3157003E5A4ZV0JCSM65-2023-12-31-en

 
EPH Financing International, a.s. 
Annual Financial Report 
for the period from 6 September 2023 
to 31 December 2023

Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
Table 
of Contents 
I.
Auditor’s Report 
II.
Text part of the financial annual report 
III.
Management statement 
IV.
Report on Relations 
V.
Report of the Board of Directors 
VI.
Financial statements for the period from 6 September to 31 December 2023

Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
I.
Auditor’s Report

 
 
 
 
Deloitte Audit s.r.o. 
Churchill I 
Italská 2581/67 
120 00 Prague 2 – Vinohrady 
Czech Republic 
Tel: +420 246 042 500 
DeloitteCZ@deloitteCE.com 
www.deloitte.cz 
Registered by the Municipal 
Court in Prague, Section C, 
File 24349 
ID. No.: 49620592 
Tax ID. No.: CZ49620592 
INDEPENDENT AUDITOR’S REPORT 
To 
the Shareholders of 
EPH Financing International, 
a.s. 
Having its registered office at: Pařížská 
130/26, Josefov, 
110 00 Prague 1 
Opinion 
We have audited the 
accompanying financial statements 
of EPH Financing International, a.s. (hereinafter also 
the 
“Company”) prepared on the basis of International Financial Reporting Standards (IFRS® Accounting Standards) as 
adopted by the European Union, which comprise the statement of financial position as at 31 December 2023, and 
the 
statement 
of 
comprehensive 
income, 
statement 
of 
changes 
in 
equity 
and 
statement 
of 
cash 
flows 
for 
the 
period from 
6 September 
2023 to 
31 December 
2023, and 
notes to 
the financial 
statements, 
including material 
accounting policy information. 
In 
our 
opinion, 
the 
accompanying 
financial 
statements 
give 
a 
true 
and 
fair 
view 
of
the 
financial 
position 
of EPH Financing International, a.s. as at 31 December 2023, and 
of its financial performance and its cash flows for 
the period 
from 
6 September 
2023 to 
31 December 
2023 in 
accordance 
with International 
Financial Reporting 
Standards as adopted by the European 
Union. 
Basis for Opinion 
We 
conducted 
our 
audit 
in 
accordance 
with 
the 
Act 
on 
Auditors, 
Regulation 
(EU) 
No. 
537/2014 
of 
the 
European 
Parliament 
and 
the 
Council, 
and 
Auditing 
Standards 
of 
the 
Chamber 
of 
Auditors 
of 
the 
Czech 
Republic, 
which 
are 
International 
Standards 
on Auditing 
(ISAs), as 
amended by the related 
application 
guidelines. Our 
responsibilities 
under 
this 
law 
and 
regulation 
are 
further 
described 
in 
the 
Auditor’s 
Responsibilities 
for 
the 
Audit 
of 
the 
Financial 
Statements section of our 
report. We are independent 
of the Company in accordance 
with the Act on Auditors and the 
Code 
of Ethics 
adopted 
by 
the Chamber 
of 
Auditors 
of 
the 
Czech 
Republic 
and 
we 
have 
fulfilled 
our 
other 
ethical 
responsibilities in accordance with 
these requirements. We believe that 
the audit evidence 
we have obtained 
is sufficient 
and appropriate to provide a basis for 
our opinion. 
Key Audit Matters 
Key 
audit 
matters 
are 
those 
matters 
that, 
in 
our 
professional 
judgment, 
were 
of 
most 
significance 
in 
our 
audit 
of the financial 
statements 
of 
the 
current 
period. 
These 
matters 
were 
addressed 
in 
the 
context 
of 
our 
audit 
of the financial statements 
as a whole, 
and in forming 
our opinion thereon, 
and we do 
not provide 
a separate opinion 
on these matters. 
As 
stated 
in 
Note 
1 
to 
the 
financial 
statements, 
General 
Information, 
the 
Company 
was 
founded 
by 
Energetický 
a 
průmyslový 
holding, a.s. 
for 
the 
purpose 
of 
obtaining 
funds 
in 
the 
form 
of 
subscription 
of 
bonds 
and 
managing 
these bonds. 
The 
funds obtained 
from the 
subscription 
of bonds 
were 
provided 
to 
the parent 
company 
– 
Energetický 
a průmyslový 
holding, a.s. 
– in 
the form 
of a 
loan and 
further distributed 
to operating 
companies 
of the 
Energetický a průmyslový holding a.s. group (hereinafter also referred to as the “EPH Group”). Allowances for credit loss 
represent the best 
estimate of expected 
losses prepared by 
the Company’s management 
as of the balance sheet 
date. 
The estimate 
was established 
in line 
with the 
requirements 
of IFRS 
9 Financial 
Instruments. 
The expected 
credit loss 
impairment model uses the principle of 
double measurement, where 
the allowance for impairment 
losses is measured 
either as 
twelve-month 
expected credit 
losses, or 
lifetime expected 
credit losses, 
depending on 
whether a 
significant 
increase in credit risk has 
been identified with respect 
to the exposure. This 
area was selected as 
a key audit matter 
as 
the determination of expected credit loss represents 
a significant judgement of the Company’s 
management. The most 
significant 
judgements 
in 
the 
determination 
of 
the 
allowance 
amount 
include 
the 
assumptions 
used 
in 
the 
model 
(e.g. macroeconomic 
and credit 
risk parameters), 
timely identification 
of exposures 
with a 
significant increase 
in risk 
(stage 2) and non-performing exposures 
(stage 
3). 

 
 
 
In 
the 
aforementioned 
area, 
our 
audit 
procedures 
included 
taking 
inventory 
of 
the 
financial 
instruments 
and 
other 
financial assets 
and testing 
of the 
measurement of 
the gross 
amount of 
the receivable. 
Our procedures 
also included 
inquiries 
of 
the 
management 
concerning 
the 
performance 
of 
Energetický 
a 
průmyslový 
holding, 
a.s. 
(including 
its 
subsidiaries) 
and 
reading 
the 
EPH 
Group’s 
management 
meeting 
minutes. 
We 
tested 
the 
control 
pertaining 
to 
the 
determination 
of 
the 
allowance. 
We 
used 
the 
work 
of 
an 
internal 
specialist 
for 
the 
assessment 
of 
the 
expected 
credit 
loss 
impairment 
model 
made 
by 
the 
Company’s 
management, 
their 
assumptions 
and the reliability of 
these assumptions. The internal specialist 
tested the reliability of the 
input data (including assessing 
macroeconomic, 
credit 
and 
other 
risk 
parameters). 
The 
internal 
specialist 
additionally 
assessed 
the 
allowance 
calculation 
methodology 
and 
evaluated 
whether 
the 
model 
reflected 
all 
relevant 
risks 
and 
whether 
the 
model 
assumptions were in line with historical results 
and future outlook. 
Other Information in the Annual Financial Report 
In 
compliance 
with 
Section 
2(b) 
of 
the 
Act 
on 
Auditors, 
the 
other 
information 
comprises 
the 
information 
included 
in the Annual Financial Report other than the financial statements 
and auditor’s report thereon. The Board of Directors 
is responsible for the other information. 
Our 
opinion 
on 
the 
financial 
statements 
does 
not 
cover 
the 
other 
information. 
In 
connection 
with 
our 
audit 
of the 
financial statements, 
our responsibility 
is to 
read the 
other information 
and, in 
doing so, 
consider whether 
the 
other 
information 
is materially 
inconsistent 
with the 
financial statements 
or our 
knowledge obtained 
in the 
audit or 
otherwise appears to be materially misstated. In addition, we assess whether the other information has been prepared, 
in all 
material respects, 
in accordance 
with applicable 
law or 
regulation, 
in particular, 
whether the 
other information 
complies with 
law or 
regulation 
in terms 
of formal 
requirements 
and procedure 
for 
preparing the 
other information 
in the context of materiality, i.e. whether any non-compliance 
with these requirements could influence 
judgments made 
on the basis of the other information. 
Based on the procedures performed, to the extent 
we are able to assess it, we report that: 
●
The 
other 
information 
describing 
the 
facts 
that 
are 
also 
presented 
in 
the 
financial 
statements 
is, 
in 
all 
material 
respects, consistent with the financial statements; 
and 
●
The other information is prepared in compliance with 
applicable law or regulation. 
In 
addition, 
our 
responsibility 
is 
to 
report, 
based 
on 
the 
knowledge 
and 
understanding 
of 
the 
Company 
obtained 
in the audit, on whether the other information contains any material misstatement of fact. Based on the procedures we 
have performed on the other information 
obtained, we have not identified any 
material misstatement of fact. 
Responsibilities of the Company’s Board 
of Directors and Supervisory Board for the Financial Statements 
The Board of Directors is responsible for the preparation and fair presentation of the financial statements in accordance 
with International Financial Reporting Standards as adopted by the European 
Union and for such internal control as the 
Board of Directors determines is necessary to enable the preparation of financial statements that are free from material 
misstatement, whether due to fraud 
or error. 
In 
preparing 
the 
financial 
statements, 
the 
Board 
of 
Directors 
is 
responsible 
for 
assessing 
the Company’s 
ability 
to 
continue 
as a 
going concern, 
disclosing, as 
applicable, matters 
related 
to going 
concern and 
using the 
going concern 
basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, 
or has 
no realistic alternative but to do so. 
The Supervisory Board is responsible for overseeing 
the Company’s financial reporting process. 
Auditor’s Responsibilities for the Audit 
of the Financial Statements 
Our objectives 
are 
to 
obtain 
reasonable 
assurance 
about 
whether 
the financial 
statements 
as a whole 
are 
free from 
material 
misstatement, 
whether 
due 
to 
fraud 
or 
error, 
and 
to 
issue 
an auditor’s 
report 
that 
includes 
our 
opinion. 
Reasonable assurance 
is a 
high level 
of assurance, 
but is 
not a 
guarantee 
that an 
audit conducted 
in accordance 
with 
ISAs 
will 
always 
detect 
a material 
misstatement 
when 
it 
exists. 
Misstatements 
can 
arise 
from 
fraud 
or 
error 
and 
are 
considered 
material 
if, 
individually 
or 
in 
the 
aggregate, 
they 
could 
reasonably 
be 
expected 
to 
influence 
the economic decisions of users taken 
on the basis of these financial statements. 
 

 
 
 
 
As part 
of an 
audit in 
accordance with 
the above 
law or 
regulation, 
we exercise 
professional 
judgment 
and maintain 
professional scepticism throughout the audit. We 
also: 
●
Identify and 
assess the 
risks of 
material misstatement 
of the 
financial statements, 
whether due 
to fraud 
or error, 
design 
and 
perform 
audit 
procedures 
responsive 
to 
those 
risks, 
and 
obtain 
audit 
evidence 
that 
is 
sufficient 
and appropriate to provide a basis for 
our opinion. The risk of not detecting a material misstatement 
resulting from 
fraud 
is 
higher 
than 
for 
one 
resulting 
from 
error, 
as 
fraud 
may 
involve 
collusion, 
forgery, 
intentional 
omissions, 
misrepresentations, or the override of internal 
control. 
●
Obtain 
an 
understanding 
of 
internal 
control 
relevant 
to 
the 
audit 
in 
order 
to 
design 
audit 
procedures 
that 
are 
appropriate 
in 
the 
circumstances, 
but 
not 
for 
the 
purpose 
of 
expressing 
an 
opinion 
on 
the 
effectiveness 
of the Company’s internal control. 
●
Evaluate 
the 
appropriateness 
of 
accounting 
policies 
used 
and 
the 
reasonableness 
of 
accounting 
estimates 
and related disclosures made by the Board 
of Directors. 
●
Conclude on the appropriateness of the Board of Directors’ 
use of the going concern basis of accounting and, based 
on the audit evidence obtained, whether a material 
uncertainty exists related to 
events or conditions that may 
cast 
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a 
material uncertainty 
exists, we are required to draw attention in our auditor’s report to 
the related disclosures in the financial 
statements 
or, 
if 
such 
disclosures 
are 
inadequate, 
to 
modify 
our 
opinion. 
Our 
conclusions 
are 
based 
on 
the 
audit 
evidence 
obtained up 
to the 
date of 
our auditor’s 
report. However, 
future events 
or conditions 
may cause 
the Company 
to 
cease to continue as a going concern. 
●
Evaluate 
the 
overall 
presentation, 
structure 
and 
content 
of 
the 
financial 
statements, 
including 
the 
disclosures, 
and whether 
the financial 
statements 
represent the 
underlying transactions 
and events 
in a manner 
that achieves 
fair presentation. 
We communicate with the 
Board of Directors, the Supervisory Board and the 
Audit Committee regarding, among other 
matters, the 
planned scope and 
timing of the 
audit and significant 
audit findings, including 
any significant 
deficiencies 
in internal control that we identify during 
our audit. 
We 
also 
provide 
the 
Audit 
Committee 
with 
a 
statement 
that 
we 
have 
complied 
with 
relevant 
ethical 
requirements 
regarding 
independence, and 
to communicate 
with them 
all relationships 
and other 
matters 
that may 
reasonably be 
thought to bear on our independence, and where applicable, related 
safeguards. 
From 
the 
matters 
communicated 
with 
the 
Board 
of 
Directors, 
the 
Supervisory 
Board 
and 
the 
Audit 
Committee, 
we 
determine those 
matters 
that were 
of most 
significance in 
the audit 
of the 
financial statements 
of the 
current period 
and are 
therefore 
the key 
audit matters. 
We 
describe these 
matters 
in our 
auditor’s 
report unless 
law or 
regulation 
precludes 
public disclosure 
about the 
matter 
or when, 
in extremely 
rare 
circumstances, 
we determine 
that 
a matter 
should not be 
communicated in our report 
because the adverse consequences 
of doing so 
would reasonably be 
expected 
to outweigh the public interest benefits of 
such communication. 
Report on Other Legal and Regulatory Requirements 
In 
compliance 
with 
Article 
10 
(2) 
of 
Regulation 
(EU) 
No. 
537/2014 
of 
the 
European 
Parliament 
and 
the 
Council, 
we 
provide the following information in our independent auditor’s report, 
which is required in addition 
to the requirements 
of International Standards on Auditing: 
Appointment of the Auditor and the Period of Engagement 
We were 
appointed as 
the auditors 
of the 
Company by 
the General 
Meeting of 
Shareholders on 
11 September 
2023. 
This marks our first year serving as the Company’s 
auditor. 
Consistence with the Additional Report to the Audit Committee 
We confirm that our audit opinion on the financial statements 
expressed herein is consistent with the additional report 
to the Audit Committee of the Company, which we issued on 26 March 2024 in accordance with Article 
11 of Regulation 
(EU) No. 537/2014 of the European Parliament and the Council. 
Provision of Non-Audit Services 
We 
declare 
that 
no 
non-audit 
services 
referred 
to 
in 
Article 
5 
of 
Regulation 
(EU) 
No. 
537/2014 
of the European Parliament 
and the Council were 
provided. At 
the same time, we 
did not provide 
any other non-audit 
services 
to 
the 
Company 
or 
its 
controlled 
entities 
that 
are 
not 
disclosed 
in 
the 
notes 
to 
the 
Company’s 
financial 
statements. 

 
 
 
 
Report on Compliance with the ESEF Regulation 
We have 
conducted a reasonable 
assurance engagement 
on the verification 
of compliance of 
the financial statements 
included 
in 
the 
annual 
financial 
report 
with 
the 
provisions 
of 
the 
Commission 
Delegated 
Regulation 
(EU) 
2019/815 
on the European Single Reporting Format that 
apply to the financial statements (the “ESEF 
Regulation”). 
Responsibilities of the Board of Directors 
The 
Company’s 
Board 
of 
Directors 
is 
responsible 
for 
the 
preparation 
of 
the 
financial 
statements 
in 
compliance 
with 
the ESEF Regulation. Inter alia, the Company’s 
Board of Directors is responsible for: 
●
The 
design, 
implementation 
and 
maintenance 
of 
the 
internal 
controls 
relevant 
for 
the 
application 
of the requirements of the ESEF Regulation; and 
●
The preparation of all financial statements 
included in the annual financial report in the valid XHTML format. 
Auditor’s Responsibilities 
Our task 
is to 
express a 
conclusion whether 
the financial 
statements 
included in 
the annual 
financial report 
are, in 
all 
material respects, 
in compliance with 
the requirements 
of the ESEF 
Regulation, based 
on the audit 
evidence obtained. 
Our 
reasonable 
assurance 
engagement 
was 
conducted 
in 
accordance 
with 
the 
International 
Standard 
on 
Assurance 
Engagements 3000 
(Revised) Assurance 
Engagements Other 
Than Audits or 
Reviews of 
Historical Financial Information 
(hereinafter “ISAE 3000”). 
The nature, 
timing and 
scope of 
the selected 
procedures 
depend on 
the auditor’s 
judgment. A 
reasonable 
assurance 
is a high level of assurance; however, it is not a guarantee that the examination conducted in accordance with the above 
standard will always detect a potentially existing material non-compliance with 
the requirements of the ESEF Regulation. 
As part of our work, we performed the following procedures: 
●
We obtained an understanding 
of the requirements of the ESEF Regulation; 
●
We obtained 
an understanding of 
the Company’s 
internal controls 
relevant for 
the application of 
the requirements 
of the ESEF Regulation; 
●
We 
identified 
and 
evaluated 
risks 
of 
material 
non-compliance 
with 
the 
ESEF 
Regulation, 
whether 
due 
to 
fraud 
or error; and 
●
Based on this, we designed and 
performed procedures responsive to those risks and aimed at obtaining a 
reasonable 
assurance for the purposes of expressing our 
conclusion. 
The aim 
of our 
procedures 
was to 
assess whether 
all the 
financial statements 
included in 
the annual 
financial report 
were prepared in the valid XHTML format. 
We believe that the evidence we have 
obtained is sufficient and appropriate 
to provide a basis for our conclusion. 
Conclusion 
In our opinion, 
the Company’s financial statements for the 
period from 6 
September 2023 to 31 
December 2023 included 
in the annual financial report are, in all material respects, in 
compliance with the requirements of the ESEF Regulation. 
In Prague on
16 April 2024
Audit firm: 
Statutory auditor: 
Deloitte Audit s.r.o. 
registration no. 079 
David Batal 
registration no. 2147 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
II.
Text part of the Financial Annual Report 
1)
Description of the Company 
Name: 
EPH Financing International, 
a.s. (the “Company” or the “Issuer”) 
Registered office: 
Pařížská 130/26, Josefov, 110 00 Prague 1, Czech Republic 
Corporate ID: 
196 78 135 
LEI code: 
3157003E5A4ZV0JCSM65 
Legal status: 
Joint stock company 
Legal system: 
The Company is established and exists in compliance with 
the law of the Czech Republic, in 
particular Act No. 89/2012 Coll., the Civil Code, as amended (the "Civil Code") 
and Act No. 
90/2012 Coll., on Business Corporations, as amended, (the “Business Corporations 
Act”), 
Act No. 455/1991 Coll., on Trade Licensing, as amended, and Act No. 256/2004 Coll., on 
Capital Market Business as amended 
Telephone number: 
+420 232 005 200 
Website: 
www.epholding.cz 
EPH Financing International, a.s. was formed on 
6 September 2023 and was registered in 
the Register of Companies 
held by the Municipal Court in Prague, Section B, Insert 28346. 
The annual 
and semi-annual 
reports will 
be published 
in electronic 
form on 
the Company’s website 
www.epholding.cz, 
Investors section, EPH Financing International, a.s. section. 
Business activities: 
Management of own property 
The Company was 
established for 
the purpose of 
issue of securities 
– bonds with 
fixed interest 
yield pursuant 
to a bond 
programme (the “Programme”) up 
to the expected total 
nominal value of EUR 
3 billion. The first 
issue of the bonds 
pursuant to the Programme 
was accepted for trading 
on the Euronext Dublin 
regulated market in Ireland 
in the amount 
of EUR 500 million. 
The trading was initiated on 
the issue date of 
6 November 2023. The code 
of the bonds is 
ISIN 
XS2716891440. 
No rating has been allocated to the Issuer. The bonds have the rating of BBB-. 
Organisational structure 
The sole shareholder of the Company as of 31 December 2023 is: 
Interest in the share capital 
Voting rights 
in EUR thousand 
% 
% 
Energetický a průmyslový holding, a.s. 
82 
100 
100 
Total
82
100
100
Shareholders of Energetický 
a průmyslový 
holding, a.s. as of 31 December 2023 
are: 
Interest in the share capital 
Voting rights 
% 
% 
EP Corporate Group, a.s. 
56 plus 1 share 
56 plus 1 share 
J&T Energy Holding, a.s. 
44 less 1 share 
44 less 1 share 
Total
100
100
The information on 
the number of shares 
or similar securities representing 
a share 
in the Issuer 
owned 
by 
persons 
discharging 
managerial 
responsibilities 
of 
the 
Issuer, 
options 
and 
comparable 
investment 
instruments the value of which pertains to shares or similar securities 
representing a share 
in the Issuer 
as of 31 December 2023 is as follows: 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
Shares or similar securities 
Options and comparable 
investment instruments 
Pieces 
pieces 
Members of the statutory body 
- 
- 
Members of the Supervisory Board 
- 
- 
Total
-
-
The Company’s 
share capital 
has been paid 
up in 
full, is 
composed of 10 
ordinary registered shares 
in certificated 
form with 
a nominal 
value of 
EUR 8,200 
(CZK 200,000 
thousand). The 
rights and 
obligations attached 
to the 
ordinary 
registered shares are defined in the Business Corporations Act (Act 
No. 90/2012 Coll., as amended) and in Article 6 
of the Company's 
Articles of 
Association. The 
shareholders are 
entitled to 
receive dividends 
and hold 
1 vote 
per share 
with a nominal value of EUR 8,200 at the Company's general meeting. 
The sole shareholder, Energetický a 
průmyslový holding, a.s. 
(hereinafter "EPH"), is 
a joint-stock company, with its 
registered 
office 
at 
Pařížská 
130/26, 
Josefov, 
110 
00 
Prague 
1, 
Czech 
Republic. 
The 
principal 
activities 
of 
EPH 
include corporate investment in infrastructure and power industry. 
In addition to the two main 
activities, the Group 
is engaged in business in a number of other areas, such as logistics and 
trade brokering. 
The ultimate majority owner of EP Corporate Group, a.s. 
and EP Investment S. à r.l. 
is Daniel Křetínský, chairman 
of the Board 
of Directors of 
Energetický a průmyslový 
holding, a.s. and 
chairman of the 
Board of Directors of 
the 
Issuer. The control 
of the Issuer by indirectly controlling entities 
is based on the voting 
share which corresponds to 
the 
share 
in 
the 
Company's 
share 
capital. 
Indirectly controlling 
entities 
exercise 
supervision 
over 
the 
Company's 
management through 
their participation 
in 
the 
general meeting 
of the 
parent company 
Energetický 
a průmyslový 
holding, a.s. Measures taken to ensure that control is not abused are based on generally applicable legal regulations. 
The Company has not taken any special step in addition to the generally applicable 
legal regulations. 
The Company 
is directly 
owned and 
controlled by 
EPH, due 
to which 
it is 
included in 
the consolidation 
group of 
Energetický a průmyslový 
holding, a.s., 
with its 
registered office 
at Pařížská 
130/26, Josefov, 110 00 
Prague 1, 
Czech 
Republic, corporate 
ID: 283 
56 250. 
The details 
contained in 
the Company's 
financial statements 
are thus 
incorporated 
into 
the 
consolidated 
financial 
statements 
(or 
the 
Consolidated 
Annual 
Report) 
of 
Energetický 
a průmyslový 
holding, a.s. 
The consolidated 
annual report 
can be 
obtained at 
the address 
of Energetický 
a průmyslový 
holding, 
a.s, 
or 
on 
the 
website 
www.epholding.cz 
or 
www.justice.cz
, 
in 
the 
collection 
of 
documents 
relating 
to 
Energetický a průmyslový holding, a.s. 
EPH Financing 
International, a.s. 
is financially 
dependent on 
the parent 
company EPH 
as all 
of its 
revenues are 
linked 
to the 
parent company. 
EPH is 
a guarantor in 
the form 
of financial guarantee 
for the 
Company's bond debts 
under 
English law. The Company is not aware of any grounds that such dependence of the EHP Group has been abused. 
2)
Corporate Governance 
i.
Risks and Risk Management Principles 
The Company is exposed 
to a number of risks, 
primarily those related to 
regulation and new laws, liquidity 
risks and 
interest rate risks. 
Credit risk 
Credit risk is the 
risk of financial loss 
that is imminent when 
a counterparty in a 
financial instrument transaction 
fails 
to meet 
its contractual 
obligations. This 
risk arises 
for the 
Company primarily 
in loans, 
as the 
Company provided 
a 
loan to 
the 
parent company 
Energetický 
a průmyslový 
holding, a.s. 
The parent 
company was 
assigned 
a BBB- 
rating with a 
stable outlook from 
S&P Global Ratings 
Europe Area and 
Fitch Ratings Ireland 
Limited. The Company 
continuously monitors potential changes in the parent company’s credit risk. 
Liquidity risk 
Liquidity risk 
is the 
risk that 
the Company 
will encounter 
difficulties in 
meeting the 
obligations associated 
with its 
financial liabilities that are settled by cash or other financial assets. 
On 
a 
standard 
basis, 
the 
Company 
ensures 
that 
it 
has 
sufficient 
cash 
and 
assets 
within 
short-term 
maturity 
(or maturity corresponding 
to the maturity 
of expected 
expenditure) to 
meet expected 
operational expenses 
for a 
period 
of 
90 
days, 
including 
settlement 
of 
financial 
obligations; 
however 
not 
to 
cover 
the 
potential 
impact 
of 
extreme 
circumstances that cannot reasonably be predicted, such as natural 
disasters. 

 
 
 
 
 
Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
Interest rate risk 
The Company is exposed 
to a low risk 
on interest rate fluctuations 
in its operations because 
interest-bearing assets and 
interest-bearing liabilities have 
almost the same 
maturity dates and 
are due in 
the same amount, 
while reflecting the 
form of interest rates, be it fixed interest rates or variable interest 
rates. 
Risk related to the legal, regulatory and tax environment 
The legal, regulatory and tax environment in the Czech Republic and Ireland is often subject to 
changes and the laws 
may not be always implemented uniformly by the courts and public 
authorities. 
Internal control principles and policies and rules 
of approach to potential risks arising 
in connection with the financial 
reporting process 
The 
control 
system 
includes 
both 
internal 
control 
mechanisms 
created 
within 
the 
Company 
and 
external 
control 
mechanisms. 
The 
internal 
control 
system 
includes 
control 
mechanisms 
created 
within 
the 
Company. 
It 
ensures, 
evaluates and minimises operational, financial, legal and 
other risks of the Company. Work procedures are stipulated, 
and 
powers and 
responsibilities are 
allocated within 
the 
internal control 
system. Results 
of 
the 
internal control 
are 
objectively and 
regularly evaluated. 
In case 
of any 
findings, appropriate 
measures for 
rectification of 
the identified 
defects are determined. Financial control 
of the financial reporting 
process is provided for 
by responsible employees 
as part 
of internal 
management in 
the preparation 
of operations 
before their 
approval and 
in their 
course until 
their 
settlement. 
The Company keeps double-entry accounting for the accounting 
entity and the financial reporting process is provided 
for by 
responsible persons. 
The Company's 
accounting period 
coincides with 
the calendar 
year; in 
the first 
year the 
reporting period 
is from 
the date 
of formation 
on 6 
September 2023 
to 31 
December 2023. 
The Company complies 
with all 
accounting and tax 
regulations required by 
applicable legal regulations. 
The Company is 
subject to external 
audit and established an audit committee with effect from 15 September 2023. 
A 
more 
detailed description 
of 
risks and 
management principles 
is 
included in 
Note 
14 to 
the 
financial statements 
which are part of this annual report. 
ii.
Company’s Bodies 
Statutory body of the Company as of 31 December 2023 
Acting on 
behalf of 
the Company: Members 
of the 
Board of 
Directors may represent 
the Company 
in respect 
of all 
matters by two directors always acting on behalf of the Company 
in dealings with third parties jointly. 
Company’s Board of Directors 
Daniel Křetínský 
Chairman of the Board of Directors 
Marek Spurný 
Member of the Board of Directors 
Pavel Horský 
Member of the Board of Directors 
The business address of all members of the Board of directors of the Company 
is as follows: Pařížská 130/26, 
Josefov, 110 00 Prague 1, Czech Republic. 
 

 
Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
Daniel Křetínský 
Daniel Křetínský is 
the Chairman of 
the Board 
of Directors in 
Energetický a 
průmyslový holding, EP 
Infrastructure 
and EP Power Europe. In addition, he is a member of the Board of Directors 
in several subsidiaries of EPH. 
He 
holds 
bachelor's 
degree in 
political 
sciences 
and 
a 
master's 
degree 
and 
a 
Doctor 
of 
Law 
degree 
from 
Masaryk 
University in Brno. 
Pavel Horský 
Pavel 
Horský is 
chairman of 
the risk 
committee of 
EPH, also 
taking posts 
in 
Boards of 
Directors and 
Supervisory 
Boards of 
several subsidiaries of 
EPH. He is 
also a member 
of the 
Board of Directors 
of Energetický 
a průmyslový 
holding, 
a.s., 
EP 
Infrastructure 
and 
EP 
Power 
Europe. 
Before 
joining 
EPH, 
he 
worked 
as 
advisor 
for 
market 
risk 
management at the Royal Bank of Scotland. 
He holds a master's degree in mathematics and physics from Masaryk University 
in Brno. 
Marek Spurný 
Marek Spurný has worked for the EPH Group and its legal predecessors 
since 2004. As the lead lawyer of the Group, 
he 
is 
mainly 
responsible 
for 
concluding 
transactions, 
legal 
negotiations 
and 
mergers 
and 
acquisitions, 
corporate 
restructuring and for the 
legal support in general 
and also for 
the compliance area. Marek 
Spurný also takes posts 
in 
statutory bodies 
as a 
member of 
the Board 
of 
Directors of 
the parent 
company Energetický 
a průmyslový 
holding, 
EP Infrastructure or EP Power Europe. Similarly, he also holds positions in bodies of other subsidiaries of the Group. 
Before joining 
the Group, 
he had 
worked for 
the Czech 
Securities Commission, 
i.e. the 
previous authority 
for regulation 
of capital markets in the Czech Republic, for five years. 
He graduated from the faculty of law of Palacký University in Olomouc. 
The 
members 
of 
the 
Board 
of 
Directors 
declare 
that 
there 
is 
no 
conflict 
of 
interests. 
None 
of 
the 
persons 
is 
in 
employment relationship 
with the 
Company. 
The members 
of the 
statutory body 
have not 
received any 
financial or 
non-financial remuneration related to the exercise of their position. 
Powers of the statutory body 
The Board of Directors 
is the statutory body 
of the Issuer and 
is entitled to act 
on behalf of 
the Issuer in all 
matters and 
represents the Company 
in dealings with third 
parties, courts and other 
authorities. The Board 
of Directors is in 
charge 
of the Company's business management. 
The Board of 
Directors takes decisions 
concerning all matters 
of the Company 
unless they fall 
within the powers 
of 
the general meeting, the 
Supervisory Board or other bodies 
of the Company by law 
or under the Company's 
Articles 
of Association. 
Any member of the Board of Directors may request 
the Company’s general meeting to give an instruction concerning 
the business management; this shall not affect his duty to act with due managerial 
care. 
The Board 
of Directors 
provides for 
proper keeping 
of accounts, 
submits annual, 
extraordinary or 
interim financial 
statements to 
the general 
meeting for 
approval and 
also a 
proposal for 
distribution of 
profit or 
settlement of 
loss in 
compliance with the Company’s Articles of Association. 
In its activities the 
Board of Directors adheres to 
generally applicable legal regulations, decisions and 
instructions of 
the general meeting if they 
are in compliance with the 
legal regulations and the Articles 
of Association as well as 
their 
decisions. 
Members of the 
Board of Directors always 
attend the general meeting. 
A member of the 
Board of Directors is 
given 
the floor whenever he/she requests so. 
The Board of Directors has a quorum if its meeting is attended by an absolute majority of the directors. The Board of 
Directors shall decide by majority of votes of the directors. Every member 
of the Board of Directors has one vote. 
The Company's Board 
of Directors has 
3 members. Members 
are elected and 
recalled by the 
general meeting. 
The term 
of office of the members lasts until they are removed by the general meeting. 

 
 
Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
Other Company’s Bodies as of 31 December 2023 
Supervisory Board 
Company’s 
Supervisory Board 
Petr Sekanina 
member of the Supervisory Board 
The business address of the Supervisory Board member of the 
Company is as follows: Pařížská 130/26, Josefov, 
110 
00 Prague 1. 
The Supervisory 
Board oversees 
the exercise 
of the 
powers of 
the Board 
of Directors 
and the 
activities of 
the Company. 
The Company's Supervisory Board has one member. 
The 
member 
of 
the 
Supervisory 
Board 
declares 
that 
there 
is 
no 
conflict 
of 
interest, 
and 
he 
is 
in 
no 
employment 
relationship with the Company. The member of the Supervisory Board has 
not received any financial or non-financial 
remuneration related to the exercise of his position. 
General Meeting 
The general 
meeting is 
the supreme 
body of 
the Company. 
The Company's 
shareholders exercise 
their right 
to take 
part in the Company’s management at or outside the general meeting. 
The general meeting power include: 
a)
Taking decisions to amend the Articles of Association unless the amendment is made as a result of increase 
of the share capital by the Board of Directors authorised to do so or any change taking 
place based on other 
legal facts; 
b)
Taking 
decisions to change 
the share 
capital amount and 
to authorise the 
Board of Directors 
to make 
such 
share capital increase; 
c)
Taking decisions to allow setting 
off a cash receivable 
to be recovered from 
the Company against 
a claim for 
issue price payment; 
d)
Taking decisions to issue convertible or preference bonds; 
e)
Appointing and recalling Board of Directors members; 
f)
Appointing and recalling Supervisory Board members; 
g)
Approving annual, extraordinary or consolidated financial statements or also 
interim financial statements if 
the preparation thereof is imposed by another legal regulation; 
h)
Taking decisions to distribute profit or any other own resources or to settle a loss; 
i)
Taking 
decisions to 
file 
an 
application 
to 
admit 
the 
Company’s 
participation securities 
for 
trading 
in 
the 
European regulated market or withdraw such securities from trading in 
the European regulated market; 
j)
Taking decisions to wind up the Company and place it into liquidation; 
k)
Appointing and recalling a liquidator; 
l)
Approving a proposal for distribution of the balance of assets upon liquidation; 
m)
Approving transfer or pledging an enterprise or any part thereof which would amount to material 
change of 
the 
existing 
structure 
of 
such 
enterprise 
or 
material 
change 
of 
the 
scope 
of 
the 
Company’s 
business 
or 
activities; 
n)
Taking 
decisions 
to 
accept 
the 
effects 
of 
the 
conduct 
performed 
on 
behalf 
of 
the 
Company 
prior 
to 
its 
incorporation; 
o)
Approving a silent partnership agreement, including approval of 
any amendments to or termination of such 
agreement; and 
p)
Taking other 
decisions falling under the Act or the Articles of 
Association within the powers of the general 
meeting. 
The general meeting may not 
reserve taking decision concerning cases that 
do not fall within its 
powers by Business 
Corporations Act No. 90/2012 Coll. or by the Articles of Association. 
The Issuer has a sole 
shareholder, no general meeting takes 
place, and the powers of 
the general meeting are 
exercised 
by the sole shareholder. As such, the sole shareholder assumes the position and the capacity of the general 
meeting. 
The general meeting (the 
sole shareholder) takes 
decisions by adopting 
resolutions. The general 
meeting has a quorum 
if shareholders are present holding shares the nominal value 
or the number of which exceeds 30 per 
cent of the share 
capital. The general meeting takes decisions by a majority of votes of the attending 
shareholders. 
The person with managerial responsibilities is the Board of Directors 
and the Supervisory Board of the Company. 

 
Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
Audit Committee 
The 
Issuer established 
the Audit 
Committee (the 
"Committee") with 
effect 
from 15 
September 2023. 
Pending 
appointment of 
the Audit Committee 
members such 
position was 
exercised by 
the Company’s Supervisory 
Board. 
The Audit Committee has two independent and three professionally 
qualified members: 
Company’s 
Audit Committee 
Václav Moll
 
Chairman of the Audit Committee (independent
)
Jakub Šteinfeld 
member of the Audit Committee (independent) 
Lukáš Jiránek 
member of the Audit Committee 
Position and powers of the Audit Committee 
The main purpose of the Audit Committee is to 
supervise over the process of preparing financial statements and 
the 
system 
of 
internal 
control. 
Furthermore, 
the 
Audit 
Committee 
is 
responsible 
for 
overseeing 
the 
risk 
management process. 
Without prejudice to 
the responsibilities of the Company's 
directors and Supervisory Board members, 
the Audit 
Committee members particularly perform 
the following activities: 
a)
Monitor the effectiveness of internal control and the risk management process; 
b)
Monitor the 
effectiveness of 
internal audit 
and its 
functional independence, if 
the function 
of internal 
audit is set up; 
c)
Monitor the procedure of preparation of financial statements and consolidated financial statements and 
submit to the managing or controlling body recommendations to provide for integrity of the systems of 
accounting and financial records; 
d)
Recommend 
auditors 
to 
the 
controlling 
body 
provided 
that 
such 
recommendation, 
unless 
a 
directly 
applicable regulation 
of the 
European Union 
governing specific 
requirements for 
mandatory audit 
of 
entities of public interest provides otherwise, is duly justified by such Audit 
Committee member; 
e)
Consider independence of 
the statutory auditor 
and auditing company 
and the provision of 
non-auditing 
services to the entity of public interest by the statutory auditor and auditing 
company; 
f)
Discuss with the auditor any risks 
endangering his independence and protective measures taken by the 
auditor with the objective of alleviating such risks` 
g)
Monitor 
the 
process 
of 
mandatory 
audit, 
proceeding 
from 
the 
comprehensive 
report 
on 
the 
quality 
assurance system; 
h)
Make 
statements 
as 
to 
termination 
of 
the 
obligation 
arising 
from 
mandatory 
audit 
agreement 
or 
withdrawal from mandatory audit agreement pursuant to Section 17a (1) of Auditors’ 
Act No. 93/2009 
Coll.; 
i)
Consider whether the 
auditing order is subject 
to review of quality 
management of the auditing 
order by 
another statutory auditor 
carrying out auditing activity 
in his own 
name and on 
his own account 
or by 
the auditing 
company pursuant 
to Article 
4(3), subparagraph 
1 of 
Regulation of 
the European 
Parliament 
and the Council (EU) No. 537/2014; 
j)
Inform the controlling 
body concerning the outcome 
of the mandatory 
audit and his 
findings from the 
overseeing the mandatory audit process; 
k)
Inform 
the 
controlling 
body 
as 
to 
how 
the 
mandatory 
audit 
contributed 
to 
ensuring 
integrity 
of 
the 
systems of accounting and financial records; 
l)
Take 
decisions to 
continue to 
carry 
out 
the 
mandatory 
audit 
by 
the 
auditor 
pursuant to 
Article 
4(3), 
subparagraph 2 of Regulation of the European Parliament and the Council 
(EU) No. 537/2014; 
m)
Approve the provision of other non-auditing services; 
n)
Approve the report 
on conclusions of tender 
proceedings in compliance 
with Article 16 
of Regulation 
of the European Parliament and the Council (EU) No. 537/2014; and 
o)
Carry out further 
powers pursuant to 
Auditors
’ 
Act No. 93/2009 
Coll. or a 
directly applicable regulation 
of the 
European Union 
governing specific 
requirements for 
mandatory audit 
of entities 
of public 
interest. 

 
 
 
 
 
 
 
 
 
 
 
 
Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
Meetings of the Audit Committee are attended by Audit Committee members. Audit Committee members may 
invite other persons 
to attend the 
meeting, if they 
consider it appropriate. 
Matters discussed at 
the Committee 
meeting are put to the vote and decision 
is taken by passing a resolution. The Audit 
Committee has a quorum if 
an absolute majority of the Audit Committee members are present at the meeting. Every member has one vote; 
in case of a tie, the chairman of the Audit Committee shall have a casting 
vote. 
Audit Committee members are appointed and recalled by the general 
meeting for an indefinite term. 
Apart 
from 
the 
Audit 
Committee 
members, 
the 
Issuer 
has 
not 
introduced 
any 
remuneration 
system 
as 
the 
Company has no 
employees, nor are any 
persons discharging managerial responsibilities 
entitled to claim any 
remuneration 
on 
the 
grounds 
of 
their 
position. 
Remuneration 
to 
the 
Audit 
Committee 
members 
is 
agreed 
pursuant to the agreement on performance of duties and in the fixed amount. 
Diversity policy 
The Company does not apply 
a diversity policy; nevertheless, 
when taking positions in 
its bodies, the Company 
approaches all 
candidates without 
prejudice, irrespective 
of their 
age, sex, 
religion, ethnic 
origin, nationality, 
sexual orientation, 
health disability, belief 
or view 
of life 
and exclusively 
assesses their 
abilities and 
professional 
competence. 
The 
Company 
believes 
that 
a 
dynamic 
approach, 
not 
linked 
to 
any 
fixed 
quotas, 
gives 
rise 
to 
selection of 
the candidates of 
best quality and 
best ensures accomplishment 
of the 
Company's business goals. 
The Company consistently 
abides by all requirements 
arising from Act No. 
198/2009 Coll., on 
Equal Treatment 
and on Legal Means of Protection against Discrimination. 
iii.
Compliance with the Code of Corporate Governance 
Currently, 
the Issuer abides by 
and complies with all 
requirements for corporate governance which 
are set out 
in generally applicable legal regulations of the Czech Republic, in particular the Business Corporations Act. In 
its corporate governance, 
the Issuer does not apply 
the rules set out in the 
Code of Corporate Governance of 
the 
Czech Republic (2018, the "Code"). 
The rules laid down 
in the Code overlap, 
to a certain extent, 
the requirements placed on 
corporate governance 
in generally applicable legal regulations of the 
Czech Republic. Therefore, one can say that 
the Issuer actually 
abides by certain rules laid down in the Code as of the date of the financial statements; 
nevertheless, in view of 
the fact 
that the 
Issuer has 
not explicitly 
implemented the 
rules laid 
down in 
the Code 
in its 
corporate governance, 
the 
Issuer 
hereby 
makes 
a 
declaration 
for 
the 
purpose 
of 
these 
financial 
statements 
that 
in 
its 
corporate 
governance, 
the Issuer does not apply the rules laid down in the Code as a whole. 
3)
Other Information 
Information on Fees Paid to the Statutory Auditors 
In 2023, the following fees were billed to the Company by auditors, 
including VAT 
(in EUR thousand): 
2023 
Audit of the financial statements and the annual report 
- 
Fees billed for other review services, net of VAT 
213 
Fees billed for tax advisory 
- 
Fees billed for other non-audit services 
- 
Total
213
Fees billed for other review services include a remuneration for agreed procedures relating to the prospectus 
of 
the Issuer for the 1
st
 
issue of bonds. 

Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
Significant legal proceedings 
The Company is 
not and has 
not been a 
part to any 
legal dispute or 
state, adjudication 
or arbitration proceedings, 
and the Board 
of Directors does 
not anticipate participation 
in legal disputes, 
state, adjudication or 
arbitration 
proceedings in the foreseeable future. 
Significant Contracts 
To 
the knowledge 
of the 
Company, 
there are 
no significant 
contracts, other 
than contracts 
entered into 
in the 
ordinary course of 
the business of 
the Company, that could give 
rise to a liability 
or claim on 
any member of 
the 
EPH group that would be material to the ability of the Company to meet 
its obligations to bondholders. 
Ownership interests that establish a controlling influence of the Company
The Company has no ownership interests. 
Organisational units information 
In 2023, the Company did not have any organisational unit located abroad. 
Acquisition of own shares or own ownership interests 
During 2023, no own shares or own ownership interests were acquired. 
Research and development expenses 
In 2023, the Company did not incur any research and development expenses. 
Data on investments in tangible and intangible fixed assets 
During 2023, the Company did not make any significant investments 
in tangible and intangible fixed assets. 
Data on activities in the field of environmental protection and labour relations 
The Company 
complies with 
all legal 
regulations in 
the field 
of environmental 
protection and 
complies with 
applicable legislation in the field of labour relations. 
The Company has no employees. 
4)
Financial Situation of the Company 
Basic numerical data on the Company's financial management 
for 2023 
In 
the 
period 
from 6 
September to 
31 
December 2023, 
the 
Company reported 
a loss 
of 
EUR 443 
thousand, 
primarily 
due to 
recognition of 
an 
allowance amounting 
to 
EUR 410 
thousand for 
the loans 
provided to 
the 
parent company EPH in line with the applied IFRS 9 (described in detail in Note 3 (c). The final balance 
of the 
allowance for the loans amounted to EUR 410 thousand as of 31 December 
2023. 
As of 31 December 2023, the financial 
position of the Company in 
terms of provision of financing to entities 
in 
the EPH Group is reflected in the total assets of EUR 507,096 thousand of 
which non-current assets amount to 
EUR 501,931 thousand. 
Non-current financial instruments 
include the 
loan principal; its 
maturity depends on 
the 
bonds’ 
principal 
maturity, 
i.e. 
till 
13 
November 
2028, 
refer 
to 
Note 
9. 
Total 
liabilities 
of 
the 
Company 
amounting to EUR 
502,567 thousand predominantly 
include issued bonds 
with the long-term 
portion of EUR 
497,484 thousand. 
In the reporting period, 
the Company reports positive 
equity of EUR 4,529 
thousand, thanks to the 
resolution of 
the Company’s sole 
shareholder on 
the payment 
over and 
above the 
share capital 
balance of 
EUR 4,890 
thousand 
in December 2023. 

Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
No decision 
having a 
crucial impact 
on the 
Company, 
or its 
shareholders, 
was taken 
in the 
reporting period. 
Decisions of 
the Company’s 
bodies concerned 
current course 
of business 
relating to 
the reported 
activities of 
the Company and 
performance of 
obligations imposed 
upon those bodies 
by applicable 
laws and the 
Company’s 
Articles of Association. 
Information on the Anticipated Financial Situation in the Following Year 
In 2024, 
the 
Company plans 
to 
continue its 
primary activities, 
i.e. 
issuance and 
administration of 
bonds and 
provision of loans/borrowings to entities in the EPH Group. This involves the fact that it expects no significant 
changes in 
the results 
of the 
Company, 
and these 
will be 
primarily impacted 
by the 
income in 
the form 
of interest 
on provided loans, expenses 
relating to issued bonds 
and potential allowances to provided 
loans recognised in 
line with the rules of IFRS Accounting Standards. 
5)
Issue of bonds and use of proceeds from their sale 
As noted in 
clause 1 of 
the Text Part of 
the Annual Report, 
the Issuer exists 
for the sole 
purpose of issuing 
bonds 
and the 
object of 
its core 
business activities 
is the 
provision of 
loans/borrowings to 
the entities 
in the 
EPH Group. 
Hence, the sole 
source of 
the Issuer's 
income consists of 
repayments of 
loans/borrowings provided 
to the entities 
in the EPH Group. The Issuer does not engage in any investment 
activities. 
Funds received from the issue of bonds were provided by the 
Issuer in the form of loans to its sole shareholder, 
Energetický a průmyslový holding, a.s., with its registered office at Pařížská 130/26, Josefov, 110 00 Prague 1, 
Czech Republic, 
corporate ID: 
283 56 250, 
file number 
B 21747, 
administered by 
the Municipal 
Court in 
Prague 
(hereinafter “EPH”). The obtained funds were used by EPH in the process 
of liquidity management of the EPH 
Group, 
including 
refinancing 
of 
other 
indebtedness 
of 
EPH 
and 
of 
the 
other 
EPH 
Group 
members. 
Basic 
information about the 
loan agreements is 
provided in the 
following section of 
the Annual Report 
- IV. 
Report 
on Related Parties (specifically in note V.1.1.). 
The Issuer’s financial and economic situation, its business activities, position in the market and ability to repay 
its debts from the bonds depends 
on EPH's ability to repay duly and 
in time its debts to the 
Issuer. This ability 
depends of 
the liquidity 
situation of 
EPH, which 
is based, 
in particular, 
on business 
results of 
its subsidiaries 
and on their 
ability to 
generate idle 
funds, on legal 
and tax regulations 
and restrictions 
resulting from 
contractual 
arrangements. Hence, 
the Issuer 
is exposed 
to the 
secondary risk 
of dependence 
on risks 
relating to 
the EPH 
Group, 
particularly 
on 
risks 
resulting 
from 
regulation 
and 
regulatory 
interventions 
into 
the 
energy 
market 
(regulatory tariffs, capacity 
payments and similar interventions), 
from geopolitical situation, technical 
failures 
and 
shortage 
of 
some 
input 
commodities, 
such 
as 
natural 
gas, 
and 
from 
restrictions 
based 
on 
decisions 
of 
regulators. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
6)
General Information on the EPH Group 
for the period ended 
in EUR million 
31 Dec 2023 
31 Dec 2022 
Revenues 
24,208 
37,122 
Operating profit 
2,763 
3,472 
Underlying EBITDA 
3,587 
Net financial debt 
4,828 
Total assets 
28,873 
30,452 
 
of which: non-current 
15,607 
14,966 
 
of which: current 
13,266 
15,486 
Total equity 
9,210 
7,130 
Total payables 
19,663 
23,322 
 
of which: non-current 
11,331 
10,938 
 
of which: current 
8,332 
12,384 
Cash flows from operating activities 
3,620 
2,130 
Cash flows from investment activities 
(1,332) 
(878) 
Cash flows from financing activities 
(1,796) 
(744) 
The Underlying EBITDA indicator is 
a principal indicator that 
the Board of Directors of 
EPH uses to assess the 
performance of 
its operating 
segments. The 
Underlying EBITDA indicator 
is defined 
as operating 
profit plus 
depreciation 
and 
amortisation, 
further 
cleared 
of 
any 
impact 
of 
negative 
goodwill. 
The 
calculation 
of 
the 
Underlying 
EBITDA 
and 
Net 
financial 
debt 
can 
be 
found 
in 
the 
Annual 
report 
of 
EPH 
published 
at 
www.epholding.cz
.
The information 
for the 
period ended 
31 December 
2023 in 
the above 
table are 
taken from 
the 
consolidated 
financial statements of 
EPH for the 
year ended 31 
December 2023 prepared 
in accordance with 
the International 
Financial Reporting Standards approved for 
the use in the European Union and 
audited by Deloitte Audit s.r.o., 
having its 
registered office 
at Budova 
Churchill I, 
Italská 2851/67, 
Prague 2 
Vinohrady, 120 00, Czech 
Republic, 
corporate ID: 496 20 592. The auditor issued an “unqualified” opinion on the 
financial statements. 
In 
2023, 
total 
sales 
of 
EPH 
decreased 
year-on-year 
by 
approximately 
35% 
which 
was 
primarily 
due 
to 
the 
flexible 
energy 
generation 
segment 
which 
saw 
a 
decline 
resulting 
from 
a 
significant 
decrease 
in 
prices 
of 
commodities during 2023. This development was partially compensated by acquisitions of Dutch power plants 
in 2023 and by hedging derivatives. Thanks to this fact, the underlying EBITDA did not decrease year-on-year 
so significantly as total sales. 
i.
Business Overview
Energetický 
a 
průmyslový holding 
is 
a 
joint 
stock company, 
having 
its 
registered office 
at 
Pařížská 130/26, 
Josefov, 
110
00 
Prague, 
Czech 
Republic. 
It 
was 
formed 
on 
7 
August 
2009 
and 
recorded 
in 
the 
Register 
of 
Companies on 10 August 2009. 
Principal activities of the 
company include investments in the 
power sector, gas 
industry and mining industry, 
logistics and hedging transactions. 
The EPH 
group (the 
“EPH Group”) 
is a 
leading European 
energy group 
operating primarily 
in Slovakia, 
the 
Czech Republic, 
Germany, 
Italy, 
United Kingdom 
(including Northern 
Ireland), Ireland, 
France, Switzerland 
and, starting from 2023 in the Netherlands. It is a vertically integrated energy utility covering a complete chain 
of activities in 
the energy 
sector. 
It includes more 
than 70 entities 
operating in heat 
and electricity production 
from 
traditional 
and 
renewable 
sources, 
including 
the 
distribution 
of 
these 
energies, 
as 
well 
as 
trading 
with 
electricity, gas, their supplies to 
end customers, coal 
mining and last 
but not least 
in gas industry 
which involves 
primarily transport, distribution and storage of gas. 

Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
The average 
number of 
employees in 
entities in 
the EPH 
Group in 
the period 
ended 31 
December 2023 
was 
10,967. 
The EPH Group is 
internally structured in two 
main pillars – 
EP Infrastructure (“EPIF”) which is 
an umbrella 
company 
for 
entities 
operating 
primarily 
gas 
transport, 
gas 
and 
electricity 
distribution, 
gas 
storage 
and 
heat 
infrastructure, and EP 
Power Europe (“EPPE”) 
which is an 
umbrella company for 
entities engaging primarily 
in 
electricity 
production 
from 
conventional 
sources, 
electricity 
production 
from 
renewable 
sources 
and 
coal 
mining. 
The EPH Group operates in the following segments: 
Gas industry 
Through the SPP Infrastructure (SPPI; which is part of the EPIF group and where EPIF indirectly holds a 49% 
investment 
and 
full 
management 
control) 
group, 
it 
holds 
a 
share 
in 
gas 
industry 
assets 
which 
cover 
the 
transmission, distribution 
and storage 
of gas. 
The controlled 
gas industry 
assets are 
one of 
the largest 
gas industry 
groups in Central 
Europe, are a 
key transporter of 
the Russian natural 
gas to the 
EU and are 
an almost monopoly 
distributor of gas to companies and households in Slovakia. 
Electricity generation 
Key electricity 
producers in 
the EPH 
Group are 
modern gas 
power plants, 
biomass combustion 
power plants 
and one hard coal power plant in Italy, hard coal, wind 
and photovoltaic power plants in France, two steam 
and 
gas turbine facility and biomass combustion power plan in the 
United Kingdom, two power plants in Northern 
Ireland, and a 
steam and gas 
power plant in 
Ireland. In Germany, the EPH 
Group holds the 
Mehrum power plant 
with installed capacity 
of 690 MWe and Schkopau power 
plant with net 
installed capacity of 
900 MWe. The net 
capacity of Italian power plants is 3,913 MWe 
(and concurrently the EPH Group holds 50% in Ergosud S.p.A. 
which owns a 
gas power plant 
with the net 
installed capacity of 
834 MWe), power plants 
in the United 
Kingdom 
totalling capacity of 2,610 MWe, power plants in Norther Ireland of 1,343 MWe and power plants in Ireland of 
384 MW. In 2023, 
EPH purchased 
gas power 
plants in 
the Netherlands 
with the 
installed capacity 
of 2,046 
MWe 
(in addition, EPH 
owns a 50% 
investment in the 
Enecogen power plant 
with the net 
installed capacity of 
928 
Mwe). The generation of electricity in these entities is concentrated 
in the EPPE Group. 
The EPH 
Group is 
additionally one 
of the 
largest 
electricity producers 
(including supporting 
services) in 
the 
Czech Republic. 
All power 
plants of 
the EPH 
Group in 
the Czech 
Republic work 
in the 
co-generation mode 
(combined generation) when they produce heat for customers in addition to electricity. All domestic traditional 
facilities 
of 
the 
EPH 
Group 
also 
provide 
supporting 
services 
for 
the 
transmission 
power 
grid 
in 
the 
Czech 
Republic. EPH manages the above power plants through the EPIF Group. 
Distribution and supply of energies 
Distribution of electricity in 
Central Slovakia and power 
supply to end customers 
in Slovakia is provided 
by the 
EPIF Group through SSE. 
In the Czech Republic and Slovakia, the EPH Group is a major player in electricity 
and gas trade and supply to 
end customers. Power 
supply to customers 
is provided 
by EP ENERGY 
TRADING, a.s. 
(EPET), 
Dobrá Energie 
s.r.o. 
primarily 
in 
the 
Czech 
Republic 
and 
by 
SSE 
primarily 
in 
the 
Slovak 
Republic. 
Before 
mentioned 
companies are part of the EPIF Group. 
Heat industry 
With the total normalised annual supply 
of heat to Czech end customer of approximately 8 PJ, the 
EPH Group 
is one of the most 
significant heat suppliers to end customers in the 
Czech Republic. Co-generation sources of 
the EPH Group 
supply about 150 
thousand households in 
the Czech Republic, 
specifically in Plzeň 
(Plzeňská 
teplárenská), 
Hradec 
Králové, 
Pardubice 
and 
Chrudim 
(Elektrárny 
Opatovice), 
Litvínov 
and 
Most 
(United 
Energy), and other 
municipalities. 
In addition, the heat production 
plants of the EPH 
Group in all 
above cities 
and towns 
supply heat 
to industrial 
plants, companies 
and institutions. 
EPH manages 
its heat 
industry assets 
through the EPIF Group. 

 
 
 
 
 
 
Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
8
Renewable sources 
The EPH Group includes renewable resources with a total current 
net installed capacity of 66 MWe 
within the 
EPIF Group and another 757 MWe 
of net installed capacity within the EPPE Group. They include wind power 
plants, photovoltaic power 
plants, biogas power 
plants and biomass 
plants generating renewable 
power in 
the 
Czech Republic, Slovakia, Germany, United Kingdom, Italy and France. 
Logistics and trade in power commodities 
The EPH 
Group additionally focuses 
on coal trade, 
including sale of 
energy by-products. It 
is a 
key player in 
the transportation of loose material, in both internal and international 
transport. 
Coal mining 
The EPH Group is 
active in brown coal 
mining in Germany where 
the mining company MIBRAG (a 
member 
of the EPPE Group) operates two surface mines 
(Profen and Vereinigten Schleenhain) in Saxony Anhalt and in 
Saxony. As part 
of the announced transformation strategy, this activity will 
be transferred to the newly formed 
EP Energy Transition, a.s. by no later than the end of 2025. 
EP Energy 
Transition will 
focus on 
the development 
of renewable 
energy projects 
with an 
estimated totalled 
installed capacity 
of 
GW. 
Further, it 
will replace 
the existing 
critical electricity sources 
in their 
network by 
hydrogen-powered power plants. 
Last but not least, 
it will actively work 
together with trade unions, 
regions and 
governments to ensure that the energy transition process has minimum or no negative 
impacts on society. 
ii.
Significant markets where EPH operates
Slovakia 
Slovakia 
has 
been 
a member 
of 
the 
European 
Union since 
2004. 
The 
country has 
a 
credit 
rating 
of 
A+/A-1 
granted by S&P, 
A2 granted by Moody’s 
and A- granted by 
Fitch. In 2022, the 
population was 5,429,000 and 
its real GDP per capita was EUR 20,197 (https://slovak.statistics.sk/). 
Czech Republic 
The Czech Republic has been 
a member of the 
European Union since 2004. The 
country has a credit rating 
of 
AA- granted 
by S&P, Aa3 granted 
by Moody’s and 
AA- granted 
by Fitch. 
In 2022, 
the population 
was 10,688,00 
and its real GDP per capita was EUR 25,846 (https://www.czso.cz/). 
Italy 
Italy is 
a founding 
member of 
the European 
Union. The 
country has 
a credit 
rating of 
BBB granted 
by S&P, 
Baa3 granted by Moody’s and BBB granted by Fitch. In 2022, the population was 58,851,000 and 
its real GDP 
per capita was EUR 33,362 (https://www.istat.it/). 
United Kingdom of Great Britain and Northern 
Ireland 
The country has a credit rating of 
AA granted by S&P, 
Aa3 granted by Moody’s 
and AA- granted by Fitch. In 
2022, the population was 67,509,000 and its real GDP per capita was 
EUR 38,675 (https://www.ons.gov.uk/). 
Germany 
Germany is 
a founding 
member of 
the European 
Union. The 
country has 
a credit 
rating of AAA 
granted by 
S&P, 
Aaa granted by Moody’s and AAA granted 
by Fitch. In 2022, the population was 84,359,000 and its real GDP 
per capita was EUR 42,284 (https://www.destatis.de/). 
France 
France is a 
founding member 
of the European 
Union. The country 
has a 
credit rating of 
AA/A-1+ granted by 
S&P, 
Aa2 granted by Moody’s 
and AA- granted by Fitch. 
In 2022, the population was 68,143,000 
and its real 
GDP per capita was EUR 38,729 (https://www.insee.fr/). 

 
 
 
 
Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
Kingdom of the Netherlands 
The Kingdom of the Netherlands is a founding member of the European Union. The country has a credit rating 
of AAA/A-1+ 
granted by S&P, 
Aaa granted by 
Moody’s 
and AAA 
granted by Fitch. 
In 2022, 
the population 
was 17,591,000 and its real GDP per capita was EUR 54,492 (https://www.cbs.nl/). 
The EPH Group additionally operates in Ireland, Switzerland, Slovenia and Poland. 
iii.
Development in the Energy Sector where the EPH Group operates 
Most recent development 
In the first 
months of 2024, the 
decrease in European gas 
prices continued due to 
high storage levels, reduced 
demand and sufficient supply of LNG from Norway. The decline followed a 
rapid increase in prices 
in October 
2023 caused by a conflict between Israel and Hamas. However, the concerns calmed down in November as the 
Israeli 
gas 
production 
returned to 
normal 
and the 
LNG flow 
became stable 
compared 
to 
the 
prior 
year. 
The 
constant demand for gas in 
Europe resulted in optimal levels 
of storage during winter which 
further decreased 
prices under 
the level 
of EUR 
30/MWh at 
the 
beginning of 
January 2024. 
During February 
2024, the 
prices 
continued its 
downward 
trend. Prices 
of 
EU 
emission allowances 
saw 
a 
similar development, 
reaching their 
minimum of EUR 51/t in February 2024. 
Electricity consumption 
The global increase in the 
demand for electricity slowed down 
again in 2023. As a 
result of high inflation and 
the 
economic 
crisis, 
wholesale prices 
increased 
which negatively 
impacted 
the 
consumer 
behaviour. 
In 
July 
2023, the 
International Energy Agency 
(IEA) updated its 
annual prognosis regarding 
the growth in 
the global 
demand to 1.9% which is under the level of 2.3% of 2022 and under 
the average of 2.4% from 2015 – 2019. 
The consumption of energy in 
Germany, France 
and the United Kingdom declined by up 
to 5% in 2023 as 
the 
declines 
from 
the 
second 
half 
of 
2022 
impacted 
all 
2023. 
It 
was 
partially 
caused 
by 
a 
delayed 
response 
of 
consumers 
to 
a 
rapid 
increase 
in 
wholesale 
prices 
caused 
by 
the 
Russian 
invasion 
to 
Ukraine 
as 
well 
as 
government measures for energy savings and potentially permanent decrease in 
the demand from the industry. 
Electricity production 
In 2023, the electricity production in the European Union saw significant changes driven primarily by changes 
in 
consumption, 
growth 
of 
production 
from 
renewable 
sources 
and 
renewal 
of 
nuclear 
and 
hydroelectric 
production. The electricity production from fossil fuels decreased year-on-year by 23% and reached more than 
a decade 
low of 681 
TWh, which however 
helped to stabilise 
European gas markets. 
The gas production 
saw 
the most significant year-on-year decrease in absolute 
terms in 2023 (decline of 81 TWh); however, 
its share in 
the total 
heat production 
mix increased 
at the 
expense of 
black and 
brown coal. 
The year 
2023 also 
brought 
a revival of production from nuclear sources, predominantly thanks 
to France. 
The production from renewable sources 
continues its upward trend which 
was supported by the installation 
of 
solar and wind 
power plants. The capacity 
of wind power 
plants increased by 14% 
in 2023 while 
the increase 
was especially marked during the 
fourth quarter due to storm conditions. 
According to Solar Power Europe, 
the 
capacity of installed solar power plants increased by 56 GW during 2023 
when the growth rate was above 40% 
already three years in a row. The total production of 
hydro power plants increased by 
43 TWh although it faced 
challenges like drought in the south of Europe. 
In 2023, European electricity prices saw a significant decrease compared to record values of 2022. The decline 
was due to lower 
prices of gas, decreased 
heat production and increased production of 
energy from renewable 
sources. 
 

 
 
 
Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
Coal 
On a global scale, 
the primary demand 
for energy from 
coal increased year-on-year 
by 1.4% in 2023. 
In Europe, 
the demand for coal however 
decreased by 23% primarily 
due to a higher 
production from nuclear power 
plants 
and renewable sources and a permanent decrease in the demand for coal in favour of gas power plants. Thanks 
to that, 
coal prices saw 
a significant decline 
from USD 190/t 
at the beginning 
of the year 
to USD 118/t 
at the 
end of December 2023. 
Natural gas 
The European 
demand for 
natural gas 
in 
2023 further 
decreased year-on-year 
primarily due 
to 
delayed price 
effects and 
higher non-thermal energy 
production. The 
demand for 
gas in 
the north-western 
Europe and 
Italy 
dropped 
year-on-year 
by 
another 
8% 
to 
263 
bcm, 
which 
is 
a 
16% 
deficit 
compared 
to 
the 
average 
in 
2018 – 2022. As to the supply of gas, Norway continued to be the 
main gas supplier to Europe in 2023. 
European emission allowances 
The price of European 
Union allowances (EUA) was 
EUR 69/t at the 
end of 2023. The 
pressure on the decrease 
in 
EUA 
prices 
was 
intensified 
by 
three 
factors. 
First, 
the 
permanent 
decrease 
in 
the 
demand 
for 
electricity 
strongly impacts the demand for emission certificates. The European industry issues less allowances due to the 
restrictions on their 
production which results 
in lower electricity 
consumption. The demand 
of the energy sector 
for 
emission 
certificates 
was 
further 
negatively 
impacted 
by 
a 
higher 
electricity 
production 
from 
renewable 
sources and 
energy from 
nuclear power 
plants in 
France. Last 
but not 
least, the 
offer of 
emission allowances 
was supported by the resolution of the European Union to 
sell the allowances that are to be auctioned between 
2027 and 2030 early in 
order to gain approximately 
40% of the planned EUR 
20 billion before 31 August 
2026. 
iv.
Information on trends 
According 
to 
the 
information 
available 
to 
the 
Company 
since 
the 
publication 
of 
the 
audited 
consolidated 
financial statements of 
EPH for 2023, 
there were no 
significant negative changes 
in the 
prospects of the 
EPH 
Group and there were no significant changes in the financial performance 
of EPH. 
As 
of 
the 
preparation 
date 
of 
this 
annual 
report, 
the 
Company 
is 
not 
aware 
of 
trends, 
uncertainties, 
claims, 
obligations or events that 
would have, with a 
realistic probability, a significant impacts on 
the prospects of EPH 
for at least the current reporting period. 
Given that the EPH Group operates 
in the energy sector, there are a number of factors and 
trends that may have 
an impact on the EPH Group (and therefore indirectly EPH and the 
Company). 
In the gas industry, 
it is possible to see as a recent trend the 
efforts of the EU to reduce the energy 
dependence 
on the Russian gas and the risk of disruptions 
in Russian gas supply to Europe which results 
in the construction 
of alternative transport routes and a key role is played by an energy security of the 
region. 
From 
the 
EPH 
Group 
perspective, 
the 
trends 
predominantly 
focus 
on 
the 
factors 
determining 
the 
price 
of 
electricity and commodities 
on European markets. 
The production capacities 
of the EPH 
Group are however 
not 
critically dependent 
on electricity 
prices thanks 
to various 
fuel types 
and diversified 
activities of 
the EPH 
Group. 
The heat distribution is 
subject to regulation and 
the heat supply is 
also impacted by 
the efforts of the customers 
to minimise 
heat losses 
in the 
form of 
thermal insulation 
of buildings, 
search for 
suitable heating 
schemes aiming 
at heating cost savings, etc. 
In European energy markets where 
the Group operates, it actively 
takes part in ensuring grid 
stability, as part of 
ancillary 
services 
and 
capacity 
payments 
for 
new 
and 
existing 
power 
plants. 
These 
became 
more 
important 
primarily after the start of the war in Ukraine and related energy crisis. 
 

Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
7)
Other external influences 
Military operation in Ukraine
In 
relation 
to 
the 
ongoing 
war 
conflict 
in 
Ukraine 
and 
related 
sanctions 
against 
the 
Russian 
Federation, 
the 
Company identified 
risks and 
adopted reasonable 
measures to 
minimise the 
impact on 
its business 
activities. 
Based on available information and 
current development, the Company 
continues to analyse the entire 
situation 
and assesses its direct impact on the Company. 
The management of the Company has considered any potential 
effects of the 
situation on its operations and business 
and concluded that they do 
not currently have any 
major 
impact on the 
financial statements, nor 
on the going 
concern assumption in 
2024. Nevertheless, it 
is not possible 
to exclude any further negative development of this situation which could subsequently 
have a negative impact 
on the Company, its business, financial position, results, cash flow and prospects in general. 

Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
III.
MANAGEMENT STATEMENT 
Today, 
the Board of Directors and the Supervisory Board discussed and approved the Annual Financial Report 
of EPH Financing International, 
a.s., (the “Company”) for 
the period from 6 
September 2023 to 31 
December 
2023, prepared in accordance with Czech accounting legislation. 
The statutory separate 
financial statements 
of the Company 
have been 
prepared in 
accordance with International 
Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) issued by the Accounting 
Standards Board (IASB) as adopted by the European Union. 
To the 
best of our knowledge, the presented Annual 
Report and Financial Statements give a true 
and fair view 
of the 
financial position, business 
activities and results 
of operations of 
the Company for 
the reporting period 
and 
on 
the 
prospects 
for 
the 
future 
development 
of 
the 
financial 
situation, 
business 
activities 
and 
results 
of 
operations. 
We recommend the annual financial report for adoption and approval at the general meeting. 

Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
IV.
REPORT ON RELATIONS 
between the controlling and controlled entities and on the relations between 
the controlled entity 
and other entities controlled by the same controlling entity 
(related parties) 
prepared by the Board of Directors of EPH Financing International, a.s., having 
its registered office at 
Pařížská 130/26, Josefov, 110 00 Prague 1, corporate ID: 196 78 185, pursuant to Section 82 (1) of Act No. 
90/2012 Coll., on Business Corporations and Cooperatives, as amended 
(the “
Report
”) 
__________________________________________________ 
I.
Preamble 
The Report 
has been 
prepared pursuant 
to Section 
82 
of Act 
No. 90/2012 
Coll., as 
amended (the 
“
Business 
Corporations Act
”). 
The 
Report has 
been submitted 
for review 
to 
the 
Company’s 
Supervisory Board 
in 
accordance with 
Section 
83 
(1) 
of 
the 
Business 
Corporations Act 
and 
the 
Supervisory Board’s 
position will 
be 
communicated to 
the 
Company’s General 
Meeting deciding on the approval 
of the Company’s 
general purpose financial statements 
and on the distribution of the Company’s profits or the settlement of its loss. 
The report was prepared for the period from 6 September 2023 to 31 December 
2023. 
II.
Structure of Relations between Entities 
CONTROLLED ENTITY 
The controlled 
entity is 
EPH Financing 
International, 
a.s. having 
its registered 
office at 
Pařížská 130/26, 
Josefov, 
110 00 Praha 1, corporate ID: 196 
78 185, recorded in the Register of Companies held by the Municipal Court 
in Prague, File B, Insert 20854. 
 
DIRECTLY 
CONTROLLING ENTITIES 
Energetický a průmyslový holding, a.s., 
registered 
office: 
Pařížská 
130/26, 
Josefov, 
110 
00 
Prague 
1, 
Czech 
Republic 
corporate ID: 283 56 250 
INDIRECTLY 
CONTROLLING ENTITIES 
EP Investment S.à r.l. 
registered office: 2, Place de Paris, L–2314, 
Luxembourg 
reg. no.: B 184488 
EP Corporate Group, a.s. 
registered 
office: 
Pařížská 
130/26, 
Josefov, 
110 
00 
Prague 
1, 
Czech 
Republic 
corporate ID: 086 49 197 

Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
OTHER CONTROLLED ENTITIES 
The structure of 
relations of the 
controlling entity EP 
Investment S.à.r.l. 
and groups of 
controlled entities that 
are controlled by this 
controlling entity is 
listed in Appendix 
No. 1 to the 
Report. The appendix 
does not include 
a complete 
ownership structure 
of EP 
Investment S.à.r.l., 
and does 
not include 
shareholders who 
do not 
hold 
controlling shares. 
III.
Role of the Controlled Entity, Manner and Means of Control 
Role of the controlled entity
●
Administration of own assets 
●
Issuance of bonds; and 
●
Provision of borrowings, loans or other forms of financing to the related 
parties. 
Manner and Means of Control 
The controlling entity holds a majority share in voting rights in EPH Financing International, 
a.s. and exercises 
decisive influence in EPH Financing International, 
a.s. 
IV.
List of Acts in 2023 under Section 82 (2) (d) of Act No. 90/2012 Coll., on Business 
Corporations and Cooperatives 
In the period from 6 September 
2023 to 31 December 2023, 
no acts were made at 
the initiative or in the interest 
of the controlling 
entity relating to 
assets exceeding 10% of 
equity of the 
controlled entity identified from 
the 
most recent financial statements, except for the provided loans and provided payment over 
and above the share 
capital balance in the amount of CZK 120,000 thousand from the shareholder. 
 
V.
Contracts entered into between EPH Financing International, 
a.s. and other 
related parties 
V.1.1. 
In the period from 6 September 2023 to 31 December 2023, the following contracts entered into 
with entities in the Energetický a průmyslový holding, a.s. Group were in effect: 
On 15 September 
2023, Energetický a 
průmyslový holding, 
a.s., as the 
creditor, signed a 
loan contract with 
EPH 
Financing International, a.s., as the debtor. 
On 13 November 2023, Energetický a průmyslový holding, a.s., as the debtor, signed a loan contract with EPH 
Financing International, a.s., as the creditor. 
On 20 December 2023, Energetický a průmyslový holding, a.s., as the debtor, 
signed a loan contract, including 
effective amendments, with EPH Financing International, a.s., as the creditor. 

Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
V.1.2. 
In the period from 6 September 2023 to 31 December 2023, the following contracts for the 
provision of payment over and above the share capital balance were entered into with entities 
in the 
Energetický a průmyslový holding, a.s. Group: 
On 
20 
December 
2023, the 
contract 
for 
provision 
of payment 
over 
and above 
the 
share 
capital 
balance was 
signed between 
Energetický a 
průmyslový holding, 
a.s., as 
the shareholder 
and EPH 
Financing International, 
a.s. 
V.1.3. 
Other contracts effective in the period from 6 September 2023 to 31 December 2023 entered 
into between the entities in the Energetický a průmyslový holding, a.s. Group: 
On 15 September 2023, 
contracts for the 
function were signed 
between the members 
of the audit committee 
and 
EPH Financing International, 
a.s. 
Financial 
guarantee 
for 
the 
debts 
of 
EPH 
Financing 
International, 
a.s. 
issued 
by 
Energetický 
a 
průmyslový 
holding, a.s. on 12 October 2023. 
V.
1.4. 
In the period from 6 September 2023 to 31 December 2023, the following operating contracts 
entered into between entities in the Energetický a průmyslový holding, a.s. Group were in 
effect: 
The contract for the provision of professional assistance between EP Investment Advisors, s.r.o., as the service 
provider, and EPH Financing International, 
a.s., as the client, on 6 September 2023. 
Sublease 
contract 
between 
EP 
Investment 
Advisors, 
s.r.o., 
as 
the 
service 
provider, 
and 
EPH 
Financing 
International, 
a.s., as the client, on 13 October 2023. 
VI. 
Other Legal Acts Made between EPH Financing International, a.s. and 
Other Related Parties 
Except for the above, there were no other contracts entered into between EPH Financing International, a.s. and 
the related parties and no other performance and counter-performance was 
provided. 
EPH Financing 
International, a.s. 
received and 
made no 
other legal 
acts or 
measures in 
the interest 
or at 
the 
initiative of the related parties. 
 

 
 
 
 
 
Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
VII. 
Transa 
ctions, receivables and payables of EPH Financing International, 
a.s. in 
respect of the related parties 
The receivables and payables of EPH Financing International, 
a.s. and related parties transactions in the period 
from 6 September 2023 to 31 December 2023 are summarised in the 
below table. 
Open balances with the related parties as of 31 December 2023 
in EUR thousand 
Receivables and other financial 
assets 
Payables and other financial 
liabilities 
as of 31 Dec 2023 
as of 31 Dec 2023 
to the parent company 
arising from the provided loan 
506,395 
- 
arising from rebilling of costs 
330 
421 
Companies controlled by end shareholders 
arising from rebilling of costs 
- 
- 
Total 
507,135 
421 
in EUR thousand 
Income 
Expenses 
as of 31 Dec 2023 
as of 31 Dec 2023 
to the parent company 
arising from the accrued interest to the loan 
4,526 
- 
arising from rebilling of costs 
8 
(2) 
Companies controlled by end shareholders 
- 
Total 
4,534 
(2) 
 

Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
VIII. 
We hereby confirm that we have included in this Report on 
relations between related entities of EPH 
Financing 
International, 
a.s., prepared pursuant 
to Section 82 
(1) of the Business 
Corporations Act (Act 
No. 90/2012 Coll., 
as amended), for the reporting period from 6 September 2023 to 31 December 
2023, all information regarding: 
◾
contracts between the related parties; 
◾
performance and counter-performance provided to the related parties; 
◾
other legal acts made in the interest of these entities; and 
◾
all measures adopted or made in the interest or at the initiative of these parties. 
All transactions 
between EPH 
Financing International, a.s. 
and the 
controlling entity 
or entities 
controlled by 
the same 
entity were 
concluded at 
arm’s 
length. The 
Board of 
Directors of 
EPH Financing 
International, a.s. 
declares that EPH Financing International, 
a.s. incurred no damage 
as a result of 
the actions of the 
controlling 
entity 
or 
of 
any 
entity 
controlled 
by 
the 
same 
entity. 
All 
transactions 
between 
the 
controlled 
entity 
and 
the 
controlling entity/entities controlled by 
the same controlling entity 
were concluded under standard 
contractual 
conditions. 
EPH Financing International, a.s. 
incurred no financial damages 
or benefited from contractual 
or other relations 
with the related parties. 

 
Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
Appendix No. 1

Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
V.
Report of the Board of Directors on the Company’s Business Activities and 
Balance of Assets 
I. 
Statutory bodies of the Company 
Board of Directors as of 31 December 2023: 
●
Daniel Křetínský (Chairman of the Board of Directors) 
●
Marek Spurný (member of the Board of Directors) 
●
Pavel Horský (member of the Board of Directors) 
Supervisory Board as of 31 December 2023: 
●
Petr Sekanina (member of the Supervisory Board) 
II. 
Business Activities and Balance of Assets 
The Company 
was formed 
on 6 
September 2023 
with a 
purpose of 
issuing securities 
– bonds. 
The first 
issue 
took place on 13 
November 2023 when the 
maximum possible volume of 
bonds amounting to EUR 
500 million 
due on 13 November 2028 with the code ISIN XS2716891440 was subscribed. 
Basic financial data of the Company for 2023 
In the period from 
6 September 2023 
to 31 December 
2023, the Company reported 
a loss of EUR 
443 thousand, 
primarily due to the recognition of an allowance amounting to EUR 410 thousand for the loans provided to the 
parent company EPH 
in accordance with 
the applied IFRS 
9 (described in 
detail in Note 
3 (c) to 
the financial 
statements). The final balance of the allowance for the loans was 
EUR 410 thousand as of 31 December 2023. 
As of 
31 December 2023, 
the financial 
position of the 
Company in 
terms of 
the provision 
of financing to 
the 
entities in 
the EPH 
Group is 
reflected in 
the total 
assets of 
the Company 
of EUR 
507,096 thousand 
of which 
non-current assets 
amount to 
EUR 501,931 
thousand. Non-current 
financial instruments 
include a 
loan principal, 
the maturity of which is based on the maturity of the principal 
of the bonds, i.e. till 13 November 2028, refer 
to 
Note 9. 
Total liabilities of 
the Company 
in the 
amount of 
EUR 502,567 
thousand primarily 
include issued 
bonds, 
of which non-current portion amounts to EUR 497,484 thousand. 
In the reporting period, the Company reports a positive 
equity of EUR 4,529 thousand thanks to the resolutions 
of 
the 
Company’s 
sole 
shareholder on 
the 
payment 
over 
and 
above the 
share 
capital 
balance of 
EUR 
4,890 
thousand in December 2023. 
In the 
reporting period, 
no decision 
was made 
with a 
significant impact 
on the 
Company or 
its shareholders. 
Decisions 
of 
the 
Company 
related 
to 
general 
duties 
relating 
to 
the 
reported 
activities 
of 
the 
Company 
and 
fulfilment of obligations determined 
for these bodies by applicable legal regulation and Company’s Articles of 
Association. 
Concept of Company’s activities for 2024: 
The Company intends to continue its primary activities, which involve the issue and 
management of bonds and 
provision of loans/borrowings 
to the entities 
in the 
EPH Group. This 
also involves the 
fact that no 
significant 
changes are expected in the composition of the Company’s results, and these will be primarily impacted by the 
income from the interest on provided loans, 
expenses relating to the issued bonds and 
potential allowances for 
provided loans recognised in accordance with IFRS. 

Annual Financial Report of EPH Financing International, 
a.s. for the period from 6 September 2023 to 31 December 2023 
Since the formation 
of the Company 
on 6 September 
2023, there have 
been no changes 
in the composition 
of 
the Company bodies and no changes in the corporate details held 
in the Register of Companies. 
III. 
Important decisions of the Company’s body 
In the period from 6 September 2023 to 31 December 2023, no decision 
was made with a significant impact on 
the Company, or its shareholder. The 
decisions of the 
Company’s bodies related to 
common tasks relating 
to the 
activities 
of 
the 
Company and 
fulfilment 
of 
obligations 
determined 
for 
these 
bodies 
by 
the 
applicable 
legal 
regulations and Company’s Articles of Association. 

Annual Report of EPH Financing International, 
a.s. for the period from 6 September 2023 
to 31 December 2023 
VI.
Separate Financial Statements for the period from 6 September 2023 to 
31 December 2023 
EPH Financing International, a.s. 
Separate Financial Statements 
for the period from 6 September to 31 December 2023 
in accordance with the International Financial Reporting Standards 
as adopted with the European Union 

Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
1
Table 
of contents 
Separate statement of comprehensive income 
................................................................ 
................................................................ 
............ 2 
Separate statement of financial position 
................................................................ 
................................................................ 
..................... 3 
Separate statement of changes in equity 
................................................................ 
................................................................ 
..................... 4 
Separate statement of cash flows 
................................................................ 
................................................................ 
................................ 5 
Notes to the Financial Statements ................................................................ 
................................................................ 
.............................. 6 
1. 
General Information 
................................................................ 
................................................................ 
.................................... 6 
2. 
Basis of preparation of the separate financial statements 
................................................................ 
......................................... 10 
3. 
Significant accounting policies 
................................................................ 
................................................................ 
................. 13 
4. 
Determination of fair value 
................................................................ 
................................................................ 
....................... 16 
5. 
Cash and cash equivalents ................................................................ 
................................................................ 
........................ 17 
6. 
Trade receivables and other assets (including prepayments) ................................................................ 
.................................... 17 
7. 
Financial instruments and other financial assets 
................................................................ 
...................................................... 17 
8. 
Equity ................................................................ 
................................................................ 
....................................................... 18 
9. 
Financial instruments and other financial liabilities 
................................................................ 
.................................................. 19 
10. 
Trade payables and other payables ................................................................ 
................................................................ 
........... 20 
11. 
Income taxation ................................................................ 
................................................................ 
........................................ 21 
12. 
Operating income and expenses 
................................................................ 
................................................................ 
................ 21 
13. 
Financial income and expenses, profit/loss from financial instruments 
................................................................ 
.................... 21 
14. 
Risk management and disclosure policies 
................................................................ 
................................................................ 
. 
22 
15. 
Related parties ................................................................ 
................................................................ 
.......................................... 28 
16. 
Military operation in Ukraine ................................................................ 
................................................................ 
................... 28 
17. 
Other information ................................................................ 
................................................................ 
..................................... 29 
18. 
Significant post balance sheet events 
................................................................ 
................................................................ 
........ 29 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
2
Separate Statement of Comprehensive Income 
in EUR thousand 
For the period
Note 
from 6 Sept 2023 
to 31 Dec 2023 
Other operating income 
12 
8 
Other operating expenses (Services) 
12 
(6) 
Subtotal 
2 
Financial income amortised by the effective interest rate 
13 
4,547 
Financial expenses 
13 
(4,581) 
Change in allowance for financial instruments 
13 
(410) 
Operating profit (loss) 
(444) 
Profit/(loss) before tax 
(442) 
Income tax expense 
11 
(1) 
Profit/(loss) for the period 
(443) 
Total comprehensive income or loss for the reporting period 
(443) 
Total comprehensive income or loss attributable to: 
Owners of the controlling entity: 
Profit/(loss) for the reporting period from continuing operations 
(443) 
Total comprehensive income or loss for the reporting period 
(443) 
Basic and diluted earnings per share from continuing operations 
in 
EUR 
(44,300) 
Total basic and diluted earnings per share 
(44,300) 
The notes presented on pages 6 to 29 form 
an integral part of these financial statements. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
3
Separate statement of financial position 
in EUR thousand 
Note 
as of 31 Dec 2023 
as of 6 Sept 2023 
Assets 
Financial instruments and other financial assets 
7 
501,931 
of which to the parent company 
501,931 
Total non-current 
assets 
501,931 
Trade receivables and other assets 
6 
354 
of which to the parent company 
330 
Financial instruments and other financial assets 
7 
4,464 
of which to the parent company 
4,464 
Prepayments and other deferred payments 
6 
Cash and cash equivalents 
5 
347 
82 
Total current assets 
5,165 
82 
Total assets 
507,096 
82 
Equity 
Share capital 
8 
82 
82 
Other capital funds 
8 
4,890 
Retained earnings and comprehensive income or loss for the period 
(443) 
Total equity 
4,529 
82 
Payables 
Financial instruments and other financial liabilities 
9 
497,484 
Total non-current 
liabilities 
497,484 
- 
Trade payables and other payables 
10 
618 
Financial instruments and other financial liabilities 
9 
4,464 
Tax payable arising from tax payable 
11 
1 
Total short-term payables 
5,083 
- 
Total liabilities 
502,567 
82 
Total equity and liabilities 
507,096 
82 
The notes presented on pages 6 to 29 form 
an integral part of these financial statements. 

 
 
 
 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
4
Separate statement of changes in equity 
in EUR thousand 
Share 
capital 
Other capital 
funds 
Retained earnings 
and 
comprehensive 
income or loss for 
the period 
Total equity 
Balance at 6 Sept 2023 
82 
- 
- 
82 
Contributions from owners 
4,890 
4,890 
Total comprehensive 
income or loss for the reporting 
period 
(Profit or (loss)
- 
- 
(443) 
(443) 
Balance at 31 Dec 2023 
82 
4,890 
(443) 
4,529 
The equity of EUR 4,529 thousand is attributable to owners of the controlling 
entity. 
The notes presented on pages 6 to 29 form an integral 
part of these financial statements.
 

Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
5
Separate cash flow statement 
in EUR thousand 
For the period 
Note 
 
from 6 Sept 2023 
to 31 Dec 2023 
OPERATING ACTIVITIES 
Profit/(loss) for the reporting period before tax 
(443) 
Income tax on ordinary activities 
11 
1 
Change in allowances 
13 
410 
Net interest income 
13 
(4) 
Operating profit/(loss) before changes in working capital 
(36) 
Change in trade receivables and other assets 
(90) 
Change in trade payables and other payables 
93 
Cash generated from (used in) operating activities 
Income from the issue of bonds 
500,000 
Paid transaction fees 
(1,988) 
Loan provided to the parent company 
(504,855) 
Received transaction fees 
2,250 
Income tax paid on ordinary activities 
Cash flows generated from (used in) operating activities 
(4,626) 
FINANCING ACTIVITIES 
Cash investment in equity 
4,890 
Cash flows from (used in) financing activities 
4,890 
Net increase (decrease) in cash and cash equivalents 
264 
Cash and cash equivalents at the beginning of the year 
83 
Cash and cash equivalents at the end of the year 
347 
The notes presented on pages 6 to 29 form 
an integral part of these financial statements. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
6
Notes to the Separate Financial Statements 
1.
General Information 
EPH Financing 
International, 
a.s. (the 
“Company” or 
the “Issuer”) 
was formed 
on 6 
September 2023 
by 
being 
recorded 
in 
the 
Register 
of 
Companies, 
File 
B 
28346, 
held 
by 
the 
Municipal 
Court 
in 
Prague, 
corporate ID: 196 78 185, LEI code: 3157003E5A4ZV0JCSM65. 
The 
Company’s 
principal 
activities 
include 
issue 
and 
management 
of 
bonds 
and 
provision 
of 
loans/borrowings to entities in the EPH Group. 
The financial statements were prepared for the period from the formation 
of the Company on 6 September 
2023 
to 
31 
December 
2023 
(“2023”). 
The 
separate 
statement 
of 
financial 
position 
for 
the 
comparative 
reporting period was prepared as of the date when the Company was formed, 
on 6 September 2023. 
The 
annual 
and 
semi-annual 
reports 
are 
published 
in 
electronic 
form 
on 
the 
website 
of 
the 
Company: 
www.epholding.cz, 
Investors 
section, 
EPH 
Financing 
International 
section. 
The 
data 
in 
the 
financial 
statements have been reviewed by an auditor. 
Company’s 
registered office 
Pařížská 130/26, 
Josefov, 110 00 Prague 1 
Czech Republic 
Principal activities: 
-
Management of own assets 
The 
Company 
was 
established for 
the 
purpose 
of 
issue 
of 
securities 
– 
bonds 
with 
fixed 
interest 
yield 
pursuant 
to 
a 
bond 
programme 
(the 
“Programme”) 
up 
to 
the 
expected 
total 
nominal 
value 
of 
EUR 
3 billion. The 
first issue of 
the bonds pursuant 
to the Programme 
was accepted 
for trading on 
the Euronext 
Dublin regulated market 
in Ireland in 
the amount of 
EUR 500 million. 
The trading was 
initiated on the 
issue date of 6 November 2023. The code of the bonds is ISIN XS2716891440. 
The bonds were allocated the rating of BBB- by Fitch a S&P. 
Statutory body of the Company as of 31 December 2023 
Board of Directors: 
●
Daniel Křetínský (Chairman of the Board of Directors) 
●
Marek Spurný (member of the Board of Directors) 
●
Pavel Horský (member of the Board of Directors) 
Supervisory Board: 
●
Petr Sekanina (member of the Supervisory Board) 
There are no conflicts of interest in members of the management and 
supervisory bodies. 
Organisational structure: 
The sole shareholder of the Company as of 31 December 2023 is: 
Interest in share capital 
Voting rights 
in EUR thousand 
% 
% 
Energetický a průmyslový holding, a.s. 
82 
100 
100 
Total
82
100
100

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
7
Shareholders of Energetický 
a průmyslový 
holding, a.s. as of 31 December 2023 
are
: 
Interest in share capital 
Voting rights 
% 
% 
EP Corporate Group, a.s. 
56 plus 1 share 
56 plus 1 share 
J&T Energy Holding, a.s. 
44 less 1 share 
44 less 1 share 
100
100
Information on the 
number of shares 
or similar securities 
constituting an interest 
in the Issuer 
that are 
owned by 
entities with 
the management 
authority of 
an issuer, 
on options 
and comparable 
investment 
instruments the 
value of 
which relates 
to the 
shares 
or similar 
securities constituting an 
interest 
in the 
Issuer as of 31 December 2023: 
Shares or similar securities 
Options and comparable 
investment instruments 
pieces 
pieces 
Members of the statutory body 
- 
- 
Members of the Supervisory Board 
- 
- 
-
-
The Company 
is included 
in the 
consolidation group 
of the 
EPH Group. 
The Company 
has no 
investments 
in 
subsidiaries, 
associates 
and 
joint 
ventures 
and 
therefore 
does 
not 
prepare 
consolidated 
financial 
statements. The consolidated financial statements of the broadest group of entities for 2023 are prepared 
by 
EP 
Investment 
S. 
à 
r.l., 
having 
its 
registered 
office 
at 
Place 
de 
Paris 
2, 
2314 
Grand 
Duchy 
of 
Luxembourg. This company is the ultimate parent company of the Company’s sole shareholder. 
The sole shareholder, Energetický 
a průmyslový holding, a.s. ("EPH"), is 
the joint-stock company, 
with 
its registered 
office at Pařížská 
130/26, Josefov, 110 00 
Prague 1, 
Czech Republic. 
The principal 
activities 
of EPH 
include corporate 
investment in 
infrastructure and 
power industry. 
In addition 
to the 
two main 
activities, 
the 
Group 
is 
engaged 
in 
business 
in 
a 
number 
of 
other 
areas, 
such 
as 
logistics 
and 
trade 
brokering. 
The ultimate majority owner of EP 
Corporate Group, a.s. and EP 
Investment S. à r.l. is Daniel Křetínský, 
chairman of the Board of Directors of 
Energetický a průmyslový holding, a.s. and 
chairman of the Board 
of Directors of 
the Issuer. The control 
of the Issuer 
by indirectly controlling 
entities is based 
on the voting 
share 
which 
corresponds 
to 
the 
share 
in 
the 
Company's 
share 
capital. 
Indirectly 
controlling 
entities 
exercise supervision over the Company's management through their participation in the 
general meeting 
of the 
parent company Energetický 
a průmyslový holding, 
a.s. Measures taken 
to ensure that 
control is 
not abused are 
based on generally 
applicable legal regulations. 
The Company has 
not taken any 
special 
step in addition to the generally applicable legal regulations. 
The 
Company 
is 
directly 
owned 
and 
controlled 
by 
EPH 
as 
part 
of 
the 
EPH 
Group 
(parent 
company 
Energetický a průmyslový 
holding, a.s. is 
the consolidating entity 
which prepares 
the consolidated annual 
report in Czech 
which includes the 
consolidated financial statements under 
IFRS that will 
be published 
in 
the Register 
of 
Companies). EPH 
provided a 
financial guarantee 
for the 
debts from 
the 
Company’s 
bonds under English law. 
EPH 
Financing 
International, 
a.s. 
is 
financially 
dependent 
on 
the 
parent 
company 
EPH 
as 
all 
of 
its 
revenues are linked to the parent company. 
The Issuer exists solely for the purpose 
of bonds issue and its principal 
activities include the provision of 
loans/borrowings to entities in the EPH Group. The 
sole source of Issuer’s income will be repayments of 

Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
8
loans/borrowings from entities in the EPH Group. The Issuer uses the income from the bonds to provide 
financing to 
the entities 
in the 
EPH Group. 
The Issuer’s 
financial and 
economic situation, 
its business 
activities, position on the market and ability to repay debts arising from the bonds depends on the ability 
of its 
debtors to 
repay their 
debts to 
the Issuer 
in a 
due and 
timely manner. 
If any 
debtor is 
not able 
to 
repay its debts 
to the Issuer 
in a due 
and timely manner, 
it may have 
a negative impact 
on the financial 
and economic situation of the Issuer, its business activities and the ability 
of the Issuer to repay the debts 
arising from the bonds. 
The Company is not aware of any grounds that such dependence of the EPH 
Group has been abused. 
The Issuer engages in no investing activities. 
Basic Company’s financial data for the period from 6 September 
2023 to 31 December 2023 and 
comparison with a corresponding period as of 6 September 2023 
In the 
period from 
6 September 
2023 to 
31 December 
2023, the 
Company reported 
a loss 
of EUR 
443 
thousand, primarily due to 
a recognition of 
an allowance amounting to 
EUR 410 thousand for 
the loans 
provided to the parent company EPH in accordance with the applied IFRS 
9 (described in detail in Note 
3 (c) to the financial statements). The final balance of the allowance for the loans amounted to EUR 410 
thousand as of 31 December 2023 (EUR 0 thousand as of 6 September 
2023). 
As of 
31 December 
2023, the 
financial position 
of the 
Company in 
terms of 
provision of 
financing to 
entities in 
the EPH 
Group is 
reflected in 
the total 
assets of 
EUR 507,096 
thousand (as 
of 6 
September 
2023: 
total 
assets 
amount 
to 
EUR 
82 
thousand) 
of 
which 
non-current 
assets 
amount 
to 
EUR 
501,931 
thousand 
(as 
of 
6 
September 
2023: 
non-current 
assets 
amount 
to 
EUR 
0). 
Non-current 
financial 
instruments 
and 
other 
financial 
assets 
represent 
the 
long-term 
portion 
of 
the 
loan 
provided 
to 
parent 
company; 
its 
maturity 
depends 
on 
the 
bonds’ 
principal 
maturity, 
i.e. 
until 
13 November 2028, 
refer to note 
9. Total liabilities of the 
Company amounting to 
EUR 502,567 thousand 
(as of 6 September 2023: total liabilities amount to EUR 0) predominantly include issued bonds 
with the 
long-term portion of 
EUR 497,484 thousand 
(as of 6 
September 2023: long-term 
portion amounts 
to EUR 
0). 
The increase 
in non-current assets 
and liabilities of 
the Company 
was due to 
a successful 
placement of 
the first issue 
of bonds in November 
2023, when the nominal 
value of the 
issue was EUR 500,000, 
and 
a 
subsequent 
provision 
of 
the 
gained 
funds 
to 
the 
parent 
company 
under 
a 
loan 
contract. 
The 
above 
increase is also reflected in interest expense which amounted to EUR 4,523 thousand (as of 6 September 
2023: interest 
expense amounts 
to EUR 0) 
and interest 
income of EUR 
4,526 thousand 
(as of 6 
September 
2023: interest income amounts to EUR 0). 
In the 
period ended 
31 December 
2023, the 
Company reported 
positive equity 
of EUR 
4,529 thousand 
(as of 6 September 2023: EUR 
82 thousand) due to the resolutions 
of the Company’s sole shareholder on 
the 
payment 
over 
and 
above 
the 
share 
capital 
balance 
of 
EUR 
4,890 
thousand 
in 
November 
2023 
(presented 
in 
the 
Other 
capital 
funds 
item 
in 
the 
balance 
sheet) 
and 
after 
recognising 
the 
loss 
for 
the 
reporting period of EUR 443 thousand). 
No 
decision 
having 
a 
crucial 
impact 
on 
the 
Company, 
or 
its 
shareholders, 
was 
taken 
in 
the 
reporting 
period. Decisions of the Company's bodies concerned current 
course of business relating to the reported 
activities of the Company and performance of obligations 
imposed upon those bodies by applicable laws 
and the Company's Articles of Association. 
Significant legal proceedings 
The Company 
is not 
and has 
not 
been a 
party 
to any 
legal dispute 
or state, 
adjudication or 
arbitration 
proceedings, 
and 
the 
Board 
of 
Directors 
does 
not 
anticipate 
participation 
in 
legal 
disputes, 
state, 
adjudication or arbitration proceedings in the foreseeable future. 

Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
9
Significant contracts 
To the knowledge of the Company, there are no significant contracts, other than contracts entered into in 
the ordinary 
course of 
the business 
of the 
Company, 
that could 
give rise 
to a 
liability or 
claim on 
any 
member of the EPH group that would be material 
to the ability of the Company to meet its obligations 
to 
bondholders. 
Ownership interests that establish a controlling influence of the Company 
The Company has no ownership interests. 
Information on the Anticipated Financial Situation in 2024 
In 2024, the 
Company plans to 
continue its primary 
activities, i.e. issuance 
and management of 
bonds and 
provision 
of 
loans/borrowings 
to 
entities 
in 
the 
EPH 
Group. 
This 
involves 
the 
fact 
that 
it 
expects 
no 
significant changes in the results of the Company, and these will be primarily impacted by the income in 
the 
form 
of 
interest 
on 
provided 
loans, 
expenses 
relating 
to 
issued 
bonds 
and 
potential 
allowances 
to 
provided loans recognised in line with the rules of IFRS. 
The Company is exposed 
to a number of risks 
relating to business activities 
on European markets such 
as 
commodity risks, currency and interest rate risks, risks relating 
to regulation and new legislation. 

Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
10
2.
Basis of Preparation of the Separate Financial Statements 
(a)
Statement of compliance 
The financial 
statements have 
been prepared 
in accordance 
with International 
Accounting Standards 
(IAS) 
and International 
Financial Reporting 
Standards (“IFRS® 
Accounting Standards”) 
issued by 
International 
Accounting Standards Board (IASB) as adopted by the European 
Union. 
These financial statements are unconsolidated. 
(b)
Basis of measurement 
The financial statements have been prepared on a going-concern 
basis using the historical cost method. 
The 
accounting 
policies 
described 
in 
the 
following 
paragraphs 
are 
consistently 
applied 
in 
individual 
reporting periods. 
(c)
Functional currency and presentation currency 
The 
functional 
and 
presentation 
currency 
of 
the 
Company 
is 
euro 
(“EUR”). 
All 
financial 
information 
presented in EUR is rounded to the nearest thousand, unless stated otherwise. 
(d)
Use of estimates and judgements 
The preparation of financial 
statements in accordance with IFRS 
Accounting Standards requires the use 
of 
certain 
critical 
accounting 
estimates 
that 
affect 
the 
reported 
items 
of 
assets, 
liabilities, 
income 
and 
expenses. It also 
requires management to exercise 
judgement in the process 
of applying the Company’s 
accounting policies. 
The resulting 
accounting estimates 
will, by 
definition, seldom 
equal the 
related actual 
results. 
i.
Assumption and estimate uncertainties 
Information 
about 
assumptions 
and 
estimate 
uncertainties 
that 
have 
a 
significant 
risk 
resulting 
in 
a material adjustment in the following years is included in the following 
notes: 
●
Note 7 – Financial instruments and other financial assets; 
●
Note 9 – Financial instruments and other financial liabilities. 
Measurement of fair value 
A number of the Group’s accounting policies and disclosures require the measurement of fair values, for 
both financial and non-financial assets and liabilities. 
The Company has an established control framework with respect 
to the measurement of fair values. This 
includes 
a 
valuation 
team 
that 
has 
overall 
responsibility 
for 
overseeing 
all 
significant 
fair 
value 
measurements. 
The valuation 
team regularly 
reviews significant 
unobservable input 
data and 
valuation adjustments. 
If 
third party information, such as broker quotes or 
pricing services, is used to measure fair 
values, then the 
valuation team assesses the 
evidence obtained from the 
third parties to 
support the conclusion that 
such 
valuations meet the 
requirements of IFRS, 
including the level 
in the fair 
value hierarchy in 
which such 
valuation should be classified. 
When measuring the fair value of 
an asset or a liability, the Company uses market data as 
far as possible. 
Fair values are 
categorised into different 
levels in a 
fair value hierarchy based 
on the input 
data used in 
the valuation techniques as follows: 
Level 1: quoted prices (unadjusted) in active markets for identical assets 
or liabilities. 
Level 
2: input 
data that 
does not 
include quoted 
level 1 
prices that 
can be 
determined for 
the asset 
or 
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). 
Level 3: input 
data for a 
given asset or 
liability that cannot 
be identified 
in the market 
(unobservable input 
data). 

Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
11
If the input data used to measure the 
fair value of an asset or a liability 
might be categorised in different 
level of the fair value hierarchy, then the fair value measurement is 
categorised in its entirety in the same 
level of the fair value hierarchy as the lowest level input that is significant 
to the entire measurement. 
The Company recognises transfers 
between levels of the 
fair value hierarchy at 
the end of 
the reporting 
period during which the change has occurred. 
(e)
Reporting by segments 
All revenues were 
generated in the 
territory of the 
Czech Republic and the 
Company does not divide 
is 
activities into 
various operational 
segments. Most 
of the 
revenues are 
of financial 
nature and 
are described 
in 
detail 
in 
Note 
12 
– 
Incomes 
and 
services, 
and 
in 
Note 
13 
– 
Financial 
income 
and 
expenses, 
gains 
(losses) from financial instruments. 
(f)
Most recent accounting standards 
i.
Standards not yet effective 
Amendments to IFRS 16 – Lease 
Liability in a Sale and Leaseback (effective for 
annual reporting 
periods beginning on or after 1 January 2024) 
The amendments 
to IFRS 16 
provide additional requirements 
for subsequent measurements 
of sale and 
leaseback 
that 
satisfy 
the 
requirements 
of 
IFRS 
15 
Revenue 
from 
Contracts 
with 
Customers 
for 
the 
recognition as a sale 
of an asset. The 
amendments require the 
seller-lessee to determine “lease 
payments” 
or “revised lease payments” 
in a way that it does not 
recognise any amount of the gain 
or loss that relates 
to the right of use it retains. 
Given 
the 
nature 
of 
the 
Company’s 
principal 
activities, 
this 
standard 
will 
have 
no 
impact 
on 
the 
Company’s financial statements. 
Amendments to 
IAS 1 
Presentation of 
Financial Statements 
– Classification 
of Liabilities 
as Current 
or Non-current (effective for annual reporting periods beginning on or after 1 January 2024) 
The amendments to IAS 1 issued 
in January 2020 have an impact 
only on the presentation of 
liabilities 
as current or non-current in the 
statement of financial position, rather than on the amount 
and timing of 
reporting of any assets, liabilities, income or expenses or disclosed information 
relating to these items. 
The Group is currently reviewing possible impact of the amendments 
to its financial statements. 
Amendments 
to 
IAS 
1 
Presentation 
of 
Financial 
Statements 
– 
Non-current 
liabilities 
with 
covenants (effective for annual reporting periods beginning on or after 1 January 
2024) 
The amendments to IAS 1 issued in August 2022 specify that only covenants that an entity is obliged to 
comply with in the reporting 
period or before its end 
have an impact on its 
right to defer the 
settlement 
of a 
liability by 
at least 
12 months 
after the 
balance sheet 
date (and 
therefore they 
must be 
taken into 
account when determining whether 
a specific liability is 
current or non-current). These 
covenants have 
an impact on 
the fact whether 
the right exists 
at the end 
of the reporting 
period even 
when the compliance 
with the 
covenant is assessed 
after the balance 
sheet date (e.g. 
compliance with the 
covenant based on 
the financial situation of an entity as of the balance sheet date is assessed 
after the balance sheet date). 
Given 
the 
nature 
of 
the 
Company’s 
principal 
activities, 
this 
standard 
will 
have 
no 
impact 
on 
the 
Company’s financial statements. 
Amendments to IAS 7 Statement of 
Cash Flows and IFRS 7 Financial Instruments: 
Disclosures – 
Supplier Finance Arrangements
(the EU has not yet adopted these amendments) 
The 
amendments 
add 
an 
objective 
of 
disclosure 
to 
IAS 
7 
and 
determine 
that 
an 
entity 
is 
obliged 
to 
disclose 
information on 
its supplier 
finance arrangements 
that 
will 
allow 
to 
the 
users 
of 
the 
financial 
statements to assess 
the impact of 
these arrangements on 
the liabilities and 
cash flows of 
the entity. 
In 
addition, 
IFRS 
7 
was 
modified 
in 
a 
way 
to 
add 
supplier 
finance 
arrangements 
as 
an 
example 
in 
the 
requirements for disclosure of information on the exposure of an entity to 
liquidity risk. 
Given 
the 
nature 
of 
the 
Company’s 
principal 
activities, 
this 
standard 
will 
have 
no 
impact 
on 
the 
Company’s financial statements. 

Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
12
Amendments 
to 
IAS 
21 
The 
Effects 
of 
Changes 
in 
Foreign 
Exchange 
Rates 
– 
Lack 
of 
Exchangeability (not yet adopted by the EU) 
If a currency is not exchangeable, 
an entity is obliged to disclose 
information that will allow the users 
of 
the financial 
statements to 
understand how 
the currency 
that is 
not exchangeable 
for another 
currency 
impacts or 
is supposed 
to impact 
as expected 
the financial 
performance, financial 
situation and 
cash flows 
of an entity. 
Given 
the 
nature 
of 
the 
Company’s 
principal 
activities, 
this 
standard 
will 
have 
no 
impact 
on 
the 
Company’s financial statements. 

Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
13
3.
Significant Accounting Policies 
(a)
Cash and cash equivalents 
Cash and 
cash equivalents 
comprise cash 
balances on 
hand and 
in banks, 
and short-term 
highly liquid 
investments with original maturities of three months or less. 
(b)
Non-derivative financial assets 
The fair 
value of 
financial assets 
at fair 
value through 
profit or 
loss, debt 
and asset 
instruments at 
fair 
value through other comprehensive 
income and financial 
assets at amortised cost 
is based on their 
quoted 
market price as of the balance sheet date, without deducting transaction costs. If the quoted market price 
is not available, the fair value of a specific instrument is estimated by the 
Company’s management using 
price models or techniques based on discounted cash flows. 
When techniques applying discounted cash flows are 
used, the estimated future cash flows are 
based on 
best possible 
estimated made 
by the 
Company’s management; 
the rate 
determined in 
relation to 
the market 
as of 
the balance 
sheet date 
for an 
instrument with 
similar conditions 
is used 
as discount 
rate. If 
price 
models are used, input data for the model are based on market rate 
as of the balance sheet date. 
The fair value of 
trade receivables and other 
receivables is estimated as the 
present value of future 
cash 
flows, discounted using the market interest rate as of the balance 
sheet date. 
The fair value of trade receivables, other receivables and financial assets at amortised cost is determined 
only for disclosure purposes. 
(c)
Impairment 
i.
Financial assets (including trade receivables and other receivables 
and contract assets) 
The 
Company 
measures 
allowances 
using 
expected 
credit 
loss 
(“ECL”) 
model 
for 
financial 
assets 
at 
amortised cost, debt instruments at 
FVOCI and contract assets. Allowances 
are measured on either of the 
following base: 
•
twelve-month ECLs: ECLs that result from possible default events within the 12 months after 
the reporting date; 
•
lifetime 
ECLs: 
ECLs 
that 
result 
from 
all 
possible 
default 
events 
over 
the 
expected 
life 
of 
a financial instrument. 
The 
Company measures 
an 
allowance at 
an 
amount equal 
to 
lifetime 
ECLs 
except 
for 
those 
financial 
assets for which credit risk has not increased significantly since initial recognition. For trade receivables 
and contract assets, the 
Company will quantify allowances 
in the amount of 
expected credit losses for 
the 
duration in the simplified regime. 
The ECL model 
is based on 
the principle of 
expected credit losses. 
For the purposes 
of designing 
the ECL 
model, the 
portfolio of 
financial assets 
is split 
into segments. 
Financial assets 
within each 
segment are 
allocated to three stages (Stage I 
– III) or to a group of 
financial assets that are impaired at 
the date of the 
first recognition of purchased or 
originated credit-impaired financial assets ("POCI"). At 
the date of the 
initial recognition, the 
financial asset is 
included in Stage 
I or POCI. 
Subsequent to initial 
recognition, the 
financial 
asset 
is 
allocated 
to 
Stage 
II 
if 
there 
was 
a 
significant 
increase 
in 
credit 
risk 
since 
initial 
recognition or to Stage III if the asset has been credit impaired. 
The Company assumes that the credit risk on a financial asset has increased 
significantly if: 
(a)
a financial asset or its 
significant portion is overdue 
for more than 30 
days (if a financial 
asset or 
its significant portion is 
overdue for more 
than 30 days and 
less than 90 days, 
and the delay does 
not indicate an increase 
in counterparty credit risk, 
the individual approach shall 
be used and the 
financial asset shall be classified in Stage I); or 
(b)
the Company negotiates with 
the debtor about debt’s 
restructuring (at the request 
of the debtor 
or the Company) or; 
(c)
the probability of default (PD) of the debtor increases by 20%; or 

Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
14
(d)
other material 
events occur 
which require 
individual assessment 
(e.g. development 
of an 
external 
rating of the main credit risks). 
At each balance sheet date, the 
Company assesses whether financial assets carried at amortised cost and 
investments to 
equity instrument 
are credit 
impaired. A 
financial asset 
is 
credit impaired 
when one 
or 
more events that have a detrimental impact on the estimated future cash flows of the financial asset have 
occurred. The Company considers financial asset to be credit-impaired 
if: 
(a)
a financial asset or its significant part is overdue for more 
than 90 days; or 
(b)
legal action has been taken in relation to 
the debtor, 
the outcome or the actual process of which 
may 
have an impact on the debtor’s ability to repay the debt; or 
(c)
insolvency proceedings 
or similar 
proceedings under 
the foreign 
legislation have 
been initiated 
in 
respect 
of 
the 
debtor, 
which 
may 
lead 
to 
a 
declaration 
of 
bankruptcy 
and 
the 
application 
for 
the 
opening 
of 
this 
proceeding 
has 
not 
been 
refused 
or 
rejected 
or 
the 
proceedings 
have 
not 
been 
discontinued within 30 days of initiation ((b) and (c) are considered 
as "Default Event"); or 
(d)
the probability of default of the debtor increases by 100% compared 
to the previous rating; or 
(e)
other material 
events occur 
which require 
individual assessment 
(e.g. development 
of external 
ratings 
of the main credit risks). 
For the purposes of ECL 
calculation, the Company uses components needed 
for the calculation, namely 
probability of 
default ("PD"), 
loss given 
default ("LGD") 
and exposure 
at default 
("EAD"). In 
case of 
short- term loans, 
the so-called "maturity 
adjustment" is 
also included 
in the calculation. 
Forward-looking 
information means any macroeconomic factor projected for future, which has 
a significant impact on the 
development of credit losses. 
ECLs are present values 
of probability-weighted estimate of 
credit losses. 
The Group 
considers mainly 
expected growth 
of gross 
domestic product, 
reference interest rates, 
stock 
exchange indices or unemployment rates. 
Recognition of allowances 
Allowances for financial assets measured at amortised cost are deducted from the gross carrying amount 
of the assets 
and the annual 
change is recognised 
in the income 
statement. For debt 
securities valued at 
FVOCI, the provision is recognized in other comprehensive income ("OCI"). 
(d)
Non-derivative financial liabilities 
The Company has the following liabilities that are not derivatives ("non-derivative financial 
liabilities"): 
loans 
and 
credit, 
issues 
of 
debt 
securities, 
bank 
overdrafts, 
trade 
payables 
and 
other 
liabilities. 
These 
financial 
liabilities 
are 
first 
recognised 
as 
of 
their 
settlement 
date 
at 
their 
fair 
value 
increased 
by 
all 
relevant 
directly 
related 
transaction 
costs, 
with 
the 
exception 
of 
financial 
liabilities 
at 
fair 
value 
recognized 
in 
profit 
or 
loss, 
where 
the 
transaction 
costs 
are 
recognized 
in 
profit 
or 
loss 
as 
incurred. 
Thereafter, 
financial 
liabilities 
are 
valued 
by 
amortized 
acquisition 
cost 
with 
the 
use 
of 
the 
effective 
interest rate, with the exception 
of financial liabilities at fair 
value recognized in profit or loss. 
Methods 
of making fair value estimates are described in Note 4 to the financial 
statements – Determination of fair 
value. 
Following the 
performance, cancellation 
or expiration 
of contractual 
obligations, the 
Company eliminates 
the financial liability from its accounting. 
(e)
Financial income and expenses 
i.
Financial income 
Financial income 
comprises interest 
income on 
funds invested, 
dividend income, 
changes in 
the fair 
value 
of financial assets 
at fair value 
through profit 
or loss, foreign 
currency gains, gains 
on sale of 
investments 
in securities 
and gains 
on hedging 
instruments that 
are recognised 
in profit 
or loss. 
Interest income 
is 
recognised in profit or loss as it accrues, using the effective interest method. 

Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
15
ii.
Financial expenses 
Financial expenses comprise interest 
expense on borrowings, 
unwinding of the 
discount on provisions, 
foreign currency losses, changes 
in the fair 
value of financial assets 
at fair value through 
profit or loss, 
fees and 
commissions expense for 
payment transactions and 
guarantees, impairment losses 
recognised 
on financial assets, and losses on hedging instruments that are recognised 
in profit or loss. 
(f)
Income taxation 
Income 
tax 
comprises 
current 
and 
deferred 
tax. 
Income 
tax 
is 
recognised 
in 
the 
Statement 
of 
comprehensive income. 
Income tax payable is an estimate of tax (tax liability 
or tax receivable) calculated from taxable income 
or loss for the 
reporting period, using tax rates enacted 
at the balance sheet date, 
and any adjustment to 
tax payable in respect of previous years. 
A deferred tax asset is recognised only to the extent that 
it is probable that future taxable profits will be 
available 
against 
which 
the 
unused 
deductible 
temporary 
differences 
can 
be 
utilised. 
For 
the 
above 
reason, the 
Company did 
not account 
for a 
deferred tax 
asset. A 
deferred tax 
liability is 
always recognised. 

Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
16
4.
Determination of Fair Value 
The 
Company’s 
accounting 
policies 
and 
disclosures 
require 
the 
determination 
of 
fair 
value, 
for 
both 
financial 
and 
non-financial 
assets 
and 
liabilities. 
Fair 
values 
have 
been 
determined 
for 
measurement 
and/or disclosure purposes based on the following methods. 
Where applicable, further information about 
the assumptions made in 
determining fair values is 
disclosed in the notes 
specific to that asset 
or liability. 
(a)
Non-derivative financial assets 
The fair 
value of 
financial assets 
at fair 
value through 
profit or 
loss, debt 
and equity 
instruments at 
FVOCI 
and 
financial assets 
at 
amortized cost 
is 
based 
on 
their 
quoted 
market 
price 
at 
the 
balance 
sheet 
date 
without any deduction 
for transaction costs. If 
a quoted market 
price is not available, 
the fair value of 
the 
instrument is estimated by management using pricing models or discounted 
cash flows techniques. 
Where discounted 
cash flow 
techniques are 
used, estimated 
future cash 
flows are 
based on 
management’s 
best estimates 
and the 
discount rate 
is a 
market-related rate at 
the balance 
sheet date 
for an 
instrument 
with similar 
terms and 
conditions. Where 
pricing models 
are used, 
inputs are 
based on 
market-related 
measures at the balance sheet date. 
The fair 
value of 
trade and other 
receivables, including service 
concession receivables, is 
estimated as 
the present value of future cash flows, discounted at the market rate of 
interest at the balance sheet date. 
The fair value 
of trade and other 
receivables and of financial 
assets at amortized cost 
is determined for 
disclosure purposes only. 
(b)
Non-derivative financial liabilities 
Fair value, which is 
determined for disclosure 
purposes, is calculated based 
on the present value 
of future 
principal and interest cash flows, discounted at the market rate of interest 
at the balance sheet date. 

 
 
 
 
 
 
 
 
 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
17
5.
Cash and cash equivalents 
in EUR thousand 
as of 31 Dec 2023 
as of 6 Sept 2023 
Cash at bank 
347 
82 
Total 
347 
82 
The Company assessed the need to recognise a credit loss allowance 
for receivables from banks (which 
are included in Cash and cash equivalents) 
and concluded that the resulting allowance 
would be 
negligible. 
6.
Trade receivables 
and other assets (including prepayments) 
As of 31 December 
2023, the Company 
records trade receivables 
and other assets 
amounting to EUR 354 
thousand (as of 6 September 2023: EUR 0). 
Credit risks 
and impairment 
losses in 
relation to 
trade and 
other receivables 
are discussed 
in Note 
14 - 
Risk management policies and disclosures. 
7.
Financial instruments and other financial assets 
in EUR thousand 
as of 31 Dec 2023 
as of 6 Sept 2023 
Financial assets 
Loans to entities other than credit institutions 
506,806 
- 
of which: loans owed by the parent company 
506,806 
- 
Allowance for loans 
(410) 
- 
Total 
506,395 
- 
Long-term 
501,931 
- 
Short-term 
4,464 
- 
Total 
506,395 
- 
Long-term financial instruments 
include a loan 
principal the amount 
and maturity of 
which is based 
on 
the 
maturity 
of 
the 
bond 
principal 
(as 
of 
31 
December 
2023 
a 
principal 
with 
maturity 
as 
of 
13 November 2028) 
and 
accrued 
interest, 
refer 
to 
Note 
9 
– 
Financial 
instruments 
and 
other 
financial 
liabilities. 
Non-current financial assets as of 31 December 2023 additionally include a provided loan of EUR 4,855 
thousand, including interest, which matures on 13 November 2028. 
Current 
financial 
assets 
as 
of 
31 
December 
2023 
include 
interest 
of 
EUR 
4,464 
thousand 
payable 
annually. 
The weighted average of the effective interest rate and 
loans to entities other than credit institutions 
as of 
31 December 2023 amounted to 6.761%. 
As 
of 
31 
December 
2023, 
the 
Company 
reported 
an 
allowance 
of 
EUR 
410 
thousand 
for 
the 
loans 
provided 
to 
the 
parent 
company 
Energetický 
a 
průmyslový 
holding, 
a.s. 
The 
allowance 
was 
reported 
following an impairment test made as of 31 December 2023. 
The parent company was granted the 
BBB- rating by S&P Global Ratings Europe Limited 
(“S&P”) and 
Fitch Ratings Ireland Limited. 
 

 
 
 
 
 
 
 
 
 
 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
18
The following table shows detailed information on the loan provided 
to the parent company EPH: 
as of 31 Dec 2023 
Principal 
Accrued 
interest 
Unamortised 
fee 
Maturity 
Interest rate 
(%) 
Effective 
interest 
in EUR thousand 
rate (%) 
Loan to EPH (1)** 
4,853 
4 
13 Nov 2028 
6.8 
6.02 
Loan to EPH (2)* 
500,000 
4,464 
(2,516) 
13 Nov 2028 
6.651 
6.768 
Total 
504,853 
4,468 
(2,516) 
- 
- 
- 
* The interest rate is based on the rate used for the bonds, refer 
to Note 9 – Financial instruments and other financial liabilities. 
** Interest payable together with the principal. 
Information on fair value 
The following table shows the fair value of the interest-bearing instruments reported 
at amortised cost: 
in EUR thousand 
as of 31 Dec 2023 
as of 6 Sept 2023 
Carrying amount 
Fair value 
Carrying amount 
Fair 
value 
Loan to EPH (1) 
4,853 
4,937 
- 
- 
Loan to EPH (2) 
497,484 
520,729 
- 
- 
Total 
502,337 
525,666 
- 
- 
All 
interest-bearing financial 
instruments 
carried 
at 
amortised cost 
are 
included in 
Level 
2 
of 
the 
fair 
value 
hierarchy (for more details on 
valuation methods refer to Note 2 (d) 
i – Assumption and estimation 
uncertainties. 
8.
Equity 
The authorised, 
issued and 
fully paid 
share capital 
as of 
31 December 
2023 consisted 
of 10 
ordinary shares 
with a nominal value of EUR 8,200 per share. 
Ordinary shares 
represent a 
100% share 
in the 
share capital 
of EPH 
Financing International, a.s. 
There 
are no special rights and obligations associated with ordinary shares. 
The rights and obligations associated 
with registered ordinary shares are 
defined in the Act 
on Business 
Corporations (Act No. 90/2012 Coll., as amended) and in the Articles of Association of the Company in 
Article 6. Shareholders of EPH Financing International, a.s. are not limited in their rights attached to the 
shares or in the payment of dividends. 
Shareholders 
have 
the 
right 
to 
receive 
dividends 
and 
at 
the 
General 
Meeting 
of 
the 
Company 
they 
have 1 vote per share with a nominal value of EUR 8,200 (CZK 200,000). 
as of 31 Dec 2023 
Number of shares 
Ownership 
Voting rights 
% 
% 
Energetický a průmyslový holding, a.s. 
10
100 
100 
Total 
10
100 
100 
Reconciliation of the number of issued shares at the beginning and end 
of the period. 
Number of issued shares 
Shares issued as of 6 Sept 2023 
10 
Newly issued shares 
- 
Shares issued as of 31 Dec 2023 
10 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
19
Basic earnings/(loss) per share 
Basic earnings/(loss) per share in EUR to CZK 200,000 nominal value 
is the loss of EUR 44,300. 
The 
calculation 
of 
basic 
earnings/(loss) 
per 
share 
as 
of 
31 
December 
2023 
was 
based 
on 
the 
loss 
attributable to ordinary shareholders in the 
amount of EUR 443 thousand and 
weighted average number 
of 10 issued ordinary shares. 
Diluted profit/(loss) per share 
As the Company issued 
no convertible bonds 
or other financial 
instruments with dilutive 
potential effects 
on ordinary shares, diluted earnings per share is the same as basic earnings 
per share. 
Other capital funds 
On 20 December 2023, the sole shareholder invested EUR 4,890 thousand 
in other capital funds. 
9.
Financial instruments and other financial liabilities 
in EUR thousand 
as of 31 Dec 2023 
as of 6 Sept 2023 
Issued bonds at amortised cost 
497,484 
- 
Other financial liabilities from bonds 
4,464 
- 
Total 
501,948 
- 
Long-term 
497,484 
- 
Short-term 
4,464 
- 
Total 
501,948 
- 
The 
weighted 
average 
of 
the 
interest 
rate 
on 
the 
loan 
from 
entities 
other 
than 
credit 
institutions 
as 
of 
31 December 2023 was 6.651%. 
Issued bonds at amortised cost 
The following table shows detailed information on issued bonds:
 
as of 31 Dec 2023 
in EUR thousand 
ISIN 
Principal 
Accrued 
interest 
Unamortised 
fee 
Maturity 
Interest rate 
(%) 
Effective 
interest rate 
(%) 
Bonds of EPH Financing 
International (1)
XS2716891440 
500,000 
4,464 
(2,516) 
13 Nov 2028 
6.651 
6.768 
Total 
500,000 
4,464 
(2,516) 
- 
- 
- 
 
Bonds 2028 (ISIN XS2716891440)
The Company was 
formed with a 
purpose of issuing 
debt securities in 
the anticipated nominal 
value of 
the issue totalling EUR 3 billion. As of the financial statements date, the Company issued the 
1
st
 
issue of 
bonds in 
the aggregate 
amount of 
EUR 500,000 
thousand with 
a fixed 
interest income 
of 6.651% 
p.a. 
payable in 2028, while the interest 
is payable once a year as 
of 13 November (“Bonds 2028”). 
The bonds 
were accepted for 
trading on the Euronext 
Dublin regulated market 
in Ireland. The 
trading with the bonds 
was started on the issue date, on 6 November 2023. The code of the bonds 
is ISIN XS2716891440. 

 
 
 
 
 
 
 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
20
The debts 
of the 
Issuer arising from 
Bonds 2028 are 
guaranteed by 
Energetický a 
průmyslový holding, 
a.s. in the form of a financial guaranteed under English law. 
The Bonds carry primarily the right for the 
payment of the nominal value as of the 
Bonds final maturity 
date and the right 
for the payment of 
the yield from the 
Bonds. In addition, the 
Bonds carry the right 
of 
the Bonds owner 
to request an 
early redemption of 
the Bonds if 
obligations are breached. 
Furthermore, 
the Bonds 
carry the 
right to 
take part 
in and 
vote at 
the meetings 
of the 
Bonds owners 
when such 
a meeting 
is called in accordance with the Issue conditions. 
The Company will repay the principle of Bonds 2028 on a one-off basis on 13 November 
2028. 
Bonds 
2028 
are 
reported 
less 
issue 
related 
costs 
of 
EUR 
2,516 
thousand. 
These 
costs 
are 
gradually 
recognised in the 
profit and loss 
account during the 
existence of the 
Bonds 2028 based 
on the effective 
interest rate of 6.768% as of 31 December 2023. 
Information on fair value 
The following table shows the fair value of interest-bearing instruments reported 
at amortised cost: 
in EUR thousand 
as of 31 Dec 2023 
as of 6 Sept 2023 
ISIN 
Carrying 
amount 
Fair value 
Carrying 
amount 
Fair value 
Issued bonds at amortised value (3) 
XS2716891440 
497,484 
520,729 
- 
- 
Total 
497,484 
520,729 
- 
- 
All 
interest-bearing financial 
instruments carried 
at 
amortised cost 
are included 
in 
Level 2 
of 
the 
fair 
value hierarchy (for 
more details on valuation 
methods refer to Note 
2 (d) i – 
Assumption and estimation 
uncertainties). 
10.
Trade payables and 
other payables 
in EUR thousand 
as of 31 Dec 2023 
as of 6 Sept 2023 
Trade payables and other payables 
618 
- 
Total 
618 
- 
Long-term 
- 
- 
Short-term 
618 
- 
Total 
618 
- 
Trade 
payables 
and 
other 
payables 
were 
not 
collateralised 
as 
of 
31 
December 
2023. 
An 
estimate 
of 
payables is 
based on 
contractual conditions 
or invoices 
received after 
the balance 
sheet date, 
however 
before the publication of the financial statements. 
The 
liquidity 
risk 
to 
which 
the 
Company 
is 
exposed 
in 
connection 
with 
trade 
and 
other 
payables 
is 
described in Note 14 – Risk Management and Disclosure Procedures. 

 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
21
11.
Income taxation 
Tax payable 
The Company recognised a provision for income tax of EUR 1 thousand. 
Effective tax rate 
in EUR thousand 
2023 
Tax at the domestic tax rate (19%) 
19.0% 
Tax non-deductible expenses – allowances 
(17.6)% 
Tax non-deductible expenses - other 
(1.6)% 
Average effective tax rate (tax base divided by profit/loss before tax) 
(0.2)% 
Effective tax rate is (0.2)%. 
12.
Operating income and expenses 
Other operating 
expenses for 
services predominantly 
include the 
expenses relating 
to the 
formation of 
the Company, 
bookkeeping, administration and 
payroll costs. Other 
operating income of 
the Company 
includes 
a 
compensation 
of 
all 
costs 
from 
the 
parent company 
and 
a 
contractual 
remuneration 
to 
the 
Company. 
As of 31 December 
2023, the fee 
to the statutory auditor 
amounts to EUR 
15 thousand and 
includes a fee 
for 
the 
audit 
of 
the 
financial 
statements 
and 
a 
fee 
for 
the 
review 
of 
selected 
accounting 
information 
included in 
the underlying 
documents in 
the consolidated 
financial statements 
of the 
parent company 
(fee 
to the 
auditor was not 
invoiced before the 
balance sheet date 
and did 
not constitute an 
estimate for the 
fee to 
the auditor 
in line 
with the 
Company’s internal 
accounting policy). 
The fee 
for other 
review services 
provided by 
the auditor 
of EUR 
213 thousand, 
including VAT, 
related to 
agreed-upon procedures 
relating 
to 
the 
Issuer’s 
prospectus of 
the 
first issue 
of 
bonds (this 
fee is 
releases in 
interest expense 
using the 
effective interest rate). 
Other non-audit services were not provided by the auditor in the reporting 
period. 

 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
22
13.
Financial income and expenses 
Reported in the profit and loss account 
in EUR thousand 
as of 31 Dec 2023 
as of 6 Sept 2023 
Interest income amortised by the effective interest rate 
4,526 
- 
Exchange rate gains 
21 
Financial income 
4,547 
- 
Interest expenses amortised by the effective interest rate 
(4,523) 
- 
Exchange rate losses 
(58) 
- 
Financial expenses 
(4,581) 
- 
Interest 
income 
relates 
to 
the 
provided 
loans 
and 
interest 
expense 
relates 
to 
the 
issued 
bonds. 
The 
expenses relating 
to the 
issue of 
bonds such 
as fees 
to banks, 
costs of 
the review 
of the 
Bond Issuer’s 
prospectus by an auditor, legal services and similar expenses are released 
in interest expenses or income 
using the effective interest rate. 
14.
Risk Management and Disclosure Policies 
This section describes the financial and operational risks to which the Company is exposed and the way 
in which it 
manages such risks. The 
most important types of 
financial risks for the 
Company are credit 
risk, interest rate risk and liquidity risk. 
(a)
Credit risk 
Credit 
risk 
is 
the 
risk 
of 
financial 
loss 
imminent 
when 
a 
counterparty 
in 
a 
transaction 
in 
a 
financial 
instrument fails 
to meet its 
contractual obligations. 
This risk arises 
for the Company 
primarily from 
loans 
as 
the 
Company 
provided 
a 
loan 
to 
the 
parent 
company 
Energetický 
a 
průmyslový 
holding, 
a.s. 
The 
Company individually analyses the creditworthiness of the 
parent company and only then payment 
and 
delivery terms are offered to 
it. The Company continuously 
monitors credit risk. The 
carrying amount of 
the loan represents the maximum 
credit risk of the Company. The Company 
recognises an allowance for 
impairment, which 
is an 
estimate of 
expected credit 
losses and 
quantifies it 
in the 
amount of 
expected 
credit losses over time. 
The basis for 
calculation of the allowance 
by the end 
of the relevant reviewed 
period is the book 
value 
of 
the 
loan 
provided 
to 
the 
parent 
company 
(i.e. 
the 
principal 
plus 
unpaid 
interest). 
If 
the 
remaining 
maturity period is shorter than 1 year, such fact is 
taken into account in the calculation. This means that 
if 
there 
are, 
for 
instance, 
9 
months 
until 
the 
maturity of 
the 
loan, 
the 
book 
value 
of 
the 
loan 
will 
be 
adjusted by a 
coefficient of 0.75. 
Furthermore, the LGD parameter 
and the stipulated "default 
rate" are 
considered. The 
default rate 
is determined 
on the 
basis of the 
rating of 
the parent company 
granted by 
leading rating agencies. 
The Company 
provided a 
loan to 
the parent 
company up 
to a 
total amount 
of EUR 
502,337 thousand. 
The loan is provided mainly from funds selected from already subscribed bonds. Based on the financial 
results of the debtor, the parent company, the Company evaluates its ability 
to meet its obligations on an 
annual basis. 
As of 31 December 2023, the Company reported no financial assets past 
their due dates. 
At 
the 
balance 
sheet 
date, 
the 
maximum 
credit 
risks, 
broken 
down 
by 
type 
of 
counterparty 
and 
by 
geographical area, are set out in the following tables. 

 
 
 
 
 
 
 
 
 
 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
23
Credit risk by type of counterparty 
as of 31 Dec 2023 
in EUR thousand 
Enterprises (non-
financial 
institutions) 
Banks 
Total 
Assets 
Cash and cash equivalents 
- 
347 
347 
Trade receivables and other assets (including prepayments) 
354 
- 
354 
Financial instruments and other financial assets 
506,395 
- 
506,395 
Total 
506,749 
347 
507,096 
as of 6 Sept 2023 
in EUR thousand 
Enterprises (non-
financial 
institutions) 
Banks 
Total 
Assets 
Cash and cash equivalents 
- 
- 
- 
Trade receivables and other assets (including prepayments) 
82 
- 
82 
Financial instruments and other financial assets 
- 
- 
- 
Total 
82 
- 
82 
Credit risk by territory
as of 31 Dec 2023
in EUR thousand 
Czech Republic 
Other 
Total 
Assets 
Cash and cash equivalents 
347 
-
347 
Trade receivables and other assets 
330 
24 
354 
Financial instruments and other financial assets 
506,395 
- 
506,395 
Total 
507,072 
24 
507,096 
as of 6 Sept 2023 
in EUR thousand 
Czech Republic 
Total 
Assets 
Cash and cash equivalents 
- 
- 
- 
Trade receivables and other assets 
82 
- 
82 
Financial instruments and other financial assets 
- 
- 
- 
Total 
82 
- 
82 
Impairment losses 
Loss allowances are measured on either of the following bases: 
●
12-month ECLs: 
these are 
ECLs that 
result from 
possible default 
events within 
the 12 
months 
after the balance sheet date, and 
●
Lifetime ECLs: these are ECLs that result from all possible default events over the expected life 
of a financial instrument. 
The ECL model 
is based on 
the principle of 
expected credit losses. 
For the purposes 
of designing 
the ECL 
model, the 
portfolio of 
financial assets 
is split 
into segments. 
Financial assets 
within each 
segment are 

 
 
 
 
 
 
 
 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
24
allocated to three levels (Level I – 
III) or to a group of financial assets that 
are impaired at the date of the 
first recognition of purchased 
or originated credit-impaired financial assets 
("POCI"). At the date 
of the 
initial recognition, the assets are included in Level I or POCI. 
Subsequent allocation 
to stages 
is as 
follows: assets 
with significant 
increase in 
credit risk 
since initial 
recognition (Stage II), respectively credit impaired assets (Level III). 
The 
Company 
calculated 
allowances 
using 
the 
expected 
credit 
loss 
(ECL) 
model 
for 
the 
entire 
loan 
existence. 
The Company reports no trade 
receivables past their due 
dates. For this reason, all 
financial assets were 
allocated to Level I. 
The following changes were reported in allowances for impairment 
of financial assets: 
in EUR thousand 
Loans to other than 
credit institutions 
Total 
Balance at 6 Sept 2023 
- 
- 
Recognition/(release) of allowances for expected loss during the period 
410 
410 
Balance at 31 Dec 2023 
410 
410 
(b)
Liquidity risk 
Liquidity risk 
is the 
risk that 
the Company 
will encounter 
difficulties in 
meeting the 
obligations associated 
with its financial liabilities that are settled by delivering cash or another 
financial asset. 
By 
default, 
the 
Company 
ensures 
that 
it 
has 
sufficient 
cash 
on 
demand 
and 
assets 
within 
short-term 
maturity 
to 
meet 
expected operational 
expenses 
for 
a 
period 
of 
90 
days, 
including 
servicing 
financial 
obligations; 
this 
excludes 
the 
potential 
impact 
of 
extreme 
circumstances 
that 
cannot 
reasonably 
be 
predicted, such as natural disasters. 
The table below provides an analysis 
of financial liabilities by relevant maturity 
groupings based on the 
remaining 
period 
from 
the 
reporting 
date 
to 
the 
contractual 
maturity 
date. 
For 
cases 
where 
there 
is 
a possibility of earlier repayment, 
the Company chooses the 
most prudent method of assessment. 
For this 
reason, 
liabilities are 
expected to 
be repaid 
as 
soon as 
possible 
and for 
assets 
they 
are 
expected to 
be 
repaid 
as 
soon 
as 
possible. 
Liabilities 
that 
do 
not 
have 
a 
contractual 
maturity 
are 
grouped 
into 
the 
"Undefined" category. 
Maturity of financial liabilities 
as of 31 Dec 2023 
in EUR thousand 
Carrying 
amount 
Contractual 
cash flows 
(1)
Less than 3 
months 
3 months to 1 
year 
1–5 years 
Undefined 
Liabilities 
Financial instruments and other 
financial liabilities 
501,948 
666,275 
- 
33,255 
633,020 
- 
Trade payables and other payables 
618 
618 
618 
- 
- 
- 
Total 
502,566 
666,893 
618 
33,255 
633,020 
- 
(1)
Contractual cash flows disregarding discounting to the net present value and including potential interest 
The Company reports no financial liabilities as of 6 September 2023.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
25
(c)
Currency risk 
The Company is not exposed 
to risk of changes in exchange 
rates as all transactions are carried 
out in the 
functional currency of the Company (EUR). 
(d)
Interest rate risk 
The 
Company is 
exposed to 
a low 
risk on 
interest rate 
fluctuations in 
its 
operations because 
interest-
bearing assets and interest-bearing 
liabilities have almost the 
same maturity date and 
are due in the same 
amount, while reflecting the form of interest rates, whether fixed interest rates or variable interest rates. 
The 
table 
below 
provides information 
on 
the 
extent 
of 
the 
Issuer´s interest 
rate 
risk 
according 
to 
the 
contractual maturity 
of financial 
instruments. Assets 
and liabilities 
that do 
not have 
a contractual 
maturity 
or are not interest-bearing are grouped in the "Undefined" category. 
Financial information 
concerning interest-bearing 
and non-interest-bearing 
assets and 
liabilities and 
their 
contractual maturity or revaluation dates are: 
as of 31 Dec 2023 
in EUR thousand 
Less than 1 year 
1 year to 5 
years 
Undefined 
Total 
Assets 
Cash and cash equivalents 
- 
- 
347 
347 
Trade receivables and other assets (including 
prepayments) 
- 
- 
354 
354 
Financial instruments and other financial assets 
501,931 
4,464 
506,395 
Total 
- 
501,931 
5,165 
507,096 
Liabilities 
Trade payables and other payables 
- 
- 
618 
618 
Financial instruments and other financial payables 
- 
497,484 
4,464 
501,948 
Total 
- 
497,484 
5,082 
502,566 
Net interest rate risk 
- 
4,447 
83 
4,530 
as of 6 Sept 2023 
in EUR thousand 
Less than 1 year 
1 year to 5 
years 
Undefined 
Total 
Assets 
Cash and cash equivalents 
- 
- 
82 
82 
Trade receivables and other assets (including 
prepayments) 
- 
- 
- 
- 
Financial instruments and other financial assets 
- 
- 
- 
- 
Total 
- 
- 
82 
82 
Liabilities 
Trade payables and other payables 
- 
- 
- 
- 
Financial instruments and other financial payables 
- 
- 
- 
- 
Total 
- 
- 
- 
- 
Net interest rate risk 
- 
- 
82 
82 
Nominal amounts of financial instruments are disclosed in Notes 7 and 9 
– Financial instruments and 
other financial assets and Financial instruments and other financial 
liabilities. 

Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
26
Sensitivity analysis
The 
Company 
performs 
stress 
testing 
using 
a 
standardised 
interest 
rate 
shock, 
which 
means 
that 
an 
immediate reduction/increase in interest 
rates by 100 basis 
points is applied to 
the portfolio’s interest rate 
positions along the entire length of the yield curve. 
As of the balance sheet date and 31 December 2023, a change in interest rates of 100 basis points would 
not affect 
the overall 
position of 
the portfolio. 
The parameters 
of the 
loan provided 
to EPH 
reflect the 
parameters of the issued bonds. 
(e)
Information on internal 
control policies and 
procedures and rules 
of approach to 
potential 
risks in connection with the financial reporting process 
The 
internal 
control 
system 
includes 
control 
mechanisms 
created 
within 
the 
Company. 
It 
ensures, 
evaluates and minimises 
operational, financial, legal 
and other risks 
of the Company. 
Work 
procedures 
are 
stipulated, 
and 
powers 
and 
responsibilities 
are 
allocated 
within 
the 
control 
system. 
Results 
of 
the 
internal control are objectively and 
regularly evaluated. In case of any 
findings, appropriate measures for 
rectification of the identified defects are determined. 
Financial control of the financial reporting process is provided for by responsible employees as a part of 
internal management in the preparation of operations before their approval and in their course until their 
settlement. 
The bookkeeping 
system is 
governed by 
the relevant 
provisions of 
the following 
laws, decrees 
and internal 
regulations: 
●
Act No. 563/1991 Coll. on Accounting, as amended; 
●
International Financial 
Reporting Standards (IFRS), 
International Accounting 
Standards (IAS) 
and their 
interpretations (SIC 
and IFRIC) 
(jointly "IFRS") 
issued by 
the International 
Accounting 
Standards Board (IASB) and adopted by the European Union; 
●
Decree 
No. 
500/2002 
Coll. 
implementing 
some 
provisions 
of 
Act 
No. 
563/1991 
Coll. 
for 
accounting entities which are entrepreneurs using the double-entry 
accounting system; 
●
Czech 
Accounting 
Standards 
for 
accounting 
entities 
keeping 
their 
books 
in 
accordance 
with 
Decree No. 500/2002 Coll., as amended; 
●
Act No. 586/1991 Coll. on Income Taxes, as amended; 
●
Act No. 235/2004 Coll. on Value Added Tax, 
as amended; 
●
Act No. 593/1992 Coll., on Reserves for Determining the Income Tax Base, as amended 
●
internal bookkeeping policies and procedures 
EPH Financing 
International, 
a.s. uses 
the double-entry 
accounting system 
for the 
accounting entity 
in 
accordance with 
binding IFRS Accounting 
Standards issued by 
the International Accounting 
Standards 
Board (IASB) 
and adopted 
by the 
European Union, 
and keeps 
also another 
accounting system 
for tax 
purposes under the Czech Accounting Standards (CAS). Any changes in charts of account may be made 
solely by 
the responsible 
department. Both 
accounting systems 
are processed 
by Microsoft 
Dynamics AX. 
Balances of all accounts are checked at the cut-off date. 
The 
Company is 
also 
managed by 
controlling tools. 
These 
tools are 
focused 
on the 
evaluation of 
key 
financial 
and 
non-financial performance 
indicators 
with 
the 
aim 
of 
achieving 
the 
Company's 
business 
plan. 
Financial 
accounting 
is 
controlled 
once 
a 
year 
by 
external 
auditors 
(a 
preliminary 
and 
final 
audit). 
Balances of all accounts are duly evidenced in the process of documentary 
inventory and physical stock-
taking. The finance 
division and the 
controlling department 
check as of 
the cut-off date of 
each month the 

Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
27
balances of accounts which contain records 
of tax payments, balances of cash 
and bank accounts, as well 
as accounts where there were any significant movements. 
The finance division check the balances of all 
accounts twice a year at the cut-off dates. 
The 
auditor 
of 
the 
Company 
for 
2023 
is 
Deloitte 
Audit 
s.r.o., 
having 
its 
registered 
office 
at 
Italská 
2581/67, 120 
00, Prague 2, Czech Republic. 
(f)
Operational risk 
The 
operational 
risk 
consists 
of 
the 
risk 
of 
loss 
from 
embezzlement, 
unauthorised 
activities, 
errors, 
omissions or system 
failure. The risk 
of this type 
occurs in all 
activities and threatens 
all business entities. 
The operational risk also includes legal risk. 
The 
primary 
responsibility 
for 
the 
application 
of 
controlling 
mechanisms 
for 
the 
management 
of 
operational risks rests with the Company's management. Generally applied standard cover the following 
areas: 
●
requirement regarding reconciliation and monitoring of transactions, 
●
identification of operational risks in the control system, 
●
by 
gaining 
an 
overview 
of 
operational 
risks, 
the 
Company 
creates 
prerequisites 
for 
the 
determination and 
focusing of 
processes and 
measures which 
will lead 
to a 
reduction of 
operational 
risks and to the adoption of decisions on: 
-
the recognition of individual existing risks; 
-
the initiation of processes leading to mitigation of potential impacts; 
or 
-
narrowing the space for or total termination of risky activities. 

 
 
 
 
 
 
Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
28
15.
Related Parties 
Identification of related parties
Relationships with related parties include relationships with shareholders and other entities, as set out 
in 
the following table. 
(a) 
Summary of outstanding balances with the related parties as of 31 December 2023 
in EUR thousand 
Receivables and other 
financial assets 
Payables and other 
financial liabilities 
as of 31 Dec 2023 
as of 31 Dec 2023 
To the parent company 
From provided loan 
506,395 
- 
From rebilling of costs 
330 
421 
From provision of payment over and above the share capital 
balance 
- 
- 
Companies controlled by end shareholders 
From cost invoicing 
- 
- 
Total 
507,135 
421 
(b) 
in EUR thousand 
Income 
Expenses 
as of 31 Dec 2023 
as of 31 Dec 2023 
To the parent company 
From the interest accrued on the loan 
4,526 
- 
From the rebilling of costs 
8 
(2) 
Companies controlled by end shareholders 
- 
- 
Total 
4,534 
(2) 
All transactions were under arm’s length basis. 
Transactions with key management members 
Members 
of 
the 
Board 
of 
Directors 
and 
the 
Supervisory 
Board 
of 
EPH 
Financing 
International, 
a.s. 
received 
no 
monetary 
or 
non-monetary 
benefits 
for 
the 
period 
from 
6 
September 
2023 
to 
31 December 2023. 
At the same 
time, these 
members were 
employees of other 
companies within 
the EPH 
Group. 
16.
Military Operation in Ukraine 
In relation to the 
ongoing war conflict in Ukraine 
and relating sanctions against the Russian 
Federation, 
the Company 
identified risks 
and adopted 
reasonable measures 
to minimise 
the impact 
on its 
business 
activities. Based 
on available 
information and 
current development, 
the Company 
continues to 
analyse 
the entire situation and assesses its direct impact on 
the Company. The management of the Company has 
considered any potential effects 
of the situation on 
its operations and business 
and concluded that they 
do 
not 
have any 
major impact 
on the 
financial statements, 
nor 
on the 
going concern 
assumption in 
2024. 
Nevertheless, it is not possible to exclude any further negative 
development in this situation which could 
subsequently have a negative impact on the 
Company, its business, 
financial position, results, cash flow 
and prospects in general. 

Annual Report of EPH Financing International, a.s. for the period from 6 September 
2023 to 31 December 2023 
29
17.
Other Information 
Basic information 
from ESG 
is 
disclosed in 
the consolidated 
financial statements 
of 
EPH for 
the 
year 
ended 31 December 2023 in section 1.2 “Report on activities”, paragraph 
“Sustainability”. 
The consolidated annual 
report of EPH 
(section 1.3 “Other 
information, paragraph 
“Sustainability report” 
and 1.5 
“EU Taxonomy”) 
further states 
that the 
information on 
ESG reporting 
and the 
EU Taxonomy 
relating to 2023 will be part of the 
EPH Report on sustainability which is planned to be 
published in the 
second quarter of 2024. 
18.
Significant subsequent events 
The 
Company 
is 
part 
of 
a 
multinational 
group 
of 
entities 
which 
has 
been 
subject 
to 
new 
rules 
of 
the 
minimum 15% taxation since 2024 introduced by the rules of Pillar Two 
of the BEPS 2.0 initiative. The 
related 
legal 
regulations 
were 
adopted 
shortly 
before 
the 
balance 
sheet 
date. 
Additionally, 
further 
guidance affecting the implication of the Pillar Two legislation is still being issued by the legislators. As 
a result, the Group is still 
in the process of assessing 
the potential exposure to Pillar 
Two income taxes as 
of 31 December 2023. 
The potential material 
exposure, if any, to Pillar Two income 
taxes is currently 
not 
known or 
reasonably estimable. The 
Group continues to 
actively monitor the 
development of the 
Pillar 
Two legislation in all countries where it operates and assess the potential impact of Pillar Two. 
Except for 
the above 
post balance 
sheet event 
and events 
listed in 
other notes, 
the Company’s management 
is not aware of any 
other significant post balance sheet event 
that would have an impact on 
the separate 
financial statements for the period from 6 September 2023 to 31 December 
2023. 
 