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In 2002 it became a part of the German energy group E.ON. On 1st July 2007 ZSE established subsidiaries – for the operation of distribution system and for energy trading and sales. This split was based on the European Union Directive on common rules for the internal market in electricity that has been implemented into Slovak legislation by Act No. 656/2004 Coll. on Energy.
On April 8, 2022, E.ON SE (hereinafter referred to as "E.ON") and the Slovak Republic, represented by the Ministry of Economy of the Slovak Republic (hereinafter referred to as the "State"), concluded a Contract for Future Consolidation, on the basis of which the consolidation of ZSE and Východoslovenská energetika Holding a.s. (hereinafter also "VSEH"), in which they are direct or indirect sole shareholders, took place by the end of 2023. Based on the Contract, a contribution of 100% of VSEH shares to ZSE was made, whereby the company VSEH became a subsidiary of ZSE, and subsequently the sale of VSEH subsidiaries to ZSE.
The ZSE Group currently consists of the parent company, which is Západoslovenská energetika, a.s., and its following 100% subsidiaries:
ZSE Group’s non-current assets are mainly represented by distribution network valued at historical costs (while in individual financial statements of ZSD they were revalued at fair value at unbundling in 2007) and non-current assets of the former VSEH group valued at fair value in 2023. Current assets mainly comprise trade receivables related to the supply and distribution of electric energy and natural gas as well as provision of complex energetic products and services for customers.
Equity is mainly represented by share capital, legal reserve fund and retained earnings. Non-current liabilities are mainly related to the Euro Bond emission in 2018 in nominal value of EUR 315 million and long-term loans. Current liabilities comprise mainly trade payables related to supply and distribution of electric energy and natural gas as well as provision of complex energetic products and services for customers.
Main source of ZSE Group’s revenue and EBITDA is the revenue from provision of distribution services in western and eastern Slovakia and revenue from supply of electric energy and natural gas. Majority of the revenue is regulated by Regulatory Office for Network Industries (RONI).
| EUR Thousand | 2023 | 2022 |
|---|---|---|
| Non-current assets | 2,426,345 | 1,184,280 |
| Current assets | 775,080 | 490,717 |
| Total assets | 3,201,425 | 1,674,997 |
| Equity | 1,285,619 | 338,537 |
| Non-current liabilities | 1,105,845 | 516,414 |
| Current liabilities | 809,961 | 820,046 |
| Total equity and liabilities | 3,201,425 | 1,674,997 |
| Revenue | 1,857,696 |
1,681,534 |
| EBIT | 345,300 | 184,746 |
| EBITDA | 423,664 | 250,262 |
| Income | 2,372,964 | 1,711,837 |
| Expenses | (2,042,307) | (1,544,634) |
| EBT form continuing activities | 330,657 | 167,203 |
| Net income from continuing operations | 248,469 | 126,109 |
| Net income from discontinuing operations | 4,629 | 5,119 |
| Net income total | 253,098 | 131,228 |
| Total comprehensive income | 254,862 | 132,294 |
| Investments | 154,427 | 104,658 |
| Average number of employees | 2,316 | 2,151 |
Financing strategy of ZSE Group is aligned with criteria set by S&P rating agency in order to preserve the a- stand-alone credit profile derived from funds from operations (FFO) to debt.