie BOL GmbH Germany 49.90 49.90 3 Netzgesellschaft Bühlertal GmbH & Co. KG Germany 49.90 49.90 3 Netzgesellschaft Ottersweier GmbH & Co. KG Germany 49.90 49.90 3 Netzgesellschaft Lauf GmbH & Co. KG Germany 49.90 49.90 50 3 Energiegesellschaft Leimen Verwaltungsgesellschaft mbH Germany 74.90 74.90 3 Energiegesellschaft Leimen GmbH & Co. KG Germany 74.90 74.90 3 Süwag Vertrieb Management GmbH Germany 100.00 100.00 3 Bioenergie Kirchspiel Anhausen Verwaltungs-GmbH Germany 100.00 100.00 3 Bioenergie Kirchspiel Anhausen GmbH & Co. KG Germany 51.00 51.00 3 Stromnetz Hofheim GmbH & Co. KG Germany 49.00 49.00 3 Stromnetz Hofheim Verwaltungs GmbH Germany 49.00 49.00 3 EnergieRegion Taunus - Goldener Grund - GmbH & Co. KG Germany 49.00 49.00 4 EnergieRegion Taunus - Goldener Grund Verwaltungsgesellschaft mbH Germany 100.00 100.00 3 Bioenergie Bad Wimpfen Verwaltungs-GmbH Germany 100.00 100.00 3 Bioenergie Bad Wimpfen GmbH & Co. KG Germany 51.00 51.00 2 RWE-EnBW Magyarország Energiaszolgáltató Korlátolt Felelösségü Társaság Hungary 70.00 70.00 2 RWE Aqua GmbH Germany 100.00 100.00 3 Zagrebacke otpadne vode d.o.o. Croatia 48.50 48.50 3 SHW/RWE Umwelt Aqua Vodogradnja d.o.o. Croatia 50.00 50.00 3 RWW Rheinisch-Westfälische Wasserwerksgesellschaft mbH Germany 79.79 79.79 4 Wasserverbund Niederrhein Gesellschaft mit beschränkter Haftung Germany 26.00 41.50 4 Stadtentwässerung Schwerte GmbH Germany 48.00 48.00 2 RWE Deutschland Aktiengesellschaft Germany 87.87 100.00 2 envia Mitteldeutsche Energie AG Germany 38.58 58.57 2 RWE Energy Beteiligungsverwaltung Luxemburg S.A.R.L. Luxembourg 100.00 100.00 2 VSE Aktiengesellschaft Germany 50.00 50.00 3 VKB-GmbH Germany 50.01 50.01 4 Energis GmbH Germany 15.41 71.94 5 Gesellschaft zur Nutzung erneuerbarer Energien mbH Freisen Germany 49.00 49.00 5 Stadtwerke Merzig GmbH Germany 49.90 49.90 5 Stadtwerke Saarlouis GmbH Germany 49.00 49.00
Annual Report 2014
5 SSW Stadtwerke St. Wendel GmbH & Co. KG Germany 49.51 49.51 5 Wasserwerk Wadern GmbH Germany 49.00 49.00 5 Gemeindewerke Schwalbach GmbH Germany 100.00 100.00 6 Gemeindewerke Schwalbach Netz GmbH Germany 100.00 100.00 5 Zweckverband Wasser Nalbach Germany 49.00 49.00 5 FAMIS Gesellschaft für Facility Management und Industrieservice mbH Germany 25.10 62.55 6 Awotec Gebäude Servicegesellschaft mbH Germany 48.00 48.00 6 Bäderbetriebsgesellschaft St. Ingbert GmbH Germany 49.00 49.00 6 Hospitec Facility Management GmbH Germany 100.00 100.00 6 VKN Saar Geschäftsführungsgesellschaft mbH Germany 51.00 51.00 6 VKN Saar Ges. für Verwertung von Kraftwerksnebenp. und Ersatzbrennst. Germany 51.00 51.00 mbH & Co. KG 6 Comco MCS S.A. Luxembourg 95.00 95.00 6 Thermolux S.a.r.l. Luxembourg 100.00 100.00 6 Breer Gebäudedienste Heidelberg GmbH Germany 45.00 45.00 5 SchlauTherm GmbH Germany 75.00 75.00 5 Gemeindewerke Namborn GmbH Germany 49.00 49.00 5 Kommunale Dienste Marpingen GmbH Germany 49.00 49.00 5 Kommunale Dienste Tholey GmbH Germany 49.00 49.00 5 Kommunale Entsorgung Neunkirchen Geschäftsführungsgesellschaft mbH Germany 50.00 50.00 5 Kommunale Entsorgung Neunkirchen (KEN) GmbH & Co. KG Germany 46.45 46.45 5 KWS Kommunal-Wasserversorgung Saar GmbH Germany 100.00 100.00 5 KSP Kommunaler Service Püttlingen GmbH Germany 40.00 40.00 5 SSW Stadtwerke St. Wendel Geschäftsführungsgesellschaft mbH Germany 49.52 49.52 5 Stadtwerke Wadern GmbH Germany 49.00 49.00 5 TWE Technische Werke Ensdorf GmbH Germany 49.00 49.00 51 5 TWL Technische Werke der Gemeinde Losheim GmbH Germany 49.90 49.90 5 TWM Technische Werke der Gemeinde Merchweiler GmbH Germany 49.00 49.00 5 TWS Technische Werke der Gemeinde Saarwellingen GmbH Germany 51.00 51.00 6 Netzwerke Saarwellingen GmbH Germany 100.00 100.00 5 WVL Wasserversorgung Losheim GmbH Germany 49.90 49.90 5 WWS Wasserwerk Saarwellingen GmbH Germany 49.00 49.00 5 Gas- und Wasserwerke Bous-Schwalbach GmbH Germany 49.00 49.00 5 Stadtwerke Dillingen/Saar Gesellschaft mbH Germany 49.00 49.00 5 GWE-energis Netzgesellschaft mbH & Co. KG Germany 50.00 50.00 5 GWE-energis-Geschäftsführungs-GmbH Germany 50.00 50.00 5 SWL-energis Netzgesellschaft mbH & Co. KG Germany 50.00 50.00 5 SWL-energis-Geschäftsführungs-GmbH Germany 50.00 50.00 5 energis-Netzgesellschaft mbH Germany 100.00 100.00 5 Projecta 15 GmbH Germany 100.00 100.00 3 Voltaris GmbH Germany 50.00 50.00 3 Fernwärme Saarlouis-Steinrausch Investitionsgesellschaft mbH Germany 95.00 95.00 3 Energie Service Saar GmbH Germany 50.00 50.00 3 Windpark Perl GmbH Germany 54.00 54.00 3 Windpark Losheim-Britten GmbH Germany 50.00 50.00 3 Energis GmbH Germany 56.53 71.94 3 FAMIS Gesellschaft für Facility Management und Industrieservice mbH Germany 37.45 62.55 3 Projecta 5 - Entwicklungsgesellschaft für kommunale Dienstleistungen mbH Germany 100.00 100.00 3 prego services mbH Germany 50.00 50.00 3 Artelis S.A. Luxembourg 53.05 53.05 4 VSE Net GmbH Germany 100.00 100.00 5 EuroSkyPark GmbH Germany 51.00 51.00 Annual Report 2014
4 Cegecom S.A. Luxembourg 100.00 100.00 3 VSE Stiftung gGmbH Germany 100.00 100.00 3 VSE Verteilnetz GmbH Germany 100.00 100.00 3 Projecta 14 GmbH Germany 50.00 50.00 3 VSE - Windpark Merchingen Verwaltungs GmbH Germany 100.00 100.00 3 VSE - Windpark Merchingen GmbH & Co. KG Germany 100.00 100.00 2 Budapesti Elektromos Muvek Nyrt. Hungary 55.25 55.25 2 Eszak-magyarorszagi Aramszolgáltató Nyrt. Hungary 54.26 54.26 2 RWE Rheinhessen Beteiligungs GmbH Germany 100.00 100.00 3 EWR Dienstleistungen GmbH & Co. KG Germany 50.00 50.00 2 RWE Effizienz GmbH Germany 100.00 100.00 2 RWE Vertrieb Aktiengesellschaft Germany 100.00 100.00 3 eprimo GmbH Germany 100.00 100.00 3 RWE Energiedienstleistungen GmbH Germany 100.00 100.00 4 favis GmbH Germany 100.00 100.00 4 Kons. Energieversorgung Opel oHG der RWE Innogy GmbH und der Kraftwerke Germany 66.67 66.67 Mainz-Wiesb. AG 4 Thermago Berliner Siedlung GmbH Germany 51.00 51.00 4 Energie Schmallenberg GmbH Germany 44.00 44.00 4 RWE Wärme Berlin GmbH Germany 100.00 100.00 4 Objektverwaltungsgesellschaft Dampfkraftwerk Bernburg mbH Germany 48.32 58.22 4 BTB-Blockheizkraftwerks, Träger- und Betreibergesellschaft mbH Berlin Germany 100.00 100.00 5 ENB Energienetze Berlin GmbH Germany 100.00 100.00 4 T.B.E. TECHNISCHE BERATUNG ENERGIE für wirtschaftliche Energieanwendung Germany 100.00 100.00 GmbH 2 Kärntner Energieholding Beteiligungs GmbH Austria 49.00 49.00 52 2 MITGAS Mitteldeutsche Gasversorgung GmbH Germany 0.01 75.40 1 RL Beteiligungsverwaltung beschr. haft. OHG Germany 51.00 100.00 1 GBV Fünfte Gesellschaft für Beteiligungsverwaltung mbH Germany 100.00 100.00 2 RWE Benelux Holding B.V. Netherlands 100.00 100.00 3 RWE Innogy Benelux B.V. Netherlands 100.00 100.00 3 Essent N.V. Netherlands 100.00 100.00 4 Essent Nederland B.V. Netherlands 100.00 100.00 5 Powerhouse B.V. Netherlands 100.00 100.00 5 Essent Zuid B.V. Netherlands 100.00 100.00 5 Essent Retail Bedrijven B.V. Netherlands 100.00 100.00 6 Essent Retail Participations B.V. Netherlands 100.00 100.00 7 Volta Limburg B.V. Netherlands 100.00 100.00 8 Inhome Energy Care N.V. Belgium 100.00 100.00 7 Kemkens B.V. Netherlands 49.00 49.00 7 Geas Energiewacht B.V. Netherlands 50.00 50.00 7 Energiewacht N.V. Netherlands 50.00 50.00 7 EGG Holding B.V. Netherlands 50.00 50.00 6 Essent Retail Energie B.V. Netherlands 100.00 100.00 7 Essent Belgium N.V. Belgium 0.01 100.00 6 Essent Energie Verkoop Nederland B.V. Netherlands 100.00 100.00 6 Energie Direct B.V. Netherlands 100.00 100.00 6 Essent Belgium N.V. Belgium 99.99 100.00 6 Essent Meetdatabedrijf B.V. Netherlands 100.00 100.00 5 Essent IT B.V. Netherlands 100.00 100.00 5 Enerservice Maastricht B.V. Netherlands 100.00 100.00 5 Essent Service B.V. Netherlands 100.00 100.00
Annual Report 2014
5 Essent Energy Group B.V. Netherlands 100.00 100.00 5 Essent Personeel Service B.V. Netherlands 100.00 100.00 5 Essent New Energy B.V. Netherlands 100.00 100.00 5 WTTP B.V. Netherlands 100.00 100.00 5 Essent Projects B.V. Netherlands 100.00 100.00 5 Essent Power B.V. Netherlands 100.00 100.00 5 Essent Participations Holding B.V. Netherlands 100.00 100.00 5 Essent Sales Portfolio Management B.V. Netherlands 100.00 100.00 5 RWE Group Business Services Benelux B.V. Netherlands 100.00 100.00 3 RWE Eemshaven Holding B.V. Netherlands 100.00 100.00 1 Essent Participations Holding B.V. Netherlands 100.00 100.00 2 RWE Supply & Trading Netherlands B.V. Netherlands 100.00 100.00 1 RWE Npower Holdings plc United Kingdom 0.00 100.00 2 RWE Npower Group plc United Kingdom 100.00 100.00 3 RWE Solutions Ireland Limited Ireland 100.00 100.00 3 Npower Northern Limited United Kingdom 100.00 100.00 4 Npower Business and Social Housing Limited United Kingdom 100.00 100.00 4 Octopus Electrical Limited United Kingdom 100.00 100.00 4 Npower Northern Supply Limited United Kingdom 100.00 100.00 3 Npower Direct Limited United Kingdom 100.00 100.00 3 Npower Limited United Kingdom 100.00 100.00 4 Plus Shipping Services Limited United Kingdom 100.00 100.00 4 Npower Commercial Gas Limited United Kingdom 100.00 100.00 4 Npower Financial Services Limited United Kingdom 100.00 100.00 4 Npower Gas Limited United Kingdom 100.00 100.00 4 Rebyl Limited United Kingdom 100.00 100.00 53 3 Npower Yorkshire Limited United Kingdom 100.00 100.00 4 Meterplus Limited United Kingdom 100.00 100.00 4 Npower Yorkshire Supply Limited United Kingdom 100.00 100.00 4 Scarcroft Investments Limited United Kingdom 100.00 100.00 5 Homepower Retail Limited United Kingdom 50.00 50.00 4 YE Gas Limited United Kingdom 100.00 100.00 2 RWE Generation UK plc United Kingdom 100.00 100.00 1 RWE Slovensko s.r.o. Slovakia 1.00 100.00 2 KA Contracting SK s.r.o. Slovakia 100.00 100.00 1 RWE Beteiligungsverwaltung Ausland GmbH Germany 100.00 100.00 2 RWE Polska S.A. Poland 100.00 100.00 3 RWE Stoen Operator Sp z o.o. Poland 100.00 100.00 3 RWE Polska Contracting Sp. z o.o. Poland 100.00 100.00 4 Energetyka Zachod Sp. z o.o. Poland 100.00 100.00 4 Energetyka Wschod Sp. z o.o. Poland 100.00 100.00 4 RWE Energetyka Trzemeszno Sp. z o.o. Poland 100.00 100.00 2 RWE POLSKA Generation Sp. z o.o. Poland 100.00 100.00 2 RWE Slovensko s.r.o. Slovakia 99.00 100.00 2 RWE Hrvatska d.o.o. Croatia 100.00 100.00 3 RWE Energija d.o.o. Croatia 100.00 100.00 3 RWE Plin d.o.o. Croatia 100.00 100.00 2 RWE Enerji Toptan Satis A.S. Turkey 100.00 100.00 2 RWE & Turcas Güney Elektrik Üretim A.S. Turkey 69.41 69.41 2 Východoslovenská energetika Holding a.s. Slovakia 49.00 49.00 2 RWE New Energy Ltd. United Arab. 100.00 100.00 Emirates Annual Report 2014
2 RWE East, s.r.o. Czech Rep. 98.00 100.00 2 ECS - Elektrárna Cechy-Stred, a.s., v likvidaci Czech Rep. 51.00 51.00 1 RWE East, s.r.o. Czech Rep. 2.00 100.00 1 RWE Gas International N.V. Netherlands 100.00 100.00 2 RWE Supply & Trading CZ, a.s. Czech Rep. 100.00 100.00 2 RWE Ceská republika a.s. Czech Rep. 100.00 100.00 3 RWE Group Business Services CZ, s.r.o. Czech Rep. 49.00 100.00 3 RWE Gas Slovensko, s.r.o. Slovakia 100.00 100.00 3 RWE Gas Storage, s.r.o. Czech Rep. 100.00 100.00 3 RWE Zákaznické služby, s.r.o. Czech Rep. 100.00 100.00 3 RWE Grid Holding, a.s. Czech Rep. 65.04 65.04 4 RWE GasNet, s.r.o. Czech Rep. 100.00 100.00 4 RWE Distribucní služby, s.r.o. Czech Rep. 100.00 100.00 3 RWE Energo, s.r.o. Czech Rep. 100.00 100.00 4 TEPLO Rumburk s.r.o. Czech Rep. 100.00 100.00 3 RWE Energie, s.r.o. Czech Rep. 100.00 100.00 2 RWE Hungaria Tanacsado Kft. Hungary 100.00 100.00 1 RWE & Turcas Güney Elektrik Üretim A.S. Turkey 69.41 69.41 1 Budapesti Elektromos Muvek Nyrt. Hungary 55.25 55.25 2 Magyar Áramszolgáltató Kft. Hungary 50.00 100.00 2 Budapesti Disz- es Közvilagitasi Korlatolt Felelössegü Tarsasag Hungary 50.00 50.00 2 ELMU-EMASZ Ugyfelszolgalati Kft. Hungary 70.00 100.00 2 ELMU-EMASZ Halozati Szolgáltató Kft. Hungary 65.00 100.00 2 ELMU Halozati Eloszto Kft. Hungary 100.00 100.00 2 Sinergy Energiaszolgáltató, Beruházó és Tanácsadó Kft. Hungary 50.00 100.00 54 3 Kazinc-Therm Fûtõerõmû Kft. Hungary 100.00 100.00 3 Tisza-Therm Fûtõerõmû Kft. Hungary 100.00 100.00 3 Tisza-WTP Vízelõkészítõ és Szolgáltató Kft. Hungary 100.00 100.00 3 Zugló-Therm Kft. Hungary 49.00 49.00 3 Ózdi Erõmû Távhõtermelõ és Szolgáltató Kft. Hungary 100.00 100.00 3 BC-Therm Energiatermelõ és Szolgáltató Kft. Hungary 100.00 100.00 3 Tisza BioTerm Kft. Hungary 60.00 60.00 3 Balassagyarmati Biogáz Erõmû Kft Hungary 100.00 100.00 3 Kazinc-BioEnergy Kft. Hungary 100.00 100.00 3 Tisza-BioEnergy Kft Hungary 100.00 100.00 3 Sinergy Energiakereskedõ Kft. Hungary 100.00 100.00 2 RWE Energie S.R.L. Romania 100.00 100.00 1 Eszak-magyarorszagi Aramszolgáltató Nyrt. Hungary 54.26 54.26 2 Magyar Áramszolgáltató Kft. Hungary 50.00 100.00 2 TVK Eromu Termelo es Szolgáltató Korlatolt Felelossegu Tarsasag Hungary 74.00 74.00 2 Mátrai Erömü Zártkörüen Müködö Részvénytársaság Hungary 0.04 50.96 3 Mátrai Erömü Központi Karbantartó KFT Hungary 100.00 100.00 3 ROTARY-MATRA Kútfúró és Karbantartó KFT Hungary 100.00 100.00 2 ELMU-EMASZ Ugyfelszolgalati Kft. Hungary 30.00 100.00 2 ELMU-EMASZ Halozati Szolgáltató Kft. Hungary 35.00 100.00 2 Sinergy Energiaszolgáltató, Beruházó és Tanácsadó Kft. Hungary 50.00 100.00 2 EMASZ Halozati Kft. Hungary 100.00 100.00 2 RWE Energie S.R.L. Romania 0.00 100.00 1 RWE Innogy GmbH Germany 100.00 100.00 2 Rheinkraftwerk Albbruck-Dogern Aktiengesellschaft Germany 77.00 77.00 2 Saarwasserkraftwerke GmbH Germany 100.00 100.00 3 INVESTERG - Investimentos em Energias, Sociedade Gestora de Participações Portugal 0.03 100.00
Annual Report 2014
Sociais, Lda. 4 LUSITERG - Gestão e Produção Energética, Lda. Portugal 74.00 74.00 5 ATBERG - Eólicas do Alto Tâmega e Barroso, Lda. Portugal 40.00 40.00 2 RWE Innogy UK Holdings Limited United Kingdom 100.00 100.00 3 RWE Innogy Stallingborough Limited United Kingdom 100.00 100.00 3 RWE Innogy UK Limited United Kingdom 100.00 100.00 4 Doggerbank Project 4A RWE Limited United Kingdom 100.00 100.00 4 Doggerbank Project 4B RWE Limited United Kingdom 100.00 100.00 4 Doggerbank Project 5A RWE Limited United Kingdom 100.00 100.00 4 Doggerbank Project 5B RWE Limited United Kingdom 100.00 100.00 4 Doggerbank Project 6A RWE Limited United Kingdom 100.00 100.00 4 Doggerbank Project 6B RWE Limited United Kingdom 100.00 100.00 4 ML Wind LLP United Kingdom 51.00 51.00 4 Greater Gabbard Offshore Winds Ltd United Kingdom 50.00 50.00 4 Rowantree Wind Farm Ltd. United Kingdom 100.00 100.00 4 Kiln Pit Hill Wind Farm Limited United Kingdom 100.00 100.00 4 Bristol Channel Zone Limited United Kingdom 100.00 100.00 5 Channel Energy Limited United Kingdom 100.00 100.00 4 Brims Ness Tidal Power Limited United Kingdom 100.00 100.00 4 RWE Innogy GYM 1 Limited United Kingdom 100.00 100.00 5 Gwynt Y Môr Offshore Wind Farm Limited United Kingdom 10.00 60.00 4 RWE Innogy GYM 2 Limited United Kingdom 100.00 100.00 5 Gwynt Y Môr Offshore Wind Farm Limited United Kingdom 10.00 60.00 4 RWE Innogy GYM 3 Limited United Kingdom 100.00 100.00 5 Gwynt Y Môr Offshore Wind Farm Limited United Kingdom 10.00 60.00 4 RWE Innogy GYM 4 Limited United Kingdom 100.00 100.00 55 5 Gwynt Y Môr Offshore Wind Farm Limited United Kingdom 30.00 60.00 4 RWE Innogy Galloper 1 Limited United Kingdom 100.00 100.00 5 Galloper Wind Farm Limited United Kingdom 25.00 50.00 4 RWE Innogy Galloper 2 Limited United Kingdom 100.00 100.00 5 Galloper Wind Farm Limited United Kingdom 25.00 50.00 4 Doggerbank Project 1A RWE Limited United Kingdom 100.00 100.00 4 Doggerbank Project 1B RWE Limited United Kingdom 100.00 100.00 4 Doggerbank Project 2A RWE Limited United Kingdom 100.00 100.00 4 Doggerbank Project 2B RWE Limited United Kingdom 100.00 100.00 4 Doggerbank Project 3A RWE Limited United Kingdom 100.00 100.00 4 Doggerbank Project 3B RWE Limited United Kingdom 100.00 100.00 4 Ardoch Over Enoch Windfarm Limited United Kingdom 100.00 100.00 4 Little Cheyne Court Wind Farm Limited United Kingdom 59.00 59.00 4 Allt Dearg Wind Farm Limited United Kingdom 100.00 100.00 4 Ballindalloch Muir Wind Farm Limited United Kingdom 100.00 100.00 4 Bilbster Wind Farm Limited United Kingdom 100.00 100.00 4 Causeymire Two Wind Farm Limited United Kingdom 100.00 100.00 4 Craigenlee Wind Farm Limited United Kingdom 100.00 100.00 4 Culbin Farm Wind Farm Limited United Kingdom 100.00 100.00 4 Knabs Ridge Wind Farm Limited United Kingdom 100.00 100.00 4 Carnedd Wen Wind Farm Limited United Kingdom 100.00 100.00 4 Lochelbank Wind Farm Limited United Kingdom 100.00 100.00 4 Middlemoor Wind Farm Limited United Kingdom 100.00 100.00 4 North Kintyre Wind Farm Limited United Kingdom 100.00 100.00 4 Novar Two Wind Farm Limited United Kingdom 100.00 100.00 4 Snowgoat Glen Wind Farm Limited United Kingdom 100.00 100.00 Annual Report 2014
4 Stroupster Wind Farm Limited United Kingdom 100.00 100.00 4 Tarskavaig Wind Farm Limited United Kingdom 100.00 100.00 4 The Hollies Wind Farm Limited United Kingdom 100.00 100.00 4 Burgar Hill Wind Farm Limited United Kingdom 100.00 100.00 4 RWE Innogy Markinch Limited United Kingdom 100.00 100.00 4 Rhyl Flats Wind Farm Limited United Kingdom 50.10 50.10 4 Triton Knoll Offshore Wind Farm Ltd. United Kingdom 100.00 100.00 4 Carr Mor Windfarm Limited United Kingdom 100.00 100.00 4 Carsphairn Windfarm Limited United Kingdom 100.00 100.00 2 RWE Innogy Italia S.p.A. Italy 100.00 100.00 3 Fri-El Anzi Holding S.r.l. Italy 51.00 51.00 4 Fri-El Anzi S.r.l. Italy 100.00 100.00 3 Fri-El Guardionara Holding S.r.l. Italy 51.00 51.00 4 Fri-El Guardionara S.r.l. Italy 100.00 100.00 3 Andromeda Wind S.r.l. Italy 51.00 51.00 2 'Finelectra' Finanzgesellschaft für Elektrizitäts-Beteiligungen AG Switzerland 40.00 100.00 3 Securum AG Switzerland 50.83 100.00 4 'Finelectra' Finanzgesellschaft für Elektrizitäts-Beteiligungen AG Switzerland 60.00 100.00 2 Securum AG Switzerland 49.17 49.17 2 RWE Innogy Kaskasi GmbH Germany 100.00 100.00 2 RWE Innogy Serbia d.o.o. Serbia 100.00 100.00 2 Innogy Venture Capital GmbH Germany 74.90 74.90 2 Innogy Renewables Technology Fund I GmbH & Co. KG Germany 78.31 78.31 2 Moravske Hidroelektrane d.o.o. Serbia 51.00 51.00 2 RWE Innogy Windpark Bedburg Verwaltungs GmbH Germany 51.00 51.00 56 2 RWE Innogy Windpark Bedburg GmbH & Co. KG Germany 51.00 51.00 2 Green Gecco Verwaltungs GmbH Germany 51.00 51.00 2 Green Gecco GmbH & Co. KG Germany 51.00 51.00 3 RWE Innogy Windpark GmbH Germany 100.00 100.00 3 An Suidhe Wind Farm Limited United Kingdom 100.00 100.00 3 WINKRA Süderdeich Windparkbetriebsgesellschaft mbH Germany 100.00 100.00 3 WINKRA Hörup Windparkbetriebsgesellschaft mbH Germany 100.00 100.00 3 RWE Innogy Lüneburger Heide Windparkbetriebsgesellschaft mbH Germany 100.00 100.00 2 RWE Innogy d.o.o. za koristenje obnovljivih izvora energije Bosnia and 100.00 100.00 Herzegovina 2 RWE Offshore Logistics Company GmbH Germany 100.00 100.00 2 RWE Seabreeze I GmbH & Co. KG Germany 100.00 100.00 2 RWE Seabreeze II GmbH & Co. KG Germany 100.00 100.00 2 NRW Pellets GmbH Germany 100.00 100.00 2 AS 3 Beteiligungs GmbH Germany 51.00 51.00 2 RWE Seabreeze I Verwaltungs GmbH Germany 100.00 100.00 2 RWE Seabreeze II Verwaltungs GmbH Germany 100.00 100.00 2 RWE Innogy Cogen Beteiligungs GmbH Germany 100.00 100.00 3 Georgia Biomass Holding LLC USA 5.00 100.00 4 Georgia Biomass LLC USA 100.00 100.00 2 Georgia Biomass Holding LLC USA 95.00 100.00 2 RWE Renewables Polska Sp. z o.o. Poland 100.00 100.00 3 Park Wiatrowy Tychowo Sp. z o.o. Poland 100.00 100.00 3 Park Wiatrowy Prudziszki Sp. z o.o. Poland 100.00 100.00 3 Park Wiatrowy Suwalki Sp. z o.o. Poland 100.00 100.00 3 Park Wiatrowy Nowy Staw Sp. z o.o. Poland 100.00 100.00 3 Taciewo Sp. z o.o. Poland 100.00 100.00
Annual Report 2014
3 Krzecin Sp. z o.o. Poland 100.00 100.00 3 Park Wiatrowy Elk Sp. z o.o. Poland 100.00 100.00 3 Park Wiatrowy Opalenica Sp. z o.o. Poland 100.00 100.00 3 Park Wiatrowy Msciwojów Sp. z o.o. Poland 100.00 100.00 3 Park Wiatrowy Smigiel I Sp. z o.o. Poland 100.00 100.00 3 Park Wiatrowy Gaworzyce Sp. z o.o. Poland 100.00 100.00 3 Park Wiatrowy Znin Sp. z o.o. Poland 100.00 100.00 3 Piecki Sp. z o.o. Poland 51.00 51.00 3 Park Wiatrowy Dolice Sp. z o.o. Poland 100.00 100.00 2 RWE Innogy Windpower Hannover GmbH Germany 100.00 100.00 3 Infrastrukturgesellschaft Netz Lübz mbH Germany 100.00 100.00 3 RWE Innogy Mistral Windparkbetriebsgesellschaft mbH Germany 100.00 100.00 3 WINKRA Lengerich Windparkbetriebsgesellschaft mbH Germany 100.00 100.00 3 Windpark Bentrup Betriebsgesellschaft mbH Germany 100.00 100.00 3 WINKRA Sommerland Windparkbetriebsgesellschaft mbH Germany 100.00 100.00 3 RWE Innogy Brise Windparkbetriebsgesellschaft mbH Germany 100.00 100.00 3 RWE Innogy Sandbostel Windparkbetriebsgesellschaft mbH Germany 100.00 100.00 3 EWC Windpark Cuxhaven GmbH Germany 50.00 50.00 2 Essent Wind Nordsee Ost Planungs- und Betriebsgesellschaft mbH Germany 100.00 100.00 3 Offshore Trassenplanungs-GmbH OTP i.L. Germany 50.00 50.00 2 WKN Windkraft Nord GmbH & Co. Windpark Wönkhausen KG Germany 100.00 100.00 2 Centrale Hydroelectrique d'Oussiat S.A.S. France 0.00 100.00 2 Energies Charentus S.A.S. France 0.00 100.00 2 Energies France S.A.S. France 100.00 100.00 3 RWE Innogy Dévéloppement France S.A.S. France 100.00 100.00 3 Centrale Hydroelectrique d'Oussiat S.A.S. France 100.00 100.00 57 3 Energies Charentus S.A.S. France 100.00 100.00 3 Energies Saint Remy S.A.S. France 100.00 100.00 3 Energies VAR 1 S.A.S. France 100.00 100.00 3 Energies VAR 2 S.A.S. France 99.96 100.00 3 Energies VAR 3 S.A.S. France 100.00 100.00 3 SAS Île de France S.A.S. France 100.00 100.00 3 Energies Maintenance S.A.S. France 100.00 100.00 2 Energies Saint Remy S.A.S. France 0.00 100.00 2 Energies VAR 1 S.A.S. France 0.00 100.00 2 Energies VAR 2 S.A.S. France 0.04 100.00 2 Energies VAR 3 S.A.S. France 0.00 100.00 2 SAS Île de France S.A.S. France 0.00 100.00 2 INVESTERG - Investimentos em Energias, Sociedade Gestora de Participações Portugal 99.97 100.00 Sociais, Lda. 2 RWE Innogy AERSA. S.A.U. Spain 100.00 100.00 3 Eólica de Sarnago, S.A. Spain 69.82 72.56 3 General de Mantenimiento 21, S.L.U. Spain 100.00 100.00 3 Hidroeléctrica del Trasvase, S.A. Spain 60.00 60.00 3 Danta de Energías, S.A. Spain 98.65 98.65 4 Eólica de Sarnago, S.A. Spain 2.74 72.56 4 Infraestructuras de Aldehuelas, S.A. Spain 39.18 100.00 3 Explotaciones Eólicas de Aldehuelas, S.L. Spain 95.00 95.00 4 Infraestructuras de Aldehuelas, S.A. Spain 60.82 100.00 1 RWE Innogy Benelux B.V. Netherlands 100.00 100.00 2 RWE Offshore Wind Nederland B.V. Netherlands 100.00 100.00 2 RWE Innogy Windpower Netherlands B.V. Netherlands 100.00 100.00 Annual Report 2014
3 Windpark Kattenberg B.V. Netherlands 100.00 100.00 3 Windpark Zuidwester B.V. Netherlands 100.00 100.00 3 Aktivabedrijf Wind Nederland B.V. Netherlands 100.00 100.00 3 KW Eemsmond B.V. Netherlands 100.00 100.00 3 EDON Group Costa Rica S.A. Costa Rica 100.00 100.00 3 Windpark Westereems B.V. Netherlands 100.00 100.00 1 BGE Beteiligungs-Gesellschaft für Energieunternehmen mbH Germany 100.00 100.00 2 RWE Dea AG Germany 100.00 100.00 3 Speicher Breitbrunn/Eggstätt RWE Dea & Storengy Germany 80.28 80.28 3 RWE Dea E & P GmbH Germany 100.00 100.00 4 RWE Dea Petróleo e Gás do Brasil Ltda. Brazil 99.00 100.00 3 RWE Dea Polska Sp. z o.o. Poland 100.00 100.00 3 RWE Dea Cyrenaica GmbH Germany 100.00 100.00 3 RWE DEA Ukraine LLC Ukraine 100.00 100.00 3 RWE Dea North Africa/Middle East GmbH Germany 100.00 100.00 3 RWE Dea UK Holdings Limited United Kingdom 100.00 100.00 4 RWE Dea UK SNS Limited United Kingdom 100.00 100.00 3 RWE Dea International GmbH Germany 100.00 100.00 4 RWE Dea Norge AS Norway 100.00 100.00 4 RWE Dea Suez GmbH Germany 100.00 100.00 4 RWE Dea Nile GmbH Germany 100.00 100.00 4 RWE Dea Idku GmbH Germany 100.00 100.00 3 RWE Dea Trinidad & Tobago GmbH Germany 100.00 100.00 3 RWE Dea Speicher GmbH Germany 100.00 100.00 3 RWE Dea Global Limited United Kingdom 100.00 100.00 58 3 RWE Dea Suriname GmbH Germany 100.00 100.00 3 RWE Dea Petróleo e Gás do Brasil Ltda. Brazil 1.00 100.00 3 RWE Dea Guyana GmbH Germany 100.00 100.00 3 DEA UK Upstream Limited United Kingdom 100.00 100.00 1 RWE Supply & Trading GmbH Germany 100.00 100.00 2 RWE Trading Services GmbH Germany 100.00 100.00 2 LYNEMOUTH POWER LIMITED United Kingdom 100.00 100.00 2 RWE Trading Americas Inc. USA 100.00 100.00 2 RWE Supply & Trading Participations Limited United Kingdom 100.00 100.00 2 RWE Supply & Trading Asia-Pacific PTE. LTD. Singapore 100.00 100.00 3 PT Rheincoal Supply & Trading Indonesia, PT Indonesia 0.20 100.00 3 RWE Supply & Trading (India) Private Limited India 0.01 100.00 2 PT Rheincoal Supply & Trading Indonesia, PT Indonesia 99.80 100.00 2 RWE Supply & Trading (India) Private Limited India 99.99 100.00 2 Kencot Hill Solar Farm Limited United Kingdom 100.00 100.00 2 RWE SUPPLY TRADING TURKEY ENERJI ANONIM SIRKETI Turkey 100.00 100.00 2 RWE Supply & Trading CZ GmbH Germany 100.00 100.00 2 RWEST PI LNG HOLDING, LLC USA 100.00 100.00 3 RWEST PI LNG 1, LLC USA 100.00 100.00 2 RWE Rhein Oel Ltd. United Kingdom 100.00 100.00 2 RWE Trading Services Ltd. United Kingdom 100.00 100.00 2 RWE Supply & Trading Switzerland S.A. Switzerland 100.00 100.00 1 RWE Finance B.V. Netherlands 100.00 100.00 1 RWE IT Czech s.r.o. Czech Rep. 1.00 100.00 1 GBV Zweiundzwanzigste Gesellschaft für Beteiligungsverwaltung Germany 100.00 100.00 1 GBV Einundzwanzigste Gesellschaft für Beteiligungsverwaltung Germany 100.00 100.00 1 RWE IT GmbH Germany 100.00 100.00
Annual Report 2014
2 RWE IT Czech s.r.o. Czech Rep. 99.00 100.00 2 RWE GBS UK Limited United Kingdom 100.00 100.00 2 RWE IT MAGYARORSZÁG Kft. Hungary 100.00 100.00 1 RWE Service GmbH Germany 100.00 100.00 2 RWE Gastronomie GmbH Germany 100.00 100.00 2 RWE Group Business Services CZ, s.r.o. Czech Rep. 51.00 100.00 2 Alfred Thiel-Gedächtnis-Unterstützungskasse GmbH Germany 100.00 100.00 2 ROSOLA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Alzenau KG Germany 100.00 100.00 2 SALUS Grundstücks-Vermietungsges. mbH & Co. Objekt Leipzig KG Germany 100.00 100.00 2 Alte Haase Bergwerks-Verwaltungs-Gesellschaft mbH Germany 100.00 100.00 2 GfV Gesellschaft für Vermögensverwaltung mbH Germany 100.00 100.00 1 RWE Pensionsfonds AG Germany 100.00 100.00 1 RWE Stiftung gemeinnützige GmbH Germany 100.00 100.00 1 GBV Siebenundzwanzigste Gesellschaft für Beteiligungsverwaltung Germany 100.00 100.00 1 GBV Achtundzwanzigste Gesellschaft für Beteiligungsverwaltung Germany 100.00 100.00 1 GBV Neunundzwanzigste Gesellschaft für Beteiligungsverwaltung Germany 100.00 100.00 2 E & Z Industrie-Lösungen GmbH Germany 100.00 100.00 1 Trinkaus Secondary GmbH & Co. KGaA Germany 42.86 42.86 1 APEP Dachfonds GmbH & Co. KG Germany 47.50 47.50 1 Rhenas Insurance Limited Malta 100.00 100.00 1 BGE Beteiligungs-Gesellschaft für Energieunternehmen mbH Germany 100.00 100.00 2 RWE Consulting GmbH Germany 100.00 100.00 2 RWE Dea AG Germany 100.00 100.00 2 RWE Group Business Services GmbH Germany 100.00 100.00 3 RWE Group Business Services Polska Sp.z o.o. Poland 100.00 100.00 4 RWE IT Poland Sp. z o.o. Poland 100.00 100.00 59 2 GBV Siebte Gesellschaft für Beteiligungsverwaltung mbH Germany 100.00 100.00 2 RWE Technology GmbH Germany 100.00 100.00 2 Rhenas Insurance Limited Malta 0.00 100.00
Annual Report 2014
Annex 2: Overview of mutual agreements between the Company and related parties in the last accounting period
Quantity Contracting party Contract type/subject matter RWE Česká republika a.s. Loan Agreement 1
Amendments 1 and 2 to Loan Agreement 2
Commercial Lease Agreement 1
Amendments 1, 2, 3, 4, 5, 6 and 7 to Commercial Lease Agreement 7
Master Agreement for Entry into Service Level Agreements for Facility 1 Management, Fleet Management and Procurement Service Level Agreement for Facility Management, Fleet Management and 1 Procurement Master Agreement for Entry into Service Level Agreements for Corporate 1 Services
Service Level Agreement for Corporate Services 2
Amendments 1 and 2 to Service Level Agreement for Corporate Services 2 60 Service Level Agreement for Sales Consulting and Methodological 1 Management Amendment 1 to Service Level Agreement for Sales Consulting and 1 Methodological Management
Lease Agreement 1
Amendments 1, 2, 3, 4 and 5 to Lease Agreement 5
Lease Termination Agreement 1
Agreement Assignment Agreement 2
Financial Settlement Agreement 1
Amendment 1 to Financial Settlement Agreement 1
Service Level Agreement for Procurement and Services 1
Amendments 1 and 2 to Service Level Agreement for Procurement and 2 Services
Service Level Agreement on Sales Management and Support 1
Annual Report 2014
Service Level Agreement for Marketing 1
Amendment 1 to Service Level Agreement for Marketing 1
Trademark Use Consent 1
One-Way Real Cash-Pooling Agreement 1
Multilevel Flexi Online Cash-Pooling Agreement 1
Amendments 1 and 2 to Multilevel Flexi Online Cash-Pooling Agreement 2
Agreement on Bundled Gas Supply Services 1
Amendment 1 to Agreement on Bundled Gas Supply Services 1
Agreement on Bundled Electricity Supply Services 1
Amendment 1 to Agreement on Bundled Electricity Supply Services 1
Agreement on Bundled Low-Voltage Electricity Supply Services 1
Amendment 1, 2 and 3 to Agreement on Bundled Low-Voltage Electricity 3 61 Supply Services RWE Distribuční služby, s.r.o. Agreement on Bundled Electricity Supply Services from the Low-Voltage Grid 1
Agreement on Bundled Gas Supply Services 1
Commercial Lease Agreement 5
Amendments 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15 and 16 to 16 Commercial Lease Agreement Amendments 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15 and 16 to 16 Commercial Lease Agreement Amendments 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16 and 17 to 17 Commercial Lease Agreement Amendments 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18 and 19 to 19 Commercial Lease Agreement
Agreement Termination (Amendment 20 to Commercial Lease Agreement) 1
Commercial Lease Agreement 1
Amendment 1 to Commercial Lease Agreement 1 Annual Report 2014
RWE Energo, s.r.o. Electricity Supply Agreement 8
Amendment 1 to Electricity Supply Agreement 2
Agreement on Bundled Electricity Supply Services 3
Amendment 1 to Agreement on Bundled Electricity Supply Services 1
Amendments 1 and 2 to Agreement on Bundled Electricity Supply Services 2
Lease Agreement 2
Amendments 1, 2 and 3 to Lease Agreement 3
Lease Termination Agreement 2
Land Lease Agreement 1
Electricity Distribution Agreement 2
Master Electricity Distribution Agreement 2
62 Agreement on Bundled Gas Supply Services 2
Amendment 1 to Agreement on Bundled Gas Supply Services 1
Agreement on Cooperation in Customer Transfer 1
Commercial Lease Agreement 1
Emission Allowance Sale and Purchase Agreement 1
RWE GasNet, s.r.o. Agreement on Gas Supply for Internal Consumption and Distribution System 1 Losses Coverage Amendments 1, 2, 3, 4, 5, 6, 7 and 8 to Agreement on Gas Supply for Internal 8 Consumption and Distribution System Losses Coverage
Financial Settlement Agreement 2
Agreement on Modification of Accounting Records 2
Commercial Lease Agreement 4
Amendments 1, 2 and 3 to Commercial Lease Agreement 9
Annual Report 2014
Amendments 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 and 12 to Commercial Lease 12 Agreement
Lease Termination Agreement 2
Service Level Agreement for "RWE Online Service" Electronic Application 4
Agreement on Bundled Electricity Supply Services 14
Amendment 2011 to Agreement on Bundled Electricity Supply Services 2
Amendments 1 and 2 to Agreement on Bundled Electricity Supply Services 2
Amendments 1, 2, 3 and 4 to Agreement on Bundled Electricity Supply 4 Services Amendments 1, 2, 3, 4, 5, 6 and 7 to Agreement on Bundled Electricity Supply 7 Services Amendments 1, 2, 3, 4, 5, 6, 7, 8, 9 and 10 to Agreement on Bundled 10 Electricity Supply Services Agreement on Bundled Gas Supply Services for Internal Consumption and 1 Distribution System Losses Coverage
Service Level Agreement for Consulting Services 1
Investment Assignment Agreement 1 63
Bulk Natural Gas Distribution Agreement 1
Agreement on Not-for-Profit Assignment of Jointly Used Services relating to 1 Electricity Supply from Secondary Meters
Media Supply Agreement for Building F1 in the Plynárenská 499/1 Complex 1
Amendment 1 to Media Supply Agreement for Building F1 in the Plynárenská 1 499/1 Complex
Purchase Agreement 14
Electricity Supply and Cost Distribution Agreement 6
Amendment 2011/002 to Agreement on Bundled Electricity Supply Services 1
Consent to Agreement Assignment 2
Storage Space Lease Agreement 1
Amendment 1 to Storage Space Lease Agreement 1 Annual Report 2014
Consortium Agreement 3
RWE Gas Storage, s.r.o. Emission Allowance Sale and Purchase Agreement 1
Agreement on Bundled Gas Supply Services 1
Electricity Supply Agreement 2
Low-Voltage Electricity Supply Agreement 1
RWE Group Business Services CZ, s.r.o. Commercial Lease Agreement 4
Amendments 1 and 2 to Commercial Lease Agreement 6
Amendments 1, 2 and 3 to Commercial Lease Agreement 3
Agreement Terminating Commercial Lease Agreement 1
Service Level Agreement for Accounting, Finance and Taxation 1
Service Level Agreement on Finance Services 2
Amendments 1 and 2 to Service Level Agreement for Accounting, Finance and 64 2 Taxation
Amendments 1 and 2 to Service Level Agreement for Finance Services 2
Agreement Terminating Service Level Agreement for Finance Services 1
Agreement Terminating Service Level Agreement for Accounting, Finance and 1 Taxation Master Agreement for Entry into Service Level Agreements for Accounting 1 and Taxation
Service Level Agreement for Accounting and Taxation 1
RWE IT Czech s.r.o. Commercial Sublease Agreement 1
Annexes 1, 2 and 3 to Commercial Sublease Agreement 3
Commercial Lease Agreement 2
Amendments 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17 and 18 to 18 Commercial Lease Agreement
Agreement Terminating Commercial Lease Agreement 1
Annual Report 2014
Amendment 1 to Vehicle Lease Agreement 1
Lease Agreement for Movable Assets 2
Service Level Agreement for Information Technologies and Mobile Telephone 1 and IP Telephone Lease, Logistics and Billing Amendments 1, 2 and 3 to Service Level Agreement for Information 3 Technologies and IP and Mobile Telephone Lease, Logistics and Billing
Vehicle Lease Agreement 1
RWE Supply & Trading CZ, a.s. Natural Gas Purchase and Sale Agreement 6
Amendments 1 and 2 to Natural Gas Purchase and Sale Agreement 2
Natural Gas Sale Agreement 1
Amendment 1 to Natural Gas Sale Agreement 1
Agreement on Terms of Natural Gas Purchase and Sale 1
Agreement on Compensation for Natural Gas Purchase Terms 1
Agreement on Assumption of Responsibility for the Security Standard 1 65
Master Agreement for Purchase and Sale of Gas 2
Amendments 1 and 2 to Master Agreement for Purchase and Sale of Gas 2
Agreement Terminating Master Agreement for Purchase and Sale of Gas 2
Master Agreement for Trading of Unused Tolerances 4
Amendments 1 and 2 to Master Agreement for Trading of Unused Tolerances 2
Agreement Terminating Master Agreement for Trading of Unused Tolerances 4
Master Agreement for Gas Trading 1
Amendments 1 and 2 to Master Agreement for Gas Trading 2
Agreement Terminating Master Agreement for Gas Trading 1
Master Agreement for Natural Gas Purchase and Sale 1 Annual Report 2014
Amendments 1, 2, 3, 4, 5, 6, 7 and 8 to Master Agreement for Natural Gas 8 Purchase and Sale
One-Way Real Cash-Pooling Agreement 1
Multilevel Flexi Online Cash-Pooling Agreement 1
Amendments 1 and 2 to Multilevel Flexi Online Cash-Pooling Agreement 2
Master Agreement for Trading of Currency or Commodity Financial 1 Derivatives Amendments 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 and 14 to Master 14 Agreement for Trading of Currency or Commodity Financial Derivatives
Agreement on Securing Joint Trading Dispatching Center (ODIS) 1
Agreement Terminating Agreement on Securing Joint Trading Dispatching 1 Center Amendment 1 to Agreement on Assumption of Responsibility for the Security 1 Standard RWE Zákaznické služby, s.r.o. Service Level Agreement for Billing 1 Amendments 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 and 11 to Service Level Agreement for 11 Billing
66 Service Level Agreement for Call Center Services 1
Amendments 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12 and 13 to Service Level 13 Agreement for Call Center Services
Service Level Agreement for Debt Collection 1
Amendments 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 and 14 to Service Level 14 Agreement for Debt Collection Service Level Agreement for Personal and Written Communication with 1 Customers Amendments 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 and 14 to Service Level 14 Agreement for Personal and Written Communication with Customers
Service Level Agreement for Acquisition Services 1
Amendments 1 and 2 to Service Level Agreement for Acquisition Services 2
Service Level Agreement for Printing Center Services 1
Amendments 1, 2, 3, 4, 5, 6 and 7 to Service Level Agreement for Printing 7 Center Services
Commercial Lease Agreement 1
Annual Report 2014
Amendments 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15 and 16 to 16 Commercial Lease Agreement
Lease Termination Agreement 1
Personal Data Processing Agreement 1
RWE Supply & Trading General Agreement Concerning the Delivery and Acceptance of Natural Gas 1 GmbH RWE Contract on Access to the Electronic Trading Platform I-TEX 1 Aktiengesellschaft
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