On 26 June 2018, the General Assembly of Slovenské elektrárne, a.s. approved the company's annual report, financial statements, a proposal for the distribution of profits, the adjustment of the Strategic Plan for 2018 – 2022, as well as a proposal to change the price decisions of the Regulatory Office for Network Industries on the price of electricity produced from domestic coal .
The new composition of the company's bodies has also been approved. The new Chairman of the Board of Directors, with effect from 27 June, is Mr. Branislav Strýček, replacing Mr. Bohumil Kratochvíl.
The General Assembly of the Company elected Mr. Kratochvíl as a member of the Supervisory Board. The new Chairman of the Supervisory Board became Mr. Richard Paška, and its new Vice-President is Mr. Georgios Karavas.
At the same time, the company's board of directors appointed Branislav Strýček as CEO of Slovenské elektrárne, a.s., with effect from 1 July 2018.
Branislav Strýček is the Chairman of the Board of Directors (since 27 June 2018) and General Director (since 1 July 2018) of Slovenské elektrárne (SE). He joined SE in 2005 as the Deputy Chief Financial Officer responsible for the reorganization of the finance department. In 2007, he took over the position of the Chief Financial Officer and member of the Board (since 2009), having responsibility for strategic decisions on investments, acquisitions, divestments and multi-million bank deals, and significantly contributing to a successful comprehensive restructuring of the company after its privatization in 2006.
In 2011, Mr. Strýček became the Chief Financial Officer of the International Division of Enel Group, based in Rome, Italy, leading CFOs in multiple countries in Europe and in Russia, establishing strategic and financial targets and spearheading continuous improvement programs. Upon his return to Slovakia he assumed the position of the Director of Market, Regulatory and Portfolio Management and the Vice-Chair of the Board (2012 – 2016) of SE, managing the sales strategy, business development and regulatory affairs; and leading wholesale and retail business in Slovakia, Czech Republic, Poland and Hungary.
Mr. Strýček is a member of the Board of Directors of Elini, a mutual insurance association, as well as the Board Directors of EURELECTRIC, an association representing European electricity industry. Prior to joining SE he gained considerable expertise in in various management positions in Emerson Network Power and Andersen in Slovakia, USA and Italy.
Mr. Strýček received his Civil Engineering degree from the Slovak Technical University in 1997. He became a member of the Association of Chartered Certified Accountants in the UK in 2004 and obtained his MBA from the London Business School, one of the world's foremost business schools, in 2009. He is the first Slovak Chairman of the Board of Director and General Director of SE since 2006. He is an avid ski mountaineer and climber, marathon runner and Ironman finisher.
Slovenské elektrárne, a.s. reported EBIDTA in the amount of 376 milion euros, with y/o/y decrease caused by the change of estimates of reserves for nuclear decommissioning and storage costs, as well as the fair value adjustment of the company’s assets in 2015. Net profit in 2016 increased to 116.8 million euros, primarily due to continuing optimization, realized savings and absence of one-off extraordinary measures. Total investments in 2016 reached 541 million euros, most of which was used for the completion of unit 3 and 4 of the nuclear power plant in Mochovce. Total indebtedness of the company increased by 494 million euros.
The General Meeting also decided that the profit will not be distributed to shareholders, but as in the past years, will be invested in the Mochovce project.
“Wholesale electricity prices in 2016 reached the lowest levels of the past decade, despite this we were able to stabilize the company and reach solid results. However, the whole energy market is undergoing a substantial transformation and there is a lot of work ahead of us in the coming years to increase efficiency and performance of the whole company. The completion of the two units in Mochovce remains key for us.”
- Bohumil Kratochvíl,
Chairman of the Board of Directors and CEO of Slovenské elektrárne
In 2016 Slovenské elektrárne produced 18,981 GWh of electricity, of which 14 774 GWh in nuclear power plants, 2,146 GWh in hydro and 2,059 in thermal. Photovoltaic power plants produced 1.96 GWh of electricity. Thanks to nuclear and hydro production, Slovenské elektrárne generated 90 % of electricity without CO2 emissions.
The General Meeting appointed Mr. Georgios Karavas, nominee of Slovak Power Holding, B.V., for the Chairman of the Supervisory Board and Mr. Richard Paško, nominee of the Slovak Republic, for the Deputy Chairman of the Supervisory Board.
On Thursday, November 10, Slovenské elektrárne gave away the 2016 Aurel Stodola Award to students competing for 8th year of the contest. During the Science and Technology Week the company awarded eight university students for their papers focused on energy and power generation.
Heads of departments from all technical universities across Slovakia submitted the Aurel Stodola Award candidates' papers to a Committee of experts from the energy sector. The awarded students receive their awards in November, during the Science and Technology Week:
Award for scientific activity papers was not granted in 2016.
Slovenské elektrárne promotes education, science and research in cooperation with the Slovak Technical University following the Memorandum on Strategic and Long-term Cooperation signed between the Company and the University in September 2007.
At today´s meeting held in Bratislava the Extraordinary General Meeting of the Shareholders of Slovenské elektrárne a. s. approved new composition of the corporate bodies and amendment to the Articles of Association which reflects modification of the Shareholders Agreement. With effect from 29 July 2016 Bohumil Kratochvíl became new Chairman of the Board of Directors.
Following the amendment to the Shareholders Agreement dated of 26 February 2016 and with respect to the change in the majority shareholder which occurred after the transfer of 66% of shares of Slovenské elektrárne from Enel Produzione S.p.A. to Slovak Power Holding B.V. which is jointly owned by Enel Produzione S.p.A. and EP Slovakia B.V., the subsidiary company of Energetický a průmyslový holding, a. s., the Extraordinary General Meeting of Shareholders has approved the amendment to the Articles of Association today.
The Extraordinary General Meeting of Shareholders also approved new composition of the Board of Directors and Supervisory Board.
Bohumil Kratochvíl became Chairman of the Board of Directors in Slovenské elektrárne. He replaced Nicola Cotugno who was appointed to the office of the Senior Vice-Chairman of the Board of Directors. The Board of Director also appointed Bohumil Kratochvíl to the office of the General Director. Tatiana Kamenská is a new member of the Board of Directors.
The following nominees of Slovak Power Holding B.V. were elected the new members of the Supervisory Board: Jan Špringl, Jiří Feist, Pavel Janík, Jan Stříteský, Michele Bologna and Rodolfo Avogadro di Vigliano.
Based on yearly rotation of the chairmanship in Supervisory Board, Richard Paško, the nominee of the minority shareholder - the Slovak Republic - remains the Chairman of the Supervisory Board; Roberto Deambrogio, the majority shareholder´s nominee remains the Vice-Chairman of the Supervisory Board.
Slovenské elektrárne, a. s. (SE) is a leader in electricity generation and heat production in combined operation on the Slovak market, it is also a provider of effective energy solutions. Slovak Power Holding B.V. is a majority shareholder owning 66% stake in SE; it is owned by an Italian company Enel Produzione S.p.A. and EP Slovakia B.V. a subsidiary company of Energetický a průmyslový holding, a. s. The Slovak Republic (SR), is a minority shareholder owning 34% stake and it is the Ministry of Economy of the Slovak Republic acting on behalf of it.
The Annual General Meeting of Slovenské elektrárne, held today in Bratislava, approved the financial results for 2015 and elected new members of the company’s Board of Directors and Supervisory Board.
For 2015, Slovenské elektrárne reported EBITDA of 869 million euros, a 63% year-on-year increase mainly due to the change in estimates of the provisions for nuclear decommissioning and storage costs, as well as continuing efforts in cost optimisation and efficiency, which partly offset the decline in electricity sales prices. Net income for 2015 reached 24 million euros, down from 170 million euros in 2014, mainly attributable to the fair value adjustment of the company’s assets and deteriorating market conditions. Investments reached 722 million euros, primarily in the completion of units 3 and 4 of the Mochovce nuclear power plant.
In 2015 the company produced 19,707 GWh of electricity, of which 19,259 GWh came from its own resources and 448 GWh from the Gabčíkovo, Čunovo and Mošoň hydropower plants, operated contractually until March 9th, 2015. Slovenské elektrárne produced 838 GWh in the past year. Excellent results in the operational reliability of Slovak nuclear power plants were again confirmed in 2015 by the unit capability factor (UFC), which was 90.60% for the Bohunice V2 nuclear power plant and 93% for the Mochovce nuclear power plant.1
“Thanks to its continuous efforts in increasing efficiency and optimising costs, the company was also able to maintain strong financial operating results and a stable flow of investments in 2015 despite deteriorating market conditions,” said Nicola Cotugno, the Company’s General Manager. “It’s on this groundwork that we base our confidence for successful implementation of the investment plan for the coming period, which is dominated by the completion of the third and fourth units of the Mochovce nuclear power plant.We also paid increasing attention to the utilisation of potential for growth in the neighbouring V4 markets, as well as in providing energy services for end-users.”
The Annual General Meeting also elected a new member of the company’s Board of Directors and new members of the Supervisory Board. Jozef Zlatňanský, the nominee of Enel Produzione S.p.A, has again been appointed a member of the Board of Directors. New members of the Supervisory Board include Richard Paško, the shareholder the Slovak Republic’s nominee, and William Hartert, the shareholder Enel Produzione’s S.p.A‘s nominee. The nominee of the Slovak Republic Richard Paško takes over as Chairman of the Supervisory Board and Roberto Deambrogio, the nominee of Enel Produzione S.p.A, takes over as Deputy Chairman of the Supervisory Board.
Slovenské elektrárne had two shareholders as at 31 December 2015. The majority shareholder was the Italian company Enel Produzione S.p.A., owning 66% of the shares. The minority shareholder was the Slovak Republic, represented by the Ministry of Economy of the Slovak Republic, owning 34% of the shares. Slovenské elektrárne operates 31 hydropower, two nuclear, two thermal and two solar power plants, with a total installed capacity of over 4,000 MW.
Enel is a multinational power company and a leading integrated player in the world’s power and gas markets. Enel Group operates in over 30 countries across 4 continents, producing energy through a net installed capacity of more than 89 GW and distributes electricity and gas through a network of approximately 1.9 million kilometers. With over 61 million business and household customers worldwide, Enel has the largest customer base among European competitors. Enel is the largest integrated utility in Europe in terms of market capitalisation and figures among Europe’s leading power companies in terms of installed capacity and reported EBITDA.
Slovak Republic – Under applicable legislation, the state as a company shareholder is represented by the Ministry of Economy of the Slovak Republic. The SR has two representatives on the Company’s board of directors and supervisory board. The positions of the Chairman and Vice-Chairman of the Supervisory Board are alternately occupied each year by their nominated representatives.
1 Best in class UFC standards provided by international organisation WANO for the same type of reactors as those operated by SE stand at 90.71%.
Enel has teamed up with the FIA Formula E Championships – the world’s first fully-electric racing series – after announcing an agreement to become the championship’s Official Global Power Partner. The announcement was made at an event held today at the MAXXI National Museum of 21st Century Arts in Rome.
Formula Eis partnering with global energy leader Enel to promote the advancement of the championship’s power technology infrastructure.
Francesco Starace, CEO and General Manager of the Enel Group, said: “We are delighted to be partnering with the Formula E team to lend our expertise in accelerating the digitisation of their energy management infrastructure and powering them through our renewable energy generation technologies. Enel and Formula E are natural partners, as we both embrace the exciting opportunities in electric mobility, smart cities and the clean energy revolution. We are now joining forces to continue with our pioneering work in the field of technological innovation for the vehicles of the future.”
Enel will work with Formula E to optimise its clean energy generation, distribution and management, showcasing its advanced energy solutions. The partnership gets the green light at the upcoming Berlin ePrix, which takes place on May 21st. and will run through the following two seasons, with the possibility to extend the agreement beyondthe 2017/18 season.
Enel is designing a fully digitised energy mini-grid for Formula E, using the company’s smart metering technology to monitor power usage and give fans the chance to interact with an advanced energy system in real time. In the current season, Enel will gradually deploy its smart meters and energy management system, harvesting data on energy usage for each team and across the event at every race.
A transportable mini-grid will eventually ensure that the championship’s races continue to place no extra strain on their host cities’ existing electricity grid. Enel will also provide its LED lighting technology for areas around each circuit, as well as setting up its own charging columns for fans arriving at the ePrixs in their own electric vehicles.
By the 2017/18 season, Formula E will be ready to deploy a combination of solar panels and glycerine-fed generators connected to a highly innovative storage system that will distribute energy at the event whenever needed. Enel will also look at installing solar panels in other areas at each venue.
With Enel driving the development of renewable generation technologies, smart grids and e-mobility solutions in the energy sector, Formula E offers the Group a high-tech testing ground for the ongoing development of its green power technologies.
Furthermore, following the signing of the partnership agreement, the entire Formula E operations become carbon neutral. Consequently the Berlin ePrix becomes the first ever carbon neutral motor race. Currently Formula E generates around 30,000 tonnes of carbon dioxide each year, which, according to the United States Environmental Protection Agency data, is equivalent to the average annual CO2 emissions of over 2,700 American homes.
The majority of CO2 generated by the championship comes from the international transport of equipment over the course of the season, even if the organisation works proactively to limit emissions from transportation. Enel will therefore work with Formula E to progressively offset those emissions through the deployment of Enel’s renewable energy technologies.
Formula E was launched in September 2014 and is currently in its second season. Since the start of its inaugural championship, the series has built an impressive following, with an average TV audience of 18.3 million people watching each ePrix and average attendance at the races of around 30,000 people.
Enel S.p.A. announces that its subsidiary Enel Produzione S.p.A. ("Enel Produzione") today signed a contract with EP Slovakia BV ("EP Slovakia"), a subsidiary of Energetický a průmyslový holding a.s. ("EPH"), for the sale of the stake held by Enel Produzione in Slovenské elektrárne, a.s. ("Slovenské elektrárne"), equal to 66% of the latter’s share capital.
The sale will be executed by way of a transfer of Enel Produzione’s entire stake in Slovenské elektrárne to a newly established company (“HoldCo”), and the eventual sale to EP Slovakia of 100% of the share capital of the HoldCo. This sale of HoldCo to EP Slovakia is due to be implemented in two phases.
The total consideration payable over the two phases, equal to 750 million euros, is subject to an adjustment mechanism. Any adjustment will be calculated by independent experts and applied upon completion of the second phase on the basis of a set of parameters, including the evolution of the net financial position of Slovenské elektrárne, developments in energy prices in the Slovak market, operating efficiency levels at Slovenské elektrárne as measured against benchmarks specified in the agreement, and the enterprise value of units 3 and 4 of Mochovce.
The agreement also provides that, should the options not become exercisable within the aforementioned terms, these options could be in any case exercisable starting from June 30th, 2022. In that case, the adjustment of the consideration will also take into account the effective enterprise value of the abovementioned units.
The closing of the transaction is also subject to clearance from the European Union’s antitrust authorities.
Following the completion of the first phase of the transaction, Slovenské elektrárne will be deconsolidated from the accounts of the Enel Group, resulting in a reduction of 375 million euros of the Group’s net debt. The net financial position of Slovenské elektrárne is currently already excluded from Enel Group's net financial debt as this stake was classified as "held for sale".
The sale of Slovenské elektrárne falls within the active portfolio management programme of the Enel Group, covering assets worth approximately 6 billion euros. The programme is aimed at refining the strategic focus of the Group’s asset portfolio, reducing business risk, recycling capital for redeployment to drive higher returns, and freeing up resources to fund further growth. This transaction brings total asset sales announced by the Enel Group in 2015 to approximately 3.7 billion euros, of which 1.6 billion euros is from transactions that have already closed.
As at the end of 2014, Slovenské elektrárne, a leader in the Slovak electricity generation market, had installed capacity of about 4,521 MW, of which about 1,940 MW from nuclear power generation. The company’s two new units (3 & 4) under construction at the Mochovce nuclear power plant have a total capacity of 942 MW. In 2014, Slovenské elektrárne posted revenues of 2.47 billion euros, EBIT of 300 million euros and net income of 17 million euros.
Slovenské elektrárne, an Enel Group Company, has celebrated the Week of Science and Technology by awarding the Aurel Stodola Awards for the best student research and professional activities and bachelor’s, master’s and PhD dissertations. The winners had studied technical topics that included artificial superhydrophobic coatings, advanced fast neutron reactors but also a comparison of photovoltaic and thermal solar systems for heating hot water for a family house and the design for a small hydro power plant.
As part of the Company’s Energy for Education programme, scholarships for academic year 2015/16 were awarded to 25 university students in technical specialisations with a total value of 33 250 euros. Another activity for the Week of Science and Technology organised by Slovenské elektrárne was a series of Science Talks full of attractive presentations of science for secondary school pupils.
The heads of department of technical subjects all over Slovakia entered bachelor’s, master’s and PhD dissertations by 32 students in this year’s competition, from which the specialist panel selected the following winners:
Student research and professional activities:
The prizes include financial awards, which amounted in total of 8 000 euros.
In addition to the Aurel Stodola prizes, Slovenské elektrárne has been awarding scholarships for students of technical subjects since 2007 as part of its CSR programme Energy for Education – Energy for the Country. In academic year 2015/2016 the company awarded 25 scholarships for a total of 33 250 euros. The majority of the scholarships went to students at the Slovak University of Technology (60%) followed by Žilina University (32%), the Technical University in Košice and Constantine the Philosopher University in Nitra (4%).
Science Talks is a series of events promoting science and technology to secondary school students and their teachers organised by Slovenské elektrárne and the Association for youth, science and technology – AMAVET in the Science Centre in Bratislava during the Week of Science and Technology. This year’s headliners were Michaela Musilová, who took part in a simulation of a mission to Mars, Kateřina Falk, who developed experiments for the most powerful laser in the world as well as a number of successful secondary school pupils and university students who spoke about their experience in the world of science, research and development.
Enel has been named in the top five of Fortune magazine’s Change the World list, a new ranking that shines a spotlight on businesses that make addressing social challenges part of their business strategy. The Group, which is both the only utility and only Italian company to be included in the list was ranked fifth of 50 companies selected by the magazine, and was hailed by Fortune for “charging the barricades when it comes to clean power”.
The magazine praised Enel for leading a renewable energy revolution, something they usually expect “to be led by tiny upstarts, not established giants”, and highlighted the fact that in 2014 the Group generated 38% of its output from renewable sources, with that figure set to rise to 48% within the next four years. Fortune also singled out Enel CEO Francesco Starace’s commitment to make the Group carbon neutral by 2050.
“We are delighted that Fortune has recognized the key role of the power industry in driving progress in the world and Enel’s leadership within it. Electricity is fundamental for industrial and agricultural production and job creation, it improves education and healthcare, and it opens up new opportunities for growth,” said CEO Starace in reaction to the news. “Our role is to ensure an energy supply that is available to all and sustainable over the long term, and we need to make sure it is delivered in harmony with the needs of the communities it serves.”
The Change the World list was created by Fortune in order to underline its belief that capitalism should be celebrated for its power to do good. To do this, Fortune and nonprofit social-impact consulting firm FSG “enlisted a small army” of business, academic, and nonprofit experts from around the world, asking for their recommendations of companies that are doing good as part of their profit-making strategy.
Fortune and a joint team from FSG and the Shared Value Initiative then vetted more than 200 nominees according to four criteria: the degree of business innovation involved, the measurable impact at scale on an important social challenge, the contribution of the shared-value activities to the company’s profitability and competitive advantage, and the significance of the shared value effort to the overall business. Fortune journalists then further vetted each of the nominees, before the final list of 50 was selected and ranked by the magazine’s editors, based on its own reporting and the analysis provided.
The Enel Group is also ranked 69 on Fortune’s Global 500 index, and is the second-largest utility on that list. It has been on the list for 21 years, and it owes its high placing to both its well-balanced generation mix and its policy of making zero carbon emissions a priority.
To view Fortune’s full list please visit Change the World.
Francesco Starace, Chief Executive Officer and General Manager of Enel stated: "Enel’s performance in the first nine months of the year demonstrated the considerable resilience of the Group in the face of the ongoing uncertainty associated with the European macroeconomic environment, exchange rate fluctuations in Russia and Latin America and the effects of the regulatory measures adopted in Spain. In the final quarter of the year, Enel continues to concentrate on emerging markets and renewable energy, leveraging our diversified portfolio and a new and more effective organizational structure. These two factors position us well to continue to drive value creation, and alongside the recently finalized decoupling of our Iberian and Latin America operations and the ongoing transaction in Spain, give us the confidence to reconfirm the full-year targets for EBITDA and net income as previously announced to the markets."
