Annual Report 2019 GridServices, S.r.o. - GasNet
Annual report 2019GridServices, s.r.o.1
Annual report 2019GridServices, s.r.o.2019Total sales (CZK m)4,029EBITDA (CZK m)1,232Operating result (CZK m)1,174Profit before taxation (CZK m)1,176Profit after taxation (CZK m)946Investments (CZK m)130Number of employees (FTE)2,038Wherever used in the text, the term Company refers to GridServices, s.r.o.Abbreviations usedOHSCASCEOLTIFEBITDAa.s.s.r.o.the innogy GroupGasNetGridServicesKPIthe RWE GroupOccupational Health and SafetyCzech Accounting StandardsChief Executive Officerlost time injury frequencyEarnings before Interest, Taxes, Depreciations and Amortization ChargesPublic limited companyLimited liability companythe innogy Group in the Czech RepublicGasNet, s.r.o.GridServices, s.r.o.Key performance indicatorentities within RWE AG concern2
Annual report 2019GridServices, s.r.o.TABLE OF CONTENTS1Statement by the Executive Director . 42Corporate Information. 52.1General Information . 52.2Governing Bodies . 62.3Persons Responsible for the Annual Report and Audit of the Financial Statements . 732019 Management Report. 83.1Results . 83.2Business Activities . 83.3Communication . 113.4Human Resources . 113.5Occupational Health and Safety. 123.6Outlook . 133.7Subsequent Events . 144Financial part . 154.1Financial Statements and Notes to the Financial Statements. 154.2Notes to the Financial Statements . 205Independent auditor’s report . 336GridServices, s.r.o., Report on Related Party Transactions in the Year Ended 31 December 2019363
Annual report 20191GridServices, s.r.o.Statement by the Executive DirectorLadies and Gentlemen,A look back on 2019 cannot but start with mentioning an important milestone – a changein the Company's ownership structure. A consortium of investors headed by Macquarie Infrastructureand Real Assets (MIRA), which includes British Columbia Investment Management Corporation (BCI)and Allianz Capital Partners, representing Allianz Group insurance companies, increased its stake ininnogy Grid Holding, a.s., (currently Czech Grid Holding), and consequently its subsidiary GridServices,s.r.o., to 100%.The transaction terminated our membership in the innogy Group. We began a process of buildinga strong, autonomous, and fully independent servicing company catering to the gas sector.The investors' interest in buying into the Company testifies to the fact that our business is attractiveto major strong global players. Likewise, it guarantees continuity and symbolizes the culminationof a partnership of more than six years. As in previous years, our clear priority in 2019 was providingtop-level, professional services to the Distribution System Operator, GasNet, s.r.o.We succeeded in maintaining a high level of services throughout the reported year. That madea considerable contribution to the reliable, safe, and economical operation of the gas distributionsystem. One of the areas where our focus concentrated was occupational safety. A fundamental pillarof our business, employees' health is our number one priority. We mainly placed emphasison preventing workplace injuries sustained during pedestrian activities and on reducing the risk of trafficaccidents. We successfully deepened cooperation with contractors with regard to occupational safety.Throughout 2019, GridServices continued to enlarge and improve the portfolio of services for end usersof natural gas. We were very active in providing consulting and brokering furnace subsidies, thanksto which a highly positive trend was recorded as regards the restoration of gas supply to dormant servicelines. All our services were offered via new online applications, where we are committed to enlargingthe service portfolio with a view to reinforcing the status of natural gas on the energy market.To conclude, I want to thank all employees and partners for their responsible and conscientious attitudeto work and a job well done. I am certain that their proactive attitude to day-to-day duties will continueto increase the importance of natural gas.Likewise, I trust that as in previous years, we will together meet our ambitious objectives in 2020.Martin GebauerChairman of the Executive Directors4
Annual report 20192GridServices, s.r.o.Corporate Information2.1 General InformationBusiness Name:Registered Office:Company No.:Legal Form:GridServices, s.r.o.Plynárenská 499/1602 00 Brno279 35 311Limited liability companyEstablishmentThe Company was established on 26 July 2007 and is registered under Reg. No. C 57165in the Commercial Register maintained by the Brno Regional Court. The sole member of the Companyis Czech Grid Holding, a.s., a company with registered office at Limuzská 3135/12, 100 98Prague 10 – Strašnice, Company No. 243 10 573. The Company has a registered capitalof CZK 75,000,000.Objects of Business1. Lease of real estate, residential property, and commercial property.2. Generation of electricity.3. Provision of services in the area of occupational health and safety.4. Accounting consultancy, bookkeeping, and tax administration services.5. Technical and organizational services in the area of fire safety.6. Construction, reconstruction, and demolition of structures.7. Construction design.8. Installation, repair, inspection, and testing of electrical equipment.9. Assembly, repair, inspection, and testing of gas equipment and gas vessel filling.10. Manufacture, trading, and services other than listed in Annexes 1 to 3 to the Trades Licensing Act.11. Geological works.12. Land surveying.13. Design of structures and equipment for mining work.14. Manufacture, installation, and repair of electric machines and instruments and of electronicand telecommunication equipment.15. Chimney maintenance.16. Production and distribution of heat not subject to licensing using heat production unitswith an installed capacity in excess of 50 kW per unit.Company ProfileGridServices is responsible for the operation and maintenance of the gas assets and distribution systemoperated by GasNet, including management, document administration, measurement of consumptionand quality of natural gas, and customer connection and disconnection. In addition, the Companyprovides engineering services for infrastructure construction and reconstruction projects. The Companyhas its registered office in Brno and operates in all regions of the Czech Republic. The Company has beenconducting business as an independent entity since 1 January 2008.Foreign Branch or DivisionThe Company has no branch or division abroad.5
Annual report 2019GridServices, s.r.o.2.2 Governing BodiesExecutive Directors of GridServices, s.r.o. in the Year Ended 31 December 2019Martin GebauerChairman of the Executive DirectorsDate of birth:4 November 1969Education:Brno Technical University, Faculty of Civil EngineeringCity University LondonOther business activities:NonePavel KáčerExecutive DirectorDate of birth:29 June 1958Education:Brno Technical University, Faculty of Mechanical EngineeringOther business activities:NoneDušan MalýExecutive DirectorDate of birth:21 March 1974Education:University of Economics, Prague, Faculty of Finance and AccountingMBA, ESCP-EAP, BerlinOther business activities:NoneChanges in the Company's Governing Body in 2019Czech Grid Holding, a.s., the sole member exercising the powers of the General Meeting, amendedthe Company's Memorandum of Association on 30 September 2019, increasing the number of ExecutiveDirectors to three. Further, effective as of 30 September 2019, the sole member appointed MartinGebauer and Dušan Malý as Executive Directors. The Executive Directors elected Martin Gebaueras the Chairman of the Executive Directors effective as of 7 October 2019.Czech Grid Holding, a.s., the sole member exercising the powers of the General Meeting, approvedthe revocation of procuration granted to Radek Starý, David Fojtík, Petr Báča, and Dagmar Ledererováeffective as of 24 October 2019.6
Annual report 2019GridServices, s.r.o.2.3 Persons Responsible for the Annual Report and Audit of the FinancialStatementsAuditor and Audit Firm Responsible for Auditing the Financial Statements for 2019Audit firm:PricewaterhouseCoopers Audit, s.r.o.represented by Václav Prýmek acting under power of attorneyHvězdova 1734/2c, 140 00 Prague 4Registered in the Register of Audit Firms of the Chamber of Auditors of the Czech Republic, RegistrationNo. 021Auditor in Charge:Danuše PolívkováStatutory Auditor, Registration No. 2462Prague, dated 17 March 2020Person Responsible for AccountingLucie ČejkováChief AccountantExecutive Directors Responsible for the 2019 Annual ReportWe, the undersigned, hereby certify that information disclosed in this Annual Report is true and that nofacts of material importance have been omitted or misrepresented.Martin GebauerChairman of the Executive DirectorsDušan MalýExecutive Director7
Annual report 20193GridServices, s.r.o.2019 Management Report3.1 ResultsRevenues, Expenses, ProfitIn 2019, earnings before taxes amounted to CZK 1,176,372 thousand, and the Company recordedCZK 946,400 thousand in profit after taxes.In 2019, income from the sale of own products and services amounted to CZK 4,028,368 thousandand mainly consisted of CZK 3,902,029 thousand in proceeds from services provided to the distributioncompany GasNet.InvestmentsThe Company executed investment projects in the framework of the approved investment plan. In 2019,the Company acquired assets with a total worth of CZK 129,514 thousand, of which CZK 84,547thousand was invested into the acquisition of vehicles and CZK 37,695 thousand into equipmentand machinery for gas asset maintenance.All investment projects were executed in the Czech Republic, and all were financed using the Company'sown resources.Risk ManagementRisks to which the Company is exposed are regularly monitored and assessed, and the Company'smanagement is informed of the current state of risks by means of reports. In 2019, the Companyidentified neither any risks liable to jeopardize its existence nor price, credit, liquidity, and cash-flowrisks.Research and DevelopmentThe Company does not carry out research and development.3.2 Business ActivitiesNetwork Operation and MaintenanceThe scope of the Company's gas assets remains essentially unchanged over the long term.Overview of Gas AssetsLength of gas pipelines in km (including service lines)201964,986Transfer and regulating stations3,625Corrosion protection stations1,094The main target of network operation and maintenance in 2019 was to ensure the safe, reliable,and economical operation of gas assets. To fulfill these objectives, operations workers carried outplanned inspections, repaired defects and leaks, and secured round-the-clock emergency service.8
Annual report 2019GridServices, s.r.o.As regards operating safety, the number of detected leaks in pipelines continued to decrease. The yearover-year reduction amounted to 6%. During the reported year, the Company responded to severalemergencies classified as accidents. None of them compromised public safety and the safetyof operations. As part of securing repair and emergency response service, operations workersresponded to 21,323 emergency calls. The internal KPI requirement for reaching the site of a defectwithin 60 minutes was complied with in 99.9% of cases.Efforts aimed at improving energy use intensity regarding self-consumption of energies includedthe replacement of 190 boilers and 74 preheating control systems.Operation and Maintenance Tasks2019Planned inspections70,427Detected leaks16,781Repaired leaks16,770Third-party damage to gas facilitiesUnplanned interruptions in gas supply to customersIncluding unplanned third-party interruptions5196,3444,760Calls received by the 1239 line32,338Onsite emergency interventions21,323The operation of the distribution system was managed by the Control Center from sites in Brno and Ústínad Labem. We introduced the monitoring of alarm statuses at regulating stations using recordingdevices. At present, long-distance monitoring covers 100% of transfer regulating stations and 90%of regulating stations. Throughout the year, the Control Center secured the receipt of defect reports viathe 1239 line with no interruption. In the reported year, we completed the implementation of measuressecuring the SCADA system in accordance with the Cybersecurity Act.Metering and Technical ServicesIn 2019, the Company continued the formerly established trend of maintaining a high service qualitystandard. Income from non-regulated services increased to more than CZK 14 million. The Companybegan installing smart gas meters with a closing valve for selected customers and at certain regulatingstations. Three thousand smart gas meters were installed by the end of the year.Tasks Performed by Metering and Technical ServicesMembrane gas meters up to G 62019297,640Gas meters over G 620,995Electronic metering systems23,641Unauthorized offtake56,039Meter readings – Large Customers and Medium CustomersMeter readings – Small Customers and Households2,281,68823,5369
Annual report 2019GridServices, s.r.o.Network EnlargementIn the reported year, the Company completed 602 construction projects worth in total CZK 2,580million, executed in accordance with the Distribution System Operator's investment plans, and prepared444 construction projects worth in total CZK 2,705 million for the coming period. In addition,engineering tasks were completed as part of the preparation of an additional 353 projects.In 2019, the Company successfully tested the egeliner method as another trenchless technology option.Moreover, we put into full use electronic construction site diaries, in the development of whichthe Company took active part, and deployed the ZOPS application for monitoring output frominspections on individual construction sites.Services provided by the Company included securing expert supervision of the construction of gas assetscarried out by other investors. In 2019, inspections were carried out for 611 relocation and developmentprojects and 676 service lines and pipeline extensions.Engineering and Design ServicesIn 2019, the Company completed design plans for 134 projects, where investment costs totaledapproximately CZK 1,076 million. This way, the Company participated in the planning of 40%of the volume of the Distribution System Operator's planned investments. Furthermore, we continuedto plan construction projects for subsequent years. In 2019, the Company began the preparation of 88construction projects.In addition, we joined the preparation of innovation projects aimed at new ways of using natural gas,such as the Rapotín biogas station.Operational Network ManagementThe main tasks of Operational Network Management in 2019 included digitization, automation,and support for the connection of new customers to the distribution system. In addition to automatingthe connection application process and digitizing the receipt of project documentation, a softwaresolution using artificial intelligence elements was developed and deployed for sorting and processingPDF documents received via data box. The system is planned to be used in other administrationintensive processes in the future.The number of assessment applications decreased year-over-year, mainly on accountof the simplification of the process for connecting new offtake points, where the requirement waseliminated to perform an independent assessment of the customer's gas supply facilities duringconstruction proceedings.From the more than 21 thousand connection applications received and processed, 10,046 customersbegan receiving gas supplies already during the reported year. As many as 9,612 applications concerneddormant gas grid connections.As to documentation and GIS, the fully electronic process of acceptance of design documents for gasasset construction projects was extended to additional project types. Thanks to that, more than 50%of documents for construction and reconstruction projects are now delivered in digital form.We continued to provide customers with active assistance for connection to the distribution systemand for switching to natural gas heating systems. In doing so, we used the synergic effect of furnace10
Annual report 2019GridServices, s.r.o.subsidies. This service resulted in the construction of over 150 gas grid connections and the installationof 163 new condensing boilers.Services Provided by Operational Network Management2019Issued assessments96,059Issued distribution system connection requirements21,705Signed gas asset relocation agreementsGas assets taken overIncluding takeover by electronic meansNumber of provided assessments of vector characteristics for gas assets7324,5692,47437,7183.3 CommunicationThe key event in 2019 that affected subsequent external and internal communication at GridServiceswas a transaction in which a consortium of investors headed by Macquarie Infrastructure and RealAssets (MIRA) increased its equity interest in innogy Grid Holding to 100%. The transaction took placein October, following which the Company, which had hitherto presented itself as an integral partof the innogy Group, began to pursue communication autonomously, as a fully independentcorporation.In external communication, the Company focused on providing the public with information on generalrules for the safe and reliable operation of gas appliances. Using press releases and other informationchannels, the Company promoted the conduct of preventive inspections and measures improvingthe safety of gas appliances.Furthermore, the Company focused on promoting its services in order to improve safetyand the convenience of using natural gas. These efforts mainly included gas boilers maintenanceand replacement and the replacement of pressure switches in buildings.3.4 Human ResourcesStaffing LevelsIn 2019, employee headcount (FTE) in the Company was 2,038. An FTE reduction by 14 employees wasachieved by organizational changes implemented in the course of the reported year.WagesIn 2019, wages developed in accordance with the Company's business strategy and the remunerationprinciples agreed in the Collective Agreement.The average wage in 2019 amounted to CZK 40,285.11
Annual report 2019GridServic
Annual report 2019 GridServices, s.r.o. 2019 Total sales (CZK m) 4,029 . the RWE Group entities within RWE AG concern . 3 Annual report 2019 GridServices, s.r.o. . the sole member exercising the powers of the General Meeting, approved the revocation of procuration granted to Radek Starý, David Fojtík, Petr áča, and Dagmar Ledererová .
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Annual Report 2020 compared to our 2019 Annual Report. The total carbon footprint for printing CIMB Annual Report 2020 was 11,588kgCO2e, compared to 14,987kgCO2e for our 2019 annual report. The carbon footprint for the 3 books of CIMB Annual Report 2020 is 14.485kgCO2e. We are committed to reducing the environmental impact of our annual report .
and Meeting Schedules: 6: Annual Report Workgroup Next Steps: Next steps for FY18 report development: 1. HITAC full committee reviews report . FY18 Annual Report Draft discussed: March 1, 2019. FY18 Annual Report Draft discussed: Winter/Spring 2019. FY18 Annual Report completed as needed:
ANNUAL REPORT 2019 ANNUAL REPORT 2019 BEAUTY TECHNOLOGY WELLBEING Sales 2017 2018 2019 1,140m 916m 736m EBITDA 2017 2018 2019 111m 91m 69m Banking Facility 2017 2018 2019 883m 795m 515m 34% United Kingdom 26% Europe 24% Asia Pacific 16% North America Group Sales by R
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