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A Year of Further Strong Growth for EPH 2019 Annual Report

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A Year of Further Strong Growth for EPH 2019 Annual Report 2019 Annual Report www.epholding.cz 2019: A Year of Further Strong Growth for EPH Energetický a průmyslový holding, a.s. Consolidated Annual Report for the Year 2019 Annual Report 2019 2 3 Content 92 1. Background 94 2. Basis of preparation 94 A Statement of compliance Page 94 B Basis of measurement 94 C Functional and presentation currency 11 Financial Highlights of the Year 95 D Use of estimates and judgements 15 Introduction by the Chairman of the Board of Directors 96 E Recently issued accounting standards 21 Combined Review of Operations 103 3. Significant Accounting Policies 22 1.1 Market development 103 A Changes in accounting policies 22 Macroeconomic developments 104 B Basis of consolidation 24 Energy developments 106 C Foreign currency 32 Political developments and global trends 107 D Non-derivative financial assets 33 1.2 Major events 108 E Non-derivative financial liabilities 33 Events in the reviewed fiscal year 109 F Derivative financial instruments 36 Events that occurred after the reporting date 110 G Cash and cash equivalents 38 1.3 Business performance 110 H Inventories 38 Operational performance 111 I Impairment 41 Sustainability performance 113 J Property, plant and equipment 48 Financial performance 114 K Intangible assets 53 1.4 Other Information 116 L Investment property 53 Description of the diversity policy applied to the statutory body, 116 M Provisions supervisory body or other similar body 119 N Leases 53 Rights and obligations associated with shares 121 O Revenue 53 LEI code 122 P Finance income and costs 53 Branches 123 Q Income taxes 54 Research and development activities 123 R Dividends 54 Acquisition of own shares or own ownership interests 123 S Non-current assets held for sale and disposal groups 54 Risks and risk management policies 124 T Segment reporting 54 Impact of Brexit 124 4. Determination of fair values 55 Sustainability report 124 A Property, plant and equipment 55 Outlook for 2020 125 B Intangible assets 57 Management Statement 125 C Investment property 61 Report on Relations 125 D Inventories 73 Consolidated Financial Statements 125 E Non-derivative financial assets 75 Independent Auditor’s Report to the Shareholders of Energetický a průmyslový holding, a.s. 126 F Non-derivative financial liabilities 81 Consolidated Financial Statements and Notes to the Consolidated Financial Statements 126 G Derivatives 82 Consolidated statement of comprehensive income 126 5. Operating segments 84 Consolidated statement of financial position 146 6. Acquisitions and disposals of subsidiaries, joint ventures and associates 86 Consolidated statement of changes in equity 146 A Acquisitions and step acquisitions 90 Consolidated statement of cash flows 150 B Effect of acquisitions 92 Notes to the consolidated financial statements 153 C Business combinations – acquisition accounting 2019 and 2018 4 5 155 D Disposal of investments 256 H Capital management 157 7. Sales 256 I Hedge accounting 158 8. Cost of sales 262 38. Related parties 159 9. Personnel expenses 262 A The summary of outstanding balances with related parties as 159 10. Emission rights at 31 December 2019 and 31 December 2018 was as follows 160 11. Taxes and charges 262 B The summary of transactions with related parties during the year 161 12. Other operating income ended 31 December 2019 and 31 December 2018 was as follows 162 13. Other operating expenses 264 39. Group entities 164 14. Finance income and expense, profit (loss) from financial instruments 272 40. Litigations and claims 165 15. Income tax expenses 275 41. Subsequent events 168 16. Property, plant and equipment 275 A Major acquisitions 170 17. Intangible assets (including goodwill) 275 B Pandemic of coronavirus 174 18. Investment property 276 C Changes in EPH shareholder structure 175 19. Equity accounted investees 276 D Other subsequent events 181 20. Deferred tax assets and liabilities 279 Appendix 1 – Business combinations 184 21. Inventories 289 Statutory Financial Statements 185 22. Trade receivables and other assets 291 Independent Auditor’s Report to the Statutory Financial Statements 186 23. Cash and cash equivalents 295 Statutory Financial Statements and Notes to the Statutory Financial Statements 186 24. Restricted cash 296 Balance Sheet 187 25. Tax receivables 298 Profit and Loss Account 187 26. Assets and liabilities held for sale 299 Statement of Changes in Equity 187 27. Equity 300 Cash Flow Statement 191 28. Earnings per share 301 Notes to the Czech statutory financial statements 192 29. Non-controlling interest (unconsolidated, translated from the Czech original) 196 30. Loans and borrowings 301 1. Incorporation and description of the Company 210 31. Provisions 302 2. Basis of accounting and general accounting policies applied by the Company 225 32. Deferred income 302 A Tangible and intangible fixed assets 226 33. Financial instruments 303 B Non-current financial assets 232 34. Trade payables and other liabilities 304 C Receivables 233 35. Financial commitments and contingencies 304 D Derivatives 236 36. Leases 304 E Loans received and granted 236 A Leases as a lessee 304 F Foreign currency transactions 238 B Leases as a lessor 305 G Recognition of expenses and revenues 238 37. Risk management policies and disclosures 305 H Income tax 238 A Credit risk 305 I Consolidation 246 B Liquidity risk 306 J External financing costs 248 C Interest rate risk 306 K Dividends 250 D Foreign exchange risk 306 3. Change in accounting policies and procedures 254 E Commodity risk 306 4. Cash flow statement 254 F Regulatory risk 307 5. Non-current financial assets 255 G Concentration risk 309 6. Long-term receivables 6 7 309 A Receivables – controlled and controlling entity 310 B Other receivables 311 7. Short-term receivables 311 A Trade receivables 311 B Receivables – controlled and controlling entity 312 C Receivable – significant influence 312 D Receivables from partners 312 E State – tax receivables 312 F Other receivables 313 8. Equity 314 9. Income tax provision 314 10. Long-term payables 314 A Payables to credit institutions 315 B Long-term bills of exchange to be paid 315 C Payables – controlled or controlling entity 316 D Sundry payables 317 11. Short-term payables 317 A Other bonds 317 B Payables to credit institutions 317 C Trade payables 318 D Short-term bills of exchange to be paid 318 E Payables – controlled or controlling entity 319 F Payables to partners 319 G Estimated payables 319 H Sundry payables 320 12. Revenues and expenses 321 13. Related parties (except for balances presented above) 321 14. Employees and executives 322 15. Fees payable to statutory auditors 322 16. Income tax 322 A Current tax 322 17. Significant off-balance sheet transactions 323 18. Material subsequent event 8 EPH 2019 Annual Report Financial Highlights of the Year Financial Highlights of the Year Introduction by the Chairman of the Board of Directors Combined Review of Operations Management Statement Report on Relations In 2019, the total consolidated sales increased Consolidated Financial Statements by EUR 1,5 billion and EBITDA increased by EUR 2,1 billion compared to 2018. Statutory Financial Statements 10 EP Commodities, Czech Republic 11 Financial Highlights of the Year Financial Highlights of the Year 2019 2018 2017 2019 2018 2017 INCOME STATEMENT RATIOS Sales € million 8,583 7,072 6,005 EBITDA margin3 % 23.90% 24.65% 29.99% Gross profit € million 3,362 2,728 2,713 Leverage4 x 2.6x 2.9x 3.0x Earnings before interest, taxes, depreciation and amortization Cash conversion5 % 69.62% 57.54% 54.25% € million 2,051 1,743 1,801 (EBITDA)1 Earnings before interest and tax (EBIT) € million 1,418 1,190 1,323 Operating KPIs Net financial result € million (431) (256) (230) Average number of employees # 11,454 10,711 10,237 Profit before tax € million 1,163 926 1,200 Net installed capacity MW 13,312 11,572 11,512 Profit for the year € million 825 630 872 Net power production TWh 33.4 28.2 23.3 Emissions intensity t CO2 / GWh 468 532 567 BALANCE SHEET Balance sheet total € million 16,689 13,329 12,791 1 EBITDA has been prepared in accordance with the definition set out in the note 5 to the Consolidated financial statements. 2 Net financial debt = Loans and borrowings + Issued bills of exchange – Cash and cash equivalents. Equity total € million 3,984 3,137 2,675 3 EBITDA margin = EBITDA / Sales. Net working capital € million 481 463 300 4 Leverage = Net financial debt / EBITDA. Net financial debt used for calculation of Leverage in 2018 is impacted by the major investment project Lynemouth, whereas the 2018 EBITDA does not yet fully capture earnings associated with these business activities. 2 Net financial debt € million 5,261 5,020 5,366 5 Cash conversion = (EBITDA – CAPEX – Tax paid) / EBITDA. CASH FLOW STATEMENT Cash flow from operating activities € million 1,896 1,492 1,181 Cash flow from investing activities € million (652) (543) 139 Cash flow from financing activities € million (1,004) (776) (1,648) Change in cash and cash equivalents € million 240 183 (328) Cash and cash equivalents € million 1,246 1,006 816 Capital expenditures (CAPEX) € million 375 379 441 Tax paid € million 248 361 383 12 13 EPH 2018 Annual Report Introduction by the Chairman of the Board of Directors Although the majority of EPH’s EBITDA comes from marginal emitters of GHG emissions, we continue focusing on growing our share in zero and low carbon emission power generation. Financial Highlights of the Year Daniel Křetínský Chairman of the Board of Directors Introduction by the Chairman of the Board of Directors Combined Review of Operations Management Statement Report on Relations Consolidated Financial Statements Statutory Financial Statements 14 15 Introduction by the Chairman of the Board of Directors Introduction by the Chairman of the Board of Directors Dear Stakeholders, 1.
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