Page 1 from 11 Company identification SLOVENSKÉ ENERGETICKÉ STROJÁRNE a.s. Phone 036/6381111 (skrátene: SES a.s.) Továrenská 210 Telefax 036/6382042 935 28 Tlmače E-Mail Slovakia Web www.ses.sk Crefo Nr. 9230000574 Registration: Okresný súd Nitra Statistical Nr. 31411690 Registration Nr. Sa 39/N Tax Nr. SK2020403869 Status active Solvency index 281 S Solvency index between 261 and 310 means medium rating. This class represents medium risk in a business partnership. Solvency index is a very strong and capable early-alarm indicator enabling a fast assessment of solvency of business partners. The higher the solvency index, the higher the risk of default of a client. The solvency index ranges from 100, a very good rating, to 600 where highly negative characteristics are present. Economic situation Business connection Credits are not rejected. The establishing of the business connection (31) may be allowed. Terms of payment No complaints (39) Credit Limit 500 000 Basic information Legal form Company limited by shares
Page 2 from 11 Founded 01/05/1992 as Company limited by shares Registration 01/05/1992, Okresný súd Nitra, Sa 39/N Statistical Nr.: 31411690 Tax Nr.: SK2020403869 Registered names Valid from Former name Valid until 06/09/1993 SLOVENSKÉ ENERGETICKÉ STROJÁRNE a.s. 03/12/2001 23/04/1992 SLOVENSKÉ ENERGETICKÉ STROJÁRNE, a.s. TLMAČE 05/09/1993 Valid from Commercial name Valid until 04/12/2001 SLOVENSKÉ ENERGETICKÉ STROJÁRNE a.s. (skrátene SES a.s.) Owners and Capital Crefo Nr. / Address / Status From Share Shareholder 9230066506 SEGFIELD INVESTMENT LIMITED Pallouriotissa, Nicosia Cyprus 85,37 % Registered capital Date Currency Value 23/04/1992 49 994 224,26 06/09/1993 51 959 934,94 16/12/2002 10 391 986,99 28/05/2009 10 391 987,34 29/01/2010 22 010 739,34 divided into 1.565.345 shares with a nominal value off 6.64,-- divided into 1.452.344 shares with a nominal value off 8,-- Management Crefo Nr. / Address / Status Since Power of attorney Management
Page 3 from 11 9231020425 Member Ing. Dalibor Cucor M.R.Štefánika 4, 934 01 Levice Slovakia 9231029401 chairman Ing. Martin Paštika, MBA Karolíny Světlé 581, 385 01 Vimperk II. Czech Republic 9231022845 Member Ing. Milan Války Hrobákova 1639/15, 850 00 Bratislava-Petržalka Slovakia 9231025472 Member Ing. Robert Bundil Svat. Čecha 628/26, 693 01 Hustopeče Czech Republic Supervisory Board 9231013644 Ing. Josef Smetana Severní II 1556/4, 141 00 Praha 4, Záběhlice Czech Republic 9231013645 Ing. Peter Mikuláš Štúrova 791/23, 968 01 Nová Baňa Slovakia 9231013646 Mgr. Róbert Kováč Bárdošova 2717/12, 831 01 Bratislava Slovakia authorized to collective sign authorized to collective sign authorized to collective sign authorized to collective sign Company addresses Valid from Residence address Valid until Továrenská 210, 935 28 Tlmače, Slovakia Phone: 036/6381111 Telefax: 036/6382042 Továrenská 210, 935 28 Tlmače, Slovakia Subsidiaries Crefo Nr. / Address / Status Valid from Share Owner 9230002866 SES TVP s.r.o. Statistical Nr.: 31430015 Komenského 33, 937 01 Želiezovce Slovakia 9230004906 SES - KEZ spol. s r.o. Komponenty energetických zariadení Statistical Nr.: 31431810 Továrenská 210, 835 28 Tlmače Slovakia 6 638,78 100 000
Page 4 from 11 9230005016 SES TRADE spol. s r.o. Statistical Nr.: 31429807 Továrenská 210, 835 28 Tlmače Slovakia 9230012635 Lurgi - SES s.r.o. Statistical Nr.: 31439012 Továrenská 210, 953 21 Tlmače Slovakia 9230020162 SES MONT spol. s r.o. Statistical Nr.: 31428398 Továrenská 210, 953 21 Tlmače Slovakia 9230029405 SES FKM, s.r.o. Statistical Nr.: 34145702 Továrenská 210, 935 28 Tlmače Slovakia 9230645139 SES INSPEKT, s.r.o. Statistical Nr.: 31438491 Továrenská 210, 935 28 Tlmače Slovakia 9230645138 SES Energoprojekt, s.r.o. Statistical Nr.: 35701951 Gajova 4, 811 09 Bratislava Slovakia 100 000 250 000 67 343 000 1 883 000 6 639 29 120 Business activities Main activity Nace Manufacture of electronic components 26.11 Additional activities Nace Production facilities for Energy and Environmental Projects Subsidiraries: ENERGOPROJEKTY, a.s. SES Bohemia Engineering, a.s. SES Bohemia s.r.o. SES ENERGOPROJEKT, s.r.o. SES INSPEKT s.r.o. SES CHILE Ltda. Economic data Turnover and Employees Date Turnover Employees 2004 141 619 365 2005 118 954 226 2006 102 536 812 2007 154 982 042 1946
Page 5 from 11 2008 169 024 165 2009 213 304 000 2100 2010 136 683 000 2172 2011 175 237 000 2012 115 155 000 1461 73 659 000 1554 Import / Export Import Export Percentage Unknown 91 % Countries Germany, Hungary, Austria, Italy, Czech Republic Germany, Hungary, Ukraine, China, Chile Supplementary data Remarks Amount of vehicles: 37 personal and 89 freight vehicles Certificates: ISO 9001:2008 ISO 14001:2004 Production will be moved from Želiezoviec to the main factory in Tlmače. The reason is to reduce fixed costs and maximize capacity in Tlmače. Branch Želiezovce will be closed. Banks Code Bank name / Address Account Nr. 200 VÚB a.s. Main indices Payment experience and credit opinion Terms of payment No complaints (39) Business connection Credits are not rejected. The establishing of the business connection (31) may be allowed. Credit Limit 500 000
Page 6 from 11 Business development Company development Company development constant (30) Business course satisfactory (30) Events No negative events registered. Balances Balance Total assets 001 150 863 160 409 208 735 188 915 Non-current assets 002 66 965 44 249 27 042 Intangible fixed assets 003 76 145 210 218 Incorporation expenses Development expenses 004 Software 005 Valuable rights 006 Goodwill 007 Other intangible fixed assets 008 Acquisition of intangible fixed assets 009 Advance payments for intangible fixed assets 010 Tangible fixed assets total 011 24 113 28 378 37 003 22 392 Lands 012 Constructions 013 Separate movable assets and sets of movable assets 014 Perennial crops 015 Breeding and draught animals 016 Other tangible fixed assets 017 Acquisition of tangible fixed assets 018 Advance payments for tangible fixed assets 019 Adjustment to acquired assets 020 Long-term financial investments 021 5 984 7 036 4 432 Shares and ownership interests with control influence in enterprises Shares and ownership interests with substantial influence of enterprises 022 267 328 3 065 3 065 023 Other long-term shares and ownership interests 024 Intercompany loans 025
Page 7 from 11 Other long-term financial investments 026 4 363 5 656 3 971 1 297 Loans with maturity up to one year 027 Acquisition of long-term financial investments 028 70 Advance payments for long-term assets 029 Current assets 030 83 898 84 945 164 486 161 873 Inventory - total 031 8 418 9 609 10 892 17 660 Material 032 Work-in-progress and semi-finished goods 033 Construction contracts where the expected time of completion exceeds one year Finished products 034 Animals 035 Merchandise 036 Advance payments made for inventory 037 Long-term receivables total 038 19 032 20 318 18 898 34 822 Trade receivables 039 14 753 Net value of contract 040 Receivables from a controlled entity and a controlling entity 041 Other intercompany receivables 042 Receivables from participants, members and association 043 Other receivables 044 10 488 7 179 16 218 Deffered tax asset 045 7 958 10 151 7 893 3 851 Short - term receivables total 046 63 507 107 307 79 416 Trade receivables 047 16 690 12 412 23 274 39 695 Net value of contract 048 44 450 69 367 Receivables from a controlled entity and a controlling entity 049 Other intercompany receivables 050 Receivables from participants, members and association 051 Social security 052 Taxation and subsidies 053 26 135 Other receivables 054 6 013 6 645 14 666 39 586 Financial s total 055 9 089 9 354 29 975 Cash 056 6 173 8 253 Bank s 057 Bank s with notice period exceeding one year 058 Short-term financial assets 059 481 1 101 Acquisition of short-term financial assets 060 Prepayments 061
Page 8 from 11 Deferred expenses long term 062 Deferred expenses short term 063 Accrued revenues long term 064 Accrued revenues short term 065 Total capital and liabilities 066 150 863 160 409 208 735 188 915 Capital 067-2 537-7 114 5 928 12 143 Registered capital - total 068 22 011 22 011 22 011 22 011 Registered capital total 069 Own shares and own business shares 070 Change in registered capital 071 Receivables for subscriptions (for own equity capital) 072 Capital funds total 073 9 702 11 160 15 397 8 Share premium 074 Other capital funds 075 Legal reserve fund (Non-distributable fund) from capital contributions Gains or losses from revaluation of assets and liabilities 076 077 Gains or losses from investments 078 Gain or losses from revaluation from join and divesting 079 Funds created from profit total 080 2 078 2 078 2 078 2 078 Legal reserve fund 081 Indivisible funds 082 Statutory funds and other funds 083 Retained profit or loss from previous years 084-36 328-42 363-33 558-11 954 Retained earnings from previous years 085 Retained earnings from previous years 086 Profit or loss for the ing period 087 Liabilities 088 153 400 167 523 202 739 176 737 Reserves total 089 1 467 1 902 1 949 Legal reserves long term 090 968 Legal reserves short term 091 386 Other long-term reserves 092 1 467 1 902 1 949 Other short-term reserves 093 Long-term liabilities - total 094 29 644 5 170 4 007 3 733 Long-term trade liabilities total 095 5 170 3 892 3 591 Net value of contract 096 Uninvoiced long-term supplies 097 Long-term liabilities to a controlled entity and a controlling entity 098 Other intercompany long-term liabilities 099
Page 9 from 11 Long-term advances received 100 Long-term bills of exchange to a paid 101 Bonds issued 102 Liabilities from social fund 103 Other long-term liabilities 104 4 841 0 115 142 Deffered tax liability 105 Short-term liabilities - total 106 123 756 138 207 124 594 127 364 Trade liabilities 107 66 679 72 123 88 079 120 322 Net values of contract 108 1 563 31 299 Uninvoiced supplies 109 Liabilities to a controlled entity and a controlling entity 110 Other intercompany liabilities 111 Liabilities to partners and participants in association 112 Liabilities to employees 113 Social security liabilities 114 Taxation and subsidies 115 Other liabilities 116 2 984 4 882 5 216 7 042 Short-term financial assistance 117 52 955 Bank loans 118 58 575 72 236 43 691 Long-term bank loans 119 22 696 22 679 11 595 29 215 Current bank loans 120 58 575 60 641 14 476 Prepayments - total 121 151 68 35 Accrued expenses long term 122 Accrued expenses short term 123 Deferred revenues long term 124 Deferred revenues short term 125 151 68 35 Profit and loss s Revenue from the sale of merchandise 01 Cost of merchandise sold 02 Trade margin 03 Production 04 109 686 175 237 137 356 Revenue from the sale of own products and services Change in inventory 06 Own work capitalized 07 05 73 659 109 686 175 237 137 356
Page 10 from 11 Purchased consumables and services 08 86 303 134 530 99 781 Consumed raw materials, energy consumption and consumption of other non-inventory supplies 09 12 059 44 047 69 279 43 587 Services 10 33 266 42 256 65 251 56 194 Added value 11 23 383 40 707 37 575 Personnel expenses - total 12 11 051 30 924 33 380 33 345 Wages and salaries 13 Remuneration of board members 14 Social security expenses 15 Social expenses 16 Taxes and fees 17 Depreciation expense of intangible and tangible fixed assets Revenues from sales of fixed assets and sales of materials Net book value of fixed assets sold and material sold Additions to and reversals of impairment losses 21 18 2 148 6 697 2 357 2 293 19 20 Other operating revenues 22 16 714 2 713 620 Other operating expenses 23 5 576 16 426 36 334 26 640 Transfer of operating revenues 24 Transfer of operating expenses 25 Profit or loss from operations 26-28 651-24 083 Revenues from sales of shares and ownership 27 Shares and ownership interests sold 28 Revenues from long-term financial assest 29 Revenues from ownership interests with control influence in enterprises and ownership interests with substantial influence of enterprises Revenues from other long-term ownership and shares Revenues from other long-term financial assest 32 Revenues from short-term financial assest 33 Expenses for short-term financial assets 34 Revenues from revaluation of securities and revenues from derivative operations Expenses for revaluation of securities and expenses for derivative operations Reversal and creation of value adjustments for financial assets Interest income 38 Interest expense 39 Exchange rate gains 40 Exchanges rate losses 41 30 31 35 36 37
Page 11 from 11 Other financial revenues 42 1 100 2 488 5 865 17 953 Other financial expenses 43 2 281 4 000 5 974 5 812 Transfer of financial revenues 44 Transfer of financial expenses 45 Profit or loss from financial activities 46-1 512-109 12 141 Profit or loss from ordinary activities before tax 47 8 378-28 760-11 942 Income tax on ordinary activities 47 2 882 1 234 7 156-1 812 - current 49 17-19 -193 37 - deferred 50 2 865 1 253 7 349-1 849 Profit or loss from ordinary activities after tax 51 5 496-35 916 Extraordinary revenues 52-13 042 Extraordinary expenses 53 Profit or loss from extraordinary activities before tax Income tax on extraordinary activities 55 - current 56 - deferred 57 Profit or loss from extraordinary activities after tax Profit or loss of the ing period before tax Transfer of profit or loss to partners 60 54 58 59-28 760 Profit or loss of the ing period after tax 61 4 577-13 042-35 916-10 130 Financial Ratios Return on total assets ROA (in %) 1 3,03-8,13-17,21-5,36 Return on equity ROE (in %) 2-180,41 183,33-605,87-83,42 Rentabilität der Einnahmen ROS (in %) 3 Turnover of receivables (in days) 4 Turnover of liabilities (in days) 5 Turnover of inventories (days) 6 Net working capital 7-92813,00-111837,00-20749,00 20033,00 Ratio of s payable to s receivable 8 12,41 58,46 98,14 87,14 Ratio of to tangible assets (in%) 9 Current ratio 10 0,33 0,79 0,90 Quick ratio 11 0,05 0,63 0,77 Cash ratio 12 0,05 0,21 Debt ratio I (in %) 13 101,68 104,43 97,16 93,57 Debt ratio II (in %) 14 101,68 104,43 97,13 93,55