Annual report CE GROUP
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1 Annual report CE GROUP
2
3 Prinipal member of CE GROUP Other CE GROUP Members
4 CE GROUP annual report 2009
5 Content 1. Report of the Board of Diretors 9 2. PRESENTATION Presentation of CE GROUP 11 Presentation of Česká energie a.s. 12 Presentation of Česká plynárenská a.s. 15 Presentation of GSCeP 16 Presentation of České plynovody a.s ANNUAL REPORT ANNUAL REPORT OF ČESKÁ ENERGIE General informations 20 Information on Eonomi Development 21 Independent auditor report 23 Balane sheet 24 Inome statement 28 ANNUAL REPORT OF ČESKÁ PLYNÁRENSKÁ General informations 30 Information on Eonomi Development 31 Independent auditor report 32 Balane sheet 34 Inome statement 38 ANNUAL REPORT OF GSCEP Balane sheet 40 Inome statement 44 ANNUAL REPORT OF ČESKÉ PLYNOVODY Balane sheet 46 Inome statement
6 Report of the Board of Diretors Dear ladies and gentlemen, respeted lients, olleagues and partners, let me aquaint you with the report of the Board of Diretors of the CE GROUP on the business ativities. The present form of the CE GROUP began to take shape as early as 2002, when we founded the first of the firms, namely Česká energie, a. s. It foused on ativities in power engineering and its primary aim was to build a firm position in the energy market, whih was undergoing onsiderable hanges, espeially thanks to its liberalisation. The aim soon proved to be the right one and with progressive market liberalisation the sope of the group and its ativities began to expand markedly and, logially, the need arose to diversify the individual ativities of the group so that they orresponded more to aumulating and more omplex tasks. Therefore, in 2007 we founded Česká plynárenská, a. s., in whih wholesale ativities onerning natural gas were onentrated. This step proved to be well-timed as the new ompany rossed the borders of the Czeh Republi already in its initial phase. Further ativities and orientation of our group led us to establish GSCeP, a. s. (Gas Storage Česká plynárenská) in 2009 with the aim of launhing and ompleting a projet of our own underground natural gas storage. České plynovody, a. s. was then established in response to system hanges in the European gas market. Its task is no less ambitious from our point of view: preparation and implementation of a projet with the poeti name MOZART or the interonnetion of the Czeh and Austrian gas distribution system in the north-south diretion. Thanks to good business relations and links to the North Amerian ontinent, the CE GROUP went beyond the boundaries of the European ontinent with its ativities in Česká energie a. s. set up in the USA in the state of Florida a speial-purpose organisational unit CZECH ENERGY USA, LLC. Its aim is to map out new tehnologies in the field of alternative soures of eletrial energy and to reate onditions for Česká energie, a. s. to start its business ativities in the USA. We have already taken the first suessful steps in this field. However, this is not the end of the list of the CE GROUP s ativities. One of the group s ativities was also the implementation and operation of a solar power plant. Therefore, EGEP a. s. and CZECH SOLAR ENERGY PROJECT a. s. beame part of the group. However, by the shareholders deision the group foused more of its attention mainly on trading in eletrial energy and natural gas and restrited its ativities in the field of solar energy generation. That is why both ompanies were taken out of the group and sold off, so we are not engaged in photovoltai projets any more. Nowadays, the CE GROUP via its ore ompanies Česká energie a. s. and Česká plynárenská a. s., as well as thanks to its eonomi results urrently ahieved, an start to devote itself to the support of ativities needed and useful for the whole of soiety. They inlude e.g. support of seleted sportspeople or notable events in various areas of life. In reent time it has been, for instane, the finanial support of some events of the ROTARY Club in Prague. There, we supported partiularly health and eduational programmes in Afria, exhange of experiene of promising European musial talents as well as expert disussion at the Prague Eonomi Forum. We have not only partiipated in the finanial support of Czeh olletive sports but also of seleted motoring and yling talents or veterans. Also, we supported the Musial Festival in Kutná Hora. And our support was also direted to one of the most notable events in the Czeh Republi, whih was the visit of Pope Benedit XVI. We also took part in the eremonial inauguration of the new Czeh arhbishop Dominik Duka. We will ontinue to be engaged in similar ativities. Let me to express my sinere thanks to all our ustomers, partners and o-operators for their ontribution to the fulfilment of our ommon goals. Mgr. Ladislav Dráb Chairman of the Board of Diretors of the CE GROUP Companies 8 9
7 Presentation of the CE GROUP The present form of the CE GROUP began to take shape as early as 2002 by the foundation of Česká energie a. s., fousing on power engineering. With progressive market liberalisation the sope of ativities of the group began to expand markedly and, logially, the need arose to diversify the individual ativities of the group. Therefore, we founded Česká plynárenská a. s. in 2007, in whih wholesale ativities onerning natural gas were onentrated. This step proved to be well-timed and the ompany rossed the borders of the Czeh Republi already in its initial phase. GSCeP, a. s. (Gas Storage Česká plynárenská) was established in 2009 with the aim of launhing and ompleting a projet of our own underground natural gas storage. České plynovody a. s. was then established in response to system hanges in the European gas market. Its task is no less ambitious from our point of view: preparation and implementation of a projet with the poeti name MOZART or the interonnetion of the Czeh and Austrian gas distribution system in the northsouth diretion. Thanks to good business relations and links to the North Amerian ontinent, the CE GROUP went beyond the boundaries of the European ontinent with its ativities in Česká energie a. s. set up in the USA in the state of Florida a speial-purpose organisational unit CZECH ENERGY USA, LLC. Its aim is to map out new tehnologies in the field of alternative soures of eletrial energy and to reate onditions for Česká energie, a. s. to start its business ativities in the USA. We have already taken the first suessful steps in this field
8 Česká energie, a.s Česká energie, a.s. is a purely Czeh ompany that trades in eletrial energy and natural gas. We have already been operating suessfully in the market sine We beame of one of the first private traders in the Czeh Republi that obtained a liene for trading in eletrial energy and natural gas. We are in very lose o-operation, among others, with a great number of professional unions and assoiations. It atively trades in eletrial energy and natural gas both in the retail and wholesale ategory. In the market it fouses mainly on small and medium enterprises (SME aording to the EU definition with an annual turnover not exeeding a. CZK 1.5 billion) and, further, on the so-alled network lients, i.e. legal entities that have more plaes of business or offies in the territory of the entire Czeh Republi. Česká energie, a.s. as one of the first alternative suppliers of eletrial energy and natural gas entered the energy market with a lear vision to be a partner and helper of small and medium enterprises and ommerial or prodution hains. Through this systemati ativity Česká energie, a.s. is a notable supplier of eletrial energy and natural gas, thus partiipating in the shaping of the Czeh energy market. Česká energie, a. s. fulfilled all the standards to obtain and ontinue to hold an EN ISO 9001:2008 ertifiate. Thus, our ompany an provide our ustomers with the maximum quality in the sale of eletrial energy, natural gas and related servies. Česká energie, a.s. won 2nd plae in 2009 for dynami growth and, at the same time, it finished in 57th plae in the ČESKÝCH 100 NEJLEPŠÍCH / CZECH 100 BEST ategory, whih is announed every year, out of more than 8,000 ompetition ategories. The CeSPARK division ( of the Česká energie,a.s. is reognized as a supplier of indoor and outdoor advertising servies inluding neon-sign and light banners advertising as well as all proess starting from the design phase all the way to the manufaturing. Eah of the omponents is made from high quality materials that guarantee life-long servie. These high-quality omponents also provide onveniene when it omes to reativity and meeting lients needs
9 Česká plynárenská, a.s. Česká plynárenská, a. s. was formed in 2007 with the aim of entering the European wholesale natural gas market. In the CE Group it ensures wholesale operations with natural gas and ommodity trading. In 2009 it sueeded in starting physial trade in natural gas and in building a basi network of business relations in the primary market. In the of the January risis in 2009 it offered, in a flexible manner, extraordinary deliveries of natural gas for the Czeh Republi. The ompany is a registered natural gas trader in the Czeh, German and Austrian markets. In the Czeh market, it has onluded a general ontrat with NET4GAS with the aim of providing ross-border transport through a transit gas pipeline. The ompany is also a subjet of settlement with the market operator (OTE, a.s.) and has all the authorisations and lienes for its business operations. It is a registered trader in the German transport system ONTRAS, the business environment GASPOOL and NET Connet Germany and it has also onluded a ontrat with the signifiant Austrian trading hub Baumgarten. The goals set for 2009 have been ahieved, and the ompany has managed to establish itself in the market in a short sine the legislative opening of gas trading. Most tehnial and administrative obstales to trading were overome in 2009 thanks to the reation of an independent funtion of market operator. Our ompany has good potential for further expansion and preparation for ommodity trading
10 GSCeP, a.s. The ompany, GSCeP, a. s. was formed in 2009 with the aim of finding a suitable loation for fast natural-gas storage and, subjet to good onditions, of implementing the projet as well. The ompany managed to obtain the neessary permits for mining operations and, thus, it ommened seeking suitable loations without delay. The year 2009 was definitely a signifiant milestone for us in the projet of building our own natural gas storage, intended for the needs of balaning deviations and daily trading. Following extensive analytial works and preparation of administrative onditions we ompleted all the neessary steps and were able to proeed to the preparation of test holes. In the ourse of the year, based on douments available we seleted three geologially suitable loations meeting the onditions for building a avern fast storage. They inlude the following: Okrouhlá Radouň in southern Bohemia near Jindřihův Hrade Rožná Rožínka in the Bohemian-Moravian Highlands Rožná - Milasín in the Bohemian-Moravian Highlands We analysed douments and geologial maps available at all the seleted sites based on permits granted to explore the delimited area. In the end, we seleted two immediately neighbouring loations for the ommenement of mining operations Rožná-Rožínka and Rožná-Milasín. The advantage is the availability of the bakbone transit gas pipeline of NET4GAS, whih runs only 16 km from both loations. We plan to build the storage at a depth of 1,000 to 1,200 metres, where aess is provided through the only ative uranium mine in Europe. Part of the apaity will be released for trading in the free market through an aution. Also, we do not rule out the possibility of other seleted investors beoming involved in the projet as well. On 30 June 2010 GSCeP a. s., a member of the CE GROUP, signed a ontrat with the DIAMO enterprise and METROSTAV a. s. whih allows the ommenement of mining works on the onstrution of an underground natural-gas storage faility in the loation of Rožná in the Bohemian-Moravian Highlands. In the first phase, the ontrating parties set themselves the aim to verify the present results of the analysis of the geologial environment and, on the basis of test holes made, to put the geometry of the storage faility being designed in more preise terms. This first phase should last roughly 15 months. In the seond phase they will then proeed to the onstrution of the atual storage in two immediately neighbouring averns with antiipated apaities of 100 million m 3 and 80 million m 3 of natural gas. The storage faility is expeted to be ompleted within 5 to 6 years
11 České plynovody, a.s. České plynovody, a. s. was formed in 2009 in aordane with the broader intentions of our group to invest in development projets in the gas industry in the Czeh Republi. The main aim is to strengthen the liquidity of the Czeh gas market as a neessary ondition for inreasing the ommerial attrativeness of the newly liberalised market. In partiular, it involves the preparation and implementation of the MOZART Projet interonnetion of the Czeh and Austrian gas system in the north-south diretion. The CE Group sees the prospets and opportunity to build a high-liquidity environment just in the territory of the Czeh Republi, whih is situated in a strategi loation diretly on the bakbone transit gas pipeline from Russia. The viinity of the newly integrated business environment of Gaspool is an advantage, too. Until now, the Czeh market has been relatively onsiderably limited by a very restrited number of ross-border interonnetions to neighbouring gas distribution systems (Lanžhot, Waidhaus and Hora svaté Kateřiny) and by the dominant role of the owner of the transit transport system
12 Annual Report of Česká energie, a.s. General information Subjet of Enterprise of the Company Česká energie, a.s. (IN ) was inorporated on 6 April 2000 and its subjet of enterprise as registered in the Companies Register is as follows: administration of own property mediation of trade mediation of servies manufaturing, installation and repairs of eletrial mahines and equipment testing, measuring and analysis tehnial advisory servies for the power engineering setor editing and publishing ativities business, finanial, organisational and eonomi onsultany Company Management The Board of Diretors Mgr. Ladislav Dráb Chair of the Board, *1959 Ing. Marek Černý Deputy Chair of the Board, * 1966 Ing. Robert Zedník Member of the Board, *1943 The Supervisory Board Ing. Eduard Pálka Chair of the Board, *1957 David Herčík Member of the Supervisory Board, *1972 Ladislav Dráb Member of the Supervisory Board, *1983 Shareholder s Struture The Company emitted 120 ommon shares, bearer shares, in the nominal value of CZK 50,000. The basi apital of the Company amounts to CZK 6,000,000. Ladislav Dráb 55 shares Marek Černý 53 shares Eduard Pálka 12 share Information on Eonomi Development At the end of 2008 we supplied eletriity to 1,979 ustomers aross the whole of the Czeh Republi. At the same time we also started with deliveries of natural gas and we had 57 ustomers. At the end of 2009 we already had 2,520 end ustomers for eletriity supplies and 200 ustomers for natural gas supplies. This represents an interannual inrease of end ustomers by nearly 34% The purhase and delivery of power to our ustomers inreased interannually by more than 50% from 217 GWh to 326 GWh Number of delivery plaes for eletriity supplies Eletriity supplies (MW/h) The CESPARK division works as part of Česká energie, a.s. and it fouses on design, prodution and installation of neon advertising. In 2009 the division not only kept its position as one of the leaders on the market, but it also had an interannual inrease of turnover by nearly 17%. At the time when nearly all entities on the market were dereasing osts to the very minimum, this result an be justifiably seen as very suessful Natural gas supplies (MW/h) Produt and servie revenue (thousand CZK) Company Auditors Ing. Jiří Fišer, liene no. 1026, arried out the 2009 Audit. The Board of Diretors proposes that Ing. Jiří Fišer prepares the audit for 2010 as well In terms of delivery of power and related servies, our ompany reahed an interannual inrease of revenue by 41% from CZK 535 million in 2008 to CZK 752 million in
13 The risis year 2009 influened the deision making of the České energie ompany management in terms of osts. The areful and onservative management, along with the attempt to reah a high level of automatisation, signifiantly ontributed to the inrease in inome. Česká energie, thanks to its important growth of market share and also thanks to the areful monitoring of everyday osts, reahed a threefold inrease of its inome ompared to the previous year Goods sales (thousand CZK) Net inome (thousand CZK) Year 2009 was undoubtedly a suessful year for us. In terms of the growth of our business ativities, making our servies better and inreasing omfort for our ustomers and business partners, we managed to inrease indemnity of the ompany and gave basis to the reserve fund. At the same time, another phase of automatisation was ompleted along with a unique information system, whih enables effiient proessing of the inreasing number of lient data. We have also managed to reeive an ISO 9001/2008 ertifiate awarded by the reputable ompany TÜV NORD CERT GmbH Essen. The quality assurane ertifiate obliges us to have an even more responsible approah to the quality of our servies. Year 2009 was a true market entry for our Company in the Czeh Republi. Česká energie, a.s. was lassed as one of the best 100 Czeh ompanies at number 57 on the list omprising suh prestigious ompanies as ČEZ, ŠKODA AUTO, PRE, and E.ON Česká republika. This award is even more important to us as we were awarded a speial award for DYNAMIC GROWTH Independent auditor report Report made by an independent auditor with regard to a omplete finanial statement for general purposes. This Report was prepared in aordane with the International Auditing Standards ISA 700 using the appliation lauses for the Czeh Republi AD ISA 700 and in aordane with the Auditing At 93/2009. These regulations learly define the ontents and wording of the Auditor s report. Audited finanial statement as of 31 Deember 2009, Business Company (identified in detail in the finanial statement, inluding the subjet of enterprise): Name: Česká energie a.s., Adress: Beranovýh 65/ , Praha 9, IN: , TIN: CZ Reipient of the Report: Management and general meeting of the stated ompany, State authorities pursuant to speial laws, Users of the finanial statement Auditor, natural person (self-employed): ing. Jiří Fišer Authorisation no: KA-ČR: 1026 Adress: Sarajevská 12/2504, Praha 2 Plae of business: Ostrá 299/2, Praha 9 Contratual relationship: made with the Statutory Body of the audited Company pursuant to At 93/2009 Coll. 1. Introdution I have verified the enlosed finanial statement of the ompany stated above, i.e. the balane sheet as of 31 Deember 2009, the profit and loss statement, and the overviews of hanges in equity apital and ash flows for the from 1 January 2009 to 31 Deember 2009, hereinafter the appendies to this finanial statement, along with the desription of the major aounting methods used. The ompany details, whih were audited, are stated in the appendies to this finanial statement. 2. Responsibility of the Statutory Body of the Aounting Unit with Regard to the Finanial Statement The Statutory Body is responsible for a faithful and honest representation of fats presented in the finanial statement in aordane with Czeh aounting regulations. The Statutory Body is also responsible for the fat that an internal ontrol is proposed, introdued and arried out when ompiling a true finanial statement so that it does not inlude any major inauraies aused by fraud or error, and so that suitable aounting methods are used and suitable aounting estimates are made. 3. Auditor s Responsibilit The auditor s role is to issue a statement with regard to the finanial statement based on the ompleted audit. The audit was ompleted in aordane with the Auditing At and in aordane with the International Auditing Standards and related appliation lauses of the Chamber of Auditors of the Czeh Republi. Pursuant to these regulations I am obliged to omply with ethial standards and to plan and arry out the audit in a way in order to be reasonably ertain that the finanial statement does not inlude any major inauraies. 4. The audit overs the implementation of auditing proedures in order to gain evidene with regard to the amounts and fats stated in the finanial statement. It is at the auditor s disretion to hoose auditing proedures and to evaluate the risks that the finanial statement does not inlude any major inauraies aused by fraud or error. When evaluating these risks, the auditor takes into aount the internal ontrols, whih are relevant for the ompilation of the finanial statement and its faithful representation of fats. The aim of the internal ontrols is to propose suitable auditing proedures, and not to omment on the effiieny of internal ontrols. The audit also overs the evaluation of suitability of the aounting methods used, the adequay of the aounting estimates made by the management and the evaluation of the overall presentation of the finanial statement. I believe that the gained evidene forms a suffiient and suitable base to make the following auditor s statement. 5. Auditor s Statement In my view this finanial statement provides a faithful and honest representation of assets and liabilities of the audited ompany as of 31 Deember 2009, of the osts and revenues, the inome and ash flows for 2009 in aordane with Czeh aounting regulations. Certified Auditor (self-employed): Ing. Jiří Fišer Authorisation number: 1026 Date: Signature: 22 23
14 Balane sheet (assets) BALANCE SHEET - ASSETS in full extend as at (in thousands od Czeh Crowns). ASSETS a b Gross 1 Adjustment 2 Net 3 Net 4 TOTAL ASSETS (I ) A. Reeivables from subsribed apital 2 B. Fixed assets (I ) B. I. Intangible fixed assets (I. 05 to 12) 4 B. I. 1. Inorporation expenses 5 2. Researh and development 6 3. Software 7 4. Valuable rights 8 5. Goodwill 9 6. Other intangible fixed assets Intangible fixed assets in progress Advane payments for intangible fixed assets 12 B. II. Tangible fixed assets (I. 14 to 22) B. II. 1. Lands Buildings, halls, onstrutions Equipment Perennial orps Full-grown animals and groups thereof Other tangible fixed assets Tangible fixed assets in progress Advane payments for tangible fixed assets Adjustment to aquired assets 22 B. III. Long-term finanial assets (I. 24 to 30) 23 B. III. 1. Shares in ontrolled and governed orporations Shares in aounting units with signifiant influene Other long-term seurities and shares Loans - ontrolled and governed orporations, signifiant influene Other long-term finanial assets Long-term finanial assets in progress Advane payments for long-term finanial assets 30 C. Current assets (I ) , C. I. Inventory (I. 33 to 38) C. I. 1. Materials Work in progress and semi-produts Finished produts Young and other animals and groups thereof Merhandise Advaned payments for inventory 38 C. II. Long-term reeivables (I. 40 to 47) C. II. 1. Trade reeivables Reeivables - ontrolled and governed entity Reeivables - signifiant influene Reeivables from partners, ooperative and assoiation members Long-term advaned payments Estimated reeivables Other reeivables Deferred tax reeivable 47 C. III. Short-term reeivables (I. 49 to 57) C. III. 1. Trade reeivables Reeivables-ontrolled and governed entity Reeivables - signifiant influene 51 ASSETS a b Gross 1 Adjustment 2 Net 3 Net 4 4. Reeivables from partners, ooperative and assoiation members Soial seurity and health insurane State - tax reeivables Short-term advaned payments Estimated reeivables Other reeivables 57 C. IV. Short-term finanial assets (I. 59 to 62) C. IV. 1. Cash Bank aounts Short-term seurities and ownership interests Short-term finanial assets aquired 62 D. I. Aruals (I. 64 to 66) D. I. 1. Deferred expenses Complex deferred osts Arued inome
15 Balane sheet (liabilities) BALANCE SHEET - LIABILITIES in full extend as at (in thousands od Czeh Crowns). a LIABILITIES b Current TOTAL LIABILITIES (l ) A. Equity (l ) A. I. Registered apital (l. 70 to 72) A. I. 1. Registered apital Company's own shares and ownership interests (-) Changes of registered apital (+/-) 72 A. II. Capital funds (l. 74 to 77) 73 A. II. 1. Share premium Other apital funds Gains and losses from revaluation of assets and liabilities (+/-) Gains and losses from revaluation in the ourse of transformation of ompanies Differenes resulting from transformation of ompanies 121 A. III. Reserve funds, indivisible fond and other retained earnings (l ) A. III. 1. Legal reserve fund / indivisible fund Statutory and other funds 80 A. IV. Net profit or loss from previous year (l ) A. IV. 1. Retained earnings from previous years Aumulated losses from previous years A. V. Net profit or loss for the (+/-) B. Liabilities (l ) B. I. Provisions (l. 87 to 90) 86 B. I. 1. Legal provisions Provisions for pension and similar payables Inome tax provisions Other provisions 90 B. II. Long-term payables (l. 92 to 101) B. II. 1. Trade payables Payables - ontrolled and governed entity Payables - signifiant influene Payables to partners, ooperative and assoiation members Long-term advane payments reeived Bonds issued Long-term bills of exhange to be paid Estimated payables Other long-term liabilities Deferred tax liability 101 B. III. Short-term payables (l. 103 to 113) B. III. 1. Trade payables Payables - ontrolled and governed entity Payables - signifiant influene Payables to partners, ooperative and assoiation members Payroll Payables - soial seurity and health insurane State - tax liabilities and grants Short-term deposits reeived Bonds issued Estimated payables Other payables 113 B. IV. Bank loans and finanial aommodations (l. 115 to 117) B. IV. 1. Fixed bank loans Short-term bank loans Previous 6 a LIABILITIES b Current 3. Short-term aommodations C. I. Aruals (l ) C. I. 1. Arued expenses Deferred revenues Previous
16 Inome statement CLASSIFICATION OF EXPENSES BY NATURE in full format as at a TEXT b I. Revenues from merhandise A. Cost of goods sold Sale margin (l ) II. Prodution (l ) II. 1. Revenues from own produts and servies Changes in inventory of own produts Capitalization 7 B. Prodution onsumed (l ) B. 1. Material and energy onsumption Servies Added value (l ) C. Personnel expenses (l. 13 to 16) C. 1. Wages and salaries Remuneration of board and ooperative members Soial seurity expenses and health insurane Soial expenses D. Taxes and fees E. Depreiations of intangible and tangible assets III. Revenues from sales of fixed assets and materials (l ) 19 III. 1. Revenues from sales of fixed assets Revenues from sales of material 21 F. Net book value of fixed assets and materials sold (l ) 22 F. 1. Net book value of fixed assets sold Material sold 24 G. Changes in provisions and adjustments in operating ativity and omplex deferred expenses 25 IV. Other operating revenues H. Other operating expenses V. Transfer of operating revenues 28 I. Transfer of operating expenses 29 * Operating profit / loss (l ± (-28) - (-29)) VI. Revenues from sale of seurities and ownership interests 31 J. Seurities and ownership interests sold 32 VII: Revenues from long-term finanial assets (l ) 33 VII. 1. Revenues from shares in ontrolled and governed orporations and in aounting units with signifiant influene Revenues from other long-term seurities and ownership interests Revenues from other long-term finanial assets 36 VIII. Revenues from short-term finanial assets 37 K. Expenses assoiated with finanial assets 38 IX. Revenues from revaluation of seurities and derivates 39 L. Expenses from revaluation of seurities and derivates 40 M. Changes in provisions and adjustments in finanial ativity 41 X. Interest revenues N. Interest expenses 43 XI. Other finanial revenues O. Other finanial expenses XII. Transfer of finanial revenues 46 P. Transfer of finanial expenses 47 * Profit / loss from finanial operations (l ± (-46) - (-47)) Q. Inome tax on ordinary inome (l ) Q due deferred a TEXT b ** Profit / loss from ordinary ativity (l ) XIII. Extraordinary revenues 53 R. Extraordinary expenses 54 S. Inome tax on extraordinary items (l ) 55 S due deferred 57 * Extraordinary profit / loss (l ) 58 T. Transfer profit / loss of urrent aounting to partners (+/-) 59 *** Profit / loss of urrent aounting (l ) **** Profit / loss before tax (l )
17 Annual report of Česká plynárenská a.s. General information Subjet Enterprise of the Company Information on Eonomi Development In 2009 the Company inreased the volume of deliveries of natural gas to the Czeh Republi by more than 45% from 222 GWh in 2008 to 322 GWh in In terms of net inome, our business ativities brought in an inreased profit of CZK 6.5 million and a part of the profit was transferred into the reserve fund by the ompany. Česká plynárenská, a.s. (IN ) was inorporated on 9 January 2007 and its subjet of enterprise as stated in the Companies Register is as follows:: Trading gas Company Management The Board of Diretors Mgr. Ladislav Dráb Chair of the Board, *1959 Ing. Ladislav Tětál Deputy Chair of the Board, * 1953 Ing. Robert Zedník Member of the Board, * Natural gas deliveries (MW/h) Net inome (thousand CZK) The Supervisory Board Ing. Eduard Pálka Chair of the Board, *1957 David Herčík Member of the Supervisory Board, *1972 Mgr. Ladislav Dráb Member of the Supervisory Board, *1983 In terms of revenue, we have seen an inrease by 17% from CZK 173 million in 2008 to CZK 204 million in Shareholder s Struture Revenue (thousand CZK) The Company emitted 20 ommon shares, bearer shares, in the nominal value of CZK 100,000. The basi apital of the Company amounts to CZK 2,000,000. Shareholders Ladislav Dráb 9 shares Marek Černý 9 shares Eduard Pálka 2 shares Company Auditors Ing. Jiří Fišer, liene no. 1026, arried out the 2009 Audit. The Board of Diretors proposes that Ing. Jiří Fišer prepares the audit for 2010 as well
18 Independent auditor report Report made by an independent auditor with regard to a omplete finanial statement for general purposes. This Report was prepared in aordane with the International Auditing Standards ISA 700 using the appliation lauses for the Czeh Republi AD ISA 700 and in aordane with the Auditing At 93/2009. These regulations learly define the ontents and wording of the Auditor s report. Audited finanial statement as of 31 Deember 2009, Business Company (identified in detail in the finanial statement, inluding the subjet of enterprise): Name: Česká plynárenská a.s., Adress: Beranovýh 65/ , Praha 9, IN: , TIN: CZ Reipient of the Report: Management and general meeting of the stated ompany, State authorities pursuant to speial laws, Users of the finanial statement Auditor, natural person (self-employed): ing. Jiří Fišer Authorisation no: KA-ČR: 1026 Adress: Sarajevská 12/2504, Praha 2 Plae of business: Ostrá 299/2, Praha 9 Contratual relationship: made with the Statutory Body of the audited Company pursuant to At 93/2009 Coll. 1. Introdution I have verified the enlosed finanial statement of the ompany stated above, i.e. the balane sheet as of 31 Deember 2009, the profit and loss statement, and the overviews of hanges in equity apital and ash flows for the from 1 January 2009 to 31 Deember 2009, hereinafter the appendies to this finanial statement, along with the desription of the major aounting methods used. The ompany details, whih were audited, are stated in the appendies to this finanial statement. 2. Responsibility of the Statutory Body of the Aounting Unit with Regard to the Finanial Statement The Statutory Body is responsible for a faithful and honest representation of fats presented in the finanial statement in aordane with Czeh aounting regulations. The Statutory Body is also responsible for the fat that an internal ontrol is proposed, introdued and arried out when ompiling a true finanial statement so that it does not inlude any major inauraies aused by fraud or error, and so that suitable aounting methods are used and suitable aounting estimates are made. 3. Auditor s Responsibilit The auditor s role is to issue a statement with regard to the finanial statement based on the ompleted audit. The audit was ompleted in aordane with the Auditing At and in aordane with the International Auditing Standards and related appliation lauses of the Chamber of Auditors of the Czeh Republi. Pursuant to these regulations I am obliged to omply with ethial standards and to plan and arry out the audit in a way in order to be reasonably ertain that the finanial statement does not inlude any major inauraies. 4. The audit overs the implementation of auditing proedures in order to gain evidene with regard to the amounts and fats stated in the finanial statement. It is at the auditor s disretion to hoose auditing proedures and to evaluate the risks that the finanial statement does not inlude any major inauraies aused by fraud or error. When evaluating these risks, the auditor takes into aount the internal ontrols, whih are relevant for the ompilation of the finanial statement and its faithful representation of fats. The aim of the internal ontrols is to propose suitable auditing proedures, and not to omment on the effiieny of internal ontrols. The audit also overs the evaluation of suitability of the aounting methods used, the adequay of the aounting estimates made by the management and the evaluation of the overall presentation of the finanial statement. I believe that the gained evidene forms a suffiient and suitable base to make the following auditor s statement. 5. Auditor s Statement In my view this finanial statement provides a faithful and honest representation of assets and liabilities of the audited ompany as of 31 Deember 2009, of the osts and revenues, the inome and ash flows for 2009 in aordane with Czeh aounting regulations. Certified Auditor (self-employed): Ing. Jiří Fišer Authorisation number: 1026 Date: Signature: 32 33
19 Balane sheet (assets) BALANCE SHEET - ASSETS in full extend as at (in thousands od Czeh Crowns). ASSETS a b Gross 1 Adjustment 2 Net 3 Net 4 TOTAL ASSETS (I ) A. Reeivables from subsribed apital 2 B. Fixed assets (I ) 3 B. I. Intangible fixed assets (I. 05 to 12) 4 B. I. 1. Inorporation expenses 5 2. Researh and development 6 3. Software 7 4. Valuable rights 8 5. Goodwill 9 6. Other intangible fixed assets Intangible fixed assets in progress Advane payments for intangible fixed assets 12 B. II. Tangible fixed assets (I. 14 to 22) 13 B. II. 1. Lands Buildings, halls, onstrutions Equipment Perennial orps Full-grown animals and groups thereof Other tangible fixed assets Tangible fixed assets in progress Advane payments for tangible fixed assets Adjustment to aquired assets 22 B. III. Long-term finanial assets (I. 24 to 30) 23 B. III. 1. Shares in ontrolled and governed orporations Shares in aounting units with signifiant influene Other long-term seurities and shares Loans - ontrolled and governed orporations, signifiant influene Other long-term finanial assets Long-term finanial assets in progress Advane payments for long-term finanial assets 30 C. Current assets (I ) C. I. Inventory (I. 33 to 38) 32 C. I. 1. Materials Work in progress and semi-produts Finished produts Young and other animals and groups thereof Merhandise Advaned payments for inventory 38 C. II. Long-term reeivables (I. 40 to 47) C. II. 1. Trade reeivables Reeivables - ontrolled and governed entity Reeivables - signifiant influene Reeivables from partners, ooperative and assoiation members Long-term advaned payments Estimated reeivables Other reeivables Deferred tax reeivable 47 C. III. Short-term reeivables (I. 49 to 57) C. III. 1. Trade reeivables ASSETS a b Gross 1 Adjustment 2 Net 3 Net 4 2. Reeivables-ontrolled and governed entity Reeivables - signifiant influene Reeivables from partners, ooperative and assoiation members Soial seurity and health insurane State - tax reeivables Short-term advaned payments Estimated reeivables Other reeivables 57 C. IV. Short-term finanial assets (I. 59 to 62) C. IV. 1. Cash Bank aounts Short-term seurities and ownership interests Short-term finanial assets aquired 62 D. I. Aruals (I. 64 to 66) D. I. 1. Deferred expenses Complex deferred osts Arued inome
20 Balane sheet (liabilities) BALANCE SHEET - LIABILITIES in full extend as at (in thousands od Czeh Crowns). a LIABILITIES b Current TOTAL LIABILITIES (l ) A. Equity (l ) A. I. Registered apital (l. 70 to 72) A. I. 1. Registered apital Company's own shares and ownership interests (-) Changes of registered apital (+/-) 72 A. II. Capital funds (l. 74 to 77) 73 A. II. 1. Share premium Other apital funds Gains and losses from revaluation of assets and liabilities (+/-) Gains and losses from revaluation in the ourse of transformation of ompanies Differenes resulting from transformation of ompanies 121 A. III. Reserve funds, indivisible fond and other retained earnings (l ) 78 A. III. 1. Legal reserve fund / indivisible fund Statutory and other funds 80 A. IV. Net profit or loss from previous year (l ) A. IV. 1. Retained earnings from previous years Aumulated losses from previous years A. V. Net profit or loss for the (+/-) B. Liabilities (l ) B. I. Provisions (l. 87 to 90) 86 B. I. 1. Legal provisions Provisions for pension and similar payables Inome tax provisions Other provisions 90 B. II. Long-term payables (l. 92 to 101) B. II. 1. Trade payables Payables - ontrolled and governed entity Payables - signifiant influene Payables to partners, ooperative and assoiation members Long-term advane payments reeived Bonds issued Long-term bills of exhange to be paid Estimated payables Other long-term liabilities Deferred tax liability 101 B. III. Short-term payables (l. 103 to 113) B. III. 1. Trade payables Payables - ontrolled and governed entity Payables - signifiant influene Payables to partners, ooperative and assoiation members Payroll Payables - soial seurity and health insurane State - tax liabilities and grants Short-term deposits reeived Bonds issued Estimated payables Other payables 113 B. IV. Bank loans and finanial aommodations (l. 115 to 117) 114 B. IV. 1. Fixed bank loans Short-term bank loans Previous 6 a LIABILITIES b 3. Short-term aommodations 117 Current C. I. Aruals (l ) C. I. 1. Arued expenses Deferred revenues Previous
21 Inome statement CLASSIFICATION OF EXPENSES BY NATURE in full format as at a TEXT b I. Revenues from merhandise A. Cost of goods sold Sale margin (l ) II. Prodution (l ) II. 1. Revenues from own produts and servies Changes in inventory of own produts 6 3. Capitalization 7 B. Prodution onsumed (l ) B. 1. Material and energy onsumption Servies Added value (l ) C. Personnel expenses (l. 13 to 16) C. 1. Wages and salaries Remuneration of board and ooperative members Soial seurity expenses and health insurane Soial expenses 16 D. Taxes and fees 17 2 E. Depreiations of intangible and tangible assets 18 III. Revenues from sales of fixed assets and materials (l ) 19 III. 1. Revenues from sales of fixed assets Revenues from sales of material 21 F. Net book value of fixed assets and materials sold (l ) 22 F. 1. Net book value of fixed assets sold Material sold 24 G. Changes in provisions and adjustments in operating ativity and omplex deferred expenses 25 IV. Other operating revenues 26 H. Other operating expenses V. Transfer of operating revenues 28 I. Transfer of operating expenses 29 * Operating profit / loss (l ± (-28) - (-29)) VI. Revenues from sale of seurities and ownership interests 31 J. Seurities and ownership interests sold 32 VII: Revenues from long-term finanial assets (l ) 33 VII. 1. Revenues from shares in ontrolled and governed orporations and in aounting units with signifiant influene Revenues from other long-term seurities and ownership interests Revenues from other long-term finanial assets 36 VIII. Revenues from short-term finanial assets 37 K. Expenses assoiated with finanial assets 38 IX. Revenues from revaluation of seurities and derivates 39 L. Expenses from revaluation of seurities and derivates 40 M. Changes in provisions and adjustments in finanial ativity 41 X. Interest revenues N. Interest expenses XI. Other finanial revenues O. Other finanial expenses XII. Transfer of finanial revenues 46 P. Transfer of finanial expenses 47 * Profit / loss from finanial operations (l ± (-46) - (-47)) Q. Inome tax on ordinary inome (l ) Q due deferred 51 ** Profit / loss from ordinary ativity (l ) a TEXT b XIII. Extraordinary revenues 53 R. Extraordinary expenses 54 S. Inome tax on extraordinary items (l ) 55 S due deferred 57 * Extraordinary profit / loss (l ) 58 T. Transfer profit / loss of urrent aounting to partners (+/-) 59 *** Profit / loss of urrent aounting (l ) **** Profit / loss before tax (l )
22 Annual report of GSCEP Balane sheet (assets) BALANCE SHEET - ASSETS in full extend as at (in thousands od Czeh Crowns). ASSETS a b Gross 1 Adjustment 2 Net 3 Net 4 TOTAL ASSETS (I ) A. Reeivables from subsribed apital 2 B. Fixed assets (I ) B. I. Intangible fixed assets (I. 05 to 12) 4 B. I. 1. Inorporation expenses 5 2. Researh and development 6 3. Software 7 4. Valuable rights 8 5. Goodwill 9 6. Other intangible fixed assets Intangible fixed assets in progress Advane payments for intangible fixed assets 12 B. II. Tangible fixed assets (I. 14 to 22) B. II. 1. Lands Buildings, halls, onstrutions Equipment Perennial orps Full-grown animals and groups thereof Other tangible fixed assets Tangible fixed assets in progress Advane payments for tangible fixed assets Adjustment to aquired assets 22 B. III. Long-term finanial assets (I. 24 to 30) 23 B. III. 1. Shares in ontrolled and governed orporations Shares in aounting units with signifiant influene Other long-term seurities and shares Loans - ontrolled and governed orporations, signifiant influene Other long-term finanial assets Long-term finanial assets in progress Advane payments for long-term finanial assets 30 C. Current assets (I ) C. I. Inventory (I. 33 to 38) 32 C. I. 1. Materials Work in progress and semi-produts Finished produts Young and other animals and groups thereof Merhandise Advaned payments for inventory 38 C. II. Long-term reeivables (I. 40 to 47) C. II. 1. Trade reeivables Reeivables - ontrolled and governed entity Reeivables - signifiant influene Reeivables from partners, ooperative and assoiation members ASSETS a b Gross 1 Adjustment 2 Net 3 Net 4 5. Long-term advaned payments Estimated reeivables Other reeivables Deferred tax reeivable 47 C. III. Short-term reeivables (I. 49 to 57) C. III. 1. Trade reeivables Reeivables-ontrolled and governed entity Reeivables - signifiant influene Reeivables from partners, ooperative and assoiation members Soial seurity and health insurane State - tax reeivables Short-term advaned payments Estimated reeivables Other reeivables 57 C. IV. Short-term finanial assets (I. 59 to 62) C. IV. 1. Cash Bank aounts Short-term seurities and ownership interests Short-term finanial assets aquired 62 D. I. Aruals (I. 64 to 66) 63 D. I. 1. Deferred expenses Complex deferred osts Arued inome
23 Balane sheet (liabilities) BALANCE SHEET - LIABILITIES in full extend as at (in thousands od Czeh Crowns). LIABILITIES Current Previous LIABILITIES Current Previous a b TOTAL LIABILITIES (l ) A. Equity (l ) A. I. Registered apital (l. 70 to 72) A. I. 1. Registered apital Company's own shares and ownership interests (-) Changes of registered apital (+/-) 72 A. II. Capital funds (l. 74 to 77) 73 A. II. 1. Share premium Other apital funds Gains and losses from revaluation of assets and liabilities (+/-) Gains and losses from revaluation in the ourse of transformation of ompanies Differenes resulting from transformation of ompanies 121 A. III. Reserve funds, indivisible fond and other retained earnings (l ) 78 A. III. 1. Legal reserve fund / indivisible fund Statutory and other funds 80 A. IV. Net profit or loss from previous year (l ) A. IV. 1. Retained earnings from previous years Aumulated losses from previous years A. V. Net profit or loss for the (+/-) B. Liabilities (l ) B. I. Provisions (l. 87 to 90) 86 B. I. 1. Legal provisions Provisions for pension and similar payables Inome tax provisions Other provisions 90 B. II. Long-term payables (l. 92 to 101) B. II. 1. Trade payables Payables - ontrolled and governed entity Payables - signifiant influene Payables to partners, ooperative and assoiation members Long-term advane payments reeived Bonds issued Long-term bills of exhange to be paid Estimated payables Other long-term liabilities Deferred tax liability 101 B. III. Short-term payables (l. 103 to 113) B. III. 1. Trade payables Payables - ontrolled and governed entity Payables - signifiant influene Payables to partners, ooperative and assoiation members Payroll Payables - soial seurity and health insurane State - tax liabilities and grants Short-term deposits reeived Bonds issued Estimated payables Other payables 113 B. IV. Bank loans and finanial aommodations (l. 115 to 117) 114 B. IV. 1. Fixed bank loans Short-term bank loans a b 3. Short-term aommodations 117 C. I. Aruals (l ) 118 C. I. 1. Arued expenses Deferred revenues
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